How to Buy Crypto with Suncorp Bank
Summary: While Suncorp Bank doesn’t offer crypto trading on its own platform, you can easily use your account to buy crypto using a third-party crypto trading platform.
There are plenty of Australian crypto exchanges to choose from, we recommend using eToro as the exchange to work with.
They have most of the popular cryptocurrencies available, are easy to work with, and have fantastic support!
Buy Crypto with eToro
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As mentioned above, just like most Australian banks, Suncorp Bank doesn’t offer cryptocurrency trading directly, as setting up a crypto exchange is quite complex and comes with regulations and extra requirements for the banks.
There are many cryptocurrency exchanges that you can use for buying bitcoin and other cryptocurrencies.
You can sign up for an exchange (we will use eToro as our example because it is a trusted and worldwide exchange) and transfer funds to the exchange to trade crypto.
Table of Contents
How to buy crypto or bitcoin with Suncorp Bank
There are only 4 steps involved, let’s get started!
1. Choose a crypto exchange
As mentioned above, we’ll be using eToro for this guide as they are a widely used exchange and have over 50 cryptocurrencies to choose from. They also have a few really neat features like “Copy Trading”, which enables users to copy the trades of popular investors on the platform.
You can, of course, use any trusted crypto exchange for this, the steps will be very similar for most exchanges.
Let’s get started!
2. Sign up with the trading platform
The first thing to do is to sign up with the platform.
Once you’ve completed the initial sign up process, you’ll have to go through a quick verification process (also known as KYC).
3. Funding your account
Next up is funding your account. When it comes to depositing money to your eToro account, you have the option to use a bank transfer, PayPal, credit/debit card, and more.
4. Buy crypto
Finally, just go to the eToro Markets section, find the cryptocurrency you would like, and buy it.
And that’s it, it’s all pretty straightforward, now you know how to buy bitcoin or most other cryptocurrencies with Suncorp Bank.
About Suncorp Bank
Suncorp Bank is part of the Suncorp Group with headquarters in Brisbane, Australia. Suncorp Bank was established in 1902 as Queensland Agricultural Bank. It has since grown to be the sixth-largest bank in Australia.
Suncorp Bank was established in 1916 as the State Accident Insurance Office. It changed its name to State Government Insurance Office shortly after and expanded its operations into life, general, and Compulsory third party insurance. Over the years, finance operations, building society, superannuation and finance operations were all added.
QIDC was established in 1986 and evolved from the Queensland Agricultural Bank, which was established in 1902. QIDC began its operations as a rural lender, but expanded to commercial lending to small- and medium-sized business.
The Queensland Government-owned Suncorp and QIDC entities were merged on 1 December 1996 with publicly listed Metway Bank to form the new allfinanz group Suncorp Metway. Suncorp and QIDC owned 100% of Queensland Government at the time. Suncorp was an allfinanz group, with assets in excess of $10 billion. QIDC had assets totalling $3 billion. Metway Bank, Queensland's largest local bank, had operations in New South Wales (Victoria) and Queensland. Metway Bank's assets were approximately $7.1 billion at the time of merger. Metway Bank was founded in 1959 as the Metropolitan Permanent Building Society. It was granted bank status in 1988 and listed on the Australian Stock Exchange. To create a stronger financial institution that can meet future needs, the Queensland State Government proposed the merger. Australia's fifth-largest listed financial services group was created by the merger. The Queensland corporate headquarters of major Australian corporations also benefits from the economic impact. 1999 was the year of the merger and amalgamation. Suncorp Metway was launched in May 1999. This allowed the group to deliver its resources under one umbrella, streamlining the product range, and eliminating duplication in branch networks.
The brand was shortened to Suncorp on July 1, 2002 (i.e. Metway was dropped. This brand was used for all things done in Queensland as well as for Banking and Wealth Management out of Queensland. GIO was used to represent general insurance businesses outside of Queensland.
Suncorp Bank announced the rebranding its banking arm to Suncorp Bank on 19 April 2009. Although Suncorp Bank was a well-known brand in Queensland, the bank's name was not widely known outside of Queensland. The new branding to Suncorp Bank allowed for expansion.
Suncorp Bank, Australia's sixth-largest bank, is now a core part the Suncorp Group.