How to Buy Bitcoin and Crypto With Your ING Account
Are you looking to buy Bitcoin or other crypto with your ING account? Cryptocurrencies have gained a higher profile in recent weeks as the bull market kicks in. Many newbies to investing investors are looking for ways to enter the market.
An easy-to-understand way to do this is to use an app like CoinJar. Users simply transfer money from the bank account to the exchange and they can start buying and hold cryptocurrencies.
ING: No longer crypto-friendly
Update as of 10/09/2024: There has been a spike in people reporting on social platforms that there have been difficulties in transferring funds from ING accounts to crypto platforms. We have contacted their spokesperson and await a reply. We will update you as soon as we know.
Is ING crypto-friendly?
Previously, was a very crypto-friendly bank, in CoinJar’s opinion. ING didn't have any particular limits on how much you can transfer from your bank account to cryptocurrency exchanges. They also didn't have any particular banned. That mayhave changed, however.
Previously, we had contacted ING and a spokesperson said, “We don't have particular policies on cryptocurrencies.”
The only distinction they make is that they don’t offer business accounts. So if your business is trading crypto, this is where you will breach their policies, but if you are trading from a personal account for your own entertainment, then there are no restrictions.
The spokesperson told us, “The way our cryptocurrency policy is worded, it says that the customer may use their transaction account within the boundaries of the terms and conditions for personal use. And then if the transaction is operating outside of the terms and conditions, then ING may close their accounts.”
While used to be no bans on any particular exchanges (for example, multiple banks in Australia have banned transfers to Binance) if there has been reports of an account that has been used to scam people, then a money transfer from an ING account to the offending account will be blocked.
We will keep you up to date, so check back with us at this page.
First transactions
The spokesperson explains, “Our systems are learning systems.”
So in the beginning, the system could flag some bank transfers that were going to accounts that were previously harmful to others. But if they are just money transfers to known crypto exchanges like CoinJar, there shouldn’t be a problem. If there is a problem, it should only be at the start.
While using an ING account in a professional sense breaches their terms and conditions, you can use your funds in your personal account to do these transactions. And there are no amount limits in place.
The spokesperson said, “There's nothing to say how much you can do as a personal usage. We're not going to dictate to you how you use your accounts unless it goes against our terms and conditions.”
If you want to sign up to ING, they don’t have branches, you can do it all online.
If you’re an ING account holder, then here are the steps to buy crypto using your ING account via CoinJar.
Setting Up Your ING Account
Before you start buying crypto, ensure that you have an active ING account. If you don’t, visit the ING website and follow the registration process. Once your account is set up, log in to your ING online banking portal.
Linking Your ING Account to CoinJar
Follow these steps to link your ING account to CoinJar.
Sign up on CoinJar
Visit the CoinJar website () and create an account if you haven’t already, or download the app.
Verify your identity
Complete the necessary identity verification steps as required by CoinJar.
Connect your ING account
In your CoinJar account settings, navigate to the “Bank Accounts” section. Click on “Add Bank Account” and select ING. Follow the prompts to link your ING account securely.
Funding your CoinJar account
Now that your ING account is linked, it’s time to fund your CoinJar wallet.
Log in to your ING online banking. Set up a transfer to your CoinJar account using the provided account details (BSB and account number).
It may take a few hours for the transfer to reflect in your CoinJar account. Once confirmed, you’re ready to buy crypto!
Buying crypto
CoinJar offers a wide range of cryptocurrencies. To buy crypto:
Log In to CoinJar: Access your CoinJar account.
Navigate to Buy/Sell: Click on the “Buy/Sell” tab.
Select Your Cryptocurrency: Choose the cryptocurrency you want to purchase (e.g., Bitcoin, Ethereum, or XRP).
Enter Amount: Specify the amount you wish to buy.
Confirm Purchase: Review the details and confirm the transaction.
Security Measures
-Enable 2FA for added security.
-Consider transferring your crypto to a hardware wallet for long-term . But it is also okay to leave the crypto in your CoinJar account.
Conclusion: Using your ING account to buy crypto
Using your ING account to buy crypto with CoinJar is straightforward and secure. And using your ING personal account, you are likely to have one of the better experiences in Australia when it comes to buying crypto.
Frequently asked questions
What payment methods can I use to buy crypto with my ING account?
You can use the following payment methods to purchase crypto with your ING account:
Bank Transfer: Transfer fiat currency (such as Australian dollars) from your bank account to the exchange.
Debit or credit card: Some exchanges allow direct purchases using cards. CoinJar offers an facility where you can purchase crypto instantly with a card.
How do I link my ING bank account to CoinJar?
To link your ING account to CoinJar, follow these steps:
-Create an account on the CoinJar website.
-Complete the necessary identity verification steps.
-In your CoinJar account settings, navigate to the “Bank Accounts” section and add your ING account.
Can I invest in Bitcoin (BTC) using my ING account?
Absolutely! Once your ING account is linked to CoinJar, you can easily invest in Bitcoin (BTC) and other cryptocurrencies. Follow the steps mentioned in the article to get started.
What is the authority for the financial markets when it comes to buying cryptocurrencies?
The authority for the financial markets varies by region. In Australia, investors can connect their bank accounts to regulated crypto exchanges like CoinJar to purchase digital assets like Bitcoin and Ethereum.
How secure is CoinJar as a trading platform?
CoinJar has a good reputation for security and user fund protection. Research the exchange’s security protocols and history before using it. Additionally, consider enabling two-factor authentication (2FA) for added security.
What are crypto brokers, and how do they differ from crypto exchanges?
Crypto exchanges allow users to buy and sell cryptocurrencies at market prices. CoinJar falls under the category of a crypto exchange.
Brokers act as intermediaries, executing trades on your behalf. However usually their fees are higher.
Should I keep my crypto on the exchange or transfer it to an external wallet?
While keeping crypto on the exchange provides easy access, transferring it to an external digital wallet (cold storage) enhances security.
What is the crypto market?
The crypto market refers to the collective ecosystem of digital currencies, tokens, and blockchain-based assets.
It encompasses various cryptocurrencies like Bitcoin, Ethereum, and altcoins. Investors trade these assets on exchanges, and their prices fluctuate based on supply, demand, and market sentiment.
How can I secure my email address in crypto transactions?
When engaging in crypto transactions, safeguard your email address by following these practices:
Use a dedicated email account for crypto-related activities.
Enable two-factor authentication (2FA) to enhance security.
Avoid sharing sensitive information via email.
Why are crypto investors drawn to crypto-friendly countries?
Crypto investors seek crypto friendly nations thanks to:
-Clear regulations that provide legal clarity.
-Favorable tax laws (e.g., capital gains treatment).
-Good infrastructure for seamless transactions.
-Support for crypto innovation and open-mindedness.
What is digital currency, and how does it differ from physical currency?
Digital currency exists only in electronic form and lacks physical attributes. Unlike cash, it enables instantaneous transactions and can be used for purchases, investments, and online services.
Examples include cryptocurrencies like Bitcoin and Ethereum.
How can I buy Bitcoin and other crypto assets?
To buy Bitcoin and other crypto assets:
Set up an account on a reputable crypto exchange like CoinJar.
Link your bank account or credit card.
Choose your desired cryptocurrency.
Execute the purchase transaction.
What are the pros and cons of digital currency?
Advantages include seamless value transfer across borders. Lower transaction costs compared to traditional banking. Accessibility and inclusivity.
Disadvantages include volatility and price fluctuations, vulnerability to hacks and security breaches.
What makes a country crypto-friendly?
A country is considered crypto-friendly if it has clear regulations, offers favorable tax treatment, supports crypto innovation and has a robust technological infrastructure. And also if it encourages blockchain adoption.
Your information is handled in accordance with CoinJar’s .
CoinJar’s digital currency exchange services are operated by CoinJar Australia Pty Ltd ACN 648 570 807, a registered digital currency exchange provider with AUSTRAC.
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