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 crypto 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.

Is ING crypto-friendly?

The first thing to know is that ING bank is a very crypto-friendly bank, in CoinJar’s opinion. ING don’t have any particular limits on how much you can transfer from your bank account to cryptocurrency exchanges. They also don’t have any particular crypto exchanges or brokers banned.

We 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 there are 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.

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 (www.coinjar.com) 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 storage. 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.