Summary
Can I Buy Bitcoin with Suncorp?
Yes, you can buy Bitcoin using your Suncorp account, but not directly through their platforms—website or apps. Instead, like other Australian banks, you can easily use your Suncorp debit card or directly deposit funds to a licensed crypto exchange.
However, if you have a Suncorp credit card, you won’t be allowed to make the transaction due to Suncorp’s policies and restrictions. Furthermore, Suncorp does not block all crypto-related transactions but monitors them for potential fraud or scams.
How to Buy Crypto with Suncorp on Bybit
Established in 2018, Bybit is registered with AUSTRAC and adheres to Australian regulations, making it a reliable platform for purchasing cryptocurrencies. Users can buy crypto with Suncorp only through debit cards and direct deposits. With over 5 million users and a strong safety record, Bybit ensures compliance through mandatory KYC. The platform supports 871+ cryptocurrencies for spot trading and offers advanced features like bot trading, copy trading, and options to cater to different trading preferences.
Buy Crypto Using Bybit
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1First, make sure you have created an account on Bybit and completed the KYC process to comply with regulations.
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2Once your Bybit account is ready, visit their website, hover over the Buy Crypto tab on the toolbar, and select the One-Click Buy option.
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3You will be redirected to the buy crypto page. In the Spend field, select AUD as your currency and enter the amount you want to spend.
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4In the Receive field, choose the cryptocurrency you want to purchase. The amount will be displayed based on real-time pricing.
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5To proceed, click the Add Card button and enter your UBank debit or credit card details to complete the purchase.
Why choose Bybit?
Alternatives to Bybit
If you’re unable to access Bybit in Australia for crypto purchases via Suncorp, consider alternatives like Bitget and KuCoin for secure and easy transactions.
Bitget
Bitget, established in 2018, is an AUSTRAC-registered cryptocurrency exchange with over 8 million users. The platform requires KYC verification and offers access to 871+ cryptocurrencies and 246+ trading pairs. Known for its strong security measures, Bitget is considered a safe exchange to store and hold crypto. It supports spot and futures trading while also featuring bot trading and copy trading for users interested in exploring various strategies.
KuCoin
KuCoin, founded by Michael Gan in 2017, operates in Australia despite not being AUSTRAC-compliant. While it is not illegal for Australian citizens to use the platform, users must bear the added responsibility of fulfilling their tax obligations to the ATO. With over 30 million users, KuCoin offers a high safety index and features its native token, KCS, which provides fee discounts. The platform supports 800+ spot cryptocurrencies and 182+ futures pairs, with leverage of up to 125x.
What are the Fees?
Suncorp does not charge any fees for using its banking services, providing a simple and hassle-free way to manage your finances. However, when purchasing cryptocurrency on platforms like Bybit, there are fees associated with deposits made through debit or credit cards. Bybit applies a 3.05% fee for Visa card payments and a 2.70% fee for Mastercard transactions. These extra charges should be considered when using your Suncorp account to buy crypto via third-party exchanges.
Suncorp Cryptocurrency Policy
Suncorp Bank’s cryptocurrency policy restricts direct crypto purchases through its platform. Customers can buy digital assets by using third-party exchanges like Bybit and Bitget, which are AUSTRAC-registered. Suncorp limits transactions to licensed platforms and blocks payments to unregulated exchanges.
While funding options include bank transfers and debit cards, credit card crypto purchases are prohibited. The bank focuses on security by enforcing these measures to protect customers from scams.
Bottomline
Suncorp Bank provides Australians with a secure avenue to engage with cryptocurrency through AUSTRAC-registered exchanges. Although direct crypto purchases are not supported, customers can easily transfer funds from their Suncorp accounts to these trusted platforms.
Given the rise in digital scams, it’s crucial to only use regulated exchanges when trading cryptocurrencies. When you buy crypto with Suncorp, ensure you’re prioritizing security by choosing platforms that comply with Australian regulations to safeguard your transactions.
FAQs
1. Can I use a Suncorp credit card to buy cryptocurrency?
No, Suncorp prohibits cryptocurrency purchases using credit cards due to policy restrictions. However, you can use a Suncorp debit card or bank transfer on AUSTRAC-approved exchanges.
2. Does Suncorp monitor crypto transactions?
Yes, Suncorp monitors transactions to prevent fraud and scams. Payments to unregulated or suspicious platforms may be flagged or blocked.
3. Which exchanges are compatible with Suncorp for crypto purchases?
Exchanges like Bybit, Bitget, and other AUSTRAC-registered platforms are compatible with Suncorp for crypto purchases via debit cards or bank transfers.
4. Are there any fees when buying crypto with Suncorp?
Suncorp doesn’t charge fees for transactions, but third-party exchanges may apply charges, such as card processing fees or trading fees.
5. Can Suncorp block crypto-related payments?
Suncorp can block payments to unregulated exchanges or suspicious platforms. Using AUSTRAC-registered exchanges ensures smooth transactions.
6. How is cryptocurrency taxed in Australia?
In Australia, cryptocurrency is classified as a capital gains tax (CGT) asset. Any action involving the sale, trade, or use of crypto, such as purchasing goods or services, can trigger a taxable event. It is essential to report all crypto transactions to the Australian Taxation Office (ATO) to stay compliant with the country’s tax laws. Whether you’re trading or spending your digital assets, keep track of your transactions to ensure proper tax reporting and avoid any penalties.
