PayID is an Australian payment method for transferring funds instantly from your bank account. It’s super convenient and easy to use. When you use PayID to buy bitcoin and other cryptocurrencies, you don’t need to wait days for deposits to clear. You can usually buy cryptos pretty much instantly.
These are the top 3 places to buy Bitcoin and other cryptocurrencies using PayID in Australia.
CoinSpot supports deposits using PayID. They don’t charge any deposit fees when using PayID. I’ve found that deposits made using PayID on Coinspot are usually available in my account within a few seconds. This means I don’t have to wait around potentially missing out on a good buying opportunity.
Tip: Get $10 free worth of Bitcoin when you use a referral code on CoinSpot.
I’ve been using FTX over the past year for trading cryptos. If you’re looking to trade crypto instead of just buying and holding, then I would recommend FTX over pretty much every other platform. I’ve found their exchange to be super reliable and they have super low trading fees.
I also use FTX to make a little money from Staking and lending. This is something you can’t currently do through CoinSpot. The only downside is FTX doesn’t quite have the range of alt coins that CoinSpot supports.
FTX supports PayID deposits in Australia. I’ve found using PayID through FTX a cost effective way to buy Bitcoin and other cryptos.
BTCMarkets is an Australian exchange that supports instant OSKO payments and PayID. I don’t use BTCMarkets as much as CoinSpot anymore as they charge a higher exchange fee. But I do think they are a great Australian exchange and I’ve never had any problems using their platform.
BTCMarkets has a limited number of markets and they don’t have an ‘instant’ exchange interface. This means for beginners users it’s a little more complicated.
Using PayID to Buy Bitcoin
Here are some of the questions I get about PayID and crypto:
Is Depositing using PayID instant?
It depends on your bank. Some banks will hold some PayID payments for 24 if your paying someone new. I’ve found this happens with my bank the first time I deposit on an exchange. After that first time the deposits are instant.
Is using PayID to buy crypto safe?
Yes! I think it’s one of the safest ways to buy crypto. You don’t need to share any banking information with the exchange. So there is nothing for them to store and potentially get hacked.
Should I use RelayPay to buy crypto in Australia?
RelayPay is an exchange that offers crypto buys using PayID. I would recommend not using them. The exchange fees they charge are terrible. You’ll end up getting a very bad deal.
Should I use Binance and PayID?
Binance is a popular exchange. I think it’s an OK choice for buying crypto in Australia. Binance has run into regulatory issues around the world and they aren’t based here in Australia like CoinSpot is.