How to Buy Bitcoin with PayID, POLi and BPay on Binance

Banxa LogoAustralian crypto investors rejoice – you can now buy Bitcoin using a number of Australian native payment methods of Binance.  This is going to make it cheaper and easier to buy Bitcoin through the binance platform for Australians.  Here is how it all works:

Binance Fiat Gateways

Binance uses a number of different third party payment gateways to process fiat payments.   Their approach is to support a lot of different gateways so that consumers have a choice.  And this also creates competition which will hopefully lower the prices overtime.

Banxa is the third party processor that Australians can use and it’s the one that supports PayID, POLi and BPay.  It has been built by Australian’s and the company is based in Australia. Here is how to buy Bitcoin on Binance using Banxa:

1 – Create a Binance Account – It’s free to create an account.

Even if you’re not yet ready to buy Bitcoin, I’d still recommend getting an account.  Binance is a key player in the crypto space and has a number of useful features like lending and staking.   You can create a free account here.

2 – Select AUD as the base currency.

Choose AUD Currency on Binance

Make sure you select AUD.  Otherwise you won’t be shown the correct payment methods for Australia.  Although you can use international fiat gateways, it will end up being way more expensive to buy in USD.

3 – Select the amount of BTC or ETH you would like to buy

The minimum amount of BTC or ETH you can through Binance is $50.  If you’re looking to invest a smaller amount in Crypto than I would recommend that you use CoinSpot instead.

4 – Choose the payment method on Banxa

As you can see there are a number of different payment methods available through Banxa on Binance.  PayID is definitely my favourite and the one I recommend most.  It’s a payment method made by the big banks in Australia and lets you make an instant bank transfer.  It also has just a 1% fee – which is really good!

Banxa Payment Methods

5 – Complete your transaction

Banxa will give you the details needed to complete your transaction.    Depending on the payment method, your bitcoin will be available pretty much instantly.  BPay can take a while, POLi and PayID should be instant.

How does this compare?

So I did a quick experiment where I tried to buy the same amount of Bitcoin on Coinbase, CoinSpot and Binance/Banxa with $50.  All transactions were processed within 30 seconds of each other.  I was able to get the most Bitcoin through Binance.  Second place was CoinSpot (using PayID which is free) and third was Coinbase using a credit card.

So if you’re looking to get the best value deal, then I would highly recommend buying Bitcoin through Binance.  It used to not be worth it.  But since they’ve added the Australian gateway Banxa, it’s the best place to buy.

Find out more on Binance

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