How to Buy Crypto with PayID

Summary: PayID is one of Australia’s most popular digital payment providers and is supported on most regional cryptocurrency exchanges. It's essential to use platforms registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) to ensure regulatory compliance. 

Registered with the AUSTRAC, CoinSpot is Australia’s largest digital currency exchange, with over 2.5 million registered users. It provides free AUD deposits through PayID, which can be used to buy, sell and trade a diverse selection of over 420 cryptocurrencies with competitive fees.

Can I Buy Crypto with PayID?

Yes, investors can use PayID to transfer funds from their bank accounts to compliant  Australian crypto exchanges for purchasing digital currencies such as Bitcoin and Ethereum. Selecting a platform that adheres to the Australian Transaction Reports and Analysis Centre (AUSTRAC) regulations and other local financial guidelines is vital for secure and compliant trading.

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How to Buy Crypto with PayID

PayID users must use a regulated digital asset that is registered with the AUSTRAC like CoinSpot. This platform provides free and fast AUD deposits through PayID. CoinSpot supports 420 cryptocurrencies to trade and other features such as staking, an intuitive NFT marketplace and an integrated crypto wallet.

Here's your guide to investing in cryptocurrency with CoinSpot:

1. Account Creation: Initiate by setting up your CoinSpot account and complete the verification process.
2. Select PayID: On your dashboard, click ‘Deposit Funds’ and select ‘PayID’ as your preferred method.
3. Complete your Deposit: Follow the prompts on the PayID page to complete an AUD deposit.‍
4. Diving into Cryptocurrency: After funding, explore the platform to discover and invest in your desired token.

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What are the Fees?

If you’re new to investing in cryptocurrency, it’s essential to understand the costs involved in using trading platforms. Most exchanges generally charge deposit and withdrawal fees and transaction costs, which is the commission the platform takes to facilitate trades.

CoinSpot provides free and instant deposits through PayID and competitively low transaction fees, starting at just 0.1% for market buys and 1% for instant buy and sell orders. This contrasts sharply with other popular platforms, such as Coinbase, where users may incur trading and spread fees above 3%.

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Is PayID Crypto-Friendly?

The compatibility of PayID with cryptocurrency transactions largely depends on the investor's partner bank. Most Australian banking institutions adopt a progressive approach to digital assets and facilitate transfers to exchanges adhering to the strict guidelines of the Australian Transaction Reports and Analysis Centre (AUSTRAC).

This integration of PayID presents a regulated channel for engaging in digital asset investments through compliant platforms. By aligning with AUSTRAC’s stringent compliance measures, banks supporting PayID provide a safe pathway for investors looking to diversify their portfolios with digital currencies.

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Bottom Line

In conclusion, PayID provides a secure gateway into the crypto market in compliance with AUSTRAC regulations. CoinSpot is our recommended platform, as it offers free AUD deposits through PayID. Once funds have been deposited, they can be converted into over 420 digital assets, including Bitcoin, Ethereum, and Tether. In addition to trading, the exchange has staking services and an NFT marketplace.