How to Buy Crypto with a PayID Deposit
Buying Bitcoin and digital assets with a PayID deposit is easy thanks to the wide variety of exchanges that have PayID support. This allows Australian investors to leverage the NPP network of PayID/Osko to instantly and freely deposit dollars onto a trading platform from their bank accounts.
You can follow these steps to buy Bitcoin with a PayID:
- Sign up to the CoinSpot platform and verify your identity.
- Select the 'PayID' button underneath 'Quick Deposit' on the Home Dashboard.
- Find your unique PayID deposit details and transfer AUD from your Australian bank account.
- Once the funds arrive, you can find the crypto you want to buy & execute your trade.
What are the fees for PayID Deposits on Crypto Exchanges?
Using the NPP network, PayID deposits on CoinSpot can be made with zero fees. There is no minimum or maximum deposit limits either, enabling you to transfer any amount of funds you need for your trade.
It is important to note that transfers of under $1,000 AUD can incur a fee of up to $10 on all exchanges in Australia.
What is PayID?
PayID is a way for people in Australia to send and receive money using a simple and easy-to-remember identifier, rather than having to exchange bank account numbers or other complex payment details. PayID can be linked to a bank account, mobile phone number, or email address, and can be used to make payments through participating financial institutions and payment providers.
To use PayID, you simply need to create a PayID account with a participating financial institution or payment provider and link it to your bank account or other payment details. You can then use your PayID to receive payments from others by sharing your PayID identifier, which might be your mobile phone number, email address, or a unique PayID string that has been assigned to you. When someone wants to send you money, they can enter your PayID into their payment app or website, and the payment will be sent directly to your linked account.
PayID is a great way to move money around quickly and securely in Australia. Using this method, you can deposit AUD onto your Cryptocurrency exchange of choice instantly and with zero fees, enabling you to start trading digital assets right away.
We recommend CoinSpot as the best platform for PayID deposits, but there are other exchanges available that also offer this service. You can read our comprehensive best crypto exchanges in Australia comparison for a deeper comparison of the top platforms in the country.
Before you start trading, make sure to check the fees, security measures, and features of each platform to find the one that best suits your needs. Good luck!