How to Buy Crypto with PayID
As mentioned above, the best way for PayID customers to buy and sell cryptocurrency in Australia is through an AUSTRAC-registered digital asset exchange. The most secure trading platform that accepts PayID deposits in the country is CoinSpot.
Follow this short and simple guide to get started:
- Open a free account on CoinSpot and complete the onboarding process.
- Select ‘Deposit Funds’ and tap the ‘PayID’ tab.
- Open PayID in your banking app, put in “email@example.com” as the payee, and enter your unique description/comment number.
- Search for the cryptocurrency you want in the ‘Buy/Sell’ tap.
- Input the amount of AUD you want to spend and tap ‘Buy’.
Buying Cryptocurrency Fees
When buying cryptocurrencies, it's essential to consider the fees involved. Most exchanges will charge around 0.5% - 2% to deposit via PayID; however, CoinSpot charges zero deposit fees. In addition to free deposits, CoinSpot offers the lowest trading fees in Australia at 0.1% when using the Market Buy feature and 1% when utilising the Instant Buy feature.
Does PayID allow Crypto Purchases?
Yes, PayID strongly advocates the integration of cryptocurrencies within its system, emphasising their potential to revolutionise the financial landscape. The payment platform is currently linked with several reputable Australian cryptocurrency exchanges, including CoinSpot, SwyftX and Binance, further highlighting its commitment to digital assets.
PayID is an innovative, open-source payment protocol streamlining cross-border transactions by unifying various payment networks under a user-friendly identifier. Launched in 2020, this groundbreaking technology enables users to register a unique, easy-to-remember ID linked to an email address to receive payments from multiple platforms with ease.
By simplifying the payment process and fostering interoperability between diverse financial institutions, PayID significantly reduces transactional friction and promotes a seamless experience. As an increasingly popular solution in the rapidly evolving digital finance landscape, PayID is poised to revolutionise how individuals and organisations send and receive money worldwide, making transactions more efficient and accessible to a global audience.
To recap, Aussies who want to trade cryptocurrency with PayID can use an AUSTRAC-registered digital asset exchange. We recommend using CoinSpot to trade crypto as it offers free and instant PayID deposits and low trading fees starting from 0.1%. Additionally, it supports over 380 tokens to buy, sell, hold or stake and earn a yield on.