Exchange Review

How to Buy Crypto with PayID in Australia

Summary: The fastest and most affordable way for PayID users to buy cryptocurrencies is by going through CoinSpot. CoinSpot is Australia's largest and most secure crypto exchange that offers free and instant PayID deposits to its exchange.

By 
Timothy Wilson
 on  
August 13, 2022

PayID is an Australian payment system that allows users to send and receive money using just their email address or phone number. With PayID, there's no need to remember multiple usernames and passwords for different accounts - all you need is your PayID and you're good to go! You can use PayID to pay bills, transfer money between accounts, or even send money to friends and family.

To buy cryptocurrencies with PayID, simply fund your CoinSpot account with AUD from your PayID account and buy crypto directly on the exchange.

Table of Contents

Where to buy crypto with PayID

To invest in cryptocurrencies in Australia, you will need to use a secure cryptocurrency exchange. There are several cryptocurrency investing platforms that allow the depositing of Australian dollars with PayID. The supporting exchanges are Binance, CoinSpot, Cointree & Paxful.

We recommend using CoinSpot as it offers free and instant deposits via PayID and the lowest cryptocurrency trading fee at 0.1%.

PayID Home Page.
PayID Home Page.

How to buy cryptocurrencies with PayID

In this guide we show Aussies how to buy cryptocurrencies with PayID. On CoinSpot you can deposit Australian dollars via PayID, POLi. BPAY, Osko and cash deposit. Follow the below steps to get started.

  1. Sign up to CoinSpot
  2. Select ‘Deposit Funds’ on the top left-hand corner of your screen and tap ‘PayID’
  3. Open up PayID in your banking app and put in “[email protected]” as the payee and enter your unique description/comment number
Deposit Funds via PayID on CoinSpot
  1. Search for the cryptocurrency you like in the Buy/Sell tap
  2. Input the amount of AUD you want to spend and tap ‘Buy’
Buy Ethereum (ETH) with PayID on CoinSpot.
Buy Ethereum (ETH) with PayID on CoinSpot.

What is CoinSpot?

CoinSpot is the largest cryptocurrency exchange in Australia in terms of user base and supported cryptocurrencies. On CoinSpot you can trade over 370 cryptocurrencies and you can stake over 30. In addition to trading and staking cryptocurrencies, you can invest in popular NFTs like Bored Apes Yacht Club with any of the 370 tokens CoinSpot offers, directly on the exchange.

It is also the only high-security exchange in Australia and the only one to have obtained the ISO 27001 Standard Security Certificate. If you would like to learn more about CoinSpot and its security, fees and features, visit our CoinSpot Review.

What are the fees to buy crypto with PayID?

When buying cryptocurrencies, it's important to consider the fees that are involved. Most exchanges will charge around 0.5% - 2% to deposit via PayID, CoinSpot however doesn't charge any fees. In addition to free deposits, CoinSpot offers the lowest trading fees in Australia at 0.1% when you use the Market Buy feature. When you buy crypto via the Instant Buy feature, it will cost 1%.

Buy Crypto with PayID

Author Bio

Timothy Wilson was a former Prop Trader for a notable crypto trading fund based in Hong-Kong. He built BCA after deciding he wanted to focus his career on educating new users about Crypto and DeFi.

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