How to Buy Crypto or Bitcoin with PayID

How to Buy Crypto or Bitcoin with PayID

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January 2, 2023
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Summary: If you want to buy Cryptocurrencies like Bitcoin and Ethereum with a PayID deposit, you will need to sign up with an AUSTRAC licensed cryptocurrency exchange first. With this method, you can transfer AUD via PayID to buy and sell digital assets.

If you are looking to get started quickly, we recommend the CoinSpot platform which offers instant & free PayID deposits to buy, sell and even stake cryptocurrencies.

Table of Contents

Best Exchange for PayID Deposits

Platform Highlights

  • Instant and free AUD deposits via PayID from any bank.
  • 370+ Cryptocurrencies to buy, sell and trade with 0.1% fees.
  • NFT Marketplace, Crypto Staking, Crypto ETFs and more.

Can I buy cryptocurrencies with PayID?

Yes, PayID is supported on many Australian-based cryptocurrency exchanges like SwyftX and CoinSpot. We suggest using CoinSpot as it is Australias most secure cryptocurrency platform and is also the most affordable place to buy Bitcoin with PayID.

On CoinSpot, AUD deposits are free and instant for PayID, and it only costs 0.1% to buy Bitcoin (BTC) on CoinSpot. Which is the lowest price to buy Bitcoin in Australia. In addition to unbeatable fees, CoinSpot also offers cryptocurrency staking, an NFT Marketplace with BAYC, Azuki and CoolCats, crypto ETFs and more.

How to buy Bitcoin and Crypto with PayID

In this example, we show Australians how to buy Bitcoin with Australian dollars using the PayID deposit method. You can also deposit AUD on CoinSpot via cash, POLi, BPAY and Osko. Follow the steps below to get started.

  1. Sign up to CoinSpot and complete the instant verification. 
  2. Select ‘Deposit Funds’ and choose ‘PayID’.
  3. Open your banking app and select ‘Pay Anyone’ and enter this for CoinSpots PayID ‘deposit@coinspot.com.au’ and enter your unique description/reference number provided in the PayID Deposit Funds page on CoinSpot.
  4. Tap the ‘Markets’ tab and select the ‘BTC/AUD’ market.
  5. Enter the amount of AUD you want to spend and click ‘Buy BTC’.
Deposit Funds with PayID on CoinSpot
Buy Crypto with PayID.

What are the Deposit Fees?

Fortunately for CoinSpot users, PayID or Osko deposits are completely free and instant. You can also increase your deposit limit to over $100,000 AUD per day if you contact support and complete extra verification information.

About PayID

PayID is a unique identifier that allows you to receive payments from anyone, anywhere. It's like an email address for your money. You can use PayID to send and receive payments in Australian dollars (AUD), New Zealand dollars (NZD), Canadian dollars (CAD), US dollars (USD), Euros (EUR) and British pounds (GBP).

To create a PayID, all you need is a bank account and an email address or mobile number. Once you've created your PayID, you can start receiving payments from anyone, anywhere in the world.

Final Thoughts

PayID is an easy and secure way to buy Bitcoin and cryptocurrencies in Australia. When using PayID, deposits are free and instant on CoinSpot. In addition to unbeatable fees, CoinSpot also offers cryptocurrency staking, an NFT Marketplace with BAYC, Azuki and CoolCats, crypto ETFs and more.


Alysha Jane

I am a Finance graduate and market analyst that enjoys researching and writing about digital assets and how they intersect with Macro.

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