Summary: PayID enables crypto enthusiasts to invest in Bitcoin and other digital assets through ASIC-regulated exchanges that accept Australian Dollar deposits. Unlike traditional banking methods, PayID provides a seamless way to transfer AUD into crypto by connecting to secure and licensed digital currency trading platforms.
Based on our examination, we recommend using Kraken for purchasing crypto with PayID in Australia. Kraken is regulated by ASIC and AUSTRAC and offers free and instant AUD deposits through PayID. Aussie investors can buy, sell, trade and stake over 200 digital assets on the exchange with minimal fees.
- Instant and free AUD deposits from any Australian Bank via PayID, Osko, bank transfer, credit card and more.
- Trade and stake over 200 cryptocurrencies with industry-leading fees and tight price spreads.
- Founded in 2011 and trusted by over 9 million investors.
Kraken is a registered Digital Currency Exchange (DCE) with AUSTRAC in Australia (ACN 163 237 634).
Can I Buy Bitcoin with PayID?
Yes, PayID allows investors to purchase Bitcoin, Ethereum, and a variety of other digital currencies in Australian Dollars. This method is made possible through regulated crypto exchanges in Australia, which follow the guidelines set by AUSTRAC and ASIC. For those interested in cryptocurrencies the use of PayID with a licensed platform ensures not only a secure but also an efficient way to invest in digital assets from their regular bank accounts.
How to Buy Crypto with PayID
If you're considering investing in digital currencies using PayID in Australia, we suggest using a reputable, licensed exchange that supports this payment method. Based on our careful analysis, we recommend Kraken, which is regulated by ASIC and AUSTRAC. Kraken offers immediate and zero-fee AUD deposits and over 200 cryptocurrencies for buying, selling, and staking at competitive rates.
PayID customers can securely invest in cryptocurrency by following this guide:
- Registration: Begin by setting up an account on Kraken. Follow the required verification process tailored to individuals, businesses, or SMSFs.
- Select Currency: On the Kraken platform, choose AUD as your desired deposit currency.
- Fund Deposit: Select PayID as your payment method and complete your deposit.
- Purchase Crypto: The last step involves selecting the cryptocurrency you wish to invest in and executing your trade.
PayID Cryptocurrency Policy
PayID in Australia stands as a bridge between traditional banking and the evolving world of cryptocurrencies. It enables users to invest in digital assets like Bitcoin through exchanges that comply with the Australian Securities and Investments Commission (ASIC). Kraken, a registered Digital Currency Exchange (DCE) with an ACN 163 237 634, is one of these regulated platforms accepting PayID.
By incorporating PayID, users in Australia can manage the risks traditionally associated with banking while simultaneously accessing a broad array of digital assets. The platforms compatibility with Kraken ensures that investments in cryptocurrencies are not only accessible but also secure and compliant with Australian regulations.
Digital Asset Investing Fees
Getting a solid grasp on the fee structure for investing in digital assets is crucial for optimising your profits. Kraken has its own set of fees that can influence your overall financial performance. Here's an easy guide to the key fees you should keep an eye on:
- Spot Trading Fees: Kraken employs a tiered pricing model for spot trading fees. The starting rate is 0.16% for those who create orders (known as makers) and 0.26% for those who complete them (known as takers). As you trade more, these fees can go down, enhancing your profit margins.
- Deposit Fees: There are zero fees to deposit cryptocurrency to the exchange. However, if you're adding fiat currency to your account, you may encounter a small fee. The fee amount can vary depending on your chosen payment method, such as PayID, POLi, or credit cards.
- Withdrawal Fees: The charges for pulling out your funds are competitive and vary based on the specific cryptocurrency. For example, withdrawing Bitcoin incurs a fixed fee of 0.0005 BTC.
Kraken offers competitive trading fees that can become even more favourable as you increase your trading activity. The platform's deposit and withdrawal fees are also quite reasonable, making it a compelling choice for traders looking to maximise their financial performance.
What is PayID?
PayID is an Australian payment service that streamlines the process of sending and receiving money by using identifiable information like an email or phone number instead of traditional BSB and account numbers. By linking a bank account to these common details, PayID makes transactions more efficient and user-friendly.
Operating under the Osko payment system, PayID provides near-instant transfers across various banks and financial institutions. This approach ensures that payments are not only simplified but also swift and secure, meeting the needs of the modern, fast-paced digital financial landscape.
Final Thoughts
To recap, investing in cryptocurrencies through PayID in Australia is an efficient and secure method, bridging the traditional banking world with the innovative sphere of digital assets. With ASIC and AUSTRAC compliance, platforms like Kraken provide instant and zero-fee AUD deposits, enabling a streamlined process for both seasoned investors and newcomers.
The utilisation of PayID, combined with Kraken's diverse range of over 200 cryptocurrencies, offers not only convenience but a trustworthy environment for digital currency investment. For those in Australia looking to explore or expand their crypto portfolio, PayID presents a reliable and robust pathway, reflecting the future of financial interactions.
Andrew Chen is a lead editor and auditor of content for Buy Bitcoin Bank, with a Masters of Computer Science and extensive knowledge in cryptocurrency and blockchain technology. He has helped ensure the accuracy and quality of the platform's educational resources for new and experienced investors in the crypto space.
