Summary: BPAY is one of the most popular payment methods in Australia, with over 10 million registered accounts on the platform. As a widely adopted payment services provider, it is accepted on most digital asset exchanges in Australia. Securing a trading platform that is regulated and licensed with AUSTRAC is important for maintaining regulatory compliance.

Following an extensive assessment of the leading exchanges in the country, we found that CoinSpot is the number one pick for Aussies. It is the country’s largest and most popular crypto trading platform that offers fast and cheap BPAY deposits to trade hundreds of tokens. In addition to trading, CoinSpot offers Bundles (crypto ETFs) and NFTs like BAYC or Crypto Punks.

Table of Contents

Can I Buy Bitcoin with BPAY?

‍Absolutely, if you're a BPAY user in Australia, you can buy Bitcoin and various other cryptocurrencies by sending funds to a reputable digital asset exchange in Australia. We suggest choosing a platform compliant with AUSTRAC and other relevant Australian financial regulators. With BPAY, you can effortlessly transfer AUD from your bank account to a trustworthy exchange, setting the stage for your venture into cryptocurrency investment.

How to Buy Crypto with BPAY

If you're an Australian resident looking to dive into the world of cryptocurrencies, BPAY offers a convenient way to fund your investments through CoinSpot, a reputable Australian exchange. CoinSpot is regulated by AUSTRAC and provides a platform for Aussies to buy, sell, trade, and hold over 420 digital assets. BPAY is one of the accepted methods for AUD deposits, along with bank transfers and credit cards.

For those in Australia keen on trading digital assets, here's a simple guide:

  1. Create an Account: Open a free account on CoinSpot and complete the verification requirements.
  2. Deposit Funds: Click 'Deposit Funds', pick ‘BPAY” as your method, and follow the prompts to deposit AUD.
  3. Fund Asset: Go to the 'Markets' tab, find Bitcoin, and tap 'View BTC/AUD Market'.
  4. Buy Cryptocurrency: Input the amount of AUD you want to invest and select the 'Buy BTC' button.‍
How to Buy Crypto with BPAY.
How to Buy Crypto with BPAY.

BPAY Cryptocurrency Policy

BPAY adopts a forward-thinking stance on cryptocurrency, balancing the drive for financial modernisation with a commitment to regulatory compliance. To facilitate investment in digital assets, BPAY recommends using reputable exchanges such as CoinSpot. CoinSpot is fully compliant with Australian financial regulations and is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC), operating under the legal entity name of Casey Block Services Pty Ltd, with registration number ABN 19 619 574 186. 

Digital Asset Investing Fees

Understanding the expenses tied to cryptocurrency investment is crucial for optimising your financial gains. CoinSpot has a straightforward fee structure that plays a role in your overall investment success:

  • Instant Buy/Sell Fees: CoinSpot charges a flat fee of 1% for instant buy and sell transactions. This fee remains constant, making it easy to calculate your costs upfront. 
  • Deposit Charges: The exchange allows free deposits for cryptocurrencies. However, for Australian Dollar (AUD) deposits, a fee may apply depending on the deposit method, such as BPAY, POLi or PayID.
  • Withdrawal Expenses: The fees for withdrawing vary based on the specific cryptocurrency you choose to move. For example, withdrawing Bitcoin will cost you a fee of 0.0001 BTC. 

CoinSpot offers a simple and transparent fee structure. The flat fee for instant transactions and competitive withdrawal costs make it a compelling option for investors looking to maximise their financial outcomes. To learn more about the exchange’s costs, visit our detailed CoinSpot Review.

What is BPAY?

BPAY is an innovative, Australian-based electronic bill payment system providing a secure, streamlined solution for individuals, businesses, and organisations to manage and pay their bills in one place. Renowned for its easy-to-use interface, BPAY revolutionises the bill payment process by allowing users to pay bills directly from their bank account or card via online banking.

Its unique selling point lies in its ability to consolidate multiple bill payments into a single platform. The service eliminates the need to track numerous payment deadlines, thereby reducing the risk of late payments or missed bills. Its key features include scheduling future payments, managing recurring bills, and receiving bill notifications.

BPAY: Home Page.
BPAY: Home Page.

Final Thoughts

To sum up, BPAY is a convenient and secure way to buy cryptocurrencies in Australia for low fees. After comparing the top exchanges that accept BPAY deposits, we have determined that CoinSpot is the number one option for Aussies. CoinSpot accepts BPAY deposits and supports over 380 tokens through its platform that can be bought, sold, held or staked for APY (yields).