| Updated: June 19, 2024PayID is an online payment system allowing Australian traders to deposit directly from their bank accounts by using an email address or mobile number as their unique payment identifier. If you are familiar with this method and wish to use it for funding your live trading balance, we present you with a shortlist of the 6 most trusted Aussie-friendly brokers supporting PayID. The trading sites recommended below hit the mark when it comes to tight spreads, low commissions, execution speed, and regulatory compliance as they all hold ASIC licenses.
Fusion Markets74-89% of retail CFD accounts lose money
GO Markets62% of retail investor accounts lose money trading CFDs with GO Markets Ltd.
City Index69% of retail investor accounts lose money
Global Prime74-89% of retail CFD accounts lose money
Oanda72% of retail CFD accounts lose money
Vantage FXComprehensive Comparison of the Top 6 Forex Brokers Accepting PayID
| Forex Broker | Min Deposit | Min Withdrawal | Fees | Max Leverage | Trading Platforms | Regulators | Trust Pilot Rating |
|---|---|---|---|---|---|---|---|
| 1. Fusion Markets | No minimum | No minimum | No fees | 30:1 for ASIC Entity (500:1 for VFSC Entity) | MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade | ASIC, FSA (Seychelles), VFSC (Vanuatu) | 4.8 ⭐ |
| 2. GO Markets | No minimum | No minimum | No fees | 30:1 (Retail)500:1 (Professional) | MT4, MT5, cTrader, GO WebTrader, cTrader Copy Trading | ASIC, CySEC, FSC, FSA | 4.7 ⭐ |
| 3. City Index | $100 | $150 | No fees | 30:1 (Retail)400:1 (Professional) | MT4, WebTrader, Trading App, TradingView | FCA (No. 446717), CySEC (No. 400/21), MAS, ASIC | 4.2 ⭐ |
| 4. Global Prime | $10 | $10 | No fees | 30:1 (Retail)500:1 (Professional) | MT4 Desktop, MT4 Webtrader, MT4 Android | ASIC (No. 385620), VFSC (No. 40256) | 4.1 ⭐ |
| 5. Oanda | $25 | N/A | No fees | 30:1 (Europe)50:1 (US)20:1 (Singapore) | MT4, TradingView, Oanda Web | FCA, CFTC, KNF, MAS, IIROC, MASASIC, FSA (Japan), FSC (British Virgin Islands) | 3.9 ⭐ |
| 6. Vantage FX | $50 | $30 | No fees | 1:30 (Retail)1: 500 (Professional) | MetaTrader 4, MetaTrader 5, ProTrader, TradingView, Copy Trading | FCA (license no. FRN: 590299), VFSC (reg. No. 700271), ASIC (license no. no. 428901), FSCA (license no. 51268), CIMA (no. 1383491) | 3.4 ⭐ |
Top 6 Brokers Accepting Deposits with PayID
Fusion Markets is an ASIC-regulated broker committed to delivering low-cost trading in over 150 financial markets, including more than 90 currency pairs. The broker operates in accordance with all relevant laws in Australia, offering maximum leverage of up to 1:30 and negative balance protection to retail customers registering through its Aussie-licensed entity.
The company deposits customer assets in segregated accounts at HSBC and NAB. Fusion Markets is ideal for budget-conscious traders as it has no minimum account requirements and waives all additional deposit fees. Clients can conveniently transact with PayID, cards, e-wallets, crypto, and bank transfers.
Gleneagle Asset Management Limited (ABN 29 103 162 278) trading as Fusion Markets, is the issuer of the Fusion Markets Products described in this communication. Trading in Fusion Markets Products involves the potential for profit as well as the risk of loss which may vastly exceed the amount of your initial deposit and is not suitable for all investors. You should read all of these Financial Product Service Terms, the Product Disclosure Statement (PDS) and the Financial Services Guide (available on our website) carefully, consider your own financial situation, needs and objectives for investing in these Fusion Markets Products and obtain independent financial advice.- 2. City Index
With over four decades of market experience, City Index poses a great option for novice and intermediate traders looking for favorable conditions, reliable customer support, and versatile range of tradable instruments (6,300+). The broker boasts a spotless regulatory track record and holds licenses from ASIC, FCA, and CySEC, among others.
Newly registered traders can fund their live balance with credit/debit cards, e-wallets, or locally available payment options like PayID and BPay. The broker recommends starting with at least $2,000 to customers who intend to trade currency pairs and equity indices.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 3. Global Prime
If you are looking for a best-in-class broker supporting PayID, Global Prime may be just the right fit for you. The company operates through entities licensed in Australia and Vanuatu and provides superior trading conditions for over 150 tradable markets, including forex, indices, shares, crypto, and precious metals.
New customers can start with any amount they are comfortable with as the broker imposes no requirements on minimum account size. Deposits are instant and free via PayID, Mastercard, Skrill, Neteller, and Fasapay, among other supported solutions. Customers will additionally benefit from average execution speeds of 10 milliseconds and minimum spreads from zero pips.
Global Prime is a trading name of FMGP Trading Group Pty Ltd (ABN 74 146 086 017) and is regulated by ASIC and licensed to carry on a financial services business in Australia under Australian Financial Services License No. 385620. Gleneagle Securities Pty Limited trading as Global Prime FX, is a registered Vanuatu company (Company Number 40256) and is regulated by the VFSC. The website is owned and operated by FMGP Trading Group Pty Ltd, ABN 74 146 086 017. - 4. Vantage FX
In business since 2009, Vantage enjoys a reputation as an industry-leading broker renowned for its transparent pricing structure, ultra-tight spreads, and exceptional-quality service. The broking firm specializes in delivering low-cost CFD trading in over a thousand financial instruments but also provides copy trading services.
Various payment options are available to depositing customers, including PayPal, Visa, Mastercard, BPay, PayID, and bank transfers. There are no minimum requirements for deposits initiated through PayID, with transactions reflecting in your live balance within a couple of hours.
- 5. Oanda
With nearly three decades of experience delivering premium trading services, Oanda is an ideal pick for customers insisting on price transparency, usability, and extensive educational content. The broker provides competitive spreads for over 70 forex pairs and 1,600 stocks. Customers can place orders via intuitive third-party platforms like MT4, MT5, and TradingView.
Trading through Oanda’s award-winning proprietary software is an alternative. As for funding, the broker accepts a solid range of safe deposit methods like bank cards, wire transfers, BPay, and PayID. Oanda is a legit trading site licensed in multiple jurisdictions, including Australia and the British Virgin Islands.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.72% of retail investor accounts lose money when trading CFDs with OANDA TMS Brokers S.A.You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. - 6. GO Markets
GO Markets debuted on the retail trading scene in 2006 and is largely regarded as the first MT4 broker catering to clients from Down Under. Regulated by ASIC and CySEC, the broker boasts swift order processing and ultra-competitive spreads for over 1,000 financial instruments.
The Melbourne-based company provides a healthy range of educational materials to fledgling traders, including a detailed forex trading guide. It works with powerful yet intuitive platforms like cTrader, MT5, and MT4. GO Markets accepts a variety of secure payment options, including BPay and PayID, with no additional deposit fees.
Risk warning: CFDs are complex instruments with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money trading CFDs with GO Markets Ltd. Consider whether you understand how CFDs work and whether you can afford to risk losing your money.
How to Fund Your Trading Account with PayID
To deposit with PayID, you must hold an account with an Australian bank participating in the centralized New Payments Platform (NPP) network. The good news is nearly all banks operating in the country facilitate transactions with PayID. You must additionally register your unique PayID from your online banking settings, using your mobile number or email address as your PayID identifier. You should also choose a bank account to connect to your PayID.
The deposit process with PayID is quite straightforward. The first step involves logging into your live forex trading account and selecting PayID from the list of available deposit options. Your broker will provide you with their PayID – email address, mobile number, or Australian business number (ABN).
Next, you must access your online banking account and enter the PayID details of your broker in the designated field under the PayID tab. Specify the amount you wish to deposit, check the payment details to ensure everything is correct, and confirm the transaction. First-time deposits with PayID may experience delays as some participating banks hold client funds for a set period, but subsequent transactions are instant.
Is KYC Required to Deposit with PayID
Aussie traders looking to use this payment method must undergo brief verification while registering their unique PayIDs. The purpose is to confirm new users are the rightful owners of the email address, mobile number, and bank account associated with their newly created PayID. The participating bank will send a confirmation code to your email or mobile number for you to enter in your online banking to complete your PayID registration.
ASIC-regulated brokers are also under legal obligation to verify the identities of new customers before transacting with them. Your broker will prompt you to upload a copy of your passport, driver’s license, or ID card as proof of identity. New traders must additionally provide copies of recent utility bills or bank statements to confirm their permanent residential address.
How to Withdraw from Your Trading Account with PayID
Most forex brokers working with PayID support the method for both deposits and withdrawals. The withdrawal process is similar to depositing – the only difference is you are on the receiving end of the transaction in this case. Assuming you have already registered an email or mobile number as your PayID, you must access the withdrawal section in your broker’s client area and choose the method as your preferred cash-out option.
Enter your PayID and fill out the amount you wish to withdraw from your live trading account. Finally, check the payment details for accuracy and complete the withdrawal request. The broker will transfer the requested amount to the bank account linked to your PayID. Unlike deposits, withdrawals with PayID are not instant. Most brokers require one or two business days to review payment requests and release the funds from eligible accounts.
Popular Alternatives to Depositing with PayID
BPay and Zelle are two payment methods that immediately come to mind when discussing PayID deposits. The first one, BPay, facilitates simple and convenient deposits through the secure online banking portals of participating Australian banks.
BPay works identically to PayID but requires you to enter the broker’s biller code and your unique customer reference number in your online banking when initiating deposits. On the downside, many brokers accept BPay for deposits only. Aussie traders who have funded their accounts with this method often receive their withdrawals via bank transfers.
Zelle perhaps comes the closest to PayID but is intended for traders from the United States. Zelle users can initiate payments directly from their online banking accounts by using the payee’s email or mobile number. Zelle transactions take place in real time so that traders never miss out on lucrative market opportunities.