Naylyan NazifovaNaylyan Nazifova is a Financial Research and Platform Testing Analyst at BestBrokers.com, where she reviews and tests online brokers across forex, stocks, investing and personal finance. Her experience in online trading content and broker analysis helps readers understand how platforms perform in practice, including their trading tools, fees, ease of use and suitability for different types of investors.
| Expert Editor 
Eugene Lee, CFA
Eugene Lee, CFA, is the Head of Research at BestBrokers.com, where he draws on more than two decades of experience in global markets, portfolio management, derivatives, and fintech to evaluate online brokers. His background in institutional investing and quantitative research helps ensure that broker reviews are based on data, risk assessment, and real-world trading conditions. 
| Updated: PayID is an online payment system that allows Australian traders to deposit funds directly from their bank accounts using an email address or mobile number as a unique payment identifier. If you are familiar with this method and want to use it to fund your live trading account, below is a shortlist of 6 Aussie-friendly brokers supporting PayID. The trading sites listed below offer tight spreads, low commissions, and fast execution, and all maintain regulatory compliance through ASIC licenses.
Plus500 USThis content applies only to Plus500 US and clients from the United States. Trading futures involves the risk of loss.
eToro52% of retail investor accounts lose money
Fusion Markets74-89% of retail's CFD accounts lose money
Global Prime74-89% of retail CFD accounts lose money
VantageTrading leveraged products is risky
City Index69% of retail investor accounts lose moneyBest PayID Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. Fusion Markets | 4,873 | 4.8 ⭐ |
| 2. Global Prime | 341 | 4.7 ⭐ |
| 3. Vantage | 10,604 | 4.5 ⭐ |
| 4. GO Markets | 701 | 4.5 ⭐ |
| 5. City Index | 393 | 4.2 ⭐ |
| 6. Oanda | 1,150 | 4.1 ⭐ |
Comprehensive 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 | AU$1 | N/A | No fees | 1:30 for the ASIC entity (1:500 for the VFSC entity) | MetaTrader 4, MetaTrader 5, cTrader, DupliTrade, Fusion+ Copy Trading, TradingView | ASIC, FSA (Seychelles), VFSC (Vanuatu) | 4.8 ⭐ |
| 2. Global Prime | $1 | N/A | No fees | 1:30 (Retail)1:500 (Professional) | MT4, MT4 WebTrader, MT4 Android, MT4 iOS; for VFSC clients: MT4, MT5 (Desktop, WebTrader, Mobile), and GP Copy | ASIC (No. 385620), VFSC (No. 40256) | 4.7 ⭐ |
| 3. Vantage | $50 | $30 | No fees | 1:30 (Retail)1:500 (Professional) | MetaTrader 4, MetaTrader 5, ProTrader, TradingView, Copy Trading | FCA (FRN: 590299), VFSC (reg. no. 700271), ASIC (license no. 428901), FSCA (license no. 51268), CIMA (license no. 1383491) | 4.5 ⭐ |
| 4. GO Markets | No minimum | No minimum | No fees | 1:30 (Retail)1:500 (Professional) | MT4, MT5, cTrader, GO WebTrader, cTrader Copy Trading | ASIC, CySEC, FSC, FSA | 4.5 ⭐ |
| 5. City Index | $100 | N/A | No fees | 1:30 (Retail, 1:20 for Singapore)1:400 (Professional) | MT4, WebTrader, Trading App, TradingView | FCA (No. 446717), MAS (No. 201130598R), ASIC (No. 345646), HKFSC (BCQ152), JFSA (2010401047199), DFSA (F000542) | 4.2 ⭐ |
| 6. Oanda | $25 | N/A | No fees | 1:30 (Europe)1:50 (US)1:20 (Singapore) | MT5, TradingView, OANDA Web, OANDA Mobile, fxTrade | FCA, CFTC, KNF, MAS, CIRO, ASIC, FSA (Japan), FSC (British Virgin Islands), MFSA | 4.1 ⭐ |
Top 6 Brokers Accepting Deposits with PayID
Fusion Markets is an ASIC-regulated broker offering access to more than 250 financial markets, including over 90 currency pairs. The broker operates in accordance with relevant Australian laws, offering maximum leverage of 1:30 and negative balance protection to retail customers who register through its ASIC-licensed entity. Professional Australian traders can access leverage ratios as high as 1:500. Retail traders can choose between Zero and Classic accounts.
We verified that the company holds customer funds in segregated accounts at HSBC and NAB. Fusion Markets appeals to budget-conscious traders because it has no minimum account requirements and charges no additional deposit fees. Clients can transact using PayID, cards, e-wallets, cryptocurrencies, and bank transfers. During our PayID tests, we confirmed that the minimum deposit is AU$1, with no fees for PayID deposits.
PayID is not among the supported withdrawal methods, but traders can use local bank transfers for their withdrawal requests instead. Because PayID is specific to Australia’s New Payments Platform, this method is unavailable to international clients residing in other countries.
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 more than four decades of market experience, City Index, established in 1983, is an option for novice and intermediate traders seeking reliable customer support and access to more than 13,500 financial instruments. The broker’s parent company, StoneX, is a Nasdaq-listed entity with a global regulatory presence, holding licenses from ASIC, the FCA, and CySEC, among others.
Newly registered traders can fund their live accounts using credit and debit cards, e-wallets, or locally available payment methods such as PayID and BPAY. The broker recommends starting with at least AU$2,000 if you intend to trade currency pairs and equity indices. However, the minimum amount traders can deposit using PayID is AU$150.
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
When evaluating Global Prime, which operates through entities licensed in Australia and Vanuatu, we analyzed its execution environment across more than 150 markets, including forex, indices, cryptocurrencies, precious metals, and US shares. These markets are tradable through MT4 and MT5. Australian retail traders can choose between commission-free Standard accounts and commission-based Raw accounts with spreads starting from zero pips. The broker’s average execution speed is 10 milliseconds.
We confirmed that new customers can start with any amount because the broker imposes no minimum account size requirement. However, transactions must be at least AU$1 to be processed.
During our PayID tests, we confirmed that deposits are instant and free, with a minimum of AU$1. Mastercard, Skrill, Neteller, and FasaPay are among the other supported methods. However, PayID cannot be used directly for withdrawals. To comply with anti-money laundering rules, our subsequent payouts had to be processed through domestic bank transfers. Withdrawals may be instant after approval or take up to five business days, depending on the method. As a localized payment solution, PayID is unavailable outside Australia.
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
Vantage offers CFD trading across more than 1,000 markets, including forex, indices, metals, soft commodities, energies, ETFs, shares, bonds, and cryptocurrencies. When evaluating the brokerage, our team found a transparent pricing structure, with spreads and services aligned with industry standards and operations conducted in accordance with Australian Securities and Investments Commission (ASIC) guidelines.
When testing the client funding portal, we found several deposit options, including PayPal, Visa, Mastercard, Apple Pay, Google Pay, BPAY, PayID, and bank transfers. During our PayID tests, we verified that the broker imposes no minimum deposit requirement for PayID transactions. The funds appeared in our live balance within a couple of hours, and no deposit fees were charged.
When reviewing the broker’s Deposit and Withdrawal Policy, we noted that PayID is among the funding methods to which withdrawals can be returned. This means that payouts are automatically routed to the originating bank account. If the system cannot process a direct payout to the original source, the funds are routed through a domestic bank transfer. Because PayID is unique to Australia’s banking network, this deposit and withdrawal feature is unavailable to international Vantage clients residing in other countries.
- 5. Oanda
With nearly 30 years of experience in CFD trading, OANDA is an option for customers who prioritize price transparency, usability, and extensive educational content. The broker provides spreads on more than 70 forex pairs. Customers can place orders through intuitive platforms such as OANDA WebTrader, MT4, and TradingView. Our team evaluated interface performance through OANDA’s native mobile app on devices running iOS 15.0 and Android 6.0 or later.
When examining the funding portal, we found that the broker accepts several deposit methods, including bank cards, wire transfers, BPAY, online banking, and PayID. Our PayID deposits had no specified minimum, incurred no additional fees, and were processed within one business day. The broker states that deposits through this method are normally processed within one to three business days.
Australian traders can request withdrawals through several methods, including bank cards and bank wire transfers, but PayID is unavailable as a direct payout channel. As an established trading site licensed in multiple jurisdictions, including Australia through ASIC and the British Virgin Islands through the BVIFSC, OANDA offers PayID only as a localized payment option for Australian customers.
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 was founded in 2006 in Melbourne, Australia. The broker is authorized and regulated by ASIC and CySEC and complies with regulatory requirements while providing swift order processing and competitive spreads across more than 1,000 financial instruments. Its CFD markets include forex, shares, indices, commodities, bonds, and ETFs, tradable through MT4, MT5, TradingView, cTrader, and the proprietary GO TradeX™. The company also provides educational materials for new traders, including a detailed forex trading guide.
GO Markets imposes no minimum deposit requirement and accepts various secure payment methods, including bank cards, BPAY, Skrill, USDT, Neteller, bank transfers, PayPal, and PayID, with no additional deposit fees. PayID users can fund their trading accounts instantly, although first-time deposits may take longer, usually one to three business days. When funding our live trading account, we selected PayID in the client portal, and the transfer appeared in our balance after exactly one business day.
Withdrawals, which are typically processed within one to three business days, must be returned to a funding source held under the same name as the trader’s GO Markets account. As with our initial deposit, our withdrawal through a domestic bank transfer cleared within one day. Because PayID is unique to Australia’s New Payments Platform, this deposit option is unavailable to international GO Markets clients residing in other countries.
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. Launched in 2018, the NPP is operated by Australian Payments Plus. This centralized infrastructure facilitates real-time payments between participating Australian financial institutions and enables transaction processing 24 hours a day, 365 days a year, significantly speeding up payments.
Since its inception, NPP payment volumes have grown steadily, reaching 128 million accounts and processing 1.86 billion transactions in 2025 at a rate of more than 160 million transactions per month. NPP data indicates that the largest single transaction during the same period was worth $45.5 billion.
More than 100 financial institutions in the country support NPP-enabled services. The list below includes seven institutions that participate directly in clearing and settling NPP payments. The full list is available on the Australian Payments Plus website.
- Australia and New Zealand Banking Group Limited (ANZ Bank)
- National Australia Bank (NAB)
- Commonwealth Bank of Australia (CommBank)
- Westpac
- HSBC
- ING
- Reserve Bank of Australia
Nearly all banks operating in Australia facilitate PayID transactions. You must also register your unique PayID through your online banking settings, using your mobile number or email address as your PayID identifier. You must then choose a bank account to link to your PayID.
The PayID deposit process is straightforward. The first step is to log in to your live forex trading account and select PayID from the available deposit options. Your broker will provide its PayID: an email address, mobile number, or Australian business number (ABN).
Next, you must access your online banking account and enter your broker’s PayID details in the designated field under the PayID tab. Specify the amount you want to deposit, review the payment details for accuracy, and confirm the transaction. First-time PayID deposits may be delayed because some participating banks hold client funds for a set period, but subsequent transactions are instant.
High-volume traders should note that PayID may not be the most suitable payment solution because of its lower deposit limits. Some participating banks restrict payments to $1,000.
In summary, traders should understand the differences between NPP, PayID, Osko, and PayTo. The NPP is the foundational infrastructure that enables real-time payments between Australian financial institutions 24 hours a day, seven days a week. PayID is a service built on the NPP that facilitates payments using unique identifiers such as a mobile phone number, email address, or ABN. Osko is another service that uses the NPP for near-instant transfers, often through PayID, and was the first “overlay service” built on the NPP. PayTo is the latest addition to the NPP ecosystem. It enables pre-authorized real-time payments and gives users more control over recurring or one-off payment agreements through their banking apps.
Is KYC Required to Deposit with PayID?
Australian traders must undergo a brief verification process when registering their unique PayIDs. This process confirms that new users are the rightful owners of the email address, mobile number, and bank account associated with the identifier. The participating financial institution will send a confirmation code to the user’s email address or mobile number. The user must enter this code in the online banking portal to complete the PayID registration.
ASIC-regulated brokers are also legally required to verify the identities of new customers before processing transactions. During onboarding, the broker will ask you to provide a government-issued ID document, such as a passport, driver’s license, or ID card.
New traders must also provide copies of recent utility bills or bank statements to confirm their permanent residential address. Forex brokers accepting PayID deposits may take longer to process first-time deposits from newly registered clients. This delay results from the account verification that new traders must complete before they can begin live trading.
How to Withdraw from Your Trading Account with PayID?
Some forex brokers working with PayID support the method for both deposits and withdrawals. The withdrawal process is similar to the deposit process, except that you are receiving the funds. Assuming you have already registered an email address or mobile number as your PayID, you must access the withdrawal section in your broker’s client area and select PayID as your preferred withdrawal method.
Enter your PayID and specify the amount you want to withdraw from your live trading account. Finally, review the payment details for accuracy and submit the withdrawal request. The broker will transfer the requested amount to the bank account linked to your PayID. Unlike deposits, PayID withdrawals are not instant. Most brokers require one or two business days to review payment requests and release funds from eligible accounts.
Not all forex brokers support PayID for withdrawals. In many cases, traders must request their withdrawals through local bank transfers instead. These transfers are often processed through the NPP infrastructure, meaning the funds may still arrive promptly once approved, even though the method is not specifically labelled as PayID.
Popular Alternatives to Depositing with PayID
BPAY and Zelle are two payment methods commonly compared with PayID. BPAY facilitates deposits through the secure online banking portals of participating Australian banks.
BPAY works similarly to PayID but requires you to enter the broker’s biller code and your unique customer reference number through your online banking portal when initiating a deposit. However, many brokers accept BPAY for deposits only. Australian traders who fund their accounts using this method often receive withdrawals through bank transfers.
Zelle is the US alternative most similar to PayID, but it is intended for traders in the United States. Zelle users can initiate payments directly through their online banking accounts using the payee’s email address or mobile number. Zelle transactions take place in real time, enabling traders to access the market promptly.
| Side-by-Side Comparison of PayID, BPAY, and Zelle | |||
|---|---|---|---|
| Feature | PayID | BPAY | Zelle |
| Supports Real-Time Payments | Yes | No | Yes |
| One-Step Payments | Yes | No | No |
| Surcharges | No | No | No |
| Cash Advance Fees | No | No | No |
| Security Level | High | High | High |
Below are some alternatives to PayID that you may use
- PayPal Forex Brokers
- Prepaid Card Forex Brokers
- Debit and Credit Card Forex Brokers
- Visa Forex Brokers
- Crypto Forex Brokers
- Bitcoin Forex Brokers
- Wire Transfer Forex Brokers
About the Editorial Team