| Expert Editor Eugene Lee, CFA
| Updated: PayID 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, the following is a shortlist of 6 Aussie-friendly brokers supporting PayID. The trading sites listed below meet regulatory standards for tight spreads, low commissions, and execution speed, 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.
eToro50% 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 ASIC Entity (1:500 for VFSC Entity) | MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade, TradingView | ASIC, FSA (Seychelles), VFSC (Vanuatu) | 4.8 ⭐ |
| 2. Global Prime | $1 | - | 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) | MetaTrader4, MetaTrader5, 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) | 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 trading in over 250 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 ASIC-licensed entity. Professional Australian traders can access leverage ratios as high as 1:500. Retail traders can pick between Zero and Classic accounts.
The company deposits customer assets in segregated accounts at HSBC and NAB. Fusion Markets appeals to budget-conscious traders as it has no minimum account requirements and waives all additional deposit fees. Clients can transact with PayID, cards, e-wallets, crypto, and bank transfers. For PayID users, the minimum deposit amount is set at AU$1, with no fees for PayID deposits. Fee-free PayID withdrawals are also available.
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 (est. 1983) is an option for novice and intermediate traders looking for reliable customer support and a range of over 13,500 financial instruments. The broker’s parent company, StoneX, is a Nasdaq-listed entity with a global regulatory presence, holding 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 AU$2,000 if you intend to trade currency pairs and equity indices. That said, the minimum amount traders can deposit with 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
Global Prime operates through entities licensed in Australia and Vanuatu and provides trading for over 150 markets, including forex, indices, crypto, precious metals, and US shares. These markets are tradable through the third-party platforms MetaTrader 4 and MetaTrader 5. The supported account options for retail traders from Australia include Standard commission-free accounts and Raw accounts with spreads starting from zero pips. The average execution speed of the broker is 10 milliseconds.
New customers can start with any amount they are comfortable with, as the broker imposes no requirements on minimum account size. However, traders must transfer at least $1 for their transactions to go through. PayID deposits are instant and free and start from $1. Mastercard, Skrill, Neteller, and Fasapay are among the other supported solutions. Withdrawals may be processed instantly after approval or take up to 5 business days, depending on which payment method traders use.
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
In business since 2009, Vantage offers CFD trading in over 1,000 markets, including forex, indices, metals, soft commodities, energies, ETFs, shares, bonds, and cryptocurrencies. Vantage is a brokerage that operates with a transparent pricing structure and provides a range of spreads and services aligned with industry standards. The broker operates in full compliance with the guidelines set by the Australian Securities and Investments Commission (ASIC).
Various payment options are available to depositing customers, including PayPal, Visa, Mastercard, Apple Pay, 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. In the broker’s Deposit and Withdrawal Policy, it is stated that PayID is among the funding options that withdrawals are returned to.
- 5. Oanda
With nearly 30 years of experience delivering CFD trading services, Oanda is an option for customers insisting on price transparency, usability, and extensive educational content. The broker provides spreads for over 70 forex pairs. Customers can place orders via intuitive platforms like the proprietary Oanda WebTrader, MT4, and TradingView. Trading through Oanda’s native mobile app for devices running on iOS 15.0 and Android 6.0 (or later) is also an alternative.
The broker accepts a range of deposit methods like bank cards, wire transfers, BPay, online banking, and bank wire transfers. Withdrawals from Oanda are possible through several methods, including bank cards and bank wire transfers. Oanda is an established 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 was founded in 2006 in Melbourne, Australia. The broker is authorized and regulated by ASIC and CySEC, and complies with the regulatory requirements for swift order processing and competitive spreads for over 1,000 financial instruments. The CFD markets supported by the broker include forex, shares, indices, commodities, bonds, and ETFs, tradable via MT4, MT5, TradingView, cTrader, and the proprietary GO TradeX™. The company provides a range of educational materials to new traders, including a detailed forex trading guide.
GO Markets accepts a variety of secure payment options, including bank cards, BPay, Skrill, USDT, Neteller, bank transfers, PayPal, and PayID, with no additional deposit fees. PayID users can top up their trading accounts instantly, though first-time deposits may take longer to be processed, usually 1 to 3 working days. Withdrawals must be returned to a funding source under the same name as the trader’s GO Markets account.
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. It is a centralized infrastructure that facilitates real-time payments between participating Australian financial institutions and allows for 24/7, 365-day transaction processing, thus significantly speeding up the process.
Since its inception, the NPP payment volumes have been steadily growing, reaching 128 million accounts and processing 1.86 billion transactions in 2025, at a rate of 160+ million transactions per month. Data from the NPP indicates that the record single transaction for the same period was worth $45.5 billion.
More than 100 financial institutions in the country support NPP-enabled services. The list below includes 7 of them, directly participating in clearing and settling NPP payments. The full list is available on the website of Australian Payments Plus.
- 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 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 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.
Large-volume traders should note that PayID might not be the most suitable payment solution for them due to its lower deposit limits, as some participating banks restrict payments to $1,000.
In summary, traders should differentiate between NPP, PayID, Osko, and PayTo. The NPP is the foundational infrastructure enabling 24/7 real-time payments between Australian financial institutions. PayID, on the one hand, is a service built on the NPP that facilitates payments by using unique identifiers such as a mobile phone number, an email address, or an ABN. Osko, meanwhile, is another service utilizing the NPP for near-instant transfers, often using PayID, and it was the first “overlay service” built on the NPP. PayTo is the latest addition within the NPP ecosystem, allowing for pre-authorized real-time payments and giving users more control over their recurring or one-off payment agreements directly from their banking app.
Is KYC Required to Deposit with PayID?
Australian traders must undergo a brief verification process while registering their unique PayIDs. The purpose is to confirm 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 or mobile number, which must be entered into the online banking portal to complete the PayID registration.
ASIC-regulated brokers are also under a legal obligation to verify the identities of new customers before processing transactions. During the onboarding process, the broker will prompt you to provide a government-issued identification, 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 the first-time deposits made by newly registered clients. This delay stems from the account verification new traders must complete before live trading.
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 that you are on the receiving end of the transaction. 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.
Not all forex brokers support PayID for withdrawals. In many cases, traders will have to request their cashouts via local bank transfers instead. These transfers are often processed through the NPP infrastructure, meaning the funds can still arrive promptly once approved, even though the method is not exactly labelled as PayID.
Popular Alternatives to Depositing with PayID
BPay and Zelle are two payment methods commonly compared to PayID. The first one, BPay, facilitates 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. However, 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 is the most similar to PayID among US alternatives, but it 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 enabling timely market access for traders.
| Side-by-Side Comparison between 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 you can find some alternatives to PayID that you may use
- Paypal Forex Brokers
- Prepaid cards Forex Brokers
- Debit and Credit Cards Forex Brokers
- Visa Forex Brokers
- Crypto Forex Brokers
- Bitcoin Forex Brokers
- Wire transfer Forex Brokers