Easy usage and fast payment are luxuries crypto enthusiasts always want. PayID makes this possible as it is a new instant payment platform for real-time low-value payments, which eliminates the regular three working days transfer time for local banks. Hence, Australian users often embrace this payment method and ask how to buy Bitcoin and crypto with it. We’ve decided to teach you how to buy Bitcoin and crypto with PayID in this article.
Can I Buy Bitcoin and Crypto With PayID?
Yes, you can buy Ethereum, Bitcoin, and other cryptocurrencies of your choice using PayID as your payment method. Although PayID doesn’t support direct crypto purchases on the platform. You can still use it as a payment method to buy crypto on supported exchanges like Bybit.
You’ll find the PayID option in the Bybit P2P section to buy crypto on the exchange. This section lets you connect with sellers accepting PayID for crypto transactions. The platform has escrow protection features, making this method smooth, cost-effective, and secure.
How to Buy Bitcoin and Crypto With PayID on Bybit
Buying crypto assets on Bybit P2P is straightforward but requires adhering to certain rules. The catch is registering on the platform and completing the mandatory KYC verification procedure to seal your membership. Next, follow the steps below to buy Bitcoin and crypto using PayID:
- Log in to your newly verified Bybit account and head to P2P under the Trade section.
- Select BTC or any other cryptocurrency you want to buy, and set your preferred currency (AUD).
- Tap the filter icon and search for PayID in the “All Payment Methods” section.
- Next, look through the lists of the displayed sellers and select your preferred one. For a better experience, choose a seller with a high completion percentage and reasonable rates.
- Specify the amount of crypto you want to buy on Binance and make payments using the provided phone number, email, or ABN on the PayID platform. The crypto will be released into your Binance account once the seller receives an alert of your payment.
How fast this process will be often depends on the seller’s response, but on average, it takes less than 10 minutes to get your crypto. Hence, choose a seller with a high transaction success rate and ensure you follow all of Bybit’s instructions strictly to avoid falling victim to P2P scams.
Fees When Buying Bitcoin and Crypto With PayID
Buyers and sellers pay no transaction fees when buying Bitcoin and other cryptocurrencies using PayID on Bybit P2P. Similarly, most banks and financial organizations do not impose fees for sending money using PayID. Hence, using PayID as your payment option on Bybit P2P is free and an excellent choice for those looking to trade without incurring additional costs. However, verifying with your personal bank or payment provider is always a good idea since some may have restrictions or fees for certain types of transactions.
About PayID
PayID, an innovative Australian payment solution, is a safe way to make and receive payments. It functions under the New Payments Platform (NPP) and streamlines online payments by connecting a distinctive identifier to your bank account, such as your phone number or email. This payment system eliminates complex BSBs and account numbers, simplifies transactions, and makes sending and receiving money quick and straightforward. The PayID secure technology eliminates the possibility of mistakes and speeds up processing times to real-time. PayID is an effective alternative to traditional bank transfers, whether you’re paying pals, bills, or buying Bitcoin and other crypto assets. It’s a modern payment solution designed for a faster, simpler digital world.
Bottom Line
PayID transactions to your unique identifier are nearly instantaneous and aren’t confined to banking hours. Hence, you can use PayID to buy Bitcoin and crypto at any time of the day. You can go through the detailed guide to purchase Bybit seamlessly.
