BPAY Brokers 2024
BPAY is an online payment system widely used across Australia. The bill and digital banking system is popular among Australian forex and CFD trading brokers, as well as banks, building societies and merchants. Here we cover the transfer solution as a deposit and withdrawal method for traders, including any payment limits, fees and processing times.
We also review how to create a BPAY account, the login process, and how long it takes to get set up. See our list of top brokers that accept BPAY in 2024 to get started today.
Best BPAY Brokers
Following our evaluations, these are the best 8 brokers that support BPAY deposits and withdrawals:
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1
IC Markets
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$2000.01 Lots1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)ASIC, CySEC, FSA, CMACFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, CryptoMT4, MT5, cTrader, TradingView, TradingCentral, DupliTradePayPal, Skrill, Neteller, Visa, UnionPay, Wire Transfer, Rapid Transfer, Mastercard, POLi, BPAY, Credit Card, Klarna, Swift, SafeChargeUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
2
CityIndex
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:50 (Accredited Investor), 1:200 (Sophisticated Investor), 1:300 (Wholesale Investor), 1:400 (Professional Trader). Varies with jurisdiction.ASIC, FCA, MASCFDs, Forex, Stocks, Cryptos, Options, Commodities, BondsMT4, TradingView, TradingCentralPayNow, Wire Transfer, Mastercard, BPAY, Credit Card, PayID, Debit Card, Visa, PayPalUSD, EUR, GBP, AUD, CZK -
3
PepperstoneCFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:500 (Pro)FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCBCFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread BettingMT4, MT5, cTrader, TradingView, AutoChartist, DupliTradeVisa, Mastercard, Credit Card, Debit Card, PayPal, Wire Transfer, POLi, UnionPay, BPAY, Neteller, SkrillUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
4
Eightcap
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:500ASIC, FCA, CySEC, SCB, CNMVCFDs, Forex, Stocks, Indices, Commodities, CryptoMT4, MT5, TradingViewNeteller, Skrill, Visa, UnionPay, Credit Card, Debit Card, Bitcoin Payments, Wire Transfer, FasaPay, BPAY, PayPal, Dragonpay, PIX PaymentUSD, EUR, GBP, CAD, AUD, NZD, SGD -
5
Vantage50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$500.01 Lots1:500FCA, ASIC, FSCA, VFSCCFDs, Forex, Stocks, Indices, Commodities, ETFs, BondsProTrader, MT4, MT5, TradingView, DupliTradeSkrill, BPAY, JCB Card, AstroPay, Visa, Swift, Neteller, Wire Transfer, Credit Card, Debit Card, UnionPay, FasaPayUSD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN -
6
Axi81.6% of retail investor accounts lose money when trading CFDs with this provider
$00.01 Lots1:400FCA, ASIC, DFSA, FMAForex, CFDs, indices, shares, commodities, cryptocurrenciesMT4, AutoChartistNeteller, Skrill, Credit Card, Debit Card, Visa, Mastercard, JCB Card, Wire Transfer, FasaPay, PIX Payment, Maestro, Boleto, Giropay, Sofort, POLi, BPAY, iDeal, Alipay, AirtelUSD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD -
7
Hantec Markets
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:1000FCA, ASIC, FSC, JSCForex, CFDs, Indices, Stocks, Commodities, CryptosMT4, MT5, TradingCentralNeteller, Visa, Skrill, Wire Transfer, Mastercard, BPAY, Debit Card, Credit CardUSD, EUR, GBP, CAD, AUD, CHF, PLN, AED -
8
Global Prime
A$2000.01 Lots1:200ASIC, VFSC, FSAForex, indices, commodities, cryptocurrencies, shares, bondsMT4, TradingView, AutoChartistCredit Card, Visa, Mastercard, FasaPay, Neteller, Skrill, Wire Transfer, POLi, BPAY, Dragonpay, PayPal, JetonCashUSD, EUR, GBP, CAD, AUD, SGD
Here is a short summary of why we think each broker belongs in this top list:
- IC Markets - IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.
- CityIndex - City Index is an established and award-winning forex, CFD and spread betting broker with top-tier global regulation, including in the UK (FCA) and Australia (ASIC). With 30+ years in the industry, 13,500+ instruments and 24/5 customer support, City Index is a solid pick for aspiring traders.
- Pepperstone - Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.
- Eightcap - Eightcap is a multi-regulated forex and CFD broker established in Australia in 2009. The broker has proven popular with active day traders, providing 800+ instruments with tight spreads and notable improvements in recent years, integrating the leading TradingView platform, alongside AI-powered financial calendars and algo trading tools with zero coding experience required.
- Vantage - Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.
- Axi - Axi is a global forex and CFD trading firm, founded in 2007 in Sydney, Australia. Highly leveraged trading opportunities plus a $0 minimum deposit make it a popular choice among 60,000+ traders worldwide. Axi also stands out for its resources, including copy trading and Autochartist.
- Hantec Markets - Hantec Markets was established in Hong Kong in 1990. Initially, the company concentrated solely on the Chinese and Taiwanese markets. In 2008, the broker rebranded and expanded its presence in the UK, Australia, Japan, and various other countries, before enhancing its footprint in Latin America in 2022. Hantec now stands as a multinational brokerage with 18 offices across Europe and Asia.
- Global Prime - Global Prime is a multi-regulated trading broker offering 150+ markets. Traders can get started with a $200 minimum deposit and trade with leverage up to 1:100. The firm also has a high trust score and a good reputation with a license from the ASIC.
BPAY Brokers Comparison
| Broker | Minimum Deposit | Instruments | Platforms | Leverage |
|---|---|---|---|---|
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$200 | CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto | MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade | 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global) |
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$0 | CFDs, Forex, Stocks, Cryptos, Options, Commodities, Bonds | MT4, TradingView, TradingCentral | 1:30 (Retail), 1:50 (Accredited Investor), 1:200 (Sophisticated Investor), 1:300 (Wholesale Investor), 1:400 (Professional Trader). Varies with jurisdiction. |
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$0 | CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting | MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade | 1:30 (Retail), 1:500 (Pro) |
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$100 | CFDs, Forex, Stocks, Indices, Commodities, Crypto | MT4, MT5, TradingView | 1:500 |
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$50 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds | ProTrader, MT4, MT5, TradingView, DupliTrade | 1:500 |
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$0 | Forex, CFDs, indices, shares, commodities, cryptocurrencies | MT4, AutoChartist | 1:400 |
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$100 | Forex, CFDs, Indices, Stocks, Commodities, Cryptos | MT4, MT5, TradingCentral | 1:1000 |
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A$200 | Forex, indices, commodities, cryptocurrencies, shares, bonds | MT4, TradingView, AutoChartist | 1:200 |
IC Markets
"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."
Christian Harris, Reviewer
IC Markets Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto |
| Regulator | ASIC, CySEC, FSA, CMA |
| Platforms | MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade |
| Minimum Deposit | $200 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
- You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.
- IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.
Cons
- There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.
- Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.
- Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
CityIndex
"City Index is best for new and intermediate traders looking for a wide selection of assets on user-friendly platforms."
CityIndex Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Cryptos, Options, Commodities, Bonds |
| Regulator | ASIC, FCA, MAS |
| Platforms | MT4, TradingView, TradingCentral |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:50 (Accredited Investor), 1:200 (Sophisticated Investor), 1:300 (Wholesale Investor), 1:400 (Professional Trader). Varies with jurisdiction. |
| Account Currencies | USD, EUR, GBP, AUD, CZK |
Pros
- Tight spreads from 0.5 pips on EUR/USD and competitive commissions on CFD shares
- A free demo account with unrestricted access to all markets and trading tools
- Excellent reputation with over 1 million account holders and tier-one regulatory oversight
Cons
- US traders not accepted
- Cryptocurrency trading not available in all locations
- $15 monthly inactivity fee
Pepperstone
"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."
Pepperstone Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting |
| Regulator | FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB |
| Platforms | MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
- Pepperstone emerges as a low-cost broker, especially for serious day traders with spreads from 0.0 in the Razor account and rebates of 25%+ through the Active Trader program.
- Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.
Cons
- Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.
- Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.
- There’s no simplified proprietary trading platform, nor are there any social trading features, which could be a disadvantage if you are new to day trading.
Eightcap
"Eightcap delivers in every area for day traders with a growing selection of charting platforms, education via Labs, and AI-powered tools. Now sporting 120+ crypto CFDs, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."
Eightcap Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Crypto |
| Regulator | ASIC, FCA, CySEC, SCB, CNMV |
| Platforms | MT4, MT5, TradingView |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SGD |
Pros
- Eightcap stands out with a selection of powerful trading tools and resources, including MT4 and MT5, the innovative algorithmic trading platform Capitalise.ai, and more recently the 50-million strong social trading network TradingView.
- Having excelled across all key areas for day traders, Eightcap outperformed more than 490 competitors to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title.
- With tight spreads from 0 pips, low commission fees, and high leverage up to 1:500 for certain clients, Eightcap provides cost-effective and flexible trading conditions that can accommodate an array of strategies, including day trading and scalping.
Cons
- Despite a useful library of educational guides and e-books in Labs, Eightcap still trails IG’s comprehensive toolkit for aspiring traders with its dedicated IG Academy app and 18 course categories.
- The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.
- In spite of an increasing variety of tools, Eightcap doesn't offer industry favorites like Autochartist or Trading Central, which offer cutting-edge charting analytics, live news, and market insights for short-term traders.
Vantage
"Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly."
Vantage Quick Facts
| Bonus Offer | 50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds |
| Regulator | FCA, ASIC, FSCA, VFSC |
| Platforms | ProTrader, MT4, MT5, TradingView, DupliTrade |
| Minimum Deposit | $50 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN |
Pros
- The ECN accounts are very competitive with spreads from 0.0 pips and a $1.50 commission per side
- It’s quick and easy to open a live account – taking less than 5 minutes
- Vantage has bolstered its algorithmic trading tools for advanced traders with AutoFibo EA identifying reversal opportunities
Cons
- The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
- A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
- Unfortunately, cryptos are only available for Australian clients
Axi
"Axi maintains its position as a top forex and CFD broker for seasoned traders, with more than 70 currency pairs, raw spreads and additional benefits for high-volume trading. Beginners will also appreciate the user-friendly copy trading service and free forex eBooks."
William Berg, Reviewer
Axi Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Forex, CFDs, indices, shares, commodities, cryptocurrencies |
| Regulator | FCA, ASIC, DFSA, FMA |
| Platforms | MT4, AutoChartist |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:400 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD |
Pros
- Axi is a well-regulated and established broker, with a strong track record since 2007
- Experienced traders can benefit from the Axi Select funded trader programme, offering funding up to $1 million and up to 90% profit share
- Traders can choose between 10 base account currencies plus a wide range of free deposit methods, including cryptos
Cons
- There's a limited choice of third-party charting platforms compared to other brands, with only MT4 available alongside the proprietary app
- The Axi Select program requires a $500 minimum deposit to enter the first Seed stage
- The tightest round-trip commission fees of $3.50 are only available to those who can deposit $25,000
Hantec Markets
"Hantec Markets is suitable if you want a no-frills MetaTrader broker to trade CFDs on stocks, forex, indices, commodities and cryptos. However, its scalping restrictions limit its appeal for certain day traders, while the customer support and educational tools trail the best brokers."
Hantec Markets Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Forex, CFDs, Indices, Stocks, Commodities, Cryptos |
| Regulator | FCA, ASIC, FSC, JSC |
| Platforms | MT4, MT5, TradingCentral |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:1000 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, CHF, PLN, AED |
Pros
- Hantec Markets is a trusted broker, with a track record stretching back to 1990 and authorization from ‘green tier’ regulators, notably the FCA and ASIC.
- Trading Central integration provides an excellent one-stop-shop for technical, fundamental, economic, sentiment and news analysis, helping users discover short-term trading opportunities.
- High leverage up to 1:1000 is available for experienced investors in some jurisdictions, amplifying trading results (profits and losses).
Cons
- There is no proprietary software aimed at newer traders, nor integration with the increasingly popular TradingView and cTrader platforms. Additionally MT5 is not available in certain regions, including the UK.
- The educational tools, consisting primarily of long-form articles, need revamping with interactive elements and videos to match the training materials at IG.
- Despite reliable order execution, Hantec Markets does not permit scalping strategies, reducing its appeal compared to Pepperstone, whose Razor account is set up for scalpers.
Global Prime
"Global Prime is suitable for both beginners and seasoned traders with excellent market access, low fees and a range of tools including copy trading."
Global Prime Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Forex, indices, commodities, cryptocurrencies, shares, bonds |
| Regulator | ASIC, VFSC, FSA |
| Platforms | MT4, TradingView, AutoChartist |
| Minimum Deposit | A$200 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:200 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, SGD |
Pros
- $0 minimum deposit
- Trade receipts
- Full range of investments with 150+ assets including crypto
Cons
- No MetaTrader 5 integration
- Clients from US and Canada are not accepted
- Narrow range of account options
Note: this review does not cover the BPay product by Barclays Plc.
How Did We Choose The Best BPay Brokers?
To list the top BPay brokers, we:
- Sorted through our database of 500 online platforms, removing all those that don’t accept BPay payments
- Verified that the shortlisted brokers support BPay payments for online trading
- Ranked them by their rating, combining 100+ data entries with insights from our hands-on tests
BPAY Details
BPAY, short for bill payment, is a digital payment system based in Australia. The online banking system is offered by over 150 financial institutions including banks, building societies, credit unions and neobanks.
In fact, over 55,000 businesses offer transaction options to pay bills with the brand. From Yarra Valley Water and Vodafone to Optus, St George Bank, UBank, and Macquarie Bank. It is also a convenient payment method for Australian retail traders.
BPAY Pty Ltd. is a subsidiary of Cardlink Services Limited, which is owned by four major banks, including the Australia and New Zealand Banking Group, the Commonwealth Bank of Australia, and Westpac. Other e-wallet entities under the BPAY Group include Osko and Sypht.
Each business aims to simplify payments between companies and clients. The firm’s head office is located in NSW, Australia. Since it launched in the market in 1997, the company has enjoyed a 20+ year history of simplifying online payments for its customers across Australia.
How To Join BPAY
To make a payment using BPAY, log on to your mobile banking app. Select Transfers and BPAY. Then, enter the details of the accounts you would like to withdraw from and deposit to. Enter the amount, description and the confirm. The registration process is straightforward.
Traders should also take into account that payments can only be made from Australian bank accounts. Restrictions will apply.
Note, BPAY does support automatic payments but this is something you will need to opt into.
Pros Of Trading With BPAY
Easy To Use
BPAY is quick and easy to use. The platform syncs directly with your mobile banking app so all payments, withdrawn or deposited, can be viewed from a signal dashboard. Traders can simply choose the firm’s logo from the available payment methods in the broker’s account and make a deposit.
No Fees
BPAY is a low-cost payment provider. It does not charge traders to process payments directly, unlike PayPal for example which incurs a fee of up to 1%. With that said, some merchants and brokers may not cover processing costs and so additional charges can be added. It is worth checking the broker’s website or our reviews before making a payment.
BPAY View
The company offers a secure and easy access portal where customers can view, pay and store bills, sending instant statements and receipts. BPAY View receives good reviews from customers and means investors can fund their trading account alongside paying bills.
Merchant Verification
To become a compliant biller, merchants must have an ACN or ABN and an active account with an Australian financial institution. Businesses such as Xero have integrated BPAY payments within their operations portal. As a result, clients get a secure and reliable payment option.
Cons Of Trading With BPAY
Not International
BPAY payments can only be made from an Australian bank account. This, of course, rules out many international traders and brokers. Currently, it is not clear whether the payment method will be rolled out to more countries.
Limited Customer Support
Support services offered by BPAY are limited. Clients can submit a ticket via the official website but there is no email address or phone number published. Traders are advised to contact their bank or broker for assistance with any payment issues, disputes, cancellations, and delays.
No Refund Protection
Unlike some ANZ credit cards, banks cannot get refunds or reversals on any BPAY payments if a business service fails. You will need to contact your bank directly if you have made a payment error, used the wrong biller name, code or customer reference number, or if payments are not received by recipients.
With that said, a BPAY Group news feature did suggest an API download was coming that would be focused on error correction and payment reversal to all scheme members.
Speed
Payment deposits are confirmed instantly, however, processing and weekend cut-off times vary by bank. Payments made after 6pm on business days, or at any time on weekends or public holidays, will usually be processed on the next working day.
Brokers also have their own processing timelines which can cause delays in funds reaching or leaving trading accounts. With that said, most brokers that accept BPAY offer near-instant deposits.
Security
Payments are made within the secure environment of your online banking portal. All operations are compliant with legal obligations including the Australian Privacy Principles. To help prevent issues, clients and traders should be wary of using the correct information, from invoice biller codes to customer reference numbers, as this will help to prevent mistaken payments.
How To Deposit To A Trading Account Using BPAY
To make payments at BPay brokers like Eightcap, locate the payment method within the deposit section of your trading account, follow the on-screen instructions and enter the deposit amount.
Maximum and minimum payment limits, daily transfer amounts and processing times may differ between billers but the money transfer brand itself does not impose limits.
Note, BPAY accepts payments from savings, cheques, direct debit and credit cards, including Amex, Westpac, ING, ANZ, and NAB.
Fees Explained
BPAY does not charge fees to traders, however, some brokers may charge a processing fee. Check out your broker’s terms ahead of making a payment to avoid a nasty surprise. Importantly, deposits are usually free at established brokers, such as FP Markets.
There are no inactivity fines or minimum use requirements. However, these may be added by the broker so check their terms and conditions.
Note, payments made in error may be liable for bank recall or trace fees. Clients are advised to contact their bank directly.
Customer Support
To get in touch with the customer support team at BPAY, visit the official website where you can submit a ticket. The team usually responds within one business day and can assist with a range of issues from how to register to fees and more general issues related to your account not working as you hoped.
Additional resources can be found on the firm’s YouTube channel. Videos cover a range of key topics relating to payment features, third-party integration and services overview. The company has also published a handy How To guide which can be downloaded from the website and is available in Simplified Chinese, Hindi and Arabic.
As outlined above, the BPAY group does not offer support over the phone or via email.
Is BPAY Good For Day Trading?
BPAY is a fast and secure online payment system widely used by merchants and traders across Australia. Offering seamless integration with banks and major billers, the company provides a convenient means through which traders can manage trading funds alongside day-to-day bills.
Traders should note that services are currently only available in Australia. Not all brokers will accept BPAY deposits so see our list of supporting trading platforms to get started today.
FAQ
Is BPAY Safe To Use At My Broker?
All BPAY payments are made through secure telephone mobile apps or online banking devices. Personal or account details are not visible during the payment process.
What Are The Benefits Of Depositing To My Trading Account Via BPAY?
BPAY payments tend to clear faster than bank transfers and within one business day. Also, easy reconciliation via unique customer references and smarter billing through BPAY View means this is the preferred payment method for many Australian traders.
Is It Cheap To Use BPAY In My Trading Account?
Yes, BPAY doesn’t charge any fees to clients. Some brokers may charge their own processing fees on deposits or withdrawals, although deposits are typically free at the top brokers.