BPAY Brokers 2024

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Written By
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Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
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Edited By
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James Barra
James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.
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Fact Checked By
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Fact Checked By
Tobias Robinson
Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.
Updated

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:

Click a broker for details
  1. 1
    IC Markets

    Ratings
    4.6 / 5
    4 / 5
    3.5 / 5
    4.6 / 5
    4 / 5
    4.5 / 5
    4 / 5
    3.5 / 5
    3.1 / 5
    4.2 / 5

    $200
    0.01 Lots
    1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
    ASIC, CySEC, FSA, CMA
    CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
    MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
    PayPal, Skrill, Neteller, Visa, UnionPay, Wire Transfer, Rapid Transfer, Mastercard, POLi, BPAY, Credit Card, Klarna, Swift, SafeCharge
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
  2. 2
    Pepperstone
    CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. 81.8% of retail investor accounts lose money when trading CFDs.

    Ratings
    4.6 / 5
    4 / 5
    3.8 / 5
    4.4 / 5
    4.4 / 5
    4.6 / 5
    4.3 / 5
    4 / 5
    4.4 / 5
    4.1 / 5

    $0
    0.01 Lots
    1:30 (Retail), 1:500 (Pro)
    FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
    CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
    MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
    Visa, Mastercard, Credit Card, Debit Card, PayPal, Wire Transfer, POLi, UnionPay, BPAY, Neteller, Skrill, PIX Payment
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
  3. 3
    Eightcap

    Ratings
    4.3 / 5
    4 / 5
    3.6 / 5
    3.8 / 5
    4.3 / 5
    4 / 5
    3.5 / 5
    3.5 / 5
    4.8 / 5
    4.4 / 5

    $100
    0.01 Lots
    1:500
    ASIC, FCA, CySEC, SCB
    CFDs, Forex, Stocks, Indices, Commodities, Crypto
    MT4, MT5, TradingView
    Neteller, Skrill, Visa, UnionPay, Credit Card, Debit Card, Bitcoin Payments, Wire Transfer, FasaPay, BPAY, PayPal, Dragonpay, PIX Payment
    USD, EUR, GBP, CAD, AUD, NZD, SGD
  4. 4
    Vantage
    50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme

    Ratings
    4.6 / 5
    4.5 / 5
    4.5 / 5
    4.4 / 5
    4.3 / 5
    4.4 / 5
    4 / 5
    4 / 5
    3.6 / 5
    3.9 / 5

    $50
    0.01 Lots
    1:500
    FCA, ASIC, FSCA, VFSC
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds
    ProTrader, MT4, MT5, TradingView, DupliTrade
    Skrill, BPAY, JCB Card, AstroPay, Visa, Swift, Neteller, Wire Transfer, Credit Card, Debit Card, UnionPay, FasaPay, Sticpay, Bitwallet, Volet
    USD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN
  5. 5
    CityIndex

    Ratings
    4.4 / 5
    4.5 / 5
    4.6 / 5
    4.3 / 5
    4.4 / 5
    4.2 / 5
    4.5 / 5
    4.4 / 5
    3.8 / 5
    2.8 / 5

    $0
    0.01 Lots
    1:30 (Retail), 1:50 (Accredited Investor), 1:200 (Sophisticated Investor), 1:300 (Wholesale Investor), 1:400 (Professional Trader). Varies with jurisdiction.
    ASIC, FCA, MAS
    CFDs, Forex, Stocks, Cryptos, Options, Commodities, Bonds
    MT4, TradingView, TradingCentral
    PayNow, Wire Transfer, Mastercard, BPAY, Credit Card, PayID, Debit Card, Visa, PayPal
    USD, EUR, GBP, AUD, CZK
  6. 6
    Axi
    72.4% of retail investor accounts lose money when trading CFDs with this provider

    Ratings
    3.8 / 5
    3.5 / 5
    3 / 5
    3.8 / 5
    3.5 / 5
    3.8 / 5
    3.5 / 5
    3.8 / 5
    3.6 / 5
    4.2 / 5

    $0
    0.01 Lots
    1:500
    FCA, ASIC, FMA, DFSA, SVGFSA
    CFDs, Forex, Stocks, Indices, Commodities, Crypto
    Axi Copy Trading, MT4, AutoChartist
    Neteller, Skrill, Credit Card, Debit Card, Visa, Mastercard, JCB Card, Wire Transfer, FasaPay, PIX Payment, Maestro, Boleto, Giropay, Sofort, POLi, BPAY, iDeal, Alipay, Airtel
    USD, EUR, GBP, CHF, PLN
  7. 7
    Hantec Markets

    Ratings
    4 / 5
    3 / 5
    3 / 5
    3.5 / 5
    3 / 5
    3.5 / 5
    3 / 5
    2.5 / 5
    4.8 / 5
    4.4 / 5

    $100
    0.01 Lots
    1:1000
    FCA, ASIC, FSC, JSC
    Forex, CFDs, Indices, Stocks, Commodities, Cryptos
    MT4, MT5, TradingCentral
    Neteller, Visa, Skrill, Wire Transfer, Mastercard, BPAY, Debit Card, Credit Card
    USD, EUR, GBP, CAD, AUD, CHF, PLN, AED
  8. 8
    Global Prime

    Ratings
    3.8 / 5
    3.5 / 5
    2.8 / 5
    3.5 / 5
    3.8 / 5
    3.5 / 5
    3.8 / 5
    2.5 / 5
    0 / 5
    0 / 5

    A$200
    0.01 Lots
    1:200
    ASIC, VFSC, FSA
    Forex, indices, commodities, cryptocurrencies, shares, bonds
    MT4, TradingView, AutoChartist
    Credit Card, Visa, Mastercard, FasaPay, Neteller, Skrill, Wire Transfer, POLi, BPAY, Dragonpay, PayPal, JetonCash
    USD, EUR, GBP, CAD, AUD, SGD

Here is a summary of why we recommend these brokers:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. Axi - Established in 2007, Axi is a multi-regulated forex and CFD broker that has made strides to improve its trading experience over the years, from expanding its suite of stocks and upgrading the Axi Academy to launching its own copy trading app.
  7. 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.
  8. 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

BPAY Brokers Comparison
Broker Minimum Deposit Instruments Platforms Leverage
IC Markets logo
$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)
Pepperstone logo
$0 CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade 1:30 (Retail), 1:500 (Pro)
Eightcap logo
$100 CFDs, Forex, Stocks, Indices, Commodities, Crypto MT4, MT5, TradingView 1:500
Vantage logo
$50 CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds ProTrader, MT4, MT5, TradingView, DupliTrade 1:500
CityIndex logo
$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.
Axi logo
$0 CFDs, Forex, Stocks, Indices, Commodities, Crypto Axi Copy Trading, MT4, AutoChartist 1:500
Hantec Markets logo
$100 Forex, CFDs, Indices, Stocks, Commodities, Cryptos MT4, MT5, TradingCentral 1:1000
Global Prime logo
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 AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
RegulatorASIC, CySEC, FSA, CMA
PlatformsMT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
Minimum Deposit$200
Minimum Trade0.01 Lots
Leverage1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.
  • IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.
  • As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.

Cons

  • The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.
  • Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
  • There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.

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."

Christian Harris, Reviewer

Pepperstone Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
RegulatorFCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
PlatformsMT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
Minimum Deposit$0
Minimum Trade0.01 Lots
Leverage1:30 (Retail), 1:500 (Pro)
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • 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.
  • Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.
  • There’s support for a range of industry-leading charting platforms including MT4, MT5, TradingView, and cTrader, catering to various short-term trading styles, including algo trading.

Cons

  • Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
  • Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets, though it has introduced an intuitive copy trading app.
  • 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.

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."

Christian Harris, Reviewer

Eightcap Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, Crypto
RegulatorASIC, FCA, CySEC, SCB
PlatformsMT4, MT5, TradingView
Minimum Deposit$100
Minimum Trade0.01 Lots
Leverage1:500
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, SGD

Pros

  • Having excelled across all key areas for day traders, Eightcap outperformed every competitor 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.
  • After bolstering its roster in 2021, Eightcap offers one of the most extensive selections of cryptocurrency CFDs in the market, with crypto/fiat pairs, crypto/crypto pairs, plus crypto indices for broader exposure to the market.

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.
  • Eightcap needs to continue bolstering its suite of instruments to match category leaders like Blackbull Markets with its 26,000+ assets, featuring a particularly weak selection of commodities.
  • 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.

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."

Jemma Grist, Reviewer

Vantage Quick Facts

Bonus Offer50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme
Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds
RegulatorFCA, ASIC, FSCA, VFSC
PlatformsProTrader, MT4, MT5, TradingView, DupliTrade
Minimum Deposit$50
Minimum Trade0.01 Lots
Leverage1:500
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN

Pros

  • The low minimum deposit of $50 and zero funding fees make this broker a great choice for new traders
  • There’s an excellent suite of day trading software, including the award-winning platforms MT4 and MT5
  • The ECN accounts are very competitive with spreads from 0.0 pips and a $1.50 commission per side

Cons

  • The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
  • Unfortunately, cryptos are only available for Australian clients
  • It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection

CityIndex

"City Index is best for new and intermediate traders looking for a wide selection of assets on user-friendly platforms."

Tobias Robinson, Reviewer

CityIndex Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Cryptos, Options, Commodities, Bonds
RegulatorASIC, FCA, MAS
PlatformsMT4, TradingView, TradingCentral
Minimum Deposit$0
Minimum Trade0.01 Lots
Leverage1:30 (Retail), 1:50 (Accredited Investor), 1:200 (Sophisticated Investor), 1:300 (Wholesale Investor), 1:400 (Professional Trader). Varies with jurisdiction.
Account CurrenciesUSD, EUR, GBP, AUD, CZK

Pros

  • Industry-leading platforms including MT4, plus access to cutting-edge third-party tools like TradingView
  • Thousands of instruments including thematic indices and interest rates that are not available at many alternatives
  • 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

Axi

"Axi is a stand-out option if you want to day trade forex on the MetaTrader 4 platform thanks to the broker’s growing selection of 70+ currency pairs, the MT4 NextGen upgrade, and tight spreads from just 0.2 pips if you opt for the Pro account."

Christian Harris, Reviewer

Axi Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, Crypto
RegulatorFCA, ASIC, FMA, DFSA, SVGFSA
PlatformsAxi Copy Trading, MT4, AutoChartist
Minimum Deposit$0
Minimum Trade0.01 Lots
Leverage1:500
Account CurrenciesUSD, EUR, GBP, CHF, PLN

Pros

  • Advanced traders can now sign up for the Axi Select funded trader program through the broker’s offshore entity, providing funding up to $1 million with a 90% profit share.
  • Axi's latest copy trading app is really intuitive based on our tests with useful filtering options to match strategies with individual risk preferences.
  • Axi offers a terrific MT4 experience, enhanced with the NextGen plug-in for advanced order management and analytics, and complete with low execution latency of approximately 30ms.

Cons

  • Axi is falling behind by only offering MT4 when many rivals now support MT5, cTrader, TradingView and proprietary software for a slicker experience with more advanced tools.
  • Axi still has our confidence but issues with the ASIC and FMA in recent years mean it needs to continue providing a secure environment while adhering to licensing conditions.
  • Despite bolstering its stock CFDs in US, UK and EU markets, it’s still nowhere near as extensive as firms like BlackBull which offer thousands of equities for diverse opportunities.

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."

Christian Harris, Reviewer

Hantec Markets Quick Facts

Demo AccountYes
InstrumentsForex, CFDs, Indices, Stocks, Commodities, Cryptos
RegulatorFCA, ASIC, FSC, JSC
PlatformsMT4, MT5, TradingCentral
Minimum Deposit$100
Minimum Trade0.01 Lots
Leverage1:1000
Account CurrenciesUSD, EUR, GBP, CAD, AUD, CHF, PLN, AED

Pros

  • Hantec Markets offers a great range of 8 account base currencies, helping global traders avoid conversion fees while delivering a hassle-free day trading experience.
  • High leverage up to 1:1000 is available for experienced investors in some jurisdictions, amplifying trading results (profits and losses).
  • 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.

Cons

  • 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.
  • Testing reveals hit-and-miss support, with 24/5 assistance but a live chat service that times out, making it unreliable for urgent trading issues.
  • Hantec Markets needs to bolster its investment offering to match category leaders like Blackbull Markets, especially in its breadth of currency pairs and commodities.

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."

Tobias Robinson, Reviewer

Global Prime Quick Facts

Demo AccountYes
InstrumentsForex, indices, commodities, cryptocurrencies, shares, bonds
RegulatorASIC, VFSC, FSA
PlatformsMT4, TradingView, AutoChartist
Minimum DepositA$200
Minimum Trade0.01 Lots
Leverage1:200
Account CurrenciesUSD, EUR, GBP, CAD, AUD, SGD

Pros

  • Segregated client funds
  • 24/7 customer support
  • Trade receipts

Cons

  • Clients from US and Canada are not accepted
  • Narrow range of account options
  • No MetaTrader 5 integration

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 group contact number

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.

List of brokers that accept BPAY 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.