Best 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 5 brokers that support BPAY deposits and withdrawals:

BPAY Brokers Comparison

BPAY Brokers Comparison
Broker Minimum Deposit Instruments Platforms Leverage Visit
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) Visit
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) Visit
Eightcap logo
$100 CFDs, Forex, Stocks, Indices, Commodities MT4, MT5, TradingView - Visit
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. Visit
DNA Markets logo
$100 CFDs, Forex, Indices, Commodities, Stocks, Crypto MT4, MT5 - Visit
Axi logo
$0 Forex, CFDs, indices, shares, commodities, cryptocurrencies MT4, AutoChartist, DupliTrade 1:400 Visit
Vantage logo
$50 CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds ProTrader, MT4, MT5, TradingView, DupliTrade 1:500 Visit
ThinkMarkets logo
$0 CFDs, Forex, Stocks, ETFs, Futures, Commodities, Crypto, Spread Betting (UK Only) ThinkTrader, MT4, MT5, AutoChartist, TradingCentral 1:500 Visit
Global Prime logo
A$200 Forex, indices, commodities, cryptocurrencies, shares, bonds MT4, TradingView, AutoChartist 1:200 Visit

#1 - Pepperstone

Why We Chose 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.

"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."

- DayTrading Review Team
  • 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)

Pros

  • Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.
  • Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
  • 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 does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.
  • 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.
  • 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.

#2 - IC Markets

Why We Chose 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.

"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."

- DayTrading Review Team
  • Instruments: CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
  • Regulator: ASIC, CySEC, FSA
  • 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)

Pros

  • 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.
  • As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.

Cons

  • 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.
  • The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.

#3 - Eightcap

Why We Chose Eightcap

"Eightcap is great for day traders familiar with MT4 and MT5 and looking to trade forex and CFDs in a secure environment. The brand is also a great pick for crypto traders with 100+ derivatives, a sophisticated market scanner, plus Bitcoin and Tether deposits."

- DayTrading Review Team
  • Instruments: CFDs, Forex, Stocks, Indices, Commodities
  • Regulator: FCA, ASIC, CySEC, SCB
  • Platforms: MT4, MT5, TradingView
  • Minimum Deposit: $100
  • Minimum Trade: 0.01 Lots

Pros

  • Crypto Crusher market scanner with sentiment indicators, news and short term trading signals for global clients
  • AI-powered economic calendar with top-level insights, in partnership with Acuity
  • 100+ crypto derivatives are available for global clients, which is more than most brokers, including crypto crosses and indices

Cons

  • There are only four commodities available, which may disappoint experienced day traders looking to diversify their portfolios
  • There are several frustrating jurisdictional restrictions - for example, the Crypto Crusher tool is not available for UK or Australian clients
  • The demo account can only be extended upon request

#4 - CityIndex

Why We Chose 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.

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

- DayTrading Review Team
  • 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.

Pros

  • Excellent reputation with over 1 million account holders and tier-one regulatory oversight
  • A free demo account with unrestricted access to all markets and trading tools
  • Industry-leading platforms including MT4, plus access to cutting-edge third-party tools like TradingView

Cons

  • $15 monthly inactivity fee
  • Cryptocurrency trading not available in all locations
  • No Islamic account for Muslim traders

#5 - DNA Markets

Why We Chose DNA Markets

DNA Markets is a forex and CFD broker established in 2020. The broker operates two entities in Australia and the offshore jurisdiction, St Vincent and the Grenadines. Traders can access 250+ markets, with a Standard account for beginners and a Raw account for experienced traders. The reliable MetaTrader 4 and MetaTrader 5 platforms are available, alongside Signal Start.

"DNA Markets is an excellent choice for short-term traders familiar with the MetaTrader platforms. The smooth sign-up process also makes it easy to get started while the $100 minimum deposit is accessible. That said, DNA Markets trails the top brokers in education, research and mobile trading. "

- DayTrading Review Team
  • Instruments: CFDs, Forex, Indices, Commodities, Stocks, Crypto
  • Regulator: ASIC
  • Platforms: MT4, MT5
  • Minimum Deposit: $100
  • Minimum Trade: 0.01 Lots

Pros

  • 24/5 customer support with response times of <2 minutes during testing
  • Top-rate platforms and charting tools for day traders with access to MT4 and MT5
  • Low trading fees with spreads from 0.0 pips in the Raw account and zero non-trading fees

Cons

  • There are limited educational and research tools, reducing its appeal to beginners
  • The investment offering trails alternatives, especially in terms of stocks, cryptos and commodities
  • Despite access to MT4 and MT5, there is no proprietary trading app

Note: this review does not cover the BPay product by Barclays Plc.

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 60,000 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 you 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 Using BPAY

To make payments, locate the BPAY logo within 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 app 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.