Best Brokers That Accept PayID/Osko

In forex trading, traders always seek out brokers that support convenient and fast payment methods. That way, they can make deposits easily and start trading as soon as possible. For traders in Australia, PayID and Osko are two such options that provide instant and reliable transfers. The popularity of these two payment solutions has made the demand for brokers that support them grow significantly. This article will explore some of the best brokers that accept PayID/Osko, highlighting their key features and considerations. But first, let’s understand these payment options a little more.

What Are PayID and Osko?

PayID allows investors to make payments using their mobile number, email address, ABN or Organisation Identifier as their PayID personal identifier. On the other hand, Osko is a payment option that was introduced in 2018 by the New Payments Platform in Australia. It allows payments to be sent and received between participating financial institutions in less than a minute. To facilitate this, this payment option allows people to use their BSBs, account numbers or even their PayID to complete transactions.

By integrating PayID/Osko, brokers offer Australian clients a seamless and efficient way to fund their trading accounts. They are particularly beneficial for traders who need to fund their accounts quickly to take advantage of market opportunities. With that brief look at these payment options, let’s now look at some of the best brokers that accept PayID/Osko. We will particularly focus on their collection of market products, their regulatory status, spreads, and trading platforms to see where they stand out.

Pepperstone

Pepperstone supports a variety of payment options for traders to fund their accounts. In Australia, traders can use PayID/Osko to conveniently fund their trading accounts on Pepperstone. This payment option is easy to find under the Choose your funding method screen. Positively, there is no minimum deposit requirement on the Pepperstone trading site. As such, traders can start trading with whatever amount that they wish.

These payment options are fast, and once Pepperstone processes the payment, traders gain access to well over 1,200 different market products. These include CFDs on forex, indices, commodities, stocks, cryptocurrencies, and ETFs. Traders can utilize these instruments to build diversified portfolios. The broker provides multiple trading platforms, including MetaTrader 4, MetaTrader 5, cTrader, Pepperstone's proprietary platform, and TradingView.

Further, Pepperstone offers competitive pricing with two account types. The Standard account provides commission-free trading with spreads starting from 1.0 pip on major currency pairs. For traders seeking tighter spreads, the Razor account offers ultra-low spreads from 0.0 pips, but a commission of $3.5 per side per lot applies on most platforms, with cTrader offering a slightly lower fee of $3 per side per lot.

Traders always prioritise brokers that have regulations from well-recognised institutions. Luckily, Pepperstone has regulations from a variety of institutions. These include the ASIC in Australia, the FCA in the UK, the CySEC in Cyprus, and the BaFin in Germany, among others. 

75.8% of retail CFD accounts lose money

City Index

City Index is another broker regulated by the ASIC that supports PayID/Osko to fund their accounts. As expected, this payment option offers traders the advantage of fast transactions allowing traders to start trading as soon as possible. Just like Pepperstone, City Index does not have a minimum deposit requirement. 

Upon making a deposit, there are various platforms that traders can use to access a variety of market products. These include TradingView, MetaTrader 4, Web Trader, and mobile apps. The various global markets available to trade include forex, indices, shares, commodities, cryptocurrencies, ETFs, bonds, and metals.

Further, City Index offers two main account types: the Standard and the MT4 accounts. The Standard account can be accessed through the company's web-based platform and TradingView. It provides competitive spreads of 0.8 pips for major currency pairs without commission charges. In contrast, the MT4 account features spreads starting as low as 0.5 pips, also without commissions, except in the shares market. As the name implies, the MT4 account is available exclusively on the MetaTrader 4 platform.

As mentioned, this broker operates under the regulation of the ASIC in Australia, alongside other institutions. The other institutions that supervise the company’s activities include the FCA in the UK, the CySEC in Cyprus, and the CIRO in Canada.

71% of retail investor accounts lose money when trading CFDs with this provider.

Fusion Markets

Next up is Fusion Markets, another popular broker that supports PayID as a payment option. Conveniently, the broker even provides detailed instructions on how investors can make deposits using this payment option. There are no minimum or maximum deposit amounts on this broker site. Therefore, traders can invest whatever amount they have and start trading. 

Fusion Markets offers traders a diverse range of market instruments, including forex currency pairs, precious metals, and CFDs on energies, equity indices, shares, and commodities. To execute trades across these markets, traders can utilize the MetaTrader 4 and MetaTrader 5 platforms. 

Fusion Markets keeps things straightforward by offering two easy-to-understand account options: the Zero Account and the Classic Account. The Zero Account features ultra-low spreads starting from 0.0 pips, with a modest commission of $4.50 per round turn. Meanwhile, the Classic Account offers spreads starting from 0.9 pips on major currency pairs with no commission.

While regulation alone doesn't guarantee a broker's reliability, it's certainly a solid foundation. Fusion Markets has regulation from the ASIC in Australia, a well-respected authority in the industry. Additionally, the broker is also under the supervision of the VFSC in Vanuatu and the FSA in Seychelles.

GO Markets

GO Markets provides traders with flexibility in account funding by providing a range of account funding. In Australia, traders can use the popular PayID whose only accepted currency is AUD. The broker promises to process deposits using this method quickly and with no deposit charges. The minimum deposit to open an account with this broker is $200.

On another note, GO Markets offers two accounts with some of the tightest spreads: the Standard and GO Plus+ accounts. The Standard account features spreads starting from 1.0 pips, with no commission and inactivity fees. The GO Plus+ account provides even tighter spreads starting from 0.0 pips but with a commission of $3.00 per side per standard lot. There are no inactivity fees on this account too.

Additionally, GO Markets offers a wide range of trading instruments, providing traders with ample opportunities to diversify their investments. Clients can trade CFDs on forex, shares, commodities, cryptocurrencies, indices, and metals. GO Markets provides robust platforms that are user-friendly for both beginners and experienced traders. The available platforms include MetaTrader 4, MetaTrader 5, and GO WebTrader

Finally, GO Markets operates under the regulatory oversight of the ASIC in Australia and the FSC in Mauritius. The ASIC is a highly respected financial regulator, known for its rigorous standards and commitment to investor protection.

Global Prime

Global Prime also accepts deposits through PayID and offers instant processing of payments made through this funding option. The minimum deposit when using this payment option is a low $1 and there are no fees charged by the broker. With instant processing, traders can take advantage of trading opportunities as soon as they appear.

Notably, there are plenty of investment options available on Global Prime. This broker provides its traders with access to 150+ global market assets covering forex, indices, commodities, cryptocurrency, and more. The trading platform traders can use to access these markets is MetaTrader 4. However, the broker planning to add MetaTrader 5, TradingView, and cTrader to the lineup in the near future. 

Regarding spreads, there are two main account options to choose from. These include the standard and the raw account. The standard account provides spreads from as low as 0.9 pips for major currency pairs with no accompanying commission. On the other hand, the raw account has spreads from 0.0 pips plus a commission of $3.5.

On another positive note, this is a regulated broker in multiple jurisdictions. Specifically, it is under the regulation of the ASIC in Australia and the VFSC in Vanuatu. 

Vantage Markets

The last broker we are going to feature on this list of brokers that accept PayID/Osko is Vantage Markets. This broker allows its Australian traders to fund their accounts using some of their favourite payment options including PayID and PayPal. The minimum deposit on this broker site is a mere $50.

Once a trader successfully makes a deposit, they can start trading a variety of global markets. This broker is well-known for providing a deep collection of market products spanning forex, indices, precious metals, commodities, energy, ETFs, shares, and bonds. The trading platforms available to use include MetaTrader 4, MetaTrader 5, ProTrader, and WebTrader.

Vantage Markets offers competitive spreads across its trading accounts. The Standard STP account features spreads starting at 1.0 pip on major currency pairs without commission. Additionally, there are three other account types, each offering spreads starting from as low as 0.0 pips with varying commission charges. The commission per side per lot ranges from $0 to $3, depending on the account chosen.

Lastly, Vantage Markets operates under the strict oversight of multiple regulatory bodies. The broker is regulated by the ASIC in Australia, the FSCA in South Africa, and the CySEC in Cyprus. These regulators are committed to maintaining a fair and transparent trading environment for both investors and brokers.

Benefits of Using PayID/Osko for Broker Deposits

• Speed - Funds are typically transferred instantly, allowing traders to start trading immediately.
• Security - PayID/Osko is a secure payment method, as they are processed through your bank's secure system.
• Convenience - PayID allows you to link your bank account to an easy-to-remember identifier, such as your email address or mobile number. This simplifies the process of making deposits.
• Cost-Effective - Many brokers offer free deposits using PayID/Osko.
• Available 24/7 - Unlike traditional bank transfers, which are often limited to business hours, PayID/Osko transactions can be processed 24/7.

Final Comments

The growing popularity of PayID/Osko has led to increased demand for brokers that support these convenient payment methods. Nonetheless, this should not be the only consideration when choosing a forex broker to trade with. Choosing the right broker that supports PayID/Osko can significantly enhance your trading experience. 

This article explored some of the best brokers that offer PayID/Osko integration, highlighting their key features and benefits. It is best to consider factors like the range of trading instruments, trading platform features, spreads and commissions, and regulatory oversight. This will help you examine how well the broker will serve you and select one that best aligns with your needs.