Brokers that accept Paysafecard
You want to trade forex online, but you are not interested in taking any unnecessary risks with your banking details on the internet. You do not want to share your bank account number or your credit card number with anyone. Is there another way you can make a deposit into a forex account?
The answer is “yes,” thanks to a service called Paysafecard. This prepaid option allows you to keep your banking information safe. These days, with so many data breaches, that is more important than ever. Ready to find out how it works? Read on to discover everything you need to know about Paysafecard features as well as brokers that accept this deposit method.
Information About Paysafecard
First of all, let’s go over the basics. Paysafecard is not an e-wallet like PayPal or Skrill. It is a prepaid card which you can use online to make purchases. At no point during the process do you need to use a credit card or bank account.
Instead, you stop in at a local sales outlet for Paysafecard. There, you purchase your card in person with a prepaid amount of your choice. You can then use it online to make purchases or deposits. This allows you to use online services without the risk.
Who operates this service? It was founded in 2000 by a company in Vienna, but what is important to know is that Skrill bought it in 2013 and merged it with Ukash after acquiring that in 2014. A year later, a group known as Optimal Payments purchased Paysafecard along with the rest of the Skrill group, and then changed its name to Paysafe Group.
Today, Paysafecard is a Paysafe Group subsidiary, just like Neteller and Skrill. So it is part of the same family as those two well-known payment services. That means that you can count on the same standard of service and trust you would expect from Skrill or Neteller.
Today, you can use this type of prepaid card in more than 40 countries. These are concentrated largely in North America and Europe. The service is also popular in Australia and New Zealand, and is available in some South American and Western Asian countries too.
What Is a Paysafecard Broker?
A Paysafecard broker is any broker which accepts this deposit method for forex. How this works is quite simple:
You can start by searching through the Paysafecard website to find a local sales outlet which is convenient for you, where you can purchase a card. You can choose a prepaid denomination of either $10, $25, $50, or $100.
When you have completed your purchase, you will receive a prepaid card loaded with funds and identified through a 16-digit Paysafecard pin number. Next thing to do is to register an account with a Paysafecard broker.
To do this, go to the banking page for the broker and select Paysafecard as your deposit method. Enter in the pin number for your card as well as the amount you wish to deposit. Look over your details to make sure they are correct, and then submit your deposit request.
The amount will be transferred from your prepaid card to your forex balance. You will then be able to trade.
Paysafecard advertises its service as being “as safe and as fast as cash.” So you can count on your money to appear quickly in your FX funds. It really doesn’t get easier or more straightforward than that.
Leading Paysafecard FX Brokers 2020
Why Would You Use a Paysafecard Broker?
Obviously, there are some inconveniences involved with using a paysafecard broker, at least initially—because you need to hunt down a local sales outlet and then actually hop in your car and drive to the location to purchase the prepaid card. Why do this when you could choose a service which is entirely online?
The principle reasons are privacy and security. You should of course be choosing a forex broker you trust, but you can never be too safe these days. Major companies with airtight security still manage to have data leaks. As we learned last year, even credit bureaus can be compromised. Banking and credit card information are never entirely secure online.
Yes, it takes time and effort to purchase a prepaid card, but think how much it will ease your mind to input a prepaid card number instead of sensitive banking or credit card information into a forex trading site.
When you go with Paysafecard, the only financial risk you are taking is the risk of trading itself. You are not taking unnecessary risk of potentially exposing your details to hackers.
In some cases, there could be other privacy benefits to using this prepaid card service as well. While investing can be a serious and lucrative profession, there are a lot of people who look down on forex traders and believe that trading is no better than gambling.
As such, there may be situations where it is helpful to conceal your activities to others who may have access to your bank or credit card statements. Using Paysafecard allows you to maintain that discretion and avoid unwanted censure.
How to Pick a Good Paysafecard Broker
This has become quite a popular payment method over recent years, so there are a lot of forex brokers which accept it as a deposit method. But you cannot trade with just any FX broker which takes this method. You need to choose one which is high in quality and offers you the features you need.
Since Paysafecard is pretty simple to use, there is not much in the way of specific features which you need to look for related to depositing. But you do need to be shopping for a broker which will not charge you unnecessary deposit fees. Additionally, you should look for a broker which provides you with the following advantages:
- Low or no fees for withdrawals.
- Fast, efficient deposits and withdrawals.
- Strong security features to protect your deposited funds and personal information.
- A trading interface which is easy to use and includes all the features and tools you need to plan and execute your trades.
- Lot sizes that are compatible with your money management requirements.
- Low spreads or commissions.
- Minimal slippage.
- Excellent customer service.
If you’re not sure where to begin, check out the table on this page which lists our recommended Paysafecard brokers. All of them have been carefully vetted and meet the highest quality standards for deposits and withdrawals as well as other features and terms.
You now know all about using Paysafecard as a method for forex deposits. It does entail the extra work of going to a physical outlet in order to purchase a prepaid card, but it offers major advantages in terms of privacy and security.
Do the advantages of using the card outweigh the disadvantages? That depends entirely on what is important to you in a deposit method. For some people, an e-wallet or a credit or debit card might be a more convenient option, since it doesn’t require trips out of the house.
But for others, a prepaid card provides the extra layer of protection needed to feel safe trading forex online. With Paysafecard, you can focus on your trading instead of worrying about your security.
If you are ready to begin trading with a Paysafecard forex broker, then check out our detailed reviews for the sites we recommend. Or if you prefer, you can simply jump right through to register an account.
After that, it is simply a question of locating an outlet near you where you can purchase your first prepaid pin. You can then use the pin to make your deposit and begin trading forex online.
Q: Is Paysafecard really safe?
A: Yes. In fact, it is one of the safest online payment methods that you will find. You can walk into a store, pay for your prepaid card using cash, and then use that card online without ever providing any additional payment details. Your banking and credit card information are never shared with or stored by any parties.
Q: Where can I find a Paysafecard sales outlet?
A: This page allows you to search for a retail outlet near your location.
Q: What does it cost to use a Paysafecard?
A: Generally, this is a free service. There are couple of exceptions. If you need to convert your currency during a payment, you will be charged a fee. If you maintain a balance on a particular card for more than 12 months, this will also result in a $2 monthly service fee. Do not forget that certain forex brokers may charge additional deposit fees.