Compare the 3 best forex brokers that accept Paysafecard in 2024

This guide explains how to find the best Paysafecard forex brokers. Follow our simple walkthrough to make your first deposit.
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Updated: May 25, 2023
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Trade global markets with our top-rated broker, Interactive Brokers.

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Interactive Brokers (U.K.) Limited is authorised and regulated by the Financial Conduct Authority. FCA Register Entry Number 208159. Products are only covered by the UK FSCS in limited circumstances.
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What you’ll learn:

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  • The best Paysafecard forex broker for your budget
  • How to sign up and link Paysafecard to your forex account
  • How much Paysafecard deposits cost and how safe each broker is

What are the best Paysafecard forex brokers?

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The best forex broker that accepts Paysafecard is eToro .

Here are some more Paysafecard forex brokers with low fees, top security, and fast execution speeds:

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1
Min. Deposit
$ 10
Best offer
User Score
10
Join the Social Trading revolution. Connect with other traders, discuss trading strategies, and use our patented CopyTrader
eToro is the world’s leading social trading platform, offering a wide array of tools to invest in the capital markets
Largest number of currency pairs to trade
Start Trading
Payment Methods:
Bank Transfer, Credit Card, Debit Card, PayPal, Wire Transfer
Full Regulations:
CySEC, FCA

eToro offers real assets only, no CFD products. Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Invezz.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.

2
Min. Deposit
$ 100
Best offer
User Score
9.9
Trade +2000 CFDs on Shares, Forex, Indices, Crypto, Options, Commodities & more
Unlimited risk-free Demo Account
0 commissions & attractive spreads
Start Trading
Payment Methods:
American Express, Apple Pay, Bank Transfer, Credit Card, Debit Card, Discover, Google Pay, Mastercard, PayPal, SEPA, Trustly, Visa, , skrill
Full Regulations:
ASIC, FCA, FSA, MAS, cysec-250-14-regulator, isa-regulator

CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

3
Min. Deposit
$ 0
Best offer
User Score
9.7
Access to a wide range of currency pairs, allowing traders to engage in the forex market with flexibility and diversity.
Competitive pricing in the forex market, ensuring cost-effective transactions and maximizing potential returns.
Offers advanced trading which empowers users to make informed decisions and execute precise trades.
Start Trading
Payment Methods:
ACH, Bank Wire, Check
Full Regulations:
CFTC, FCA, FINRA, IIROC, NFA, NYSE, SIPC
Interactive Brokers (U.K.) Limited is authorised and regulated by the Financial Conduct Authority. FCA Register Entry Number 208159. Products are only covered by the UK FSCS in limited circumstances.

How to trade currencies with a Paysafecard forex broker

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It takes about 10 minutes to sign up for an account with a forex broker. Paysafecard is a simple way to deposit the money to fund a trading account. Here’s how to get started. 

Step 1. Sign up with eToro

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We recommend eToro as the best Paysafecard forex broker.

Create an account by supplying your email address, along with some contact details, and ID verification.

1
Min. Deposit
$ 10
Best offer
User Score
10
Join the Social Trading revolution. Connect with other traders, discuss trading strategies, and use our patented CopyTrader
eToro is the world’s leading social trading platform, offering a wide array of tools to invest in the capital markets
Largest number of currency pairs to trade
Start Trading
Payment Methods:
Bank Transfer, Credit Card, Debit Card, PayPal, Wire Transfer
Full Regulations:
CySEC, FCA

eToro offers real assets only, no CFD products. Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Invezz.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.

Step 2. Go to the payment page on your broker’s website or app

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This is normally situated in the menu bar or sidebar navigation. Look for a ‘deposit’ or ‘bank’ button.

Step 3. Select Paysafecard as your preferred payment method

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Find Paysafecard from the drop down list of ways to transfer money. Select it to set Paysafecard as your default deposit and withdrawal method.

Step 4. Enter the amount you want to deposit into your forex trading account

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Decide how much you want to start with. You may be asked to log in or approve the transaction by Paysafecard before it goes through.

Step 5. Trade your first currency

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Search for a currency pair, such as USD/GBP or GBP/EUR, enter how much you want to spend, and execute the trade.

Sign up & start trading

Quick answers to key questions

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What is a Paysafecard forex broker?

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A forex broker lets you trade one foreign currency for another to take advantage of price movements of different currencies. A Paysafecard forex broker is a trading platform that lets you make deposits and fund your account with Paysafecard. 

What are the fees and commissions when using Paysafecard brokers?

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It depends on the broker. The difference between a broker’s buy and sell price for each currency is the main cost of trading. This cost (known as the ‘spread’) is the same regardless of how you decide to fund your account.

There may be additional fees for depositing or withdrawing funds to your Paysafecard account. Paysafecard fees can vary and are likely to be higher than using a direct bank transfer.

Spend some time researching online brokers to avoid any surprising hidden costs.

Is it safe to trade forex with Paysafecard?

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As long as you pick the right platform, yes. Regulated brokers provide investor protection in accordance with local financial regulations. All of our recommended brokers are regulated, but you can check by searching for its registration number with the local regulator.

The best Paysafecard forex brokers also offer robust encryption features that protect your data and keep forex traders secure. 

Do I need to provide ID when trading forex with a Paysafecard broker?

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Yes, you will need to provide identification when using a forex broker that accepts Paysafecard. A verification process is standard procedure for all the best brokers, as they have to comply with KYC financial regulations.

The verification process may include anything from some basic financial and personal information to a photo ID. 

Can I use MetaTrader 4 with forex brokers that accept Paysafecard?

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Yes. MT4 is a piece of trading software that’s popular with forex traders and available with most brokers. You can download the MetaTrader software and link it to any of your broker accounts.

The same applies to MetaTrader 5, which is simply the latest version of the software.

Do many forex brokers accept Paysafecard?

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It varies. Paysafecard is not as commonly accepted as other brands owned by the Paysafe Group, such as Neteller and Skrill. But it is still possible to use it with some forex brokers.

In part this is because Paysafecard is a prepaid payment card, rather than an e-wallet as the other brands are. It’s more difficult to track the source of funds with a prepaid card, which means that some brokers choose not to accept it at all.

Pros and cons of using Paysafecard to deposit funds

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When deciding if you should start trading forex with a Paysafecard broker, consider these potential benefits and drawbacks:

Pros

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  • Anonymous. Paysafecard does not require you to link to a bank account, credit card, or any other financial medium that leaves a digital trail. That makes it an ideal choice if you want to trade forex anonymously.
  • Easy to buy. You can buy and load money onto a Paysafecard at hundreds of thousands of bars and markets around the world. So if you want to buy forex quickly, you can pick up a card right now and make your purchase using an online forex broker.
  • Fast. You can fund your forex account within minutes using Paysafecard, allowing you to begin trading forex whenever you’re ready. 

Cons

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What to look for when trading forex with Paysafecard brokers

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If the forex brokers you’re considering accept Paysafecard, the next step is to find traits that make those online forex brokers more attractive. Consider these factors when choosing a broker.  

  • Low fees. Look for a platform that charge low fees and commissions, with reasonable price spreads which you’ll need if day-trading.
  • Variety of forex trading options. Many online forex brokers offer multiple trading options, including spread betting, futures, and contracts for difference (CFDs). Look for somewhere that offers numerous different trading options if you want to trade more than just forex.
  • Number of currency pairs. Some of the most commonly traded currencies on forex exchanges are the British pound (GBP), US dollar (USD), and the euro (EUR), but there are many more currencies that forex brokers can help you trade. Look for a broker that offers a large number of currencies and trading pairs.
  • Security. A high level of security is essential. You do not want your financial or personal data to become vulnerable or compromised.
  • Great customer service. The best brokers offer fast, helpful, and responsive customer service, sometimes even on a 24/7 basis. That’s a big plus for beginner forex traders who may have more questions about online forex trading.
Sign up & fund account

FAQs

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What currencies can I trade with Paysafecard?
Are there limits to how much I can trade with Paysafecard?
What other payment methods can I use when trading forex?
What is forex trading?
How can I keep up with the foreign exchange market?
What currency pairs do Paysafecard brokers offer?
What charges are usually applied with a currency exchange?
What’s the best way for a beginner to learn about forex trading?
What is Paysafecard?
Who regulates forex brokers in the UK?
Who regulates brokers in the United States?
Who regulates brokers in the rest of the world?
Is trading forex with Paysafecard recommended for beginners?
OK, I’m ready to choose a broker


Sources & references
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James Knight
Editor of Education
James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.