3 Best Forex Brokers that Accept Paysafecard

By:

Prash Raval

Prash is a financial writer for Invezz covering FX, the stock market and investing. For over a decade he has traded spot FX full time while... read more.

Reviewed by:

James Knight

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.

Updated:  Aug 8, 2024

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Trading forex with Paysafecard is a straightforward process that anyone can pull off with a little help.

With a diverse range of users across the world using various payment methods to fund their accounts, it’s become a key deciding factor when choosing a broker to trade with. The good news is that Paysafecard is widely used, and several brokers now accept it as a method of payment.

In this guide, we’ve picked out the best forex brokers that accept Paysafecard, explain how to fund your trading account with Paysafecard, and address the most pressing questions from beginner traders.

Let’s get started!

What are the best Paysafecard forex brokers?

According to our research, the best Paysafecard forex broker is Start Trading .

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

Best brokers that accept Paysafecard, reviewed

How to use a Paysafecard forex broker

It takes about 10 minutes to sign up for an account with a forex broker, then a little longer to verify your account and deposit some money into it. Paysafecard is a simple way to fund a trading account. Here’s how to do it. 

Quick answers to key questions

What is a Paysafecard forex broker?

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

This means you can manage your trading account with the same ease and speed you enjoy when shopping online or sending money to friends.

What are the fees and commissions when using forex brokers accepting Paysafecard?

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.

Here is a comparison of spreads among the top Paysafecard forex platforms.

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

The table below looks at the different fees you might find with each platform:

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

Is it safe to trade forex with Paysafecard?

As long as you pick the right platform, yes, absolutely. Trading forex with Paysafecard is as safe as using it for any other online transaction. Paysafecard employs top-notch security measures like encryption and fraud detection. Pair that with a regulated broker, and you’ve got a fortress protecting your funds.

The National Futures Association is the financial organization that manages forex brokers in the US. The register allows you to check whether your broker is registered to offer financial advice and derivatives trading markets.

Regulated brokers provide investor protection in accordance with local financial regulations. All of our recommended brokers are regulated, but you can check by searching your broker’s name or registration number through the NFA register online.

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?

Yes, you do. Most brokers require identity verification to comply with regulatory standards. This process might seem tedious, but it’s crucial for maintaining a safe and compliant trading environment.

A verification process is standard procedure for all the best brokers, as they have to comply with KYC (Know Your Customer) financial regulations.

The verification process may include anything from some basic financial and personal information to providing a form of photo ID before you can trade forex using Paysafecard.

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

Yes. MT4 is a piece of trading software that’s popular with forex traders and available with most forex 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?

Most brokers allow you to deposit money from Paysafecard and make Paysafecard withdrawals. However, it’s not universal, and not all forex brokers accept Paysafecard payments. Use the table above to choose the best forex broker accepting Paysafecard.

What to look for when trading forex with Paysafecard brokers

Before choosing any platform, it’s a good idea to run through a mental checklist of what you want from the service before you sign up. Here are a few pointers of what to look for to guide you in the right direction.

• A regulated platform. Forex brokers must be regulated by the Commodity Futures and Trading Commission (CFTC) and be part of the National Futures Association (NFA). These two platforms protect traders and ensure that the markets operate fairly. Always opt for brokers regulated by reputable financial authorities like these. This ensures your funds are protected and that the Paysafecard forex broker operates within legal frameworks.
• Tight spreads. Price spreads (and price movements) are measured by a unit called pips, which stands for point in percentage. So if the EUR/USD pair moves from 1.1015 to 1.1016, it’s moved one pip. The smaller the number of pips in the price spreads a broker offers, the better. Lower spreads effectively mean lower prices and are an important means of distinguishing one broker from another.
• Variety of payment methods. Different brokers will accept different methods of payment. Paysafecard is now a widely accepted way to fund your brokerage account and choice of payment methods is expanding all the time. Pick somewhere that allows you to deposit and withdraw funds in a way that works for you.
• Suitable deposit and withdrawal limits. Different platforms will impose different limits on the amount you’re able to deposit or withdraw at any one time. Pick a broker that suits your needs, whether you’re an experienced high roller or a cautious beginner.
• Good reputation. With so many brokers and trading platforms to choose from, the prospect of narrowing down your search and picking the best one can be daunting. The good news is that forex broker platforms have existed for a while, so many of them have a long enough track record to accrue a sizable number of user reviews. Those user reviews, along with media coverage and awards, should help you figure out whether or not a platform has a strong reputation and can be trusted.
• Clean and easy-to-use interface. Choose a platform that’s intuitively designed and easy to use. Is it a good beginner forex broker? Do they offer forex signals? Is it a high leverage forex broker? Allow you to automate using forex robots?
• Variety of currency pairs. Seven currency pairs dominate global forex exchanges. That said, there are approximately 180 different legal fiat currencies around the world. If you’re interested in branching out beyond typical GBP/USD/EUR trades, seek out a broker that can facilitate a wider range of trades.

Methodology: How we chose the best Paysafecard forex brokers

Helping people make better financial decisions is at the heart of our mission at Invezz. 

We periodically test more than 63 forex trading platforms to provide our users with clear, accessible guidance on the investing options available. Our panel of forex experts, analysts, and active traders sign up for each broker, conduct research, and score each service.

Our tests are designed to find foreign exchange platforms that use Paysafecard and offer a beginner-friendly, secure trading experience at a fair price. To supplement our practical testing and experience, we research each service to gather any further relevant information. We read online customer reviews and app reviews on the Play Store and App Store and conduct user surveys to get feedback from real people about what works and what doesn’t.

Each forex broker is awarded a final score based on 130+ data points across 8 ranking categories: cost, reliability, user experience, deposit and withdrawals, investing options, range of products/markets, research and analysis tools, and the availability of educational and learning resources.

We work closely with individual brokers to ensure all factual information displayed here is accurate. All data is then fact-checked by an independent reviewer. You can learn more about our expert panel and how we test, rate, and review platforms in our review process. 

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