Compare the best brokers to trade forex with Paysafecard
Paysafecard can be a fast, inexpensive, and convenient way to trade forex, especially for people who already use Paysafecard to make everyday purchases. Read on to learn how to find the best forex brokers you can use to trade forex online with Paysafecard, and the pros and cons of doing so.
Here are the best forex brokers that accept Paysafecard
When searching for the best forex brokers that accept Paysafecard, you should consider multiple factors, such as ease of use, fees, and security. We’ve compiled a list of the top forex brokers that accept Paysafecard as a method of payment, along with the top qualities offered by each broker in the table below.
What is a Paysafecard forex broker?
A Paysafecard forex broker is simply a broker that allows you to buy forex with Paysafecard.
To break it down further, a forex broker is a service that allows you to trade one foreign current for another, and Paysafecard is a prepaid online payment method based on a 16-digit PIN code that doesn’t require you to link to a debit or credit card and doesn’t require you to provide any personal information.
Pros and cons of trading forex with Paysafecard
When deciding if you should trade forex with Paysafecard, consider these benefits and drawbacks:
- 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.
- Not widely accepted. Only a small number of forex brokers currently accept Paysafecard as a method of payment.
- Transaction size may be limited. Even when you do find an online platform that accepts Paysafecard as a way to trade forex, the size of the purchase you’ll be eligible to make may be a lot smaller than it would be with say, a credit card or Apple Pay.
What are the fees and commissions when using Paysafecard to trade currencies?
The fees associated with trading forex with Paysafecard usually aren’t high, with transactions generally being carried out with a few percent being applied as a commission.
However, forex brokers take their biggest cut in the form of the spread offered between the bid and ask prices of the currency pair that you want to trade. Make sure to look for forex brokers that offer smaller price spreads when trading forex online.
What to look for in an FX broker that accepts Paysafecard
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 that accepts Paysafecard for online forex trading.
- Low fees. Look for Paysafecard forex brokers that charge low fees and commissions, with reasonable price spreads.
- Variety of forex trading options. Many online forex brokers offer multiple trading options, including spread betting, futures, and contracts for difference (CFDs). Look for a Paysafecard forex broker 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 Paysafecard forex broker that offers a large number of currencies and trading pairs.
- Security. A high level of security is essential when choosing a Paysafecard forex broker to handle your online forex trades. You do not want your financial or personal data to become vulnerable or compromised.
- Great customer service. The best Paysafecard forex 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.
Is forex trading with Paysafecard secure?
Trading forex with Paysafecard is usually secure. But you should still do your research to ensure that the Paysafecard forex broker that you select offers the highest levels of security. Look for robust encryption features that protect your personal and financial data while also keeping your trading secure, and also research if any financial bodies regulate your chosen broker.
Do I need to provide ID when using a Paysafecard forex broker?
Not necessarily. Paysafecard lets you make purchases using a 16-digit code, rather than linking to a debit or credit card. So if anonymity is a priority for you, look for a forex broker that will accept your Paysafecard’s PIN, without requiring additional identification.
How to fund your currency trading account with Paysafecard
Different forex brokers may have slightly different procedures for making trades. The good news is that most forex brokers follow a similar general framework of steps when it comes to the funding process. Once you’ve bought your Paysafecard and set up your PIN, you can start trading forex online by following these steps:
- Find the payments page on your forex broker’s website or app.
- Select Paysafecard as your preferred payment option.
- Enter your Paysafecard information.
- Enter the amount you want to deposit into your forex trading account.
- Click confirm.
This will be different depending on the broker you choose. British pounds, US dollars, and euros are offered by just about every Paysafecard forex broker. Japanese yen, Canadian dollars, and Australian dollars are also popular options offered by most online forex platforms. Some Forex brokers offer dozens more currency pairs that you can trade online in a variety of ways.
Yes, there often are limits on how much you can trade with Paysafecard. Different forex brokers may impose significantly different limits for both deposits and withdrawals. Fortunately, many forex brokers will let you increase your trading limits once you’ve executed a certain number of forex trades on a forex trading platform. Our forex broker guides can narrow down your search for an ideal forex broker, using trade limit size as one of your search criteria.
Some of the other forex payment methods that you can use to trade forex online include:
- Credit card
- Debit card
- Bank transfers
- Apple Pay
- Google Pay
Forex trading occurs when you trade the fiat currency of one country for the fiat currency of another, in what’s called a currency pair (for example AUD/USD). The goal is to correctly predict the trading direction (up or down) of one currency against another, resulting in a profit. Due to their large scope and reach, forex markets are the largest and most liquid in the world.
You can check out all our forex news updates and analysis right here on Invezz. You can also read our wide array of forex trading guides to help you develop a sound strategy for trading forex.
Here are some of the currency pairs most commonly offered by Paysafecard forex brokers:
Do your research to find out how many more currency pairs are offered by the specific forex broker that you’re researching.
A typical charge for a currency exchange is around 1% of your trade amount. That said, currency exchange charges can sometimes vary, so choose an online forex trading platform that offers attractive rates.
Start here on this website. We offer a wide range of educational tools and how-to guides that will help you learn how to succeed at forex trading.
You should also consider trading forex on a practice basis. Some forex exchanges offer the ability to make practice trades in real time through using a free demo account. This means you can learn how to place trades without venturing any actual money. That way, you can learn the ropes before you can consider taking any risk.
Paysafecard is a prepaid online payment method based on a 16-digit PIN code that doesn’t require you to link to a debit or credit card and doesn’t require you to provide any personal information. That makes it a handy tool for everyday items and services, as well as for funding online forex trades.
The Financial Conduct Authority (FCA) is the regulatory body responsible for monitoring the activities and integrity of the forex market in the UK. The FCA is funded by UK financial services companies, including forex brokers.
In the United States, the National Futures Association develops rules and services to ensure that the forex market runs smoothly, while also protecting against potential scams. The Commodity Futures Trading Commission (CFTC) serves a similar role.
That depends on where you want to trade forex. Different countries have different regulatory bodies that oversee forex trading. Do your research to see how robust the regulatory laws are where you live.
Trading forex with Paysafecard can be a good choice for beginners, especially those who are already comfortable with Paysafecard as a payment services option. But there’s no need to rush into anything. Consider venturing just a small amount of money to forex trading when you’re just starting out; you can always put up more once you’ve gained experience.
Some forex brokers will even let you trade on a test basis with a demo account, so you can gain experience without the risk of incurring losses.
- 1. Compare the best brokers to trade forex with Paysafecard
- 2. Here are the best forex brokers that accept Paysafecard
- 3. What is a Paysafecard forex broker?
- 4. Pros and cons of trading forex with Paysafecard
- 5. What are the fees and commissions when using Paysafecard to trade currencies?
- 6. What to look for in an FX broker that accepts Paysafecard
- 7. Is forex trading with Paysafecard secure?
- 8. Do I need to provide ID when using a Paysafecard forex broker?
- 9. FAQs