Compare the best brokers to trade forex with Paysafecard

Using Paysafecard gives the option to deposit with a forex broker using cash. This page selects the best brokers around accepting Paysafecard
Updated: Sep 12, 2022
Tip: our preferred broker is, eToro: visit & create account

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 currencies 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. 

1
Min. Deposit
$ 10
Promotion
User Score
10
55+ currency pairs available
Trade on a trusted platform
24/7 support via live chats, email or phone call
Start Trading
Payment Methods:
Bitcoin, Credit Card, Debit Card, Visa
Full Regulations:
LonghornFX offers high-leverage trading on a wide variety of assets. Trading with leverage carries a degree of risk which may result in losing more than your investments. Clients should practise risk management to protect themselves from losing more than they can afford when trading with leverage.
2
Min. Deposit
$ 10
Promotion
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, Wire Transfer
Full Regulations:
CySEC, FCA
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.
3
Min. Deposit
$ 10
Promotion
User Score
9.9
Can fund with BTC
64 global companies including Netflix and Amazon
Free deposits and withdrawals
Start Trading
Payment Methods:
Bitcoin, Credit Card, Debit Card, Wire Transfer
Full Regulations:
EagleFX offers leveraged trading on a range of assets within its platform. CFD and Spot Forex trading do carry a degree of risk which may result in you losing more than your initial investment. Please ensure you fully understand the risks involved with leveraged trading and ensure this is not detrimental to your personal or institution's financial well being.

What is a Paysafecard forex broker?

Simply a broker that allows you to fund your forex account 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

When deciding if you should use Paysafecard to fund your account, consider these benefits and drawbacks:

Pros

  • 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

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 when trading forex with 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.  

  • Low fees. Look for a platform that charge low fees and commissions, with reasonable price spreads which you’ll need if day-trading. Read more in our guide to the best day-trading forex brokers here.
  • 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.

Is it safe to trade currency with Paysafecard?

Yes, it’s usually secure. But you should still do your research and look for robust encryption features that protect your personal and financial data. It’s also worth making sure that a financial body regulates your chosen broker.

Do I need to provide ID when I trade forex with Paysafecard?

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:

  1. Find the payments page on your forex broker’s website or app.
  2. Select Paysafecard as your preferred payment option.
  3. Enter your Paysafecard information.
  4. Enter the amount you want to deposit into your forex trading account.
  5. Click confirm.

FAQs

What currencies can I trade with Paysafecard?
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Sources & references
Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

Jonah Keri
Financial Writer
Jonah Keri was a reporter for Invezz, wrote about stocks, cryptocurrencies, and other investments. He also covered emerging technologies for private clients. He is a trader… read more.