Paysafecard Forex Trading – Is it a Good Payment Method?

Forex trading is something that a lot of people around the world enjoy. However, the journey only starts when you actually start depositing some real money, and there are so many ways to do it – you can either use credit and debit cards, digital wallets, or bank wires, whichever suits your interests best. Each of them comes with its own advantages and disadvantages, so it is always a good idea to do your research before choosing a specific paying method. Today, we are going to discuss one of the most popular payment methods used in Forex trading called Paysafecard.

To put it in a few words, Paysafecard is a payment method offering customers prepaid vouchers. Once you buy them, you can make payments online for online stores that include online gambling, trading, and video game transactions. The company itself was created back in 2000 and since then, has gone through several changes. For now, its main service is the prepaid e-voucher and with it, customers can safely complete a bunch of online purchases. The main reason why it is popular among traders is that you can pay online as if you are paying with cash and additionally, you do not need to share any sensitive data with anyone, including credit card info or bank details. If you are someone who values anonymity and does not like to give up personal information, then Paysafecard is definitely for you. Let’s take a look at more details, so you will be able to have a proper idea of what this payment method has to offer.

Best Paysafecard Forex Brokers

How Does Paysafecard Work?

The way Paysafecard works is pretty simple and nothing too complicated. For instance, if you want to purchase a prepaid voucher, you will have to choose a specific amount of money – after that, a unique 16 number code will be issued to you, which contains the monetary value. Then you can use this voucher for a platform that accepts Paysafecard as one of its payment options, all you have to do is provide them with a unique pin number to make the desired purchase. It is possible to buy vouchers in different amounts – you can either buy them online or even visit a land-based shop, which is available in more than 45 countries. If you still wonder whether Paysafecard is the right choice for you or not, we will review some additional information that might influence your decision-making process.

Fees

Generally, paying with Paysafecard is free, however, there might be some fees and limits when it comes to conversion or maintenance. Let’s say that you have been using Paysafecard for more than 7 months. After that, you will have to pay a maintenance fee and the monthly service costs GBP 3 (or equivalent in other currencies). This amount will be deducted from the balance of the PIN. In addition, after the 13th month, the monthly fee becomes GPB 5 and it is also deducted from the PIN you purchase.

Another fee you might have to pay is a conversion fee. If you desire to make a transaction that involves conversion into foreign currency, you will also be charged. With the Paysafecard currency converter, customers can easily check exchange rates and see how much they have to pay. And at last, if you are making a refund, you will have to pay GBP 6 and it will be deducted from your refunded amount (this applies to all refunds that you are going to make).

Speed

Once you decide to pay with Paysafecard from the payment panel of the website, the transaction amount will be sent to an online shop. Generally, the transaction amount is available in the online shop or trading account in a couple of minutes, meaning that you do not have to worry for hours or days, which makes this payment method pretty comfortable to use.

In case there is an exceptional case and the website has technical problems, the amount might not be sent to an online shop immediately, but don’t worry, your money will automatically be credited back to you within a couple of minutes. All in all, transaction speed is pretty fast and payments do not need hours to process as it might be in the case of other payment methods.

Methods

There are three different methods that you can choose that include Paysafecard, the Paysafecard account, and Paysafecard Mastercard. The main difference between them is that Paysafecard is a physical card that can be purchased in land-based outlets that are available all over the world. If you do not wish to purchase vouchers regularly, you can easily choose a Mastercard option – For instance, you use Paysafecard for a trading account and want to collect your money from your account. In that case, users can easily withdraw their money from the ATM that accepts Mastercard which is a pretty useful and comfortable way to manage your money as well.

Do Paysafecard Brokers Get Regulated?

One of the most important things while dealing with an online payment platform is its legitimacy, as you are going to trust it with your financial assets. Being licensed means that if something inconvenient happens (e.g the company goes bankrupt, there is fraud, etc.), there will be a financial regulatory body that will take all the necessary steps in order to protect you as a customer. The good news is that Paysafecard is fully licensed and regulated by the Central Bank of Ireland, which allows the company to operate in the EEA (European Economic Area). The users from the United States Paysafecard are issued by The Bancorp Bank which is a member of the Federal Deposit Insurance Corporation.

The additional information can be found on their main webpage, which is pretty transparent, ensuring that you are safe using Paysafecard. All in all,