Paysafecard

Paysafecard is a prepaid payment method. It does not require a bank account, credit card or other personal information and can be used for various online transactions including funding a trading account. This paysafecard review will focus on the benefits and drawbacks of using the payment solution for swing trading.

The top brokers that accept paysafecard include Forex.com, FXChoice and FXCC.

How Paysafecard Works

Paysafecard is owned by the Paysafe Group Limited, the same company that owns e-wallets Skrill and Neteller. The brand operates a voucher system based on a 16 digit PIN code. The transfer solution is available in over 40 countries at more than 600,000 terminals. Supported countries include the UK, Romania, Greece, Ireland, France and India. The company also has offices across the world, including London and Tokyo.

You can buy the physical vouchers from several outlets including high street retailers and virtual cards from web-based merchants. Paysafecard is widely accepted by online shops, including Amazon, and there are a number of trading brokers that accept the payment method. It can also be used to top up e-wallets.

Limits

The 16-digit prepaid voucher codes can be bought in varying amounts, starting at £1. Some outlets also offer vouchers for different currencies, like Euros and Indian Rupees. No personal details are required for this and the service can be used by a minor. In the UK, each paysafecard transaction has a limit of £40, but there is no minimum amount.

Of course, for swing trading and other strategies, you may need higher spending limits. If so, you can register for the “My paysafecard” account. The age limit for this is 16. After registration and compliance checks, you will have access to higher transaction limits: the maximum amounts are £1,000 in the UK, 1,500 EUR in Germany and 1,000 EUR in other parts of Europe.

You can also sign up for a prepaid “my paysafecard” Mastercard for physical transactions. You can only withdraw funds from your paysafecard wallet through the physical Mastercard.

Note, junior accounts for those aged 16 to 18 have extra limitations and cannot be used for trading.

Mobile

For practicality, you can download the paysafecard app, available on iOS and Android. This allows you to check the balance of your e-wallet wherever you are, find the nearest sales outlet to you and top up online using a range of deposit methods.

Paysafecard direct is a function only available on the mobile application. It makes the top-up process quicker by generating a barcode which you can scan at your sales outlet and pay on the spot.

Another way to add funds to your paysafecard is by purchasing an ePIN from an approved digital outlet and then adding it to the app. Note that you can only buy ePINs from certain countries, including the UK. You will need a credit or debit card for this, but your details will be protected when making transactions.

You can also use the app to top up gift cards which can be used for purchases, like Amazon gift cards. In addition, the brand regularly offers free vouchers codes and bonus PINs to those with a registered account.

Note, available features and transaction limits vary between countries. For example, you cannot purchase ePINs if you are in the UK and the Mastercard is not supported in Germany.

Transaction Times

Paysafecard is a fast method which provides near-instant deposits with many brokers. The quickest way to add funds to your trading account is through the firm’s app.

Withdrawal times are more variable. However, if your broker supports paysafecard Payout, then you can withdraw funds instantly. Should your brokerage not support Payout, you can request a refund to your Mastercard, which depending on the broker can take up to five working days.

If you would like to withdraw from your paysafecard account, you can either use an ATM and your Mastercard, which is instant or request a bank refund, which takes up to eleven working days.

Pricing Review

It is free to buy and use paysafecard prepaid PINs, meaning that there are no standard fees associated with transactions. However, there is a transaction limit of 40 GBP, which could be under the minimum deposit for many brokers. This method of payment is known as paysafecard classic.

Having an account streamlines the topping-up and depositing process, and it allows you to withdraw funds. It is also free to have a paysafecard account, except for some fees that might come up as explained below. If you complete the compliance checks, transaction limits on your account will be raised to 1,000 GBP.

General Fees

The following fees may arise when using prepaid PINs and the official account:

• Transaction fee: Some retailers might charge a small fee for purchases. This fee should be declared on the retailer’s payment website.
• Conversion fee: If your transaction involves a currency different than the currency in your account or voucher, the company will use its own exchange rate and charge a fee on top. This fee ranges between 2.90% and 7.2% of the transaction amount, depending on the currency of your paysafecard and the currency you want to deposit into your trading account.
• Provision fee: If you do not use your account for a year, you will be charged an inactivity fee of 5 GBP per month until you make a transaction or until there are no available funds in your paysafecard.
• Refund fees: You can get a refund by emailing the company, but there is a fee of 5% of the refund amount up to 6 GBP or equivalent.

Mastercard Fees

With a verified account you can order a prepaid Mastercard, which you can use to pay at online retailers that do not directly accept paysafecard and to withdraw funds from ATMs. You can have a maximum credit balance of 5,000 EUR or equivalent on the card, and there are daily, monthly and yearly top-up limits. There is a transaction limit of 2,000 EUR per day, and a cash withdrawal limit of 400 EUR a day or 1,000 EUR a month.

The brand’s Mastercard fees are as follows:

• Top-up fee: 4%
• Yearly fee: 9,90 EUR
• ATM cash withdrawals: 3%
• Payment in foreign currency: 2% on top of exchange rate and fee

Security

Paysafecard is a reputable payment method that is available in over 40 countries. It is one of the biggest prepay methods for online shopping in Europe. The fact that you need very little information for transactions with paysafecard classic makes it an ideal solution to protect your personal details.

For a smoother experience, you can register for an account using only your email and telephone data. You will then have “Standard” status and can upload a maximum of 2,000 GBP worth of PINs to your account every year. To access higher transaction limits, upload unlimited credits (known as Unlimited status) and order the Mastercard, you will need to go through a one-time verification process. For this, you will need to submit photo ID and proof of residence.

Unfortunately, many scams target users, including websites that advertise free paysafecard PINs and websites that look like legit online retailers. Only buy and spend PINs on approved retailers, and contact the brand if you have been asked to buy and send credits. If you have lost your PIN or accidentally inputted it on an unsafe website, you can use the online form to lock any transactions from that PIN and recover your funds.

Regulation

Paysafecard is regulated by the Financial Services Authority (FSA), which means that all supported outlets and transactions are supervised. Unusual activity in your account might lead to it being temporarily blocked until you provide proof of income. All your data is encrypted and your account requires two-factor authentication to login.

Support

If you need help or information with the service, check out the FAQs on their website, available in over 20 languages. Otherwise, you can contact the Service Team via the contact form, email (info@paysafecard.com), live chat support and phone number (+443308080295). You can also use these channels to communicate a problem with your app or if it looks like the platform is down.

Forums such as Reddit and Quora are also a good place to hear about other customers’ experiences.

How to Make Paysafecard Deposits & Withdrawals

Deposits

How to deposit if you have the app:

1. Sign in to the my paysafecard app
2. For mobile top-ups, purchase an ePIN (online voucher or e-voucher) and introduce it on your app
3. For cash top-ups, use paysafecard direct. To do this, select your desired amount on the app to generate a barcode
4. Take the barcode to a sales outlet and pay with cash
5. Once the funds are in your wallet, use your Mastercard to fund your trading account, or transfer the funds to your e-wallet and then use it to deposit funds

How to deposit if you do not have an account:

1. Find a shop or sales outlet that sells paysafecard. You can use the official website to find locations near you
2. Purchase a paysafecard with cash. Be aware of the top-up limit amounts, which in the UK are £40 per transaction
3. Use the PIN in your app to add funds to your trading account

Note, you will need a paysafecard Mastercard or an e-wallet like Skrill to add money to brokers that do not accept the payment method directly.

Withdrawals

How to withdraw your swing trading profits to your paysafecard account:

1. If your broker accepts the payment solution, you can use Payout
2. Request a payout from your broker on the withdrawals page
3. Introduce the email address associated with your paysafecard account
4. The amount withdrawn should be in your account immediately, with no fees
5. You can withdraw a maximum of 2,500 EUR per transaction, and a total of 15,000 EUR a year (note that these limits are different in some countries)

If your broker does not accept paysafecard as a withdrawal method, you can request that funds be sent to your Mastercard. There might be a small fee charged by the broker for this.

How to withdraw funds from your paysafecard account:

If you have the Mastercard, you can withdraw your funds via any ATM where Mastercard is accepted. Note there is a transaction fee charged, and an exchange fee if you are withdrawing in a different currency.

If you do not have the Mastercard or access to an ATM, you can email info@paysafecard.com and request a refund, including your account details, your bank details, your address and a copy of your ID. Note that you will be charged a fee of 5% of the refund (up to 6 GBP) for this transaction, and the refund can take up to eleven working days.

Pros of Paysafecard for Traders

• Safe e-money deposit and withdrawal uses
• Regulated, secure and anonymous payments
• More than 600,000 terminals where you can buy PINs
• Easier to manage spending, as you can only spend the funds available
• Easy to use to top up e-wallets like Skrill and spend on accepted retailers like Amazon
• Most brokers accept Skrill or Neteller as deposit methods, which are free to top up from your account

Cons of Paysafecard for Traders

• Low transaction limits if using paysafecard Classic, often under the minimum deposit for many brokers
• Not many brokers accept it directly, so you may have to use the Mastercard or an e-wallet to deposit funds
• You may need to physically go to an outlet to top up
• The Mastercard is needed for withdrawals
• High withdrawal fees

Verdict

If you are unsure about providing personal details to a broker, or you do not have a bank account, paysafecard is a fast and secure payment option. It is easy to use and available to purchase at thousands of vendors across the globe. Also, the Mastercard gives traders further flexibility and can even be used with brokers that do not support paysafecard payments.

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