For those traders that are “unbanked” there is a way to make deposits into a trading account without the need for a credit or debit card or even bank details. This payment method is called paysafecard and it is simple and extremely safe to use. To debit money onto your paysafecard go along to a retailer that sells the paysafecard, give them cash and in exchange they will debit the same amount onto your paysafecard. Once you have this you can then use it to deposit directly into your binary options account and start trading. Cards are available in the following denominations: £10, £25, £50, £75 and £100. At PayPoint you can also get cards from £125, £150 and £175. To make a payment using your paysafecard simply enter your 16-digit card number into the broker’s payment page where you see “Pay with paysafecard”.
Best Binary Brokers with Paysafecard
Paysafecard is becoming more popularly accepted by brokers. If your broker does not accept it you can speak to their customer support staff to recommend the payment method. Here we have compiled some of the best brokers that accept this payment method.
Recommended Trading Platform
- $10 Min. Deposit
- 24/7 Support
- Welcome Bonuses
- $500 Refer-a-friend
The Best Broker
- $250 Min. Deposit
- $100 Signup bonus
- 24/7 Support
- 150+ assets available
The Benefits of Paysafecard
The biggest benefit is the fact that you do not need to have a bank account or credit card in order to start making transactions online.
If your broker does not accept paysafecard you can top up a Neteller or Skrill account using your card and then use these alternative methods to deposit into your trading account.
With paysafecard you have access to your own user dashboard which keeps you updated on your transactions. In order to top up your card, you must use your pin. This guarantees safety of your account. You will have ultimate spending control over your account and you can use a variety of pins for different purposes so you may have a clear overview of your spending.
Payments to third parties can be made online, by simply entering your username and password and you will have access to the paysafecard loyalty rewards programme, which gives you benefits.
In terms of security, the paysafecard website, where you will login to your account to either make payments or to receive an account overview, is encrypted to protect your personal details and 16 digit pin number.
How Paysafecard Works
Simply go to a retailer to top up your card or buy some credit. You can pay the retailer in cash if you wish, and your paysafecard will be topped up to the same value. You can then use this debit online to make payments to brokers, gaming websites, social media, music and films and so on.
Paysafecard charges you the following fees:
- Maintenance fee: each month £3 is deducted from your account balance on the 13th of the month
- Conversion fee: If your activity requires foreign currency conversion you will be charged for this activity eg. if your account is held in GBP and you are making a deposit to your trading account in USD.
- Redemption fee: any refunds you receive will be subject to £6 charge by paysafecard
- my paysafecard maintenance fee: If the customer has not made any transactions over the last year customers will have £2 deducted from their account on the 13th month.
How do you create a Paysafecard account?
You can create a paysafecard account on their website. You will have access to information regarding all your paysafecard PINs. Also, you can pay online with your username and password and from time to time enjoy certain offers.
How secure is Paysafecard?
Extremely safe as you can buy the credit with cash and then use a pin to make transactions online. This means that your personal details or bank details are never compromised, what’s more the paysafecard website features encryption to protect your pin.
How to deposit with Paysafecard
Paysafecard is available in over 500,000 outlets globally. In order to find one near you, use the search tool available on the paysafecard website. You can also download the app from the Google Play store or the App Store which gives you on the go access to the retailers that stock the paysafecard. You can deposit with cash or credit card in one of the retailers.
Paysafecard Compared To Other Deposit Methods
As well as offering loyalty rewards to customers, paysafecard is extremely inexpensive. You will charged just £3 per month and not per transaction unlike other payment methods. With paysafecard you do not need to have a bank account or credit card details to deposit.
Paysafecard makes depositing into your trading account simple and fast. You will need to top up your card at a retailer that offers this service and then you can pay anywhere you see the paysafecard sign. If your broker doesn’t accept it, then simply use paysafecard to transfer funds to your Neteller or Skrill account, and then use these methods to deposit directly into your trading account. This removes the need to have a bank account or a card.
- What are the brokers accepting Paysafecard?
- Is it safe to use Paysafecard?
Yes. It’s extremely safe as the website is encrypted and you don’t even need to havea bank account to top up your card. The broker you are depositing with will never come across your personal details, as you simply use your 16 digit pin number to transfer funds to them.
- Are there any limits using Paysafecard?
No. Although retailers will offer you top ups of £10, £25, £50, £75 and £100. Or at PayPoint you can also get cards from £125, £150 and £175.