Best Paysafecard Brokers 2024

Paysafecard is a transfer solution offered by Paysafe Group Limited. It allows customers to buy goods online and in shops. UK investors can also use the brand to make deposits and withdrawals at trading brokers. In this review, we explain how Paysafecard works and we list the pros and cons for traders, including transaction fees, payment limits and transfer speeds. We also list the top brokers that accept Paysafecard deposits.

What is Paysafecard?

Paysafecard was established in Austria in 2000. It is a prepaid payment solution which works using online vouchers and a 16-digit pin code. E-voucher top-up amounts range from £10 to £175, and they can be purchased within London and across the United Kingdom.

Importantly, vouchers can be used without an account – all a customer needs to do is buy a Paysafecard. Alternatively, users can register and sign up for free before logging in to ‘my Paysafecard’ to upload vouchers already purchased. This allows customers to routinely top up and add funds online, either on the website or mobile app, which can be downloaded to Android and iOS devices. Clients can also check their wallet balance and contact live chat support if the service is down or help is needed.

The brand was purchased by a digital British e-wallet provider, Skrill, in 2013. Two years later, Skrill, Neteller and Paysafecard were purchased by Paysafe Group Limited. Today, Paysafecard is available in over 40 countries and locations, including the UK, US, Romania, Germany, Greece, France, Ireland and India.

Making Payments

Paysafecard can be used to make payments at online retailers and betting companies. It is also a popular deposit method at trading brokers in the UK. The multiple use cases are partly why the brand is trusted and utilised by a growing number of customers. In 2021 alone, the firm’s total payment volume was £97.7 billion, up 22% from the previous year.

Classic & Mastercard

Paysafecard comes in two forms: Classic and Mastercard. There is an age limit over 18 for both forms, though a junior solution is also available. The Classic functions as a virtual gift card or bank card. It can be used to make direct purchases at online shops, outlets in the UK or retailers such as Amazon. Users can either enter their voucher code or sign in with their email and password to make a payment. The payment service cannot be used to withdraw cash or make in-store purchases.

Paysafecard Mastercard provides a physical prepaid card, similar to a standard debit or bank card. This allows users to make purchases in-store and withdraw cash bonuses. Customers can search online to find stores ‘near me’ that accept Paysafecard. The verification process is quick and can be completed in the ‘My Paysafecard’ area of the official website.

Importantly, the Mastercard charges more fees than its Classic counterpart, including an annual maintenance fee and a currency exchange rate conversion when paying in foreign currencies, such as the Euro.

Fees

It is free to register and sign up for a Paysafecard. However, if you do not have a verified account, the maximum transaction amount is £40. If you complete the verification process, this increases to £1,000. When you purchase a voucher there is no additional charge on top of its value, however, accounts can incur charges in other ways. For example, there is a £5 inactivity fee after 12 months and a £6 redemption fee.

The Mastercard has an annual maintenance fee of £8 and cannot hold more than £4,000. Additionally, top-ups are charged at 4% and ATM cash withdrawals come with a 3% charge. Fees are incurred for currency conversions depending on the exchange rate, usually, they are between 2.4% and 7.2%. Remember, trading brokers can also have their own deposit and withdrawal fees.

Speed

Paysafecard is a quick payment solution. Users can top up their account rapidly using mobile e-pay, the website or by purchasing a code from a UK outlet. Deposits at most online brokers are also near-instant, so you should be able to start trading right away. Withdrawals can take slightly longer, though the delay is normally on the broker’s processing end. Typically, these will take around 24 hours.

Security

Providing strong user security is one of the top priorities of Paysafecard, as demonstrated by its secure lock logo. The company provides plenty of information and advice for customers about the dangers of scams. Another key reason Paysafecard is secure is that users do not have to hand over important bank details, card numbers or personal data.

The firm also has a dedicated fraud detection and prevention department. It is continually seeking out feasible risks and developing preventive measures. Any suspicious incidents are thoroughly analysed and reported to the appropriate services. The company is also dedicated to stopping money laundering.

The Financial Conduct Authority issued Paysafecard an e-money license which holds the firm to high standards and ensures all potential partners are vetted.

How to Add Money

One of the simplest ways to add funds to your account is to download the Paysafecard app. This allows you to deposit using a range of methods. The application is free and available on both Android and iOS. Through the app, users can also find their nearest sales outlet. At an outlet, the app will then generate a barcode which can be scanned to pay on the spot with cash.

If you do not want to download the app, there are other ways to pay. Physical vouchers can be purchased from outlets across the UK including high street retailers. With these, simply enter the pin on the Paysafecard website to add funds to your account. Alternatively, you can top up online from the website using a range of deposit solutions.

How to Withdraw Funds

Withdrawing funds from Paysafecard is also straightforward. If you have the Mastercard, you can visit any ATM that accepts Mastercard and make a withdrawal. Note that a 3% charge will be incurred plus an exchange fee if you withdraw to a foreign country.

If you do not have the Mastercard, you can request a refund by emailing the team at info@paysafecard.com. In the email, include your bank details, account details, address and a copy of your ID. There is a 5% fee for the refund (up to the value of £6) and it can take up to eleven days to come through.

How to Use Paysafecard to Make Deposits & Withdrawals

Deposits

The deposit process varies depending on whether you have an account and the app. You will need a Paysafecard Mastercard or an e-wallet like Skrill to deposit at brokers who do not accept the method directly.

If you have the application, follow these steps:

1. Login to the ‘my Paysafecard’ app
2. Top up your account either by mobile payment or use Paysafecard Direct for cash top-ups
3. Head to the broker’s website and go to the payments section
4. Select deposit and choose Mastercard from the options
5. Alternatively, transfer funds to an e-wallet like Skrill and select this
6. Enter the amount you wish to deposit and hit confirm

If you do not have an account:

1. Locate a sales outlet using the Paysafecard website
2. Purchase a Paysafecard voucher using cash or debit card
3. Use the PIN to add funds to your trading account by visiting the payment section
4. Remember, you will only be able to deposit a maximum of £40

Withdrawals

1. Head to the broker’s payment area and hit withdraw
2. Select Paysafecard from the options and enter the email associated with your account
3. Input the amount you wish to withdraw
4. Click confirm and the funds should be in your Paysafecard account within 24 hours

Benefits of Trading With Paysafecard Brokers

• Investors can use Paysafecard to top up e-wallets like Skrill and Neteller which are accepted by most brokers
• The company holds an e-money license protecting against money laundering and ensuring high user security
• The mobile app allows you to efficiently manage your account and check your balance
• Traders can top up their account easily via mobile or cash payments
• The customer support team is available in over 20 languages

Risks of Trading With Paysafecard Brokers

• Mastercard is required for ATM withdrawals
• Refunds can take up to eleven days
• 3% charge on ATM withdrawals

Final Word on Paysafecard Brokers

Paysafecard is perfect for traders who do not have a bank or debit card and would like to use cash to deposit at online brokers. Users do not have to provide personal details adding a level of anonymity and protection. The payment solution is also accessible, with a range of outlets across the UK and links to popular e-wallets like Neteller and Skrill. Overall, Paysafecard is a fast, cheap and secure deposit and withdrawal option.

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