AstroPay Brokers 2022 - Which Brokers Accept AstroPay?
AstroPay is a global money transfer service with a focus on emerging markets. The free e-wallet and payment card provider has partnered with many online merchants, including recognized forex brokers and trading sites. This review will cover its key features and uses, how it works and app download options for wallet fund storage. We also list the best brokers that accept AstroPay deposits in 2022.
What Is AstroPay?
AstroPay LLP is an online payment method, founded in 2009 with the launch of its AstroPay card. It enables customers, including day traders, the opportunity to make online payments without the need for international credit cards.
Initially aimed at South American customers, the company covers all major markets in the Latin American region, providing payment solutions where alternatives are not available, or not functioning properly.
The solution essentially enables digital purchases to be made via payment methods in a local currency with pre-paid cards and e-wallets. Today, the firm’s services span Asia, Latin America, Africa and Europe. The list of brokers that accept AstroPay deposits and withdrawals also spans most major trading jurisdictions.
The company has a head office in the UK with additional offices in the USA. The payment solution currently has over 6 million registered users and has partnered with 1000+ merchants, including top-rated online trading brokers.
AstroPay was named the Best Payment Method in Africa in 2022 (SAGSE Awards). In addition, the brand received nominations in the Payment Solution category at the EGR B2B Awards and Payment Solution of the Year at the Global Gaming Awards.
How AstroPay Works
AstroPay provides a traditional card solution as well as hosting a range of local alternative payment methods to initiate transactions. This includes PIX in Brazil, M-Pesa in Kenya and JCB Card in Japan. By doing so, the brand helps global traders and customers avoid common issues such as transaction refusals, fraud, plus credit approval requirements. The prepaid Visa card is used in more than 30 million locations worldwide.
The digital wallet enables traders to make transactions in US Dollars or a local currency. Day traders can make deposits and withdrawals directly and seamlessly from online brokerage sites and investing platforms.
You can set configurable daily or monthly limits as well as generate a simple deposit balance from the merchant’s site to track funding history.
AstroPay’s first product, the service was primarily aimed at individuals in emerging markets, with no access to international credit or debit cards. The popular prepaid card is available to use virtually or as a physical card for online purchases, including at AstroPay brokers.
To redeem a card, simply top up using a variety of methods, including paying by cash, bank transfer, or direct debit. On the deposit page of your broker’s account, simply select AstroPay as the payment solution.
Gift cards and vouchers are available as additional top-ups.
AstroPay Visa Card
In June 2022, the brand launched a new product; the AstroPay Visa debit card. The product is initially available in Europe, though it’s due to launch in other markets by the end of the year.
Users can apply for a Visa debit card through the brand’s mobile app. Traders can then use the card with most brokers that accept Visa.
The main difference between both card types is that AstroPay cards are fixed amount cards, whereas with the Visa debit card, you can use your wallet balance.
This solution allows customers to trade digital currencies without paying high fees to buy, trade, transfer, or hold crypto.
There are several cryptocurrencies you can buy on the app including Bitcoin, Bitcoin Cash, Litecoin, and Cardano. Alternatively, you can purchase digital money via established exchange platforms like Binance with an AstroPay card, and withdraw crypto assets to your branded personal wallet for storage.
The e-wallet is available as a free download to iOS and Android (APK) devices. Visit the Google Play or Apple App store. You can top up your wallet or buy an AstroPay voucher via the payment link. Pay, deposit, withdraw, send and receive money all from one interface.
Similar apps include Venmo, Stripe, Skrill and Neteller.
Deposit & Withdrawal Times
Brokers that accept AstroPay normally offer instant payments at the deposit stage. This means your funds should be available immediately. Remember though, traders will need to load their wallet or virtual/physical AstroPay card with funds, which can add to timescales.
Some AstroPay brokers also have their own processing times, which can cause delays. Vantage, for example, offers instant account funding via AstroPay, regardless of the depositing currency. RoboForex, on the other hand, has a maximum one working day deposit and withdrawal processing time for payments made with the brand.
Fees & Charges
Trading payments made with the solution are low cost, as well as convenient.
Currency exchange rate fees may apply if you are depositing in a currency outside of your account denomination. Nevertheless, FBS, Vantage and easyMarkets, for example, do not charge day traders a fee for either deposits or withdrawals made via AstroPay cards or wallet transfers. RoboForex, however, applies a 0.5% withdrawal charge.
Note, it is free to sign up for an AstroPay account.
Our expert review found this is a secure and safe payment gateway solution for online traders. AstroPay is incorporated in the UK under the trading name Larstal Limited, registration number 901001. The company is authorized and regulated by the Financial Conduct Authority (FCA) under the 20211 Electronic Money Regulations.
It is reassuring to see top-tier oversight from a reputable authority, increasing the likelihood of fund protection and providing access to compensation schemes if something were to go wrong.
AstroPay is also PCI-DSS compliant, which means credit and debit card transactions are secure, and data is protected against theft.
New users must comply with KYC requirements during account sign-up. In addition, day traders can set up an OTP solution via SMS for account access. A 5-digit code will be provided to authenticate your login each time you initiate a deposit or withdrawal to your trading account.
Pros Of AstroPay Brokers
Benefits of brokers that accept AstroPay deposits include:
- Convenient – Day traders in emerging markets can pay with their local currency. Cheap and swift forex conversion is ideal for trading account deposits. With that said, check AstroPay brokers also offer accounts in your local currency
- Safe – You can pay for goods and services using a range of currencies, without revealing your personal banking details. All credit and debit card transactions are processed in line with PCI-DSS compliance
- Seamless With Global Establishments – AstroPay offers fast and reliable money transfers on a global scale. The solution works seamlessly with many established payment operators like Visa, MasterCard, American Express and UnionPay. There is also a growing list of AstroPay brokers
Cons Of AstroPay Brokers
Downsides of trading brokers that accept AstroPay include:
- Limited Customer Support – Other than a customer request form and email address, the brand does not provide any other support channels such as a contact number, mailing address or live chat service
- Negative Reviews – It is disappointing to see some negative comments online. Many refer to AstroPay accounts being blocked, slow responsiveness from the customer care email address and an inability to action a withdrawal back to a bank account
- Limited Availability – Although the brand operates on a global scale, it is not widely accepted as a deposit and withdrawal method at some of the biggest brokerage brands. Skrill and Neteller are more established for traders given their favorable e-wallet advantages, high security and cheap fees
How To Make Deposits & Withdrawals To Trading Accounts
Firstly, you will need to find brokers that accept AstroPay deposits. The best brokers will provide this information within the payments section of their website, or via the platform interface. Remember, the brand may be categorized under payment cards or e-wallets. Look out for the logo on accepted trading sites. You can contact AstroPay brokers and exchange partners directly if this information is not clear, if a payment is not working, if a withdrawal is pending, or if your account gets blocked.
Next, you will need to create an account with AstroPay. This can be set up directly through the website or via the mobile app. From there, you can apply for a card and top up with popular local payment methods, or reach out to official and authorized resellers.
To deposit to brokers that accept AstroPay, log in to your client portal and head to the payments portal. Here you will need to specify the amount you wish to deposit and enter your card details if applicable. Traders will be directed to the payment interface, connecting to a local financial institution.
Consider minimum deposit requirements, which will vary by AstroPay brokers. Infinox, for example, requires initial funding of £1 or equivalent currency. KYC verification may also be required, including the provision of an ID document number.
We have outlined the process simply below:
- Create an AstroPay account
- Load funds into your account
- Use an AstroPay card or e-wallet to deposit to your live trading profile
There are also some deposit and withdrawal limitations for various transactions to AstroPay accounts:
- Minimum deposit per transaction – $100
- Maximum deposit per transaction – $50,000
- Minimum withdrawal per transaction – $1
- Maximum withdrawal per transaction – $50,000
- Maximum of 5 transactions per day
- Minimum requirement per transaction – $1400
- Maximum spending per day – $500,000
- Minimum deposit per transaction – $100
- Maximum deposit per transaction – $50,000
- Minimum withdrawal per transaction – $1000
- Maximum withdrawal per transaction – $30,000
AstroPay services are available to traders globally. The solution is available in Argentina, Bangladesh, Brazil, Chile, Colombia, India, Jordan, Kuwait, Mexico, Pakistan, Peru, Uruguay, and more.
Pre-paid card services are accessible to residents in Brazil, Argentina, Peru, Costa Rica, Bolivia, Venezuela, Japan, China, Indonesia, Greece, Turkey and more. The company has also expanded to some African countries including Nigeria, Kenya, Ghana, Uganda and Zimbabwe.
Note, supported payment methods to AstroPay accounts vary by jurisdiction. The most common options used include M-Pesa, credit/debit cards (Visa, MasterCard), bank transfers, e-wallets (PayPal, Skrill, Neteller), and cash.
The payment method offers limited customer contact channels. Traders are directed to a self-help FAQ center, although information is limited. Topics include how to withdraw money, redeem, merge and pay from an AstroPay card, account verification times, how to delete an account and promo code support.
An online contact form and email address (email@example.com) are the only direct methods of contact. There is no toll-free customer care phone number or live chat services, which would provide the fastest response times. Alternatively, the company is active on social media sites including Facebook, Twitter and LinkedIn, though posts are outdated.
Fortunately, the top brokers that accept AstroPay also run active support channels that can help with deposit delays or withdrawal questions.
Final Word On AstroPay Brokers
AstroPay is a convenient payment method for online traders, particularly within emerging markets such as Latin America and Africa. The transfer service is swift, secure and cheap, with many established AstroPay brokers not charging fees to deposit funds. That being said, there are some negative reviews, rating the service as poor with issues surrounding fund withdrawals.
Use our list of the top trading brokers that accept AstroPay deposits to get started.
Is The AstroPay Card Free To Deposit To Trading Accounts?
Is AstroPay Safe To Use To Deposit To Trading Accounts?
AstroPay is a relatively safe way to deposit and withdraw to a live trading account. The solution is regulated under the Electronic Money rules by the UK Financial Conduct Authority (FCA). Know-your-customer verification is also required for all new account registrations and you can add OTP authentication for additional reassurance. Despite this, make sure you only trade with recommended brokers that accept AstroPay deposits.
Is AstroPay A Legitimate Deposit Method For Traders?
AstroPay is a genuine and legitimate payment solution used by millions across the world, including online traders. You can link a range of established local payment solutions to your AstroPay account and initiate deposits to your trading profile with the brand.
Can I Fund My Trading Account Using The AstroPay App?
The app is a free e-wallet wallet accepted on hundreds of international sites, including brokers. It is a good option for day traders who want to deposit online without having to provide personal banking details.