PayRedeem Brokers 2022 - Which Brokers Accept PayRedeem?

PayRedeem, formerly VLoad, is an online service that traders can use to transfer funds to online brokers. Owned by Global Primex Limited, it is a well-established payment method that makes it easy for investors to make fast and low-cost trading deposits. This guide will review PayRedeem by covering how it works, expected transaction times, plus transfer costs. We have also compiled a list of the top trading brokers that accept PayRedeem deposits in 2022.

What Is PayRedeem?

PayRedeem is a voucher card payment system available to users around the world. It was launched in 2007 with the aim of facilitating secure transactions between customers and merchants, such as day traders and online brokers.

All cards are given a ‘ribbon’ which is a classification of what the card can be used for. If you are using a card to transfer funds to and from a broker, the card will be given a ‘brokerage’ ribbon.

The firm makes use of three types of eCard to process payments. These are called Standard, Subscription and Payout and can be bought on the main dashboard after you login.

  • Standard cards work in a similar way to vouchers in that you purchase a card with a pre-determined amount and once it has been used, it must be replaced. Standard cards must be used within 96 hours of purchase. Any funds left on the card after the 96-hour period expires will be returned to your account balance sheet. Deposits to a Standard card can be made via Mastercard and Visa debit/credit cards, bank transfers and Bitcoin.
  • Payout cards can be used to withdraw funds from PayRedeem brokers. If you want to cash out on your trading returns, you can use the details on the Payout card linked to your investing account. Once your funds have been withdrawn, the card will work in the same way as a Standard card.
  • Subscription cards can be used to make recurring payments. As these cards do not expire, they offer a viable alternative to purchasing a Standard card every week, month or year, depending on your membership period. This could be a good option for active traders looking for brokers that accept PayRedeem deposits.

Importantly, when you purchase an eCard, you have to specify the merchant it will be used for. An example can be seen below where the chosen merchant is the online trading broker, FXTM.

Trading platforms that accept PayRedeem
Making Deposits To FXTM With PayRedeem

Payment Speed

Brokers that accept PayRedeem deposits usually process payments instantly, making it one of the best methods for fast access to the financial markets. Alpari, for example, processes PayRedeem deposits immediately.

On the other hand, withdrawals generally take longer. At most trading brokers, PayRedeem withdrawals take a full business day, though this can vary. For instance, forex broker LQDFX says withdrawals can take up to 48 hours.

Overall though, most PayRedeem brokers offer fast deposits and withdrawals versus alternative payment methods, such as wire transfers.

Fees & Limits

Transactions tend to be free but you may find that certain PayRedeem brokers impose a fee. Fortunately, there is a decent list of brokers that accept PayRedeem deposits, such as M4Markets, that do not charge.

It is worth noting that there are caps on the minimum amount you can transfer using PayRedeem. At FXTM, the minimum deposit amount is $50.

You should also be aware that PayRedeem imposes its own transfer limits. These limits cap how much can be sent over a period and are linked to the account tier:

  • Tier 0 – Up to €150 with a maximum of two successful payments per month. When you first join up, your account is automatically set to tier 0
  • Tier 1 – Once you have provided a valid ID and proof of residence, your account is upgraded to tier 1. The new maximum is €25,000 per year
  • Tier 2 – This is the final tier and the transaction cap is increased to €100,000 per annum. To reach tier 2, traders must submit a passport-style photo, verify their phone number and sign a Declaration of Money Origin form

Note that PayRedeem charges €20 to make a withdrawal from your payment account to your bank.

Trading brokers that accept PayRedeem deposits

Security

To help protect client accounts, the company restricts card payments to their specified merchant, such as a named trading broker. This way, even if someone were to gain access to your eCard information, they could not send money to their own bank account.

Furthermore, Standard accounts expire after three days, so there is only a limited amount of time where you are vulnerable.

It’s also worth making sure that you sign up with trusted brokers that accept PayRedeem. Avoid unregulated trading platforms with negative user reviews. See our list of recommended PayRedeem brokers here.

Customer Support

There are several ways to seek help if you encounter an issue trading with PayRedeem. Clients can use any of the following methods to contact the 24/7 customer service team:

  • FAQ help centre
  • Live chat via the official website
  • Email to support@payredeem.com
  • Call either the +1 912 800 0083 or +44 162 820 0487 phone number

Note, PayRedeem brokers may also be able to help with deposit and withdrawal delays.

Benefits Of PayRedeem For Traders

  • Safe and secure payment method
  • Instant deposits at most PayRedeem brokers
  • Easy to increase maximum transfer limits
  • 24/7 customer support

Drawbacks Of PayRedeem For Traders

  • Limited deposit size and frequency with tier 0
  • Withdrawals are only permitted for tier 1 and tier 2 accounts
  • A limited number of brokers accept PayRedeem deposits

How To Make PayRedeem Deposits & Withdrawals

Follow the guide below to make deposits and withdrawals to brokers that accept PayRedeem:

Deposits

  • In your trading account, go to the funding area, often named ‘cashier’ or ‘finance’
  • Select ‘deposit’
  • From the list of available methods, choose PayRedeem
  • Enter your eCard’s PIN and the amount you wish to deposit
  • If you have not yet set up an eCard for your broker, select the ‘Buy Voucher’ option. This will redirect you to PayRedeem’s website where you can purchase an eCard
  • Confirm the deposit

Withdrawals

  • Login to your trading brokerage and go to the finance section
  • Click ‘withdrawal’ and select PayRedeem from the drop-down list
  • Complete the fund withdrawal form and input your PayRedeem account details
  • Your broker may use 2FA to validate the withdrawal. If so, complete the verification process
  • Wait for your funds to be deposited into your PayRedeem account

Final Word On PayRedeem Brokers

PayRedeem is a cost-effective and reliable method for sending funds to and withdrawing profits from your trading broker. There are some restrictions if you hold a tier o account, however, fast and secure payments make it an attractive option.

Use our list of the best brokers that accept PayRedeem deposits to start trading.

FAQ

Can I Make Deposits To PayRedeem Brokers Through A Mobile App?

At the time of writing, there was no PayRedeem mobile app, meaning the only way to access your account is through a web browser. However, there are plans to introduce an app available for download on Apple and Android devices in the future. Until then, users will need to make trading deposits from their desktop computer or laptop.

Is PayRedeem A Trustworthy Way To Fund Online Trading?

PayRedeem is a secure and trustworthy payments company. It is a genuine transfer system and there are several regulated brokers that accept PayRedeem deposits and withdrawals. For an added layer of security, traders can only make a deposit with the payment solution if they named the online brokerage as a specified merchant.

Can I Use PayRedeem Discount Codes When Making Deposits To My Trading Account?

You may be able to find PayRedeem bonus codes online, though there is no referral scheme. Some trading brokers that accept PayRedeem deposits also offer welcome bonuses, such as no deposit offers. Importantly though, always check terms and conditions before using a trading offer, as there may be volume requirements to meet before profits can be withdrawn.

Is PayRedeem Available To Traders In The USA?

PayRedeem is available in many key countries around the world, including the US, the UK, India, Canada and the EU. However, if you are a trader based in Russia, South Africa, or Albania, for example, you must use alternative payment methods. You can see the full list of countries where PayRedeem is unavailable on the website.

How Do I Make Trading Deposits With PayRedeem?

To make payments using PayRedeem, you need to purchase either a Standard or Subscription eCard. These can be bought using credit and debit cards, bank transfers or Bitcoin. Brokers that accept PayRedeem deposits can be found on the official website on the merchant list page. Alternatively, we have reviewed and ranked the best PayRedeem brokers here.