Best PayRedeem Brokers 2024
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 2024.
Best PayRedeem Brokers
Following our exhaustive tests, these are the best 5 brokers that support PayRedeem:
PayRedeem Brokers Comparison
| Broker | Minimum Deposit | Instruments | Platforms | Leverage | Visit |
|---|---|---|---|---|---|
|
$20 | Forex, CFDs, Stocks, Indices, Commodities, Crypto | MT4 | 1:1000 | Visit |
|
$5 | Forex, CFDs, Indices, Shares, Commodities, Cryptos | MT4, MT5 | 1:1000 | Visit |
|
$10 | CFDs, Forex, Indices, Shares, Energies, Metals, Cryptocurrencies, Binary Options | MT4, MT5 | 1:500 | Visit |
|
$10 | Forex, CFDs, Indices, Commodities, Stocks | FXTM App, MT4, MT5 | - | Visit |
|
$10 | Binary Options on Forex, Metals and Cryptos | MT4, TradingView | - | Visit |
|
$10 | Forex, Cryptos, Indices, Stocks, Commodities | MT4, MT5 | 1:500 | Visit |
|
$25 | Forex, CFDs, Indices, Shares, Metals, Cryptos | Allpips, MT4 | 1:500 | Visit |
|
$50 | Forex, CFDs, indices, shares, commodities | MT4 | 1:1000 | Visit |
#1 - LQDFX
Why We Chose LQDFX
LQDFX is a straight-through processing (STP) broker based in the Marshall Islands. The offshore trading firm offers competitive spreads from 0.0 pips, free deposits, 24/5 support and access to the hugely popular MetaTrader 4 platform. LQDFX also runs a competitive bonus program for short-term traders.
"LQDFX is best for active day traders looking for ultra-tight spreads, low fees and high leverage up to 1:1000. Forex traders will particularly appreciate the strong range of 70+ currency pairs with minimum deposits starting from $20."
- DayTrading Review Team
- Instruments: Forex, CFDs, Stocks, Indices, Commodities, Crypto
- Platforms: MT4
- Minimum Deposit: $20
- Minimum Trade: 0.01 Lots
- Leverage: 1:1000
Pros
- There are multiple STP account types with fast execution speeds, plus an Islamic swap-free option and PAMM accounts
- The $20 minimum initial deposit is accessible for beginners, and the Micro account will serve those looking to trade in smaller volumes
- Tight forex spreads from 0.0 are available in the raw spread account and the $3.50 per lot commissions are in line with competitors
Cons
- It's a shame that there's no copy trading platform for beginners or experienced strategy providers
- The lack of regulatory oversight is a concern, although the broker does claim to use segregated accounts and balance protection
- Market research tools and educational resources are very limited compared to top brands like IG
#2 - M4Markets
Why We Chose M4Markets
M4Markets is an award-winning broker regulated by the CySEC, FSA and DFSA. Although relatively new, the broker continues to improve its offering with a range of innovative tools, platforms and accounts. Beginners can start with just $5, whilst experienced investors can access leverage up to 1:5000.
"M4Markets will serve active investors looking for highly leveraged trading on powerful third-party platforms. Other investment opportunities are also available, including copy trading and MAM/PAMM accounts."
- DayTrading Review Team
- Instruments: Forex, CFDs, Indices, Shares, Commodities, Cryptos
- Regulator: FSA, CySEC
- Platforms: MT4, MT5
- Minimum Deposit: $5
- Minimum Trade: 0.01 Lots
- Leverage: 1:1000
Pros
- M4Markets is a low-cost broker, offering spreads from 0.0 pips and $0 commissions, plus an accessible $5 minimum deposit
- There’s a wide range of global payment methods available, with no deposit or withdrawal fees
- Execution speeds are fast, averaging 30 ms (we consider anything below 100 ms as fast and suitable for active day traders)
Cons
- M4Markets doesn't offer any rebate schemes or rewards for active traders
- The educational resources trail the best brokers with only a small selection of eBooks and webinars offered
- The range of around 200 investments is slim compared to top brokers, who typically offer over 1000
#3 - Grand Capital
Why We Chose Grand Capital
Grand Capital is a MetaTrader broker with welcome bonuses, trading competitions and an intuitive copy trading service. Several account types and 400+ assets provide trading opportunities for various types of investors and strategies. New users can also open an account and start trading in a matter of minutes.
"Grand Capital is a good broker for traders familiar with MetaTrader plus passive investors interested in copy trading and LAMM solutions. On the downside, the broker's regulatory credentials lag behind competitors."
- DayTrading Review Team
- Instruments: CFDs, Forex, Indices, Shares, Energies, Metals, Cryptocurrencies, Binary Options
- Regulator: FinaCom
- Platforms: MT4, MT5
- Minimum Deposit: $10
- Minimum Trade: 0.01 Lots
- Leverage: 1:500
Pros
- High leverage up to 1:500
- Six accounts to suit different trading styles and strategies
- Wide selection of payment methods and account currencies
Cons
- Basic education and market research
- Limited regulatory oversight
- High spreads on some assets
#4 - FXTM
Why We Chose FXTM
FXTM is a top-rated forex and CFD broker established in 2011 and operating across 4 continents. The company is secure and regulated by leading authorities, including the FCA and CySEC. Offering 1000+ day trading markets and three account types, they cater to all levels of trader.
"FXTM is a good pick for day traders seeking low forex commissions on the MetaTrader 4 platform. That said, the range of other assets is not extensive for those looking to diversify, especially stocks and cryptocurrencies."
- DayTrading Review Team
- Instruments: Forex, CFDs, Indices, Commodities, Stocks
- Regulator: CySEC, FCA, FSCA, FSC
- Platforms: FXTM App, MT4, MT5
- Minimum Deposit: $10
- Minimum Trade: 0.01 Lots
Pros
- Customer support is reliable and available in 30+ languages, making FXTM a top choice among global traders
- Negative Balance Protection is available to clients registering with the EU and UK entities
- The broker has a good reputation with multiple industry awards and oversight from top-tier regulators like the CySEC
Cons
- It’s a shame that ETFs and bond products are not available, and the selection of stocks is not extensive compared to competitors like AvaTrade
- There are limited e-wallet payment options compared to alternatives
- Withdrawal fees apply, including a 30 EUR fee on bank wire withdrawals
#5 - GC Option
Why We Chose GC Option
GC Option is a binary options broker offering contracts with flexible contract lengths and payouts up to 86% on 27 instruments. This is one of the few binary options brokers to support MetaTrader 4, which it provides alongside two proprietary trading platforms.
"Binary options traders who favor the MetaTrader 4 platform should try out GC Option. The double-touch contracts and selection of expiry times offer a good range of trading opportunities."
- DayTrading Review Team
- Instruments: Binary Options on Forex, Metals and Cryptos
- Platforms: MT4, TradingView
- Minimum Deposit: $10
- Minimum Trade: $1
Pros
- MetaTrader 4 and proprietary WebTrader platforms
- Double-touch binaries available
- 30 popular trading assets
Cons
- Limited educational resources
- Withdrawal fees for some payment methods
- No copy trading
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.
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.
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 Deposit Using PayRedeem
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
Is PayRedeem Good For Day Trading?
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.