CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data. *Availability subject to regulation.
There are many factors to consider when deciding which Forex/CFD broker to choose. Although competitive spreads and access to a broad range of assets are amongst the most critical elements a trader would look for, the payment methods that a broker accepts could be equally as important. Not only do they need to be safe and secure, but also relevant and useful for a trader. Payza is a convenient and secure online payments solution that allows traders to fund their trading account using a variety of different currencies, including Bitcoin.
Payza is an online, versatile payment service that can be used by individuals and businesses. Specialising in remittances and e-commerce processing, the e-wallet platform allows users to send and receive payments online.
Under the former name of AlertPay, the company was founded in Canada in 2004 and is now globally known for offering simple online payment services. Payza are now a subsidiary of UK company, MH Pillars, and have their corporate headquarters in London, UK, and operational centre in Canada.
The platform is available in 190 countries, with 25 different currencies on offer, and more than 13 million users have taken advantage of Payza services.
There are two different types of account available, the Personal Account and the Business Account. Both can be opened for free and personal accounts do not need to be verified, although verifying the account will allow access to various features such as cryptocurrency services, the prepaid card, and higher transaction limits. An accepted proof of address document and proof of ID document will be required for verification.
Payment methods used to top up or withdraw from the Payza e-wallet include credit/debit card, bank wires, bank transfers, and even Bitcoin.
As with PayPal, it is free to send money with Payza. The fees are levied upon the payee. However, where PayPal charges for international payments, Payza only charge an additional fee for foreign currency exchange.
Payza can be used to shop online, exchange currency, send and receive payments to family and friends, and pay for goods and services. It can also be used by businesses to process e-commerce payments.
Payza can be accessed on a PC or can be downloaded as a smartphone or tablet app. Instant deposits can be made in most countries with around 25 different currencies to select from. These also include cryptocurrencies; Payza were one of the first online payment processing platforms to accept Bitcoin. Payza provide a solution for turning cryptocurrency holdings, such as Bitcoin, into cash.
The Payza card is one way of accessing the funds in a Payza account, and can be used at the vast majority of ATMs, in many major stores, online and in many other outlets where debit and credit cards are accepted. The card needs to be ordered, activated and loaded through the site. An account holder will need to verify their account before ordering a payment card.
Opening an account and sending funds is free for both personal and business account holders. Fees are charged for receiving funds and these start at 2.9% + £0.30 per transaction. This fee increases to 3.9% for receiving funds from regulated industries. For those using Bitcoin, however, the transaction fees for receiving funds are just 1.2%.
Account holders can also fund their account with Bitcoin for free. A set exchange rate of 3342.2410 USD is used to convert the currency. Whilst there is a 3.5% fee to fund a Payza account with a credit card, users topping up their account with a bank transfer can do so for free when the transfer over £200. A fee of £5 per transaction is levied for transfers under this amount.
If customers wish to withdraw funds less than $5,000 USD, there is a charge of $8.00 USD. Withdrawing funds via bank transfer incurs a charge of £2.25 GBP.
To convert currency, Payza charges 2.5% over the wholesale currency exchange rate.
Note: Figures correct as at 25th July 2017. Please refer to the most recent Payza fees page for the latest figures.
Payza have added an additional fun security feature, a personalised avatar. An account holder can create their avatar which will be displayed alongside a personalised message when they log in from a different device. This will allow the user to be certain that they have reached the correct site. Challenge questions that can only be answered by the account holder are also asked to ensure the account can not be easily accessed by imposters.
Other security features include Fraudmatrix, which is a secure e-commerce monitoring platform, and 128 bit SSL encryption, to prevent private information from being intercepted by hackers.
There are many advantages to using Payza. Opening an account is free and takes just a few clicks to set up. Customers can even use their account for basic transactions (with restrictions) without completing the verification process. Once verified, however, users can send and receive payments around the world with few limits, and in a variety of currencies, including Bitcoin and altcoins. The app for both Android and iOS offer the same capabilities as can be found by accessing a Payza account on a PC, making it an easy payments system to use whilst on the go.
Sending payments is free, however, for certain regulated industries, receiving payments is charged at 3.9% + 30p, which compares to 3.4% + 20p offered by PayPal (as at 10th August 2017).
Also, being a relative newcomer, there are few regulated brokers that accept Payza.
Payza can be useful for traders wanting to fund their trading account with Bitcoin. However, Payza customers should ensure that they select a broker that is authorised and regulated by a reputable regulator, rather than base their selection on the fact that a broker accepts Payza. There are many online payment service providers accepted by regulated brokers, such as PayPal and Neteller. It is advisable to open an account with an alternative payment provider rather than risk trading with an unregulated broker. Brokers that accept PayPal include AvaTrade and eToro, amongst others.