The Ultimate Guide to
Choosing a Broker
Not sure which broker is right for you?
Don’t worry - we’ve got you covered. In this guide, you’ll learn:
- Why scored high for payza (Jump to section)
- Who is (and isn’t) suitable for (Jump to section)
- An in-depth feature comparison of the top #3 brokers (Jump to section)
- An overview on payza (Jump to section)
What is the Best Trading Platform
The following brokers allow payza on their platform:
Here are some areas where scored highly in:
- + years in business
- Offers + instruments
- A range of platform inc.
- 24/7 customer service
- Tight spreads from pips
- Used by 0+ traders
- Offers demo account
- 0 languages
- Leverage up to
offers one way to trade: . If you wanted to trade EURUSD through copy trading or other means, skip to part two.
The two most important categories in our rating system are the cost of trading and the broker’s trust score. To calculate a broker’s trust score, we take into account a range of factors, including their regulation history, years in business, liquidity provider etc.
have a trust score, which is . This is largely down to them being regulated by , segregating client funds, being established for over years, and much more. For comparison:
Trust Score comparsion
|Uses tier 1 banks|
|Segregates client funds|
The second thing we look for is the competitiveness of the spreads, and what fees they charge. We've compared these in detail in part three of this guide.
Who is (& Isn’t)
- Spread Betting
- CFD Trading
- Forex Trading
- Social Trading
To trade with , you'll need a minimum deposit of $. offers a range of different account types for different traders including a .
offer a wide range of instruments to trade including and many other asset classes. In the following section we’ve listed ’s spreads for a range of popular instruments. You can also see a more detailed breakdown of how ’s spreads compare in this review
Finally, isn't available in the following countries: . They do not offer islamic accounts either.
A Comparison of vs. vs.
Want to see how stacks up against and ? We've compared their spreads, features, and key information below.
Spread & fee comparsionThe spreads below are illustrative. For more accurate pricing information, click on the names of the brokers at the top of the table to open their websites in a new tab.
|FTSE 100 Spread|
Comparison of account & trading features
Benefits of choosing a broker that accepts Payza
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.
What is Payza?
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.
Payza pros and cons
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.
Using Payza to fund a trading account
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.
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