Below you find a list of the best binary options brokers that allow deposits and withdrawals by PayRedeem :
Binary Brokers with PayRedeem
About PayRedeem
Developed by the fintech powerhouse, Global Primex, PayRedeem stands as a highly secure online payment platform, with its adoption widespread among several binary options brokers.
Originating from the US, Global Primex is renowned for its emphasis on anti-fraud measures in the sphere of digital payment systems. Initially known as ‘VLoad’, in collaboration with the Metropolitan Commercial Bank in New York, it underwent a brand transition to ‘PayRedeem’.
Central to the platform’s functioning are “eCards”, prepaid debit cards purchasable in EUR, USD, and JPY. These cards cater to a spectrum of industries, from gaming and gambling to binary options trading.
How Does PayRedeem Operate?
Navigating through Global Primex’s proprietary system, PayRedeem promises its users unparalleled security and confidentiality. To harness this platform, traders simply purchase the digital eCards. Every eCard comes with a unique 16-character pin, facilitating seamless checkouts with partnered merchants.
Binary brokers aligned with PayRedeem enable traders to infuse funds into their live accounts effortlessly. Simultaneously, the Payout digital cards by the company expedite the withdrawal process from the binary options accounts.
Further diversifying its utility, PayRedeem has introduced tier systems determining yearly eCard purchase limits, with higher tiers demanding valid identification and residence proofs.
Transaction Dynamics
PayRedeem boasts real-time transaction processing, ensuring traders experience minimal lag. Esteemed platforms like Alpari and Pocket Option already offer immediate PayRedeem deposits, while withdrawals typically conclude within three business days.
Pricing Insights
Platforms such as Alpari and Pocket Option do not charge for funding via PayRedeem. However, withdrawal fees differ across brokers. A notable mention is PayRedeem’s 5% eCard withdrawal fee to a selected account. Additionally, withdrawals need rounding off to complete units, sometimes even multiples of 10.
Security Highlights
Underpinned by Global Primex’s robust infrastructure, eCards are one-time-use, ensuring utmost safety. Their specificity to only PayRedeem-accepting binary options brokers nullifies many online fraud methods.
Pros & Cons For Binary Options Traders
Pros:
- Diverse payment options for eCard purchase.
- Rapid deposits via the Merchant Network.
- Global Primex’s fortified payment infrastructure.
Cons:
- Potential reduction in profits due to withdrawal fees.
- Tier-based limitations on spending and withdrawals.
- Restricted to binary options brokers in the Merchant Network.
PayRedeem Transactions: A Guide
Deposits: After purchasing an eCard on PayRedeem’s site, select the PayRedeem deposit option in your broker’s platform, and enter the eCard’s code. Broker-specific fees might apply.
Withdrawals: Opt for PayRedeem in your broker’s withdrawal section, complete the requisite form, and await an email confirmation. Subsequently, an eCard will be sent to your PayRedeem account. Specific processes might vary among brokers.
In Conclusion
PayRedeem offers a secure, speedy channel for binary options traders. Yet, its tier system could pose occasional hindrances, especially for those seeking substantial investments. The limited availability of PayRedeem-friendly brokers is another consideration.
FAQs
- Cashing Out with PayRedeem: After choosing PayRedeem for withdrawal, fill out details and receive an eCard. You can then transfer funds to a bank or crypto account.
- Depositing via PayRedeem: Buy an eCard, select PayRedeem in your broker’s deposit option, and enter the necessary details.
- Transaction Speed: PayRedeem’s real-time transactions often finalize within hours. Withdrawals may take a few days.
- Is PayRedeem Suitable for Binary Options? Yes, given its speed and security. But the limited number of supportive brokers is a drawback.
- What About VLoad? VLoad has evolved into PayRedeem. The functionality remains, enhanced with added features.