Best ecoPayz Brokers 2024

ecoPayz is a money transfer system and e-wallet that traders can use to fund online investing accounts. 50+ currencies are supported including GBP, while perks and discounts are available to users with higher profile tiers. This review ranks the best brokers that accept ecoPayz deposits, with details on transfer limits, withdrawal fees, and safety measures.

What Is ecoPayz?

ecoPayz is an online payment platform that allows for electronic transfers to be made between users and businesses, such as trading brokers. The company is based in the UK and was founded in 2000.

ecoPayz is becoming increasingly popular throughout the UK as well as in more than 170 other supported countries and has gained significant popularity with traders. This is in large part because of how easy it is to use, as well as the fact it has high-security levels and fast transaction times. Forex and cryptocurrency are also two of the key areas that the firm has invested in.

ecoPayz has also partnered with eWalletBooster so that it can offer users a better experience at no extra cost. This includes bonuses and rewards as well as lower fees for using the service. In addition, the company has been a partner of Mastercard since 2009.

How Does ecoPayz Work?

Your ability to trade in high volumes with ecoPayz will depend on the kind of account you hold:

• Classic – this is the account type that you will automatically open when you register with the brand. It comes with a 2,500 EUR lifetime transaction limit as well as a 200 EUR daily limit.
• Silver – this account allows you to apply for an ecoPayz Mastercard and withdraw funds to your own bank account, transfer to other users, and gives a higher account balance limit of 15,000 EUR, and a daily transaction limit of 1,000 EUR.
• Gold – alongside offering higher transaction limits, the gold account also provides free international money transfers with a reduced currency conversion fee of 1.49% on e-wallet transactions.
• Platinum – here, you can make transactions up to the value of 50,000 EUR as well as a 2,000 EUR transaction limit. Note that you need to become a Gold membership holder for 30 days to have a Platinum account.
• VIP – this is the highest account level available and offers the highest limits – 250,000 EUR in transfers and transaction limits of 2,500 EUR. There are no maximum balance restrictions on this kind of account. VIP accounts are obtained by holding a Platinum account for more than 30 days.

Transaction Times

As with the majority of e-wallets, ecoPayz brokers are usually able to facilitate instant deposits. This is a significant benefit for traders, allowing them to trade immediately upon depositing funds. FXPrimus, for example, processes GBP deposits with the payment method in less than 5 minutes.

Withdrawals, on the other hand, will not be instantaneous. In most cases, they will take between 2 and 5 working days for security reasons, but can also be processed on the same day in some cases. To prevent delays, make sure you provide copies of any identity documents requested.

Payment Fees

The deposit and withdrawal charges incurred by using ecoPayz will depend on the account that you have with them. However, when it comes to trading specifically the merchant fee is likely to be absorbed by your broker, making deposits free. This is the case at both FXPrimus and RoboForex.

Trading with ecoPayz, you will also incur a fee for currency conversion if you are using a Classic or Silver account which comes to 2.00% of your transaction amount. If you use a higher-level account this fee is reduced to 1.49%. For this reason, it is best to trade with a broker that uses the same base currency as your ecoPayz account, for example, Pound Sterling.

Security

Because ecoPayz is a UK-based company and is also regulated by the Financial Conduct Authority, it is a certifiably safe payment method to use for online trading. The FCA is the leading financial regulatory body in the country, and any payment system that is licensed by them is considered relatively secure, with fewer concerns about scams and fraud. This also means that the company is authorised to facilitate payments within the EEA, which comes with rigorous protocols and standards.

In addition, ecoPayz has several memberships that further its security reputation, such as being: Payment Card Industry compliant (PCI), Data Security Standards compliant (DSS), and a member of the Prepaid International Forum (PIF).

Despite this, it is also worth signing up with ecoPayz brokers that are regulated by the FCA. This will provide extra protection for your trading funds, including negative balance protection and segregated accounts.

Pros Of ecoPayz For UK Traders

• High Security – The security that is offered by ecoPayz is among the best. Not only is the company FCA-regulated, but it also uses internal safety mechanisms within the service to protect traders’ funds. The brand has also been highly praised for its customer support, so if anything goes wrong you can get in touch with them to solve the issue. Alternatively, the top brokers that accept ecoPayz deposits offer 24/5 or 24/7 customer service and can advise on withdrawal problems.
• Speed – E-wallets are popular for the speed of transactions that they can provide, and ecoPayz brokers are no different. The transfers between your ecoPayz account and your trading broker should therefore be near-instant – although this will also depend on your trading firm’s transaction times.
• Bonuses and Rewards – The brand provides a variety of bonuses and rewards to users, primarily through their collaboration with eWalletBooster. There are also prizes to be won each year which can give you great deals. In addition, some brokers that accept ecoPayz deposits offer welcome bonuses.

Cons Of ecoPayz For UK Traders

• Necessary Upgrades – While it isn’t mandatory that you upgrade from your Classic account to use ecoPayz, the fees for using the Classic and Silver accounts are significantly higher than the others, so it is worthwhile. Upgrading your profile will also mean you can make larger deposits and withdrawals at ecoPayz brokers. With that said, most trading firms have their own limits. RoboForex, for example, allows deposits with the payment method of between 10 – 4,200 USD, while withdrawals of 10 – 100,000 USD are allowed.
• Currency Conversion Fees – Users will have to pay currency conversion fees, and although they go down in price as you upgrade your account, this can take some time. This means that users will be paying 2.99% conversion fees until they reach Platinum accounts. To keep forex fees down, sign up with UK-based brokers that also operate in GBP.

How To Make Trading Deposits & Withdrawals With ecoPayz

You first need to create an ecoPayz account and have it verified, as well as open an account with one of the brokers that accept ecoPayz deposits. Once you have done both, you can navigate to the payment section of your broker’s website and begin making a deposit.

Select ecoPayz as the payment method. Choosing the payment method will take you to ecoPayz where you will be asked to enter your login information. You can then confirm the transaction, including the amount. Any fees should also be displayed at this stage.

Withdrawing follows much the same process as depositing but may be located in a different section of your broker’s website. There is also the possibility of a slightly longer withdrawal time than you can expect with deposits – up to 5 working days.

Should Traders Deposit With ecoPayz?

ecoPayz gives traders fast payments with low cost and high flexibility. Traders benefit from instant transfers if their broker also facilitates them, enabling you to trade minutes after you deposit money into your account. Furthermore, it is becoming a more commonly provided payment method among UK brokers, so the accessibility is wider today than previously.

Sign up with one of the best ecoPayz brokers to start trading.

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