PayRedeem Binary Options Brokers
- Binary Brokers with PayRedeem
- About PayRedeem
- How PayRedeem Works
- Transaction Times
- Pricing Review
- Pros Of PayRedeem For Binary Options Traders
- Cons Of PayRedeem For Binary Options Traders
- How To Make PayRedeem Deposits & Withdrawals
- Verdict On PayRedeem Binary Options Brokers
- How Do I Cash Out Of My Binary Options Brokerage Account With PayRedeem?
- How Do I Deposit To My Broker With PayRedeem?
- How Quick Are PayRedeem Deposits To Digital Options Brokers?
- Is PayRedeem A Good Deposit Method For Binary Options Traders?
- Can I Use VLoad For Binary Options Trading?
Global Primex offers private, secure online payments with its PayRedeem transfer system, providing binary options traders with a risk-free method for deposits and withdrawals to online brokers. In this review, we explain the pros and cons of funding your binary options account with PayRedeem.
We also list the top binary options brokers that accept PayRedeem deposits in 2023.
Binary Brokers with PayRedeem
PayRedeem is a secure online payment solution developed by the US financial technology company Global Primex and supported by several binary options brokers.
Global Primex specializes in reliable digital payment methods, with a strong emphasis on anti-fraud measures. The company launched its payment platform in partnership with the New York-based Metropolitan Commercial Bank as ‘VLoad’ before rebranding to ‘PayRedeem’.
The firm’s system is based on prepaid debit cards known as “eCards”, which are available in EUR, USD and JPY currencies. Customers can buy eCards either for general use or specifically to be used with a range of companies from the gaming, gambling and binary options trading sectors.
How PayRedeem Works
The transfer solution works through Global Primex’s payment platform, providing industry-leading privacy and security to consumers. To use the payment method, binary options traders will need to buy the brand’s digital cards.
These are electronic cards (eCards) that hold your money. Each comes with a 16-character pin that can be entered at checkouts with participating merchants to make purchases.
This includes binary brokers that accept PayRedeem, allowing you to deposit funds into live trading accounts.
You can also use the company’s Payout digital cards to make instant withdrawals from your binary options account.
Withdrawn funds can then be used to make further transactions using the payment system, transferred to a Bitcoin wallet or sent to your personal bank account.
The company has a tier system that determines the amount of money users can spend buying eCards each year. Lower tiers will have lower limits, with access to higher limits through the upper tiers. These are obtained by providing valid government-issued ID as well as proof of residency.
As such, higher-tier membership may be sensible for traders looking to invest more money with binary options brokers that accept PayRedeem.
Purchases are processed in real-time, allowing for near-immediate transactions. You will typically have instant access to your deposited/withdrawn funds at binary options brokers that accept PayRedeem.
Both Alpari and Pocket Option, for example, offer immediate deposits with PayRedeem, while withdrawals are usually processed within three working days.
Most binary options brokers that accept PayRedeem deposits offer free account funding using the payment solution, including Alpari and Pocket Option.
Withdrawal costs vary between PayRedeem binary brokers. Some have no withdrawal fees, while other platforms charge a percentage-based or flat rate.
PayRedeem also comes with a 5% withdrawal fee when withdrawing from the eCards to your chosen account (bank account via wire transfer, crypto wallet via Bitcoin (BTC)). The type of account you can withdraw to is also determined by your tier.
Note, when you make a withdrawal from your binary options brokerage account to an eCard, the withdrawn amount must be rounded to a whole unit (for example $1, $2, etc.). Some PayRedeem binary options brokers may also want this to be a multiple of 10.
eCards are single-use, non-transferable, and non-reloadable cards that work on Global Primex’s secure payment system. With the firm’s strong emphasis on security and privacy, you can expect safe transactions when depositing and withdrawing funds from PayRedeem binary brokers.
Additionally, since payments can only be made to binary options brokers that accept PayRedeem, the system eliminates common methods of fraud faced by online traders.
Pros Of PayRedeem For Binary Options Traders
- eCards are purchasable via common payment methods (including Mastercard, Visa, Bitcoin (BTC), etc.)
- Fast deposits to PayRedeem binary options brokers through the proprietary Merchant Network
- Safe, secure transfers using Global Primex’s payment system
Cons Of PayRedeem For Binary Options Traders
- Withdrawal fees can cut into potential profits
- Spending limits and withdrawal options are limited by tiers
- Can only be used by PayRedeem binary options brokers in the proprietary Merchant Network
How To Make PayRedeem Deposits & Withdrawals
First, you must open a PayRedeem account and choose your tier level (automatically set at tier 0). Higher tiers will allow you to spend more on eCards, and thus deposit more money in your binary options brokerage account.
You will need to buy an eCard on the brand’s official website. The firm accepts a range of payment methods. Some PayRedeem binary brokers will automatically redirect you to the company’s website to purchase an eCard.
In the deposit section of your binary options broker, choose the PayRedeem option and enter the required information. This will include the code associated with the eCard you want to use for depositing. Deposits may come with fees depending on the brokerage.
To claim profits, go to the withdraw option in your binary options brokerage account and choose PayRedeem. You will have to enter your details into a form, and then send the request. You will normally receive an email address with a confirmation link.
Click the link to confirm your withdrawal. This should send an eCard to your PayRedeem account.
Note that this process may vary slightly among binary options brokers that accept PayRedeem.
Verdict On PayRedeem Binary Options Brokers
PayRedeem offers traders a quick, safe method for transferring funds into and out of their binary options brokerage accounts. Global Primex also has a focus on privacy, making this a sensible payment method for investors who value security and anonymity.
However, the firm’s use of a tier system can be limiting.
Delays could occur trying to verify your details to reach higher tiers. Furthermore, the spending limit on each tier is inconvenient for binary options traders looking to invest large amounts.
But possibly the most important factor to consider is the small number of PayRedeem binary brokers currently available. The pool of binary options brokers that accept PayRedeem deposits is limited, restricting your options.
How Do I Cash Out Of My Binary Options Brokerage Account With PayRedeem?
To cash out from PayRedeem binary brokers, you need to have a PayRedeem account. You will need to fill out your account details and choose the PayRedeem option when withdrawing funds from your trading account. You will then receive an eCard in your account. From here you can then withdraw funds to a bank account/crypto wallet with a fee.
How Do I Deposit To My Broker With PayRedeem?
You will need to log into your PayRedeem account and purchase an eCard for the amount you want to deposit. In the binary options broker’s deposit menu, you will need to choose PayRedeem and inputted the information requested, including a key code. The deposit will then take place.
How Quick Are PayRedeem Deposits To Digital Options Brokers?
PayRedeem transfers are usually quick (sometimes instant) as they are processed in real-time. Many PayRedeem binary options brokers will indicate that the transfer will generally be complete within an hour or two, including at Pocket Option and Alpari. Withdrawals however, can take several working days.
Is PayRedeem A Good Deposit Method For Binary Options Traders?
PayRedeem is a fast, secure payment solution that can be used to deposit and withdraw funds from some binary options brokers. The method requires users to buy eCards that hold money.
These eCards have an associated key that can be inputted at checkout with supported merchants to transfer/spend money. In general, PayRedeem is a good option for binary options traders because it is quick and secure.
However, the small number of binary options brokers that accept PayRedeem deposits is limiting.
Can I Use VLoad For Binary Options Trading?
VLoad is no longer available – it has been rebranded as PayRedeem. The functionality is the same, but with more features and options available. If your binary options broker used to accept VLoad, there is a good chance they will accept PayRedeem deposits and withdrawals.