Summary: Paysafecard does not allow for direct silver investments on its platform. Nonetheless, those with a Paysafe app or voucher can still use their account to buy silver through a regulated trading platform or stock broker, such as eToro. To do so, Paysafecard users will have to transfer funds to their eToro account and invest in silver securely there.
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Can you buy silver with Paysafecard?
Paysafecard is not an investment platform, so it does not allow in-house silver investments. However, through third-party exchanges, you can still use your Paysafecard account or 16-digit voucher to invest in silver and other precious metals. In other words, you can use your Paysafecard vouchers at a licensed broker and buy silver on their platform.
How to buy silver with Paysafecard?
The most reliable way to invest in silver with Paysafecard is to do it through a licensed exchange such as eToro, an investment platform with Financial Conduct Authority (FCA) license and some 30 million users exchanging over 60 different assets, including precious metals such as silver.
Unfortunately, Paysafecard mostly deals with prepaid cards, which are not a viable payment option at eToro (see the Please Note section). Nonetheless, you can still transfer your Paysafecard funds to, for example, your active PayPal account and bypass this restriction since PayPal can be linked to your eToro account.
Note also that eToro does not allow for physical silver investments. Instead, you can invest in silver contracts for difference (CFDs).
How to buy silver with Paysafecard: Step-by-Step
Buying silver with Paysafecard is relatively straightforward, and you can do it in just five steps:
- Step 1: Sign up for an eToro account (either business or personal);
- Step 2: Transfer funds from your Paysafecard to your PayPal;
- Step 3: Specify the amount of money you’d like to transfer to eToro;
- Step 4: Connect your eToro and PayPal accounts and transfer the specified amount in a fiat currency;
- Step 5: Go to the Commodities section on the website, pick silver, and specify the exact amount you want to purchase.
Disclaimer: 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. This content is not intended for US users. eToro USA LLC does not offer CFDs, only real Crypto assets, Stocks and ETFs are available.
Best Precious Metals Broker for Intermediate Traders and Investors
-
Invest in Gold, Silver and 3,000+ other assets including stocks and cryptocurrencies.
-
0% commission on buying stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.
-
Copy top-performing traders in real time, automatically.
-
eToro USA is registered with FINRA for securities trading.
Silver price today
About Paysafecard
Paysafecard is one of the more popular online prepaid payment services that allows users to make transactions, purchases, and investments online without the need for a bank or a payment card, using 16-digit vouchers and prepaid cards instead. The service was launched in 2000 in Austria, but nowadays, it’s available in 60 countries worldwide, having absorbed some competitors such as Wallie and Ukash.
In addition to payment vouchers, Paysafecard offers users a number of supplementary services:
- Online accounts: Instead of holding countless printout vouchers, you can upload PINs to your online Paysafecard account and make purchases more efficiently;
- A loyalty program: Paysafecard has a PLUS loyalty program that lets you earn points with each purchase that you can later exchange for various rewards;
- Prepaid Paysafecard Mastercard: In some countries, users can also apply for a prepaid Paysafecard Mastercard they can use instead of vouchers.
Paysafecard silver policy
As for 2024, there have been no Paysafecard policies regarding silver, gold, and similar commodities. The only restrictions you might come across are those that apply to Paysafecard payments in general. Naturally, as is the case with eToro, some brokers might not accept prepaid cards as a valid payment method.
Ways you can invest in silver
Excluding physical silver, there are three main ways you can invest in silver via online exchange platforms:
- Silver exchange-traded funds (ETFs);
- Silver contracts for differences (CFDs);
- Silver mutual funds.
Silver Exchange-Traded Funds (ETFs)
ETFs are a convenient investment method that allows you to sell and trade commodities throughout the day. This allows investors to track silver price movements without actually owning the asset, reducing additional storage and security costs physical silver incurs.
Silver contracts for differences (CFDs)
CFDs are a type of derivative, or a contract between the investor and the broker, that guarantees that they will exchange the difference in the price of the asset once the trade is closed. That means you won’t really own silver. Instead, you will make predictions in regard to its price movements, with your profit depending on the differences between its value at the beginning of the trade cycle and its value at the end of it.
Silver mutual funds
Mutual funds are a pool of investment funds drawn from multiple investors putting their assets in a diversified portfolio controlled by a fund manager who makes all the decisions on behalf of the investors. Naturally, this model entails additional costs compared to ETFs, as the latter requires no active management.
Pros and cons of investing in silver
Pros
- It’s a safe haven asset: Silver is usually assumed to maintain its value during times of economic crisis or market volatility;
- Precious metals are good for portfolio diversification: Diversifying your portfolio with silver reduces the risk of bankruptcy, especially since it is independent of stocks and bonds;
- It’s a good inflation hedge: During inflation periods, the price of silver tends to rise, which can help you maintain sure footing;
- There’s a global industrial demand for it: Silver has a liquid market. That is, there are many potential buyers, which makes transactions and trades more efficient.
Cons
- It does not generate cash flow: Unlike other assets, such as stocks and bonds, silver does not generate passive income, its value depending solely on changes in the market value;
- Precious metals can be highly volatile: Although it’s traditionally reliable as a safe haven, silver can still see price fluctuations, especially during times of economic and political turbulence;
- It often incurs additional costs: Investing in silver can often entail additional costs, for example, goods and services taxes (GST);.
- The market is full of scammers: Commodities markets attract a lot of scammers, so it is easy to fall prey to scams such as rug pulls if you are not careful.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
FAQs about how to buy silver with Paysafecard:
Can you buy silver with Paysafecard?
Yes, you can buy silver with Paysafecard by transferring your funds to a third-party brokerage or investment service to conduct your transactions. Some brokers, however, do not accept prepaid cards and vouchers, so you will have to use PayPal to bypass such restrictions.
How to buy silver with Paysafecard?
To buy silver with Paysafecard, you can sign up at a licensed third-party broker such as eToro and use your Paysafecard vouchers there.
Can I transfer funds from my Paysafecard account to PayPal?
Yes, you can link your Paysafecard and PayPal accounts.
Is investing in silver with Paysafecard safe?
Yes, investing in silver with Paysafecard is relatively safe, provided you conduct your transactions with trusted intermediaries only.
Best Precious Metals Broker for Intermediate Traders and Investors
-
Invest in Gold, Silver and 3,000+ other assets including stocks and cryptocurrencies.
-
0% commission on buying stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.
-
Copy top-performing traders in real time, automatically.
-
eToro USA is registered with FINRA for securities trading.
