EasyPay

EasyPay is a Ukrainian finance and payment provider that can be used to make deposits to trading accounts. This guide to EasyPay will cover how to create an account and login, transfer fees, transaction times and more. We also cover the security and safety of client funds.

The best EasyPay brokers include Alpari, Weltrade and Larson & Holz.

How EasyPay Works

The digital payment gateway can be used to pay for various online services, from retail goods to household bills. It can also be used to top up trading accounts. Regular, automatic payments are available to clients who register for an account and save payment details like a debit card or bank account credentials. In total, EasyPay supports over 3,000 online and offline merchants.

Note, there are multiple companies operating under the name ‘EasyPay’, including from South Africa, Bulgaria and the USA. This review is focused on the payment provider based in Ukraine.

History

The EasyPay group was founded in 2007 by Oleksii Avramenko. It was originally set up as a centralised online payments platform, however, the company has since grown substantially and is now licensed by Ukraine’s national bank. Clients can use one of the thousands of physical EasyPay portals around Ukraine, often based in shops. Payment hubs are typically used to manage money in addition to the online transfer gateway.

Transaction Times

EasyPay is a fast payment method, especially when transferring from an existing account balance on a virtual card. Transfers from credit and debit cards are also quick, with near-instant processing. This makes it a good option for depositing funds to online trading accounts.

It’s worth noting, however, that withdrawals can take longer. This is because brokers often have verification and processing procedures that can delay payments. Still, traders can expect withdrawals to process and clear within several working days.

Topping Up

To add funds to an EasyPay account, traders can use one of 14,000+ physical terminals located around Ukraine. Alternatively, the virtual card payment service allows customers to top up their balance and use their online account like a real card.

The firm can also function as a payment processing service, connecting a credit or debit card to a merchant directly. Transactions can be made via a broker’s website using payment gateway integration. These can be completed on the free EasyPay app or via the official website.

Pricing Review

Low charges are a priority for most traders and they are particularly important for those who make regular deposits and withdrawals. Fortunately, zero-commission transactions can be made by clients who use the EasyPay virtual card or the physical card offered by Forward Bank. Several cashback offers are also available for these native payment methods.

Fees often apply to other funding methods such as direct card transfers. In addition, brokers may levy their own charges for deposits and withdrawals, with broker Larson & Holz charging a sizeable 6% for EasyPay deposits.

Security

EasyPay adds a layer of protection to your banking information as the secure payment gateway ensures that card details aren’t exposed to brokers. Furthermore, the company is reliable with advanced protocols, using high-level encryption to shield banking information and personal data from hackers. Additional security measures such as two-factor authentication can also be enabled. And importantly, all payment activity can be tracked on the brand’s app or website.

Support

EasyPay has a well-stocked FAQ section available in English, Ukrainian and Russian. 24/7 phone support is also available via two helpline numbers, as well as a dedicated email address. Support staff were friendly and knowledgeable upon testing.

It’s also worth pointing out that your broker may be able to help with deposit and withdrawal issues. Most platforms today offer an in-app chat service and a dedicated phone line. Some providers also have online forums where you can chat through problems with other traders.

Pros of EasyPay for Traders

Reasons to start trading with EasyPay include:

• Local Currency Transfers – Adding funds to a brokerage account in local currency means traders can avoid exchange rates.
• Physical Locations – The abundance of terminals situated around Ukraine gives traders a range of options when depositing to their account.
• Safety – It is a reputable company that can be trusted to keep card details and personal information secure.
• Virtual Card – Using the virtual card makes it easy to conduct transactions across the internet, including with trading brokers.

Cons of EasyPay for Traders

Downsides of investing with EasyPay include:

• Geographical Limitations – Unfortunately, the payment solution is only available to residents of Ukraine. Traders in the UK, USA and other countries are not accepted.
• Broker Support – Only a handful of online trading brokers and exchanges currently support EasyPay deposits and withdrawals.
• Platform Fees – Despite no commissions from the company, some brokers charge fees for deposits and withdrawals using the transfer solution.

How to Use EasyPay

Using EasyPay to deposit and withdraw from brokers and exchanges is straightforward. Follow these simple steps:

Create an Account

The first step is registration. To create an account, navigate to the EasyPay website and find the registration button in the top right. You will need to enter your phone number, as well as other details including your name and address.

Funding

Creating an account will give you access to a virtual card that can be used to make payments to supported merchants. Add funds to the virtual card either via a physical terminal in Ukraine or online using your credit or debit card and bank account.

Broker Deposits

Importantly, ensure that your favoured brokerage supports payments through EasyPay. Then, after locating the cashier section on the firm’s website, select EasyPay as your deposit method. You will be asked to enter details for your virtual card or sign in to your account through secure payment gateway integration.

Next, select the amount that you would like to deposit, which must be equal to or less than your EasyPay account balance. Then simply click confirm and the funds will be sent on their way. Deposits at most brokers are processed instantly.

Broker Withdrawals

Again, find the cashier or payment options on your broker’s website, but this time select withdraw. Your card details may already be saved. If not, you will need to quickly enter them again. Decide on the amount that you would like to withdraw and hit confirm. Once the broker has processed the payment, the funds should appear in your EasyPay account.

Verdict

EasyPay is an excellent solution for traders in Ukraine. As well as secure deposits to trading accounts, users can manage their money online and set up automatic payments. Registration and login to the payment gateway are also straightforward. On the downside, only a select few brokers currently accept EasyPay deposits. As a result, traders in the US, UK, South Africa and beyond, will need to consider alternatives, such as PayPal or Skrill.

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