With the rapid growth of online trading within the past handful of years, it is now hard to imagine a time when placing bets on your favourite sports game or ordering from your merchant of choice could not be done from the click of a button. Today’s online traders are faced with another challenge: choosing the right payment service. Amidst the several dozens of options on hand, committing to a single payment system is no easy task and reading all about their conditions does not always simplify the case.
The internet may be a goldmine of information, but all these pages and pages of information can quickly fly over one’s head, finding yourself not much further from where you first started at. It certainly does not help that official sites like to dazzle their potential clients with stylish web designs, leaving little space for concise information, and even less so for well-structured comparisons with their competitors. Luckily, it is precisely all of these issues that this article hopes to tackle in this clear and thorough comparison between ecoPayz and NETELLER.
Brief overlook of ecoPayz and NETELLER
ecoPayz finds its origins in the UK at the turn of the century in 2000, under the name “ecoCard”. It maintained this appellation until 2013, when it underwent a significant rebranding which brought about the change of their logo, alongside their business direction. This turnaround marked the company’s shift towards the gambling and online trading industries, seeking to make ecoPayz the payment service of choice of this new clientele. It has been driven on such a goal ever since, expanding to the national markets of countries across the world.
Although established just a year before in 1999, it was on the other side of the world, in Canada, that NETELLER first saw the light of day. Within a few months, the company became one of the most popular method for depositing funds to various gaming sites. This early success allowed the company to accumulate 90% of its profits from the gambling industry alone. As 2015 rolled about, NETELLER acquired one of its principal competitors, Skrill, to boost the Paysafe Group to the top of the global payment system league.
Both companies operate with a licence from the FCA. Although ecoPayz and NETELLER have a well-established reach across the globe, each system differs in the accessibility of their service in different countries. As of 2019, NETELLER has suspended its services in the United States, whilst it maintains its prohibition on gaming sites transactions in a number of countries including Canada, Singapore, Turkey and Israel, for questions of local legislation. It is these local specificities which justify the various divergences between payment systems with regards to requirements, commissions and other conditions.
Despite such individual restrictions, both companies remain known to every avid gambler and bettor as some of the most affordable methods for depositing their bets and withdrawing their earnings across various online platforms.
ecoPayz vs NETELLER: VIP comparison
The ecoPayz VIP program is as follows:
|Status||Requirements||Requirements with Baxity||Additional information|
|Gold||€25,000 worth in deposits||free*||Assigned immediately upon successful completion of the verification process|
|Platinum||€50,000 worth in deposits|
|VIP||€250,000 worth in deposits||€10,000||Highest status unlocked after just €10,000 worth in deposits|
* There can be some restrictions for the residents of UK, Canada and Bangladesh if they want to get Gold status in ecoPayz on special terms.
NETELLER has more stringent conditions for obtaining VIP statuses:
|Status||Requirements||Requirements with Baxity||Additional information|
|Bronze Pro||n/a||free||Assigned immediately after the verification of your account|
|Silver||$15,000||$7,500||You will receive VIP Silver after $7,500 worth in deposits within 30 days of registration via our link|
Although most companies will subject their VIP schemes to a similar structure, they may differ significantly on the conditions associated with such exclusive status. It is therefore important to clarify certain elements of the table above.
Any VIP status achieved on ecoPayz is attributed for life, regardless of level. This makes NETELLER’s fixed calendar quarter rotation seem rather meagre in comparison. Hence, acquiring a VIP status on NETELLER is most profitable when achieved early on in the calendar quarter since it will only be valid for that period of time, not full 3 month. On such grounds, ecoPayz undoubtedly comes out on top with regards to its loyalty program.
Another important factor to consider is the actual requirements for obtaining and upgrading one’s VIP status. Where ecoPayz requires a total of €250,000 or equivalent in deposits to unlock the highest status, NETELLER will grant you its Exclusive level for a hefty $600,000 limited to transfers to sellers.
This discrepancy runs all the way through the intermediate levels which are more accessible in ecoPayz, rather than NETELLER. The first two levels, Classic and Silver, can usually be achieved with ease after registration and full verification of one’s account. Starting from Gold however, your ecoAccount will be required to comply with additional requirements and place a minimum number of transfers to sellers under standard conditions. These come in the form of a credit card verification or a mandatory €5,000 deposit, reduced to €2,500 via credit card.
Whilst NETELLER operates on higher status rates, its official website claims that once these demanding requirements are met, the status upgrade occurs automatically. EcoPayz is slower on this ground, taking up to two business days for a similar procedure.
Registering a NETELLER account via Baxity will provide you with a range of additional benefits. These are briefly summarised below:
- Upon successful verification of your account, sending in a quick message to Baxity’s support team will instantly upgrade your account to Bronze PRO free of charge.
- Silver status may be achieved after just $ 7,500 worth in deposits – two times under the standard rate of $ 15,000
- Priority account verification (within just 24 hours of request)
Registering onto ecoPayz with Baxity also has its own advantages:
- Verification within just 2 hours of completion
- Gold status upgrade immediately upon verification – no €25,000 deposit required
- Preferential terms for achieving the highest VIP status – for deposits adding up to just €10,000, instead of the standard €250,000
- Cashback for high rollers.
Comparison of ecoPayz vs NETELLER Fees
Commission volumes and other charge rates tend to make up the number one argument for most users choosing a payment system. After all, what is the point in winning big at a poker table if you will be losing half of it to transfer fees. This key information is most easily resumed within a table comparing the most relevant fees as detailed by both competitors.
|Number of currencies available||54||28|
|Number of accounts||1 multicurrency||1 multicurrency|
|Sign Up Bonus||no||no|
|Account Failure Fee||Free for the first 12 months; €1.5 for each subsequent month||Free for the first 12 months; $5 for each subsequent month|
|Cash Out to Bank Account||from € 5.9 to € 10||$10|
|Withdraw money via the card||2%||from 1.75% to $6|
|Money Transfer (P2P)||
Starting at 1.5%, reduces to 0 from Gold status onwards.
Free of charge for Baxity users immediately after verification.
|Starting at 1.45%, free of charge from Silver status onwards.|
When ecoPayz underwent a major rebranding campaign back in 2013, it not only changed its name but also took great care in broadening the number of currencies it offered on its site. Making sure that users across the world could benefit from their service certainly promoted the system’s exposure, boosting its previously low demand by offering as many as 54 different currencies to choose from. Comparatively, NETELLER barely passes the middle mark with just 28. This significant advance makes ecoPayz a truly international service, even placing it beyond one of its other major competitors, Skrill at 42 currencies. One should keep in mind that a larger selection of currencies directly correlates with lower conversion fees, no small element when it comes to commissions.
In terms of standard accounts, devoid of any VIP status, the currency conversion charges add up to being more profitable with ecoPayz. When one does however take status levels into account, NETELLER’s conditions come out better, although still inferior. One has to wait, and spend, until reaching the highest Exclusive level to see NETELLER’s rates become even just slightly more advantageous than its competitor at a similar VIP tier, with rates at 1.29% and 1.49% respectively (in ecoPayz).
Depositing with ecoPayz via a bank transfer engenders absolutely no charge, whereas its competitor charges a 2.5% commission no matter the method chosen for such deposits.
Comparison of ecoPayz vs NETELLER Mastercard
These payment services may have started off online, but that certainly does not mean that their reach is limited to a set of URLs. Indeed, having a branded prepaid card on offer has become a critical criterion in the choice between payment systems. A site’s ability to provide its customers with a special “plastic” card is a significant bonus in the eyes of potential users. It comes as no surprise then than both ecoPayz and NETELLER have such cards available for order, the ecoCard Prepaid MasterCard and the NET+ Prepaid MasterCard respectively.
A comparison between each card is detailed in the table below.
|Order Fee and Annual Service||free||€10|
|Time of delivery||5-10 business days||2-10 business days|
|In which countries is available||Member countries of SEPA – single payment zone in the euro currency||Member countries of SEPA – single payment zone in the euro currency|
|Available currencies||USD, GBP, EUR, PLN, DKK, CZK, NOK, SEK||EUR|
|ATM withdrawal limits (per day)||€750 with Silver status, €1500 with Gold status and above||$ 3300 with Gold status and above|
|Limits of purchases (per day)||
€1000 with Silver status,
€2500 with Gold status and above
|$ 7,000 with Gold status and above|
|Validity||4 years||3 years|
|ATM withdrawal fee||2% (minimum charge €1.5)||1,75%|
In both cases, the fees associated with the order of such a prepaid card are heavily reliant on your account status, whereas the extent of their value is dependent on the payment system. The NET+ will cost you €10 up until Silver VIP status and above where the charge drops to nil. The ecoCard may free to order the first time but it will cost significantly more to reissue the card at €12.50, compared to the standard €10 set by its competitors.
Both prepaid cards are available for exclusive order in member countries of the Single Euro Payment Zone. This includes all countries of the European Union, as well as Switzerland, Iceland, Norway, Andorra, San Marino, Liechtenstein and Monaco.
One should take care during their Prepaid MasterCard when selecting the currency of the card since this will essentially determine the subsequent currency conversion charges it may be subject to in future payments. Not only may you run into additional fees for ATM withdrawals, you may also face hefty conversion charges. ecoPayz offers more currency choices than its counterpart with 8 to choose from, versus NETELLER’s 1. Subsequent ATM withdrawal fees are held at a 1.75% rate for the Net+, coming out as more profitable over the ecoCard’s 2% rate.
The limits applied to such withdrawals are comparable at the most basic level but diverge more significantly as one moves up in VIP status level where NETELLER’s become comparatively more generous. They are in fact more than twice as high as ecoPayz’s €1,500 for Gold status, rising to $3,300 for Gold and Bronze Pro tiers. The situation looks very much the same when it comes to purchase limits.
Cashback and security comparison of ecoPayz vs NETELLER
You may have the cheapest rates and most generous limits on your payments, but at the end of the day, none of that matters much if your account is not kept safe from potential hackers and scams. The thrill of winning big on a bet can leave just as quickly as it came when one loses that sum or even more. A comparison of these different safety measures is therefore critical to consider and readily set out below. Although not as decisive when it comes to the running of your account, cashbacks are certainly a valued bonus and are also compared for both payment services.
|Promotions and cashback||for high rollers (on request)||up to 0.6% + tournaments for Exclusive VIP clients|
|Strong customer identification||No||Yes|
The UK Financial Supervisory and Regulatory Authority (FCA) license and regulate ecoPayz, NETELLER is regulated under the Bank of Ireland. These two organisations are known worldwide for the high-standards and rigorous requirements they set on the companies they agree to license. Compliance with such regulations serve as a prime testament for the safety and reliability of such organisations.
Of the may methods put in place by companies to ensure the safety of their users and their money, two-step authentication and the use of Secure Sockets Layer technology stand out as the most notable security systems. As of fall of 2019, NETELLER has introduced an additional layer of protection imposed on their customer identification process.
Regarding certain changes for the worse, NETELLER has just recently cancelled its “Rewards points” loyalty program, forcing its users to rely solely on cashbacks for Exclusive VIP status at up to 0.6%. Another debatable addition to their service was the introduction of a penalty commission on the entry of false or inaccurate data during registration. It may be taken as just another layer of security, further contributing to the overall reliability of the payment service – although not everyone will be glad to pay $150 for a typo in their personal data submission.
Benefits of ecoPayz vs NETELLER
The key benefits of ecoPayz may be summed up briefly as follows:
- Universality. Whether you are an avid gambler or a devoted online seller, the site gives you all of three types of accounts to choose from: personal, business or seller account. Devoted to serving the individual and their needs, Neteller limits its users to just one type of account.
- Lower currency conversion fees. Standard accounts are subject to a 2.99% charge, against 3.99% for its competitor.
- Lower thresholds for reaching the highest status. EcoPayz has set this minimum at €250,000, far below NETELLER’s staggering $600,000.
- Zero deposit commission.
NETELLER beats ecoPayz in the following domains:
- Its most recent addition to its security measure, the strict identification of customers, decisively places the service above its competitor. This essentially requires a SMS or email code confirmation every time you wish to log in or complete a transaction.
- Faster assignment of VIP status. Upon successful meeting of the status level requirements, your account will automatically be upgraded, no two days-long waiting time or further conditions as otherwise imposed by its competitor. VIP Bronze PRO status is the only exception to this, requiring a direct contact with Baxity’s support team to apply for the upgrade.
- Greater sellers NETELLER is a name familiar to most poker sites or bookmaker offices, allowing for a quick and easy deposits to any of these sites. ecoPayz’s late start in this domain has left it behind its competitor, although its reach keeps growing with every year that passes.
- NET + is superior to ecoCard in a number of ways. Most notably: lower ATM withdrawals charges for standard accounts, as well as more generous limits on ATM purchases and withdrawals.
- Integration with Skrill. No matter your needs, two payment services are always better than one. NETELLER’s close association with Skrill lets its users transfer between the two on both cheaper and quicker rates.
- Cryptocurrency opportunities. The payment system is an official provider of the most popular cryptocurrencies, including Bitcoin, Bitcoin Cash, EOS, Ethereum, Ethereum Classic, Litecoin, XLM, XRP and 0x; all available for buying and selling at one’s guise.
Concluding the comparison
Without a doubt, both payment services have their own profitable advantages and unfortunate disadvantages. Ultimately, most of the differences listed arise out of the user base accumulated by each company. Whereas NETELLER holds an imposing global presence with its 23 million clients, ecoPayz claims a more humble clientele, even though it has seen rapid growth in recent years from its competitive commission rates. Similarly, the nature of their customer base has also greatly contributed in shaping each payment service as it stands today. NETELLER has focused its target audience on private user accounts, sacrificing other types of accounts which form a principal part of ecoPayz’s business. Indeed, this is precisely what has respectively shaped ecoPayz’s universality and NETELLER’s repute in the online gaming world. If you are looking for versatility and a tool which can serve you for a number of purposes, ecoPayz is the one for you. On the other hand, if you are eager to start cryptocurrency trading or placing bets on poker tables across the world, NETELLER is the payment system that will help you gather your big earnings. Ease of use and reliability is at the heart of both companies, what remains to separate them is your own needs and preferences.