PayPal is among the most widely available solutions for forex traders looking to set up live accounts, giving them the flexibility to deposit and withdraw without revealing any sensitive data.
TradingPedia brings to your attention 16 of the best forex brokers that work with PayPal.
Also featured in this guide is a detailed explanation of how the method works, along with the main benefits and drawbacks forex traders should consider before they start using it.
Forex Brokers Accepting PayPal
Fusion Markets is an Aussie-friendly online brokerage that hails from Melbourne and focuses on the provision of trading services at a low cost. Here you can find markets with zero spreads and very low commissions for a variety of instruments, including currency pairs, hard and soft commodities, and equity indices. Investors will also benefit from various useful trading tools for technical analysis and copy trading as well as various banking methods, including PayPal.
- CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Traders are bound to enjoy smooth and fair trading thanks to the platform of eToro. This is one of the most popular brokers and it welcomes traders from all over the world. One of the best things about trading at eToro is the variety of other banking options, you can also use PayPal for your fast and secure payments.
Being one of the top CFD and Forex brokers, Forex.com offers its clients a variety of betting markets and a fair trading environment. Traders from all over the world will have the opportunity to speculate on commodities, Forex, cryptocurrencies, stocks, and indices and enjoy very low pricing. Handling one’s trading account is extremely easy and numerous traders can resort to the service of PayPal to manage their Forex.com transactions.
Markets.com is a part of TradeTech, which is the trading division of the huge company Playtech. It is a properly regulated CFD broker that ranks among the top platforms for European traders. Among the different payment options, traders can utilize PayPal for their instant deposits and fast withdrawals. The minimum for deposits is $100, while the least one can withdraw via PayPal is $5.
Pepperstone is regulated in Australia and the United Kingdom but it also welcomes traders from China, Thailand and the United States. Pepperstone has earned its place among the top CFD and Forex brokers in the world by offering a fair and easy-to-use trading platform. Traders can opt for payments via PayPal, which will be processed instantly and will not impose any fees.
City Index is a trustworthy broker, properly regulated by authorities in the UK, Australia and Singapore. It offers traders from all over the world more than 120,000 global markets that include Forex, CFD, spread betting, and commodities. It is possible to fund your City Index account via several secure and convenient methods, one of which is PayPal. It will enable traders to deposit a minimum of $10 and pay no fees for the transaction.
Plus500 is a popular broker that offers its clients a myriad of trading instruments and markets. It is properly regulated by trustworthy jurisdictions in the United Kingdom, Cyprus, and Australia but it also offers its trading platform to traders from different parts of the world. Plus500 allows its clients to trade on both desktop and mobile devices, enabling them to enjoy smooth and secure trading wherever they go. Funding your trading account will be a piece of cake thanks to different services, including PayPal. Deposits and withdrawals are processed in no time and impose no additional charges.
Oanda was established back in 1995, making it one of the oldest, but also most popular, Forex brokers. It is regulated by the FCA, DFSA, MAS and IIROC and it offers numerous trading markets to ist clients around the world. You can set up your account in USD, AUD, JPY, GBP, CHF, CAD, SGD, or EUR and choose from several convenient payment solutions. One of the banking options you can resort to is PayPal, which will allow fast payments that incur no additional fees.
With extensive experience in the trading sector, Admiral Markets knows how to offer a fair and secure trading environment to its global clients. The broker is regulated by the FCA, EFSA, MiFID, CySEK, and the ASIC, which are all well-respected jurisdictions. Traders can choose from several payment options to fund their Admiral Markets account and PayPal is one of them. Deposits are processed instantly and impose no fees. The least amount that can be deposited via PayPal is $10.
FxPRO was founded in 2006 and is one of the most popular Forex brokers in the world. It is regulated in various jurisdictions, such as Europe, the Middle East, and North Africa and it is licensed to offer its trading platform to traders from more than 170 countries. FxPRO allows its clients to resort to several payment options for their deposits and withdrawals. Thanks to PayPal, and other easy-to-use services, traders can deposit a minimum of $500, pay no fees and start trading right away.
Trading 212 pride itself in being the first broker in Europe and the UK to offer traders no-commission stock trading. The company is licensed by the UK Financial Conduct Authority (FCA) and the Bulgarian Financial Supervision Commission. The broker offers an extensive choice of over 1,800 financial instruments to trade with and traders can use Trading 212’s platform on desktop and mobile devices. It is easy to manage your funds via a handful of payment solutions, including PayPal. The least amount you are required to deposit is $30 and you will pay no fee for your transactions.
FXTM has been offering its trading services since 2011 and it has proven to be one of the top brokers that offer fair and secure trading to its clients from all over the world. The company is properly regulated and authorized to offer its trading services thanks to the jurisdictions in Hungary, the Netherlands, Denmark, Spain, and Norway. It holds licenses by the FCA, FSCA, and BaFin. For their deposits and withdrawals, traders can rely on several options, including PayPal. The minimum deposit amount is set at $10 and your transactions will impose no surcharges.
FP Markets mainly caters to the needs of Australian traders, by providing an extensive number of trading instruments and a fair trading environment. Despite being focused mainly on Australian traders, FP Markets also accepts registrations from other countries. The broker is regulated by the CySEC and ASIC, both of which are well-respected jurisdictions. Traders can set up their accounts in AUD, EUR, GBP, NZD, JPY, CHF, SGD, CAD, and HKD. They will be able to choose from different payment solutions for their fast and secure deposits and withdrawals. PayPal is also one of the methods that traders can utilize at FR Markets.
IG was founded in 1974 as a spread betting company and it is currently one of the biggest CFD brokers in the world. The company allows its clients to open demo accounts that will help them get accustomed to the trading platform, which can be accessed on both desktop and mobile devices. IG is regulated by the FCA, ASIC, BaFin, and the Dubai Financial Services Authority. Traders can choose from different payment options for their deposits and withdrawals, including PayPal. The minimum deposit amount is set at $100 and clients of the broker will not be charged a fee for their deposits.
XTB has more than 15 years of experience and it offers traders more than 1,500 trading instruments. Clients of the broker can enjoy fair and safe trading as the company is regulated by the FCA, KNF, CySEC, and IFSC, which are well-respected jurisdictions. Traders choose from several convenient payment methods for their deposits and withdrawals, including PayPal. Your first deposit at XTB must be at least $250, after which, you can opt for smaller deposits. The best thing is that you will not be charged any fees for your payments.
iFOREX was founded in 1996 and it has many years of experience in the trading sector. It offers traders from different parts of the world multifarious instruments and numerous global markets. The company is regulated by the British Virgin Islands’ Financial Services Commission and the Cyprus Securities and Exchange Commission (CySEC). It is easy to fund your iFOREX account instantly and start trading right away. You can choose from several secure and easy-to-use methods, one of which is PayPal. The minimum for deposits is relatively low at $100 and you will not be charged any commission or trading fees.
How to Fund a Forex Account with PayPal
PayPal is one of the best payment solutions for Forex traders as it allows fast and secure payments. If you decide to use this e-wallet to fund your Forex account, you will have no issue utilizing this payment method.
If you have chosen a broker for your Forex trading and you have created your account, you will be ready to use PayPal for your deposits. All you will need to do is head to the payment page of the broker and select the option for deposits. Select the amount you would like to deposit and pick PayPal as the method you wish to use.
By selecting the digital wallet as your preferred payment solution, you will be redirected to a PayPal page that will ask you to log in to your PayPal account. The only type of credentials you will be asked to provide is the user ID and password that you use to log in to your account. This makes the payment process very secure as you will not be asked to expose any type of sensitive data. What is more, if you are using a mobile device that allows fingerprint scans and you are trading via your smart device, you can easily choose to log in to your PayPal account by scanning your fingerprint. Once you have verified the payment, your money will instantly appear in your Forex account.
How to Withdraw from a Forex Account to PayPal
If you decide to initiate a withdrawal of your funds, most brokers will allow you to use your PayPal wallet to cash out your money. The payment process is very similar to the deposit one with the exception that withdrawals take longer as they need to be approved once you have requested them.
When you are logged in to your Forex account, head to the payments section and select the “withdraw” option. The next step is to enter the amount you would like to withdraw and pick PayPal as the method you will use. This will redirect you to another page that will prompt you to log in to your PayPal account and verify the transaction. Yet again, you will not be asked to provide any type of sensitive information.
Once you are done with your withdrawal request, it will usually take between 1 and 2 days for your money to appear in your PayPal account.
Benefits of Using PayPal for Forex Trading
It isn’t a surprise that PayPal is currently the most popular way to pay and get paid. The service is very quick, easy-to-use, and the taxes that apply to all transactions are fairly low. PayPal’s services are preferred by a major part of all Forex traders because it is incredibly easy to deposit funds into your PayPal account and then instantly send them to your trading account.
Speed is one of the most important qualities for Forex traders because they must be sure that they can always rely on their money and participate in all trades. The ability to quickly fund your account is essential to sticking with your trading schedule. This is why you should find the most convenient payment method for you in order to enhance the positive results of your trading activities. Apart from depositing money, PayPal can also be used to withdraw funds from your account.
Forex trading is a risky business in itself, which is why traders should not be willing to take additional risks with the payment solutions they use to fund their trading accounts. Another major positive quality of PayPal is the security it provides for your online payments. Since transactions initiated via the digital wallet do not require exposing any type of sensitive information, you can be sure that your Forex account will be funded in a safe manner.
As most Forex brokers do not impose any additional charges for deposits via PayPal, you will also discover that this payment solution is extremely budget-friendly. This is definitely a good reason to consider using this e-wallet for your Forex trading.
Disadvantage of Using PayPal for Forex Trading
Although PayPal is used by millions of people, the service is still not available in all countries. This is why you must carefully check PayPal’s terms and conditions, and find out if this payment method is available in the country you are residing in. Of course, even if you cannot take advantage of PayPal’s services, there are still plenty of other online and offline payment methods that can be used to deposit funds into your Forex trading account.
Another issue that you may find rather disappointing is the fact that not every Forex broker accepts PayPal. Keep in mind that if a Forex broker is reputable, renowned and respected, then it is almost certain that it will allow you to deposit/withdraw funds via PayPal.
PayPal offers chargebacks only on physical goods which is bad news for Forex traders as they will not be able to request a chargeback if they come across a racket broker. What is more, PayPal has quite a few restrictions when it comes to payments, which is why many Forex brokers choose to accept payments via other e-wallets rather than via PayPal.
Fees and Limits When Using PayPal to Trade Forex
Since there are numerous different Forex brokers you can opt for, it is hard to define specific limits for payments via PayPal. This being said, most brokers will set up a minimum for PayPal deposits along the lines of $100/$200. The maximum amount that you can deposit via this digital wallet may be capped at somewhere around $10,000.
Most Forex brokers will not charge a fee if you decide to fund your trading account via PayPal. This is one of the reasons why this method is considered a good deposit options for Forex traders as they will not have to worry about surcharges imposed by the broker. Keep in mind, however, that if you initiate a withdrawal without embarking on any trading, the Forex broker might charge you a fee of 2.7% for the PayPal transaction.
Although most brokers will not impose surcharges for deposits via the e-wallet, there might be some fees imposed by PayPal for different types of transactions. The foreign transaction fees when using PayPal may reach 4.5% while some transfer fees may range between 4% and 12%. This is why it is always a good idea to check the surcharges that using the service of PayPal may incur.
PayPal Chargeback on a Forex Account
When you are choosing the Forex broker where you will trade, you should be very careful. Make sure that the operator is properly licensed and regulated as this will be of help in instances when you cannot receive your money or, to your surprise, your account is emptied without any reason. If that happens, your best chance to get your money back is to request a chargeback which is fairly easy, provided the broker is regulated by a trustworthy jurisdiction.
In such cases, you can contact the regulator and send them your transaction history. This will allow you to prove that your money has been withheld unfairly and you can leave the issue to the regulator. Unfortunately, this process can sometimes be very burdensome and if you have stumbled upon a racket Forex broker that is not properly regulated, you might have a difficult time getting your money back.
Although PayPal does have a chargeback policy, you must keep in mind that only physical goods are qualified for a chargeback. Unfortunately, Forex trading does not count for chargebacks and you might actually lose your funds if you have become a victim of a racket broker.
Security When Trading Forex with PayPal
If you decide to rely on PayPal for your Forex trading, you can be sure that your payments will be processed in a very secure way. In fact, some claim that using PayPal for your deposits and withdrawals at Forex brokers is even safer than using credit/debit cards.
One of the reasons why this service is considered safe is the fact that it does not require exposing any sensitive information. When you are asked to verify a transaction via PayPal, you will be asked to simply log in to your e-wallet account by using your username/email address and password. If you are trading on your mobile device, you can also set up your PayPal account so that you can log in by simply scanning your fingerprint. This adds another layer of protection to your payments via PayPal.
What is more, the service of PayPal utilizes the latest security technology to protect your money whenever you initiate payments online. The data that you might share is protected on PayPal’s servers, guaranteeing you that your sensitive information is always secured from unauthorized use.
Conclusion
When you are looking for a safe method to boost your Forex trading balance, you can rely on PayPal. Not all Forex brokers accept payments via this digital wallet but those that do, are trustworthy and comply with all of the strict rules of use of PayPal. This e-wallet allows easy, fast and secure payments which is definitely something to be on the lookout for when you are trading Forex.
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