PayPal is widely regarded as the most popular online payment method worldwide. More Foreign exchange(Forex) brokers accept PayPal, and it is becoming a popular payment method. Day traders prefer PayPal brokers because of quick transfers and greater security for the method. It is also easy to link PayPal with credit and debit cards so that it is easy and fast to deposit or withdraw money. PayPal has strict rules for payment and withdrawal. Hence broker sites that accept PayPal can be trusted more compared to others.
How to deposit or withdraw money at a broker using PayPal?
To withdraw money using PayPal or deposit money using Paypal, traders need to go broker’s member’s area, choose the PayPal payment option, and finish a withdrawal. However, the number of brokers that accept PayPal as a withdrawal option is small. Therefore, traders need to do a lot of research to find PayPal forex brokers. The best forex broker that offers Paypal as a deposit or withdrawal option is Fxpro.
Which brokers deposit with PayPal?
PayPal forex brokers
PayPal forex brokers that are regulated are Fxpro, IC Markets, Oanda, Vantage, XTB, Plus500, eToro. These brokers accept deposits and withdrawal transactions with PayPal. However, for some traders in some countries, there are special restrictions on using PayPal.
Regulated PayPal Forex Brokers list
PayPal is considered the most prominent digital wallet globally since it has more than one quarter billion active accounts. The company was initially named Cofinity in 1998 when it was launched. Then, it was merged with Elon Musk’s company X.com. In 2001, the renamed company was called Paypal. It was publicly listed in 2002. Paypal has incorporated the latest web and mobile technology so that users can transfer money even more efficiently.
Fxpro broker accepts PayPal, but only if you are a registered trader on Fxpro-Cyprus.
2. IC Markets accepts PayPal as a payment option: IC Markets are forex brokers that offer PayPal payment options for deposits. Processing time is instant.
3. Pepperstone broker offers PayPal
This broker offers several payment methods, and PayPal is one of them. Anyway, you need to check with support if traders from your country can deposit and withdraw money using PayPal.
4. XTB PayPal: This platform was established in 2002, and it’s a renowned CFD platform. It supports commodities, indices, stock CFDs, Forex, cryptocurrencies, and ETF CFDs. It offers a low spread, and it has two excellent trading platform options for you, such as xStation 5 and MT4 platforms. The only problem is that the platform has no 24/7 customer support. In addition, the minimum deposit amount is $0.
5.FP Markets PayPal payments: This platform was founded in 2005, and it is regulated by ASIC or the Australian Securities and Investments Commission. FP Markets offers both ECN pricing and DMA trading options. It allows you to deal with more than 10,000 financial instruments. The platform has an excellent customer support and trading tools. However, the venue may be difficult to use and handle for beginner traders. The minimum deposit amount is $100.
6. Plus500 PayPal deposit: This is a popular and famous online forex provider. Founded in 2008, the platform has regional offices located in Australia, Cyprus, Singapore, and the UK. It has more than 2,000 CFD products for traders. But, there is no phone support option. The minimum deposit amount is $100.
Though PayPal was not developed for Forex trading, it has become trendy. Hence more brokers are accepting PayPal since there are many advantages like:
– Fast, secure, and reliable fund transfer using Paypal
– Easy to make payment using a computer or mobile app
– Withdrawals and deposits with Paypal are quick, much faster compared to bank transfers
– the PayPal account can be linked to a bank account, credit and debit cards for withdrawals and deposits
– most companies worldwide are familiar with Paypal, a popular eWallet
PayPal has stringent restrictions to prevent money laundering, so Paypal improves brokers’ reputations and reassures traders.
– The withdrawal and transfer limit is high at $60,000
– Forex traders will find it convenient since it can be used in 56 currencies.
– A PayPal account can be opened free, and there are no charges for having an unused account.
Day trading using a PayPal account has some disadvantages listed below:
– Fees are charged for every transaction
– Foreign exchange conversion fees are fairly high at 4.5%
– The costs for transferring money are increased at 4-12% of the amount.
– There are only a limited number of brokers accepting Paypal
– Chargebacks can be done only for physical goods, so CFD forex traders cannot do a chargeback.
Speed and security
Traders who have money in their account or linked bank account will find that funds they require for trading or money are withdrawn transferred quickly from or to the bank account, usually within one day. Many traders feel that using Paypal is safer than using a credit/debit card since the recipient does not get any card details when the payment is made. Paypal is storing personal card data so that it remains private. However, unlike credit cards, chargebacks are only allowed for physical goods, not currencies or stocks.
Deposits, withdrawals, and fees
In most countries, traders can deposit money and withdraw the balance from their Paypal account. However, in some countries like Ukraine and Israel, the account can be used only to send money; the balance cannot be used to withdraw to their bank account or credit card. In these countries, traders should not opt for Paypal. A Paypal account is opened free of cost, and most traders will already have a PayPal account, which they use for online shopping. While other online wallets like Skrill, Neteller are charging a fee for unused accounts, Paypal does not charge any fee. The Paypal fees are similar to those charged for other digital wallets, and a fee is charged for all transactions. The fee may be 12% in some cases. The PayPal balance amount can be transferred to the bank account free, though charges must be paid for a cheque.
Paypal for Forex trading
Though PayPal is not the most popular method for Forex traders, it can be a good option despite its high transfer fees. PayPal is becoming more popular worldwide, so traders should expect it to become more popular. However, more significant Forex traders should be aware that there are limits on the transaction amount in Paypal, usually $10000 or GBP10000
PayPal is a widely popular electronic payment method used to pay for various goods and services online. The platform allows users to create a digital wallet that needs to be used to perform transactions. Paypal was founded in 1999 by a team of experienced veterans like Elon Musk. Note, Elon Musk is currently the CEO of SpaceX Technologies and Telsa Motors.
CAN YOU USE PAYPAL FOR THE DEPOSIT AND WITHDRAWAL METHOD?
PayPal can be used as the deposit and withdrawal method in the forex trading industry. The best part about this platform is that it allows you instant deposits as well as same-day withdrawals. Hence, there is a minimum waiting/processing time. For deposits and withdrawals, you can use PayPal’s digital wallet linked to your credit or debit card and connected with your bank account. Other than that, you can even use the prepaid cards that third-party companies or forex brokers themselves issue.
PayPal transaction methods for deposits and withdrawals have two added benefits. First of all, it’s seamless, hassle-free, instant, and it requires less processing time. Secondly, the platform and its transaction methods are all secure, and hence your privacy and confidentiality will be protected at every cost.
WHY SHOULD YOU CHOOSE A BROKER THAT ACCEPTS PAYPAL?
* PayPal offers a secure way to deposit and withdraw funds to your forex account.
* The method is simple yet secure.
* It comes with several user authentication processes for ensuring 100% security.
* PayPal digital wallet is fast, and most transactions will be instant.
* The platform is a multi-currency platform that supports more than twenty-five unique currencies. Hence, you will no longer require offline currency exchange.
* The platform charges a small amount of fee.
WHAT FACTORS SHOULD YOU CHECK WHILE PICKING A BROKER THAT ACCEPTS PAYPAL?
There are two factors that you should actually check.
First of all, please check if your country supports PayPal transaction services. A small list of territories is blocklisted from using PayPal. If you belong to such a country, then it will be a problem.
Secondly, please check whether your country has the “Send Only” status in PayPal or not. Among various countries that accept PayPal payments, some come with Send Only status.
Send the Only status means you can deposit funds using this payment method, but you cannot withdraw funds using PayPal.
The best option is to look for such a forex account to send and receive funds using PayPal.
PAYPAL CHARGEBACK OPTION
PayPal offers a chargeback payment option for all disputed transactions. For example, if the trader does not ultimately authorize a deposit transaction, you can take advantage of this Paypal chargeback process, and the platform will initiate the refund.
Note, all of the above four online forex broker platforms accept PayPal transactions.