Choosing the right forex broker is not an easy task for traders. Traders always give priority to brokers that offer superior payment methods. PayPal is one of the most popular financial service platforms that the majority of brokers use to attract customers. PayPal is the largest online financial services platform that offers low fees and faster transaction speed.
Whether you trade from America or Asia, PayPal is a low cost, efficient and swift process to put or withdraw funds in the trading account.
In this guide, we have reviewed the top ten PayPal forex brokers for 2019 and have found that eToro is by far the top-rated platform due to its friendly interface, number of forex currency pairs and regulation. Read on to find out the advantages of trading forex with Paypal as well as the top forex paypal brokers for 2019!
- Exchange
- Properties
- Trade FX
- Slick forex trading platform
- Copy successful forex investors
- FCA & CySEC regulated
66% 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.
What makes trading forex with PayPal safer?
✅ It is a secure payment method for both the deposit and withdrawal of funds.
✅ When a platform offers PayPal as a payment method, depositing funds will be very easy will only take a few seconds.
✅ If you have a PayPal account, there is no need for you to share your bank details on a broker or any other third party.
✅ You can save multiple credit and debit cards on your PayPal account, which means that you can be sure that your payment will be successful on your first try.
✅ As long as you are connected to the legit PayPal site, the information you share will be hidden from other parties.
✅ After the transaction is verified by your bank, your payment will be processed instantly.
✅ PayPal has a KYC procedure, also known as “know your customer procedure”. It is a way for certain bank and payment services providers to prevent customers from being victims of money laundering.
✅ PayPal has a chargeback feature! This means that if someone stole your identity or you’ve paid for a service you did not receive, you can get your money back.
✅ PayPal has a Purchase Protection Policy, meaning that if you pay for a service that was not as described, you will get a refund.
✅ Generally, if the PayPal option is available among the payment methods of an exchange, it is usually a good sign.
What are the Best 10 Paypal Forex Brokers?
1. eToro – Best Paypal Forex broker for new traders
eToro is one of the best and a reliable broker that uses PayPal as a payment method. It is a multi-asset brokerage company and social trading platform with registered offices in several countries such as Israel, Cyprus, and the United Kingdom. Traders all over the world like to use eToro amid its easy-to-use trading platform. The broker offers multiple innovative features like social trading which lets traders copy others along with lower trading fees. Have a look through our eToro forex platform review to find out everything you know about the platform.
| Regulation | CySEC (Cyprus) |
| Minimum Initial Deposit | $200 |
| Demo Account | Yes |
| Asset Coverage | CFDs, Forex, Cryptocurrency, Shares, Commodities, Indices |
| Leverage | 20:1 |
| Trading Platforms | Proprietary Web, Mobile Apps |
Almost 6 million users are registered on eToro platform, giving it the status as an industry leader. It is also among the best PayPal forex brokers. The trading platform permits traders to make a free deposit from PayPal account. However, this PayPal broker charges a small fee on withdrawals.
Its trading platform is easy to use and available in several languages such as English, Spanish, German, Italian, Russian, French, Polish, Chinese, Greek and Arabic. This forex broker allows traders to trade through the web, mobile and eToro App.
Out of all the forex brokers we tested, the account creation process, as well as verification was by far the quickest on eToro. The deposit and withdrawal process was also extremely seamless and quick.
Pros:
- Exceptional social networking
- $200 Minimum Deposit
- Demo account
- User-Friendly Platform
- Numerous payment Methods Including PayPal
- Low commissions
- Copy Trading
Cons:
- No customization
- Lack of fundamental data
- Lack of news flow
- No MT4 Platform
How to trade forex with PayPal on eToro
Step 1:
Create an account on eToro by clicking here. You will have to type in your full name, username, email address, phone number and create a password. You will then have to accept the terms and conditions and click on “CREATE ACCOUNT”.
Step 2:
You will then have to verify your identity to be allowed to start trading. This includes providing a copy of your passport and proof of address once you’ve filled in all the personal details required. It will take a couple of days for your identity to be verified.
Step 3:
You will now have to click on “deposit” to access the payment page. All you have to do is choose the amount you want to deposit and select your preferred currency and then select PayPal as a payment method. You will be redirected to the PayPal portal to complete the payment.
Step 4:
You are ready to start trading. To do that, you simply have to access the trading space and either view the asset list to choose the asset you want to buy or you can look for a specific asset in the search engine of the platform. To purchase an asset you just have to select it and click on “buy”.
- Exchange
- Properties
- Trade FX
- Slick forex trading platform
- Copy successful forex investors
- FCA & CySEC regulated
66% 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.
Supported Countries
Etoro currently has over 10 million users worldwide. You will certainly be able to trade on it unless you are from one of the following countries: Iran, Myanmar, North Korea, Sudan, Cuba and the US. You will not be able to trade on eToro in the US because of local regulations that do not allow the broker to accept US citizens or residents as customers.
Fees
PayPal usually charges a fee of 3% when you transfer or receive funds. For instance, if you decide to deposit $250 in your account, PayPal will charge an additional $7.5.
2. Forex.com – Best Broker for US Customers
Forex.com is one of the oldest and most respectable forex brokers in the world. The main reason for this is that the firm is one of the subsidiaries of the futures prime broker Gain Capital.
Keep in mind that when it comes to forex trading in the US things changes dramatically as it is one of the most regulated asset classes and overall trading sectors of the market. The reasoning for such tight control over this type of trading is that Forex has always been the preferred asset class for scammers and brokers churning their customers, driven by the fact that there’s is not a centralized exchange managing the prices.
From a technical perspective, the firm offers most of the tools needed in order to successfully and profitably operate the financial markets without many problems.
| Regulations | CFTC |
| Leverage | 1:50 |
| Minimum Deposit | $200 |
| Headquarter | New Jersey, US |
As mentioned before the US market is one of the overall hardest regulations to offer brokerage services in the world, seeing a broker delivering a cheap access to forex trading only proves how reliable and stable the company truly is.
Pros:
- MetaTrader and NinjaTrader support
- Lots of education materials
- Direct market access accounts
- Over 80 forex pairs to trade
Cons:
- Maximum leverage on only three pairs
- No MetaTrader on spread or DMA accounts
- Relatively expensive compared to their European competitors
How to trade forex with PayPal on Forex.com
- Create an account on the Fx Pro website
- Verify your identity with the documents needed
- Access the deposit page
- Select PayPal
- Type in your deposit amount and start trading
Supported Countries
Please be aware that forex.com is available for post international traders, but most importantly it is one of the best options for anyone interested in trading the forex market from the US.
Fees
Just like with other US brokers, all deposit and withdraw transactions are done via wire transfer or even cashier check. This helps in terms of transparency in the market.
3. FxPro – Best PayPal Broker with 60+ Awards
Registered in Cyprus, FxPro is a PayPal forex broker that offers a user-friendly trading platform for both beginners and experienced traders. This PayPal broker is popular among traders amid its long history in the online trading industry with a wide range of features and options. Their innovative platform offers plenty of account types according to investor’s strategy that increases their potential to beat market trends.
| Regulations | FCA, CySEC, DFSA, and SCB |
| Leverage | 1:10 to 1:500 according to the asset type |
| Minimum Deposit | $100 |
| Headquarter | London, UK |
Accounts types for traders at FxPro includes FxPro MT4 Fixed Spread, FxPro MT4 Floating Spread, FxPro trader Floating spread with market execution, FxPro MT5 Floating spread with market execution, and FxPro SuperTrader Investment account.
Their user-friendly web page is full of helpful information, charts, and quotes. It’s quite easy to navigate throughout the site; their real or demo account along with flexible deposit and withdrawal options makes it one of the best forex trading platform.
Established in 2006, Global Brands Magazine awarded FxPro with the UK’s most trusted Forex brand in 2017. It is regulated by the FCA, CySEC, FSCA, DFSA, and SCB.
Pros:
- Real-time news
- Above average product offering
- Transparent pricing
Cons:
- Relatively high fees
- No anonymous demo account
- Weak educational platform
How to trade forex with PayPal on FxPro
- Create an account on the Fx Pro website
- Verify your identity with the documents needed
- Access the deposit page
- Select PayPal
- Type in your deposit amount and start trading
Supported Countries
The broker is available in over 170 countries, including Cyprus, the UK, South Africa, United Arab Emirates and Dubai.
Fees
We were unable to find information on how much PayPal charges for withdrawals and deposits on FxPro specifically. We know that PayPal usually charges a 3% fee of the total transaction amount.
4. Plus500 – Best PayPal Forex Broker Based on Large Trading Volume
Plus500 is among the most popular brokers offering PayPal that enable investors to trade a number of financial markets with comparatively low spreads. Established in 2008, This PayPal broker has been offering a wide range of instruments such as CFDs on forex, stocks, commodities, options and indices. The platform is registered in the United Kingdom.
| Broker | Plus500 |
| Regulation | FCA (UK), CySec (Cyprus), ASIC (Australia), MAS (Singapore), FMA (New Zealand) |
| Minimum Initial Deposit | €100 |
| Demo Account | Yes |
| Asset Coverage | A trader with a Plus500 account can trade CFDs on underlying financial instruments such as Forex, Stocks, Commodities, Options, and Indices |
| Leverage | 30:1 Retail Accounts & 300:1 Professional Accounts |
Its safe and reliable payment options enhances traders confidence. Along with other payment methods, this forex broker supports deposits and withdrawals through PayPal. In addition, Plus500 does not charge any commissions on all trades; the costs are contained within the spread.
It is also a publicly traded company on the London Stock Exchange with a market capitalization of $2.25 billion.
Plus500’s trading platform is accessible from web and mobile. Its easy-to-use interface permits traders to create their watchlists, monitor trades and analyze charts. The company offers several types of technical charts that can be expanded to full screen. Its mobile applications also comprise all of the functionality that is available on the web application. You can have a look through our Plus500 broker review to find out the details about it.
Pros:
- A trader with a Plus500 account can trade CFDs on underlying financial instruments such as Forex, Stocks, Commodities, Options, and Indices
- The lowest spreads and commissions in the industry
- Crypto trading is available
Cons:
- Sparse library of educational materials available
- While customers can trade more than 2,000 instruments, there are few tools to use to analyze those instruments
- Lack of news flow
- No MT4 Platform
How to trade forex with PayPal on Plus500
- Create an account on Plus500
- Verify your identity with the required documents
- Click on “deposit” to access the payment page
- Select PayPal as a payment method
- Insert the amount you want to deposit and start trading
80.6% of retail CFD accounts lose money
Supported Countries
The countries where you can trade on Plus500 include Cyprus, the UK, Australia, Singapore and Bulgaria.
Fees
We found that PayPal usually charges a fee of 3% when you transfer or receive funds. For instance, if you decide to deposit $250 in your account, PayPal will charge an additional $7.5.
5. Markets.com – Best PayPal Award-Winning Forex Broker
Markets.com is an award-winning platform to trade CFD’s and forex. It is recognized as the Best Customer Service broker at the London Investor Show in 2012. In addition, this broker complies with all regulatory requirements including liquidity and transparency to satisfy the contractual obligations. Along with regulation from CySEC, the Investors Compensation Fund Scheme offers a cover to traders.
Markets.com is a PayPal forex broker that accepts deposit and withdrawals from PayPal. Its user-friendly interface along with advanced charting package helps in maximizing trading opportunities. This platform is integrated with a number of technical charts and indicators. Markets.com also offers MT5 platform, which most of the best forex brokers on the market use to support their trades.
| Regulations | FSB, CySEC, ASIC |
| Type | STP (Straight-Through-Processing) |
| Leverage | up to 1:300 depending on asset |
| Minimum Deposit | $100 |
| Headquarter | Cyprus |
| US Customers | No |
Traders can easily download its mobile App from Google play store. Their mobile app works similar to their web platform and traders can use all the features on App that are available on the web. Markets.com currently offers 5 asset classes including forex, stocks, indices, commodities, and cryptocurrencies. On the whole, traders can trade more than 2000 financial instruments through Markets.com platform.
Pros:
- Multiple types of trading platforms
- Low minimum deposit requirement
- Over 2000 different types of instruments
Cons:
- ECN trading not available
- Financing rate calculation is opaque
How to trade forex with PayPal on Markets.com
- Sign up on Markets.com on the official website
- Verify your identity with the required documents
- Access the deposit page
- Select PayPal as a payment method
- Make the deposit and start trading
Supported Countries
Markets.com is available in most countries, including the UK and South Africa. The countries it is not available in include the US, Japan, Canada and Australia.
Fees
We did not find information on the fees charged by PayPal on Markets.com, but usually charges a fee of 3% when you transfer or receive funds.
6. IC Markets – Best PayPal Forex broker Based on Largest True ECN
IC Markets is regulated and a well-established forex and CFDs broker. Founded in 2017, IC Markets offers competitive spreads on a variety of assets across several financial markets. The platform is owned and operated by International Capital Markets PTY.
The platform is known for providing the highest leverage in Australia along with low fees and spreads. The strong educational material combined with advanced trading tools makes it the best choice for both beginners and advanced investors.
This platform is reliable because of ten years of history in online trading. It is licensed from the Australian Securities & Investments Commission (ASIC).
| Regulations | ASIC |
| Type | ECN |
| Leverage | up to 1:500 depending on asset |
| Minimum Deposit | $200 |
| Headquarter | Australia |
| US Customers | No |
IC markets offer three major trading platform to traders to chose from: Meta Trader 4 (MT4), Meta Trader 5 (MT5) and cTrader. Traders can trade hindered of assets from both its web application and Mobile app. The broker also accepts several payments methods. It is also among the few forex brokers that accept Paypal payments and withdrawals.
Pros:
- Outstanding trading platform
- The wide range of tradeable products across global markets
- Very safe, secure and highly regulated
- Excellent customer support and educational resources
Cons:
- No bonuses or promotions
How to trade forex with PayPal on IC Markets
- Create an account on the IC Markets website
- Verify your identity with the required documents
- Click on “deposit” to access the payment page
- Select PayPal as a payment method
- Insert the amount you want to deposit and start trading
Supported Countries
IC Markets is supported in most countries. However, there are some notable exceptions, including the US, Canada, Cuba and several African countries.
Fees
PayPal usually charges a fee of around 3% when you transfer or receive funds on IC Markets.
7. Oanda – Best PayPal Award-winning leader in Currency Data, Forex & CFD Trading
Since 1996, OANDA is well known for offering forex and CFDs to traders. Along with the superior transparency and execution quality, its user-friendly trading platforms and low costs are attracting investors from all over the world. The broker is regulated from many countries such as the U.S., U.K., Singapore, Canada, and Australia. They also offer several products for trading. These products include currencies, index instruments, and commodities.
| Regulations | CFTC, DFSA, IIROC, MAS, NFA, FSA |
| Leverage | up to 1:50 |
| Minimum Deposit | $1 |
| Headquarter | United States |
| Other instruments | stocks, indices, commodities, CFD’s |
On the negative side, this broker does not offer cryptocurrency trading and single-stock CFDs. To find out what the best brokers to trade CFDs are, we recommend checking out our top CFD brokers page. However, their reliable trading platform and transparent payments methods make it one of the best brokers all over the world. They accept payments through credit cards and other financial services companies. It is known as a forex broker with PayPal because it accepts financial transactions through PayPal.
Oanda’s trading platform offers excellent service with the user-friendly desktop trading platform. It provides access to several of OANDA’s trading instruments and account analytics. The broker allows traders to use charts from MultiCharts and TradingView. Along with other features such as watchlists, economic analysis and news feed.
Pros:
- Accounts can be opened with as little as one dollar
- It is regulated by governmental bodies
- 71 currency pairs and a range of other asset classes
- Traders can use platforms like MetaTrader 4 or OANDA’s custom-built web and desktop trading software
Cons
- Lack of cryptocurrencies or single-stock CFDs
- Slow customer service
- No negative-balance or slippage protection
How to trade forex with PayPal on OANDA
- Sign up on OANDA
- Verify your identity by providing the documentation requested
- Access the deposit page
- Select PayPal as the payment method
- Insert your deposit amount and start trading
Supported Countries
OANDA can be used as a trading platform in most countries, including the UK, US and Australia.
Fees
PayPal normally charges a fee of 3% when you transfer or receive funds.
8. XTB – Best PayPal FX and CFD Broker as Voted by Wealth & Finance International
Regulated by U.K. authorities and registered with Financial Conduct Authority (FCA), XTB permits traders to trade a variety of assets and markets including forex, stocks, commodities, indices, and cryptocurrencies. If you want to find out more about cryptocurrencies and their market, have a look at our guide on how to buy cryptocurrency online. XTB offers average trading costs and spread compared to the industry peers. It also offers a custom trading platform, MetaTrader 4 and xStation 5. It is available both on the desktop and in the form of mobile application.
| Regulations | FCA |
| Type | Market Maker |
| Leverage | up to 1:200, depending on asset |
| Minimum Deposit | $250 |
| Headquarter | U.K. |
| Other instruments | commodities, CFD’s, indices, ETF’s, bonds, stocks |
Its trading platform has a fairly standard interface. The watchlists, menus, and charts make its platform even more attractive for traders. The broker also provides screening tools, sentiment indicators, and heatmaps along with other helpful information. Traders can reach customer service during the business hours via phone call and chat room.
Traders can trade a number of assets through XTB platform. They offer almost 48 currency pairs, 20 indexes over the world, commodities and close to 1,500 global stocks CFDs. Along with various payment methods, XTB forex broker accepts deposits and withdrawals through PayPal.
Pros:
- Quick deposit and withdrawal
- User-friendly account opening
- Best research tools
Cons:
- Limited portfolio, typically CFD and FX
- Poor sales team
- No 24/7 customer service
How to trade forex with PayPal on XTB
- Create an account on the official website
- Verify your identity with the required documents
- Click on “deposit” to access the payment page
- Select PayPal as a payment method
- Insert the amount you want to deposit and start trading
Supported Countries
XTB is usually available in most countries, including the UK, Poland, France, Germany and Spain.
Fees
We’ve found out that PayPal usually charges a fee of 3% when you transfer or receive funds on forex brokers like XTB.
9. Pepperstone – The Best PayPal Australian Forex Broker
The Australia based brokerage firm, Pepperstone Group, is among the industry leaders in Australia. Established in 2010, this forex broker with PayPal has created a highly competitive trading platform that offers multiple assets such as forex, index instruments, and commodity. You can have a look at our guide on how to trade forex in case you are unsure. On top of that, the strong education system, professional customer service, and desktop and mobile-based platforms have led Pepperstone to make significant growth in the online brokerage industry.
| Regulations | In the UK by the FCA and in Australia by ASIC |
| Type | Market maker |
| Leverage | Ranges from 1:1 to 500:1 |
| Minimum Deposit | $200 |
| Headquarters | Melbourne, Australia |
| Other instruments | CFDs, commodities, cryptocurrency |
The platform has been adding innovative features over the past couple of years. Along with 80 tradable assets, it offers both MetaTrader 4 and MT 5 to traders. The company has recently added a crypto coin trading feature in accordance with its customer-oriented strategy. Higher leverage and lower minimum deposits are among the factor that helped this Australia based brokerage firm to expand significantly since 2010. The fixable payment option is among the best feature of Pepperstone. This forex broker accepts payments through PayPal along with other options.
Pros:
- Web site well-organized and easy to navigate
- Cryptocurrency trading
- Excellent trading guides
Cons:
- Conditional orders lack sophistication
- No single stock CFD coverage
- Scattered and hard to find fee disclosures
How to trade forex with PayPal on Pepperstone
- Sign up on Pepperstone through the official website
- Provide the documentation requested to verify your identity
- Go on the deposit page
- Click on “PayPal”
- Type in how much you want to deposit and start trading
Supported Countries
Pepperstone is an Australian forex broker and was established to operate outside of the European Economic Area and the UK. It is mostly popular in Australia.
Fees
PayPal normally charges a 3% fee for deposits and withdrawals on forex brokers like Pepperstone.
10. IQ Option – The Best PayPal Fastest Growing Broker
Regulated by the Cyprus Securities and Exchange Commission (CySec), IQ Option emerged as the fastest online trading platform that claims to have more than 25 million accounts. This broker offers a variety of financial instruments and assets including Binary Options, Forex, Stocks, and Cryptocurrencies. Established in 2013, the company is complying rules and regulations that regulators have set for brokerage firms.
| Broker | IQ Option |
| Regulation | CySEC (Cyprus) |
| Minimum Initial Deposit | $10 |
| Demo Account | Yes |
| Asset Coverage | CFDs, ETFs, Forex, Cryptocurrency, Stocks, Indices, Commodities |
| Leverage | 30:1 Retail Traders, 1000:1 Professional Traders |
| Trading Platforms | Proprietary Web, Mobile App |
Its demo account stands taller than many competitors because IQ Option offers no limit on how long you can use it; the account contains $10,000 in virtual funds. Demo accounts are always important as they permit traders to test trading strategies. One more prominent factor of the demo account is the fact that traders do not require to provide their information before using the real one. This is also a broker that accepts PayPal as a valid payments option.
IQ Option allows users to contact the support team via email, contact form, and a chat function. The site claims to respond to all queries within 46 seconds and aims to resolve all tickets within 24 minutes.
Pros:
- 24/7 Customer Support
- Intuitive Trading Platform
- Regulated
Cons:
- Does not accept Bitcoin
- Is not available for the United States
How to trade forex with PayPal on IQ Option
- Create an account on the official website
- Verify your identity with the required documents
- Click on “deposit” to access the payment page
- Select PayPal as a payment method
- Insert the amount you want to deposit and start trading
Supported Countries
IQ Option operates in 178 countries, excluding the US, Canada, Russia, France Belgium and a few others.
Fees
We did not find out information on how much PayPal charges for operations on IQ Option specifically but we are aware that the company usually charges a fee of 3% when you transfer or receive funds.
11. 24Option – Best PayPal Broker Based on Innovative Features
Launched in 2010, 24Option is an online broker that is expanding its products and trading tools at a sharp pace over the past few years. Initially started as binary options broker, this broker has recently started offering forex and CFDs on its platforms. Their website and mobile platform are quite easy to use both for beginners and advanced investors. The website is available in 12 languages.
| Headquarters | 39 Kolonakiou street, Frema Plaza, Agios Athanasios, 4103 Limassol, Cyprus |
| Regulated By | CySEC, IFSC |
| Foundation Year | 2013 |
| Min. Deposit | $100 |
| Max. Leverage | 1:400 |
| Fixed Spreads | Yes |
The 24Option trading platform is fully authorized and regulated by the CySEC and IFSC. Training resources along with strong customer support services and over 150 tradable assets make it a good place for brokers. This forex broker supports plenty of payment options along with PayPal.
Pros:
- Very good trading software
- 60 sec option
- Excellent customer service
Cons:
- Doesn’t accept US traders
How to trade forex with PayPal on 24Option
- Create an account on the 24Option website
- Provide the necessary documentation to verify your identity
- Access the deposit page to choose your payment method
- Click on “PayPal”
- Deposit your preferred amount and start trading
Supported Countries
24Option can be used for trading in most countries. However, there are some notable exceptions, which include the USA, Canada, China and Australia.
Fees
PayPal usually charges fee of around 3% for deposits and withdrawals on 24Option.
Conclusion
In conclusion, it is true that the online forex space is facilitated by the fact that there are many brokers available. However, being able to find out which ones are reliable and which ones are not can be difficult.
The ones we talked about in this review are some of the best brokers for forex trading that offer PayPal as a payment method. We generally consider the availability of PayPal a good sign when trying to find out whether a broker is trustworthy or not.
We can assure you that the ones listed above are some of the best forex brokers on the market, especially eToro, thanks to its copy trading option, low commission, user-friendly trading platform and much more.
- Exchange
- Properties
- Trade FX
- Slick forex trading platform
- Copy successful forex investors
- FCA & CySEC regulated
66% 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.
FAQs
Forex is also known as foreign exchange, FX or currency trading. Just like you do with stocks, you can place trades or invest in currencies based on what you think its value is or what you think it will be. Whenever you trade with forex, you will be investing on a currency pair such as EUR/USD because traders speculate on the value of one currency compared to the other. The first currency represents the “base”, while the second currency is the “counter” and you would be investing in the value you believe the base is heading towards as opposed to the counter. A way to trade with forex is through forex brokers. We consider the best online broker to be eToro.
With over 200 million active accounts in the world, PayPal is one of the most popular online payment services company that offer services to clients from more than 70 countries. It is so popular because it is a safe, reliable and fast platform to use when you want to withdraw and deposit funds. Due to its reputation, brokers across the web have also started to adopt PayPal as a payment option.
Brokers all over the world are starting to support PayPal as a payment method because millions of users across the globe currently use it for online payments. Most importantly though, it is because it offers traders a payment option that makes them feel safe and protected from risks of frauds and money laundering. When a broker offers PayPal as an available payment method it is usually a good sign concerning the reliability of a trading platform.
PayPal is one of the best methods for traders who wish to make same-day withdrawals and instant transactions to deposit funds into their trading accounts. The payment options allows to to that quickly and safely, with no need to insert sensitive personal information such as bank details.
PayPal offers chargebacks on doubtful transactions. The PayPal chargeback process works swiftly on disputed transactions that are not authorized by the trader.
I get that the best way to trade forex is with PayPal forex brokers, but what actually is forex trading?
Hello Rasmus. Thank you for your question. Forex trading constitutes a big part of the online trading industry. It is also known as foreign exchange or FX trading and it refers to the trading of currencies. It basically consists of investing in the currency based on the direction in which you think its value is headed. Forex trading involves investments in currency pairs and not individual currencies because the point is investing in the value of a currency compared to another, such as USD/EUR, NZD/CAD, GBP/JPY and so on. I hope that answers your question.
Does PayPal have some sort of refund policy? Is that why you recommend trading with PayPal forex brokers?
Hello Myriam. Thank you for getting in touch with us. Yes, PayPal does offer some features aimed at protecting customers, such as the “know your customer” procedure and the chargeback feature. The first one prevents customers from being money laundering victims, while with the second one, you can get refunded if someone steals your identity or if you got charged for a service you did not receive. There is also a Purchase Protection Policy, which guarantees a refund if you receive a service that was not as described. To answer your second question, yes, that is definitely part of the reason why we recommend it.
Thank you for this review. I never realised how useful having PayPal as a payment option could be. What are the advantages of signing up for forex brokers that offer PayPal as a payment method?
Hello Aleksander. Thank you for your question. The main advantage of having PayPal as a payment option is safety. The thing about PayPal is that whenever you make a payment with it, you are redirected to the PayPal portal and to be able to make the payment you simply have to provide your login details but not your bank details. This means that your bank details are not shared with third parties and are therefore not exposed. PayPal also offers particular features that can protect you to an extent, such as the chargeback feature. I hope this helps.
Why are so many forex brokers starting to support PayPal?
Hello Peter. Thanks for your question. The primary reason is probably reputation. PayPal is a payment system that has developed a great reputation within the international community and brokers are perhaps hoping to increase people’s trust in the broker by providing a safe and well-reputed payment option to deposit their funds. Other than this, some of these brokers are also attempting to improve the levels of safety of their platforms and PayPal is certainly a good addition in that sense. I hope that helps.
I’ve heard great things about IQ Option and I’ve been considering signing up on it but I am not sure whether or not it is a good idea. Is it really such a profitable PayPal forex broker?
Hello Christine. Thank you for your question. During our test of the platform we did make profits but you should also keep in mind that everyone has different experiences. Something that you can rest assured of is that IQ Option is a CySEC-regulated and reliable broker so you can trust that your money will not be wasted in a scam. We consider eToro to be a better platform but if your reason for signing up on IQ Option are lower minimum deposits then go ahead. Just be aware that IQ Option is unavailable for US residents. Also, if you are worried about the broker’s profitability, I recommend trading in demo mode first. That will allow you to see how the platform actually works before you place real funds in it. This way you can see if you would make profits if you real money was involved.
I have been searching online for a reliable paypal broker and I was quite convinced by the reviews I found on 24 Option. I am considering creating an account on it. Would you recommend it over all the others?
Hello noc7ie. Thank you for your question. We’ve found 24Option to be a very good forex broker. Other than the basic characteristics that make up for a good broker, such as ease of use and reliability, we’ve also found it to be offering an excellent customer service, it offers over 150 assets to choose from. It has a built in trading platform to support trades and it very much resembles the most well-reputed platforms used by other trusted brokers. Overall, it definitely has potential to help you make significant profits, but if you are located in the US, you will not be allowed to access it.
What do I do in case my account on one of these forex brokers gets hacked and I lose all my funds in it? Is PayPal going to help me avoid it?
Hello fie38. Thanks for getting in touch with us. It first of all depends on what platform you have an account on. While some brokers have refund policies, others do not, so if you are still on the fence as to what broker to choose, we recommend looking into that too. A good way to find out if a broker has a refund policy in case of a hacking attack in particular is by going on the official website and having a look through their legal section or their terms and conditions to see if you can find anything. Alternatively, you can always contact a member of staff to ask if they have a refund policy. To answer your second question, yes PayPal will help you because it stops you from having to share details with third parties, so your bank details are only shared with the PayPal portal and hackers won’t have access to it by hacking into the forex broker’s system. I hope that helps. Best of luck.
What exactly does forex trading mean and why should I do it with paypal brokers?
Hello re8pi. Thank you for your question. Forex is also known as FX and it stands for foreign exchange. It refers to the trading and investment in currencies based on predictions of the value that a certain currency will have in the near future. While forex trading, you are basically investing in currency pairs like USD/GBP because you are making predictions on the value of one currency as opposed to the other one. One of the best ways to trade forex is through forex brokers like eToro and all the others we mentioned in this review. You can have a look at our forex trading page to find out more about it. Trading forex with paypal brokers will help you in terms of safety during payments because you do not have to share your bank details with third parties.
Hello. I’ve never had a PayPal account because I never really understood in what way it makes payments easier. Why do you recommend trading forex with PayPal? Should I create a PayPal account before I sign up on one of these brokers?
Hello alp4fb. Thank you for getting in touch. There are quite a few things that make PayPal payments safer. One of the most important ones is that when paying through the PayPal portal, you are not sharing your card details with any third parties, i.e the broker. That is definitely an addition to the security of your payment. Other than this, it is fast, easy and you can register as many cards as you want. PayPal also has a KYC procedure and a chargeback feature. I certainly recommend creating an account on it before you sign up on one of these forex brokers.
Why do you think eToro is such a great PayPal forex broker?
Hello jc3uk. Thank you for your question. If you want a detailed answer, it is probably easier for you to have a look at our eToro review. In general, eToro is a CySEC-regulated platform, trusted and well-reputed. It currently has over 10 million users across the world. Some of the best features of the platform are its safety and ease of use. The sign up process is also very fast and it only takes a couple of days for staff to go through your proof of identity documentation. The most important feature offered by eToro though, is the copy trading option. You can copy the trades placed by the top investors using the platform. It is a very convenient option for inexperienced traders.