If, in many places in the world, credit cards are widespread and used even for expenses of a minimal amount, prepaid cards or electronic wallets such as PayPal, Skrill, Neteller, etc. are most popular here. Traders often look for a payment solution like PayPal, since they consider it an easier and more reliable way to start working with a broker.
Besides, many traders already have an active PayPal account, because maybe they make trades on the internet. The possibility of using it also for trading greatly facilitates the task. Exploiting an electronic wallet allows you to make the transaction quickly, while other solutions (such as bank transfer) sometimes take days even before the transaction is completed.
Which is why traders always give priority to those brokers who offer easy payment methods, and PayPal is one of the most popular financial services platforms that most brokers use to attract customers.
Why is PayPal safer?
PayPal is the largest online platform that offers low fees and high transaction speed. This is an American company managing a worldwide payment system that supports online money transfers and serves as an electronic alternative to traditional payment methods such as money checks and transfers.
Here are the reasons that make Forex trading with PayPal safer:
- This is a secure payment method for both depositing and withdrawing funds.
- When the brokerage platform offers PayPal, this means that the replenishment of the wallet will be very simple and takes only a few seconds.
- If you have a PayPal account, you do not need to share your bank details with a broker or any other third party.
- You can save several credit and debit cards in your PayPal account, which means that you can be sure that your payment will be successful on the first try.
- While you are connected to the official PayPal website, the information you share will be hidden from other parties.
- After confirming the transaction, your payment will be processed instantly.
- PayPal has a KYC procedure – this is a way to prevent customers from becoming victims of money laundering.
- PayPal has a refund feature. This means that if someone hacked your account or you paid for a service you didn’t receive, you can return your money.
- PayPal has a purchase protection policy, which means that if you pay for a service that does not match the description, you will receive a refund.
Reputable Forex Brokers Supporting PayPal
Choosing the right broker is not an easy task. One of the most common requests from traders, especially the younger ones, is whether it is possible to trade with PayPal, or the service that allows you to make online transactions in a simple, fast and above all safe way.
Fortunately, there are many brokers that accept PayPal, and in a while, we will see which are among the most reliable ones.
Here, we will list the 8 most popular Forex brokers that allow you to use PayPal to fund your Forex trading account, such as crediting and withdrawing funds through the PayPal service.
eToro is a brokerage company with offices in Israel, Cyprus, and the UK. It offers many innovative features, such as social trading. Regulated by CySEC.
The trading platform has almost 6 million users, which gives it the status of a leader in its industry. It is easy to use, available in several languages, and also allows traders to replenish their accounts for free through the PayPal service; however, it charges a fee for withdrawing funds.
FxPro is a Cyprus registered broker that offers a convenient trading platform for both beginners and experienced traders. It is regulated by FCA, CySEC, FSCA, DFSA, and SCB.
Due to the wide range of features and options, it is very popular among users. In accordance with their investment strategies, the FxPro platform offers many types of accounts, which include:
- Fixed spread FxPro MT4;
- Floating spread FxPro MT4;
- FxPro floating spread with market execution;
- FxPro MT5 floating spread with market execution;
- FxPro SuperTrader Investment Account.
Founded in 2008 and registered in the UK, Plus500 is one of the most popular Forex brokers supporting PayPal. It offers a wide range of currency pairs and CFDs, as well as other types of financial instruments such as stock indices, commodities, stocks, options, cryptocurrencies, and ETFs. Regulated by FCA, CySec, ASIC, MAS, and FMA.
Plus500 allows traders to trade in a number of currency markets with relatively low spreads, and also provides a variety of safe ways to deposit and withdraw funds from accounts, including PayPal. At the same time, he does not charge any fees for transactions – all expenses are included in the spreads.
The trading platform enables users to create their watch lists, track transactions, and analyze charts. She also offers several types of technical diagrams.
Markets.com – recognized as the best customer service broker at the London Investors Exhibition in 2012 and meets all regulatory requirements, including liquidity and transparency, to fulfill contractual obligations. Regulated by CySEC and ASIC.
At the moment, the broker offers 5 classes of assets, including currency pairs, stocks, indices, goods, and cryptocurrencies. In total, his clients can trade more than 2000 financial instruments.
The Markets.com platform is integrated with a number of technical charts and indicators that help maximize the trading opportunities of the trader. Besides, it also allows users to work on the MT5 platform.
5) IC Markets
Australia-based IC Markets broker IC Markets is owned by International Capital Markets PTY and is regulated by the Australian Securities and Investment Commission (ASIC).
This trading platform is known for providing the highest leverage in Australia, as well as low commissions and spreads for various assets in several financial markets.
IC Markets offers traders a choice of three leading trading platforms: Meta Trader 4 (MT4), Meta Trader 5 (MT5), and cTrader. Moreover, they can trade a limited list of financial instruments both from a web application and from a mobile one.
OANDA broker, along with full transparency, provides user-friendly trading platforms and low fees. It is regulated by commissions such as CFTC, DFSA, IIROC, MAS, NFA, FSA and offers several financial instruments for trading, which include currency pairs, indices, and goods.
The trading platform provides easy-to-use software that has charts such as MultiCharts and TradingView, allows you to analyze accounts, create your own watchlists, conduct economic analysis, and also accepts payments via credit cards and other financial companies, including PayPal.
Regulated by the British authorities and registered with the Financial Conduct Authority (FCA), the XTB broker allows traders to trade various assets, including Forex (48 currency pairs), stocks (about 1,500 global CFDs), goods, indices (20 varieties) and cryptocurrencies.
In addition to its own trading platform, which has a standard interface, but includes observation lists, various charts, screening tools, heatmaps, and mood indicators, XTB also offers users to work with MetaTrader 4 and xStation 5.
Pepperstone Group, an Australian brokerage firm founded in 2010, has a highly competitive trading platform that offers several types of assets, such as Forex, index instruments, cryptocurrencies, and goods. Regulated by UK FCA and Australia ASIC.
Over the past few years, the broker has been adding innovative features to its platform and attracting users with the possibility of fixed payments, high leverage, and a low minimum deposit.
In addition, Pepperstone has an extensive educational section and a mobile application for those traders who are away from home or at the beginning of their trading path.
As we have seen, the convenience of being able to use an electronic wallet for transactions on our trading account pushes many users to choose their broker, also based on this feature. Without a doubt, there are many advantages in trading with PayPal, even if – as we have seen – not all operators allow this deposit /withdrawal system.