Many people love to use PayPal as an extremely fast, secure, and convenient way of funding their forex trading account. In our listing of PayPal best brokers we also covered many great choices you can have a look at.
How to get verified on PayPal for forex trading is one of the most common questions you may have if you are starting out in trading. Here we will give an in-depth answer and step-by-step guide on exactly how to do this.
Let’s get started.
Table of contents
How to get verified on PayPal for Forex Trading
Here are the steps you will need to follow if you want to get PayPal verified with your forex broker including making deposits and withdrawals.
This will help you choose a great broker where PayPal is accepted for trading.
STEP 2 – Create your PayPal Account
If you don’t already have one, then this would be a perfect time to start a PayPal account. Opening one is quick and easy. You will need to fill out some personal information like your name, surname, nationality, address, date of birth, and a few other things.
With this done you will be able to verify the account by clicking a link in the email PayPal sends you, or by verifying your phone number with a unique pin number they can also send you.
STEP 3 – Link your Bank Account to your PayPal Account
With your PayPal account open and verified can link it to your bank account. To do this simply visit your account and click the link from your page to “link a bank account’ and enter the requested information which can be done manually or automatically depending on your bank.
If you choose the manual process then typically PayPal will make two small deposits within 3 working days to your account. These will be between $0.01 to $0.99 with some banks consolidating them, into one amount. Once you see these you can return to your PayPal account, click the bank account you want to confirm, and enter the amounts as you see them in your account.
STEP 4 – Confirm your Credit Card or Debit Card with your PayPal Account
The next step in the process will be the confirm a credit or debit card on your PayPal account. This will then prove you are the holder of the card linked to your account. This requires a unique 4 digit code to verify.
PayPal will make a small charge to yourselected card, this can be refunded when the card is confirmed. Alongside this charge on your card statement, you will see 4 digits next to the word PayPal. This is your unique code. When you see this you can simply log back into your PayPal account and input the code.
STEP 5 – Open your trading Account and Verify your identity
As soon as your PayPal account is verified and linked up with a card or bank account you will be able to open a forex trading account and link it with your PayPal.
Before opening an account, particularly as a new trader, you may like to try a demo account which most brokers offer to simulate a real trading environment, but risk-free using virtual currency.
When you are ready to open your live account the process is easy, you will just need some personal information along with documents to prove your identity (Passport is great), and your residence (Bank statement or utility bill). With these uploaded your account can be open in no time.
How to Deposit and Withdraw from Paypal
Deposit into your Broker Account with PayPal: how to do it
With your PayPal account verified, making a deposit should be fast and smooth. Simply find the deposit page of your broker and select PayPal as the deposit method. Enter your deposit amount here while keeping in mind any minimum deposit your broker needs.
You should then be prompted to enter your PayPal details and submit the payment where you may be redirected in another window to PayPal where you can choose the funding method from your linked card or bank account. The entire process is usually instant, especially if you are using a linked credit/debit card.
Withdraw from your Broker Account with PayPal: how to do it
Making a PayPal withdrawal the first thing to remember is to make sure your identity is fully verified with the broker. With that ready, you can visit your brokers payment methods page and select PayPal and enter the amount you would like to withdraw.
The processing time on withdrawals depends on the broker but can be around 3 working days. Then the funds will arrive back into your PayPal account, and you can transfer them to your bank account or credit card
How to get verified on PayPal for Forex Trading – FAQs
Is PayPal a fast method to fund my forex account?
Yes. PayPal is one of the fastest method to deposit compared to bank transfers and can be instant though it is worth double-checking this with the broker first.
Which are the advantages of trading with brokers who accept PayPal?
The main benefits are that PayPal is extremely convenient, fast, and secure. Opening a PayPal account is free and the service is flexible in that you can use a mobile or computer to make your deposit.
Does Trading 212 accept PayPal?
No, PayPal is not offered by Trading 212 as a funding method at this time.
Do I need to have funds in my PayPal account to use PayPal?
If you have a bank account linked to your PayPal account, money will be taken from there, without you having to have funds in your PayPal Account.
Anthony is a financial journalist and business advisor with several years’ experience writing for some of the most well-known sites in the Forex world.
A trader turned industry writer, he is currently based in Shanghai with a finger on the pulse of Asia’s biggest markets.
He is a keen golfer with a very high handicap so when not helping you find the best broker for your needs, you may find him on the course or just as likely following any number of sports from the comfort of his sofa.
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