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A PayPal forex broker refers to a forex (foreign exchange) brokerage firm that allows traders to deposit and withdraw funds to their trading accounts using PayPal.
PayPal is a digital platform that provides online money transfer services, essentially an electronic alternative to traditional paper methods like checks and money orders. It is widely known as a way to send and receive payments over the Internet.
PayPal allows users to create an account on its platform, which is then connected to a user’s credit card or checking account. Once identification and proof of funds have been confirmed, users can begin sending or receiving money to and from other PayPal accounts online or through the company’s app.
Unfortunately, not all Forex brokers accept PayPal due to its stringent regulations and fees, and some brokers may pass these fees to traders. PayPal’s strict policies can also lead to account freezes, causing potential delays in transactions.
In this guide, we have created our top 10 forex brokers that include PayPal as a payment method.
To compile the list, we have taken the following factors into account:
- In which area PayPal is available
- Any fees associated with PayPal
- The processing time for PayPal payments
- The currencies available
|PayPal Forex Brokers||PayPal Deposit Fees||PayPal Deposit Processing Time||PayPal Withdrawal Fees||PayPal Withdrawal Processing Time|
|eToro||$0||Instant||$5||Up to 7 business days|
|Pepperstone||$0||Instant||$0||Up to 3 business days|
|FxPro||$0||Up to 10 minutes||$0||Up to 1 business days|
|XTB||Up to 2%||Instant||$0||Up to 3 business days|
|Oanda||$0||Up to 1 business day||$0||Up to 1 business days|
|Admirals||$0||Instant||Up to 1%||Instant|
|CMC Markets||$0||Instant||$0||Up to 3 business days|
|Markets.com||$0||Up to 7 business days||$0||Up to 7 business days|
|Plus500||$0||Up to 1 business day||$0||Up to 3 business days|
What are the best PayPal forex brokers?
Below our curated list of the best forex brokers that accept PayPal deposits and withdrawals, complete with comprehensive details about their standout features and attributes.
Best Paypal forex brokers offering MT4
MT4 is undoubtedly one of the most well-known among both users and brokers forex trading has to offer. It has been around for many years and cultivated a reputation as one of the very best trading platforms around. For more information on the platform itself and the top trading brokers that offer it, you can check out our best mt4 brokers selection.
In the table below we combine not only the best brokers, forex traders can find with MT4, but that also allows you to use your PayPal account as a payment method to fund your trading.
|MT4 PayPal Forex Brokers||Minimum Deposit||MetaTrader4 Platform|
|Pepperstone||$200||Webtrader, Desktop, Mobile|
|Admirals||$100||Webtrader, Desktop, Mobile|
|FxPro||$100||Webtrader, Desktop, Mobile|
|Markets.com||$100||Webtrader, Desktop, Mobile|
Best PayPal forex brokers in the USA
Oanda is the best PayPal forex broker USA options available. It is regulated by the NFA, has a great demo account, and provides excellent opportunities for new traders to trade with very small amounts of money. It is also one of the broker’s forex traders trust highly with a top reputation worldwide.
In fact, there are not too many US forex brokers available that will allow you to use your PayPal account as a funding method, so finding some is a great positive. eToro is actually also among the list of trading brokers that both operate in the USA and accept PayPal. At the moment though they only offer stocks and crypto trading in the US.
For a more in-depth overview of brokers available in the US you can take a look any time at our best Forex Brokers USA post.
Best PayPal forex brokers in Canada
In the table below you will find two of the best forex brokers Canada has to offer that will allow you to use your PayPal account to deposit. Of these, our opinion is that Oanda is the best broker choice for new traders, while CMC Markets is best suited for stock broking.
Don’t just take our word for it though, check out our post on the best Forex Brokers in Canada for more details.
|Canada PayPal Forex Brokers||Minimum Deposit||Regulated by|
|CMC Markets||$0||FCA, MAS, FMA, ASIC, IIROC|
|Oanda||$0||ASIC, FCA, IIROC, NFA, MAS, FSA|
How to deposit money in your trading account with PayPal
Now that you have had a look at some of the best brokers that accept PayPal payment methods, how can you make your deposit? The answer is pretty simple in just a few steps.
Once you have created your account with the broker, just head to the broker or platforms own deposit page and select PayPal. Once you have entered your deposit amount and moved to the next page you should be redirected to PayPal often in a new window.
From here just enter your PayPal login information, choose your payment method within PayPal from your available cards, and complete the deposit. It should take less than a few minutes to be done.
How do Forex Brokers PayPal withdrawals work?
The process for making a PayPal withdrawal through your trading broker is just the same as the deposit process.
The only point to note here is that the funds you withdraw will be sent back to the card you have connected to your PayPal and not the actual PayPal account itself.
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.
STEP 1: Choose a PayPal Forex Broker.
The very first and best place to have a look would be our Top 10 above.
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 your selected 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.
Our best forex demo account top ten can help you find some of the very best demo accounts to try.
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.
Pros and cons
- eWallets are usually faster to complete than other deposit methods
- The process is easy on both sides making a deposit or withdrawal
- Using PayPal as a payment method is totally secure
- Not every broker accepts PayPal as a funding method
- PayPal chargeback is not available in these cases
- Although fast the method can still take up to 2 days depending on the broker
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