3 Best Forex Brokers that Accept Google Pay

Use this simple guide to find the best Google Pay forex brokers and follow a step-by-step walkthrough to get you started.
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Updated on Aug 8, 2024
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Trading forex with Google Pay is a straightforward process that anyone can pull off with a little help.

With a diverse range of users across the world using various payment methods to fund their accounts, it’s become a key deciding factor when choosing a broker to trade with. The good news is that Google Pay is widely used, and several brokers now accept it as a method of payment.

In this guide, we’ve picked out the best forex brokers that accept Google Pay, explain how to fund your trading account with Google Pay, and address the most pressing questions from beginner traders.

Let’s get started!

What are the best Google Pay forex brokers?

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According to our research, the best Google Pay forex broker is eToro .

Here are our top Google Pay forex brokers with low fees, top security, and fast execution speeds:

We found 2 forex brokers for users based in

eToro review
4.6
eToro
Min. Deposit $100
Fees 1%
No. assets 50+
Demo account Yes

eToro review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Plus500 review
4.5
Plus500
Min. Deposit $100
Fees From 2%
No. assets 2800+
Demo account Yes

Plus500 review

CFD service. 82% 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.

This information is NOT relevant to EU residents who are to be serviced by EU subsidiaries of the Plus500 Group, such as Plus500CY Ltd, authorised by CySEC (Reg. 250/14). Different regulatory requirements apply in Europe such as leverage limitations and bonus restrictions.

Best brokers that accept Google Pay, reviewed

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We found 2 forex brokers for users based in

1. eToro. Best for beginners, copy-trading & demo-account

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4.5
Ratings

$100

Min. deposit

0% commission

Fees

50

No. assets

Yes

Demo account

Overview

We love eToro because it’s an easy place to trade the currency markets. Forex can be intimidating, but eToro strips back the complexity to give you a platform where you can trade 50+ currencies at competitive prices and with up to 30x leverage*.

*CFDs trading is restricted for US users.

As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see how all the major and minor forex pairs are performing every day, track how investors feel about every one of those currencies, and copy other people’s trade suggestions from your desktop or the eToro app.

The fees: eToro charges a fee on currency trades through the spread. Spreads are variable depending on the currency and start from 1 pip for EUR/USD trades, 1.5 pips for EUR/GBP, and 2 pips for GBP/USD. Overnight and weekend fees apply.

Highlights

Fees & Costs

Pros & Cons

51% 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.

2. Plus500. Best for international trading*

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4.5
Ratings

$100

Min. deposit

From 0.8%

Fees

2,800

No. assets

Yes

Demo account

Overview

We love Plus500 because it is one of the industry’s most transparent and reliable brokers. Its fees are clear and you’ll know exactly what you will be paying before you trade. Its technology driven platform gives access to forex futures for over 10 symbols. 

Plus500 has something for all types of forex traders, no matter what level of experience. Its low margin requirements (starting at $40) and different contracts make it a top choice for day traders. At the same time, its trading academy is packed with educational content, perfect for beginners just starting. 

For accurate instrument availability, visit plus500.com.

The fees: Plus500 charges a commission of $0.49 per Micro contract and $0.89 per Standard contract (per side). There is an Auto-Liquidation fee of $10 per contract. Other exchange fees may be applicable and can be found on the CME group website. 

*Based on a comparison of 60+ leading brokers and trading platforms.

Highlights

Fees & Costs

Pros & Cons

CFD service. 82% 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.

How to use a Google Pay forex broker

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It takes about 10 minutes to sign up for an account with a forex broker, then a little longer to verify your account and deposit some money into it. Google Pay is a simple way to fund a trading account. Here’s how to do it. 

Step 1. Sign up with eToro

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Start by selecting a reputable forex broker that accepts Google Pay. Look for one that’s regulated and has a good track record. It’s like picking a trusted travel guide for your financial journey.

We recommend eToro as the best Google Pay forex broker.

eToro review
4.6
eToro
Min. Deposit $100
Fees 1%
No. assets 50+
Demo account Yes

eToro review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Step 2. Create an account

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Sign up for an account with your chosen forex broker. You’ll need to provide some personal details and supply a form of ID, but this is a quick and easy process. Just make sure you have your passport or driving license to hand.

It might take a few minutes for verification to come through but once it does, you’re all clear to start trading forex.

Step 3. Deposit funds with Google Pay

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Head to the deposit section of the forex broker’s platform, select Google Pay from the drop-down list of ways to transfer money, and follow the instructions. Your funds will be ready to trade in no time.

It’s a good idea to set Google Pay as your default deposit and withdrawal method from now on, so this process gets a bit faster in future.

Step 4. Enter the amount you want to deposit into your forex trading account

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Decide how much you want to start with, which can be as little as $10 or as much as $100 or more. You may be asked to log in or approve the transaction through Google Pay before it goes through.

Step 5. Trade your first currency

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With funds in your account, you can start trading. Use the broker’s trading platform to buy and sell forex pairs. It’s like stepping onto the trading floor from the comfort of your home.

Search for a currency pair, such as USD/GBP or GBP/EUR, enter how much you want to spend, and execute the trade.

Quick answers to key questions

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What is a Google Pay forex broker?

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A forex broker lets you trade one foreign currency for another to take advantage of price movements of different currencies. Google Pay forex brokers are trading platforms that let you make deposits and fund your account with Google Pay. 

This means you can manage your trading account with the same ease and speed you enjoy when shopping online or sending money to friends.

What are the fees and commissions when using forex brokers accepting Google Pay?

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It depends on the broker. The difference between a broker’s buy and sell price for each currency is the main cost of trading. This cost (known as the ‘spread’) is the same regardless of how you decide to fund your account.

Here is a comparison of spreads among the top Google Pay forex platforms.

Product eToro spreads Plus500 spreads
Stock CFDs 0.15% 0.10%
ETF CFDs 0.15% 0.10%
Forex CFDs From 1 pip 0.8 pips
Crypto 1%
Index CFDs From 0.75 points 0.20%
Commodity CFDs From 2 pips 0.50%
View all tradable assets > eToro > Plus500 >

There may be additional fees for depositing or withdrawing funds to your Google Pay account. Google Pay fees can vary as well and are likely to be higher than using a direct bank transfer.

The table below looks at the different fees you might find with each platform:

Fee eToro fees Plus500 fees
Trading fees Yes, on certain assets No
Inactivity fees Yes Yes
Rollover/overnight fees Yes, on CFDs Yes
Withdrawal fees Yes No
Spreads Yes, on certain assets Yes
Conversion fees Yes, for non-USD currencies Yes
View more > eToro > Plus500 >

Spend some time researching online brokers to avoid any surprising hidden costs.

Is it safe to trade forex with Google Pay?

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As long as you pick the right platform, yes, absolutely. Trading forex with Google Pay is as safe as using it for any other online transaction. Google Pay employs top-notch security measures like encryption and fraud detection. Pair that with a regulated broker, and you’ve got a fortress protecting your funds.

The National Futures Association is the financial organization that manages forex brokers in the US. The register allows you to check whether your broker is registered to offer financial advice and derivatives trading markets.

Regulated brokers provide investor protection in accordance with local financial regulations. All of our recommended brokers are regulated, but you can check by searching your broker’s name or registration number through the NFA register online.

The best Google Pay forex brokers also offer robust encryption features that protect your data and keep forex traders secure. 

Do I need to provide ID when trading forex with a Google Pay broker?

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Yes, you do. Most brokers require identity verification to comply with regulatory standards. This process might seem tedious, but it’s crucial for maintaining a safe and compliant trading environment.

A verification process is standard procedure for all the best brokers, as they have to comply with KYC (Know Your Customer) financial regulations.

The verification process may include anything from some basic financial and personal information to providing a form of photo ID before you can trade forex using Google Pay.

Can I use MetaTrader 4 with forex brokers that accept Google Pay?

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Yes. MT4 is a piece of trading software that’s popular with forex traders and available with most forex brokers. You can download the MetaTrader software and link it to any of your broker accounts.

The same applies to MetaTrader 5, which is simply the latest version of the software.

Do many forex brokers accept Google Pay?

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Most brokers allow you to deposit money from Google Pay and make Google Pay withdrawals. However, it’s not universal, and not all forex brokers accept Google Pay payments. Use the table above to choose the best forex broker accepting Google Pay.

What to look for when trading forex with Google Pay brokers

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Before choosing any platform, it’s a good idea to run through a mental checklist of what you want from the service before you sign up. Here are a few pointers of what to look for to guide you in the right direction.

  • A regulated platform. Forex brokers must be regulated by the Commodity Futures and Trading Commission (CFTC) and be part of the National Futures Association (NFA). These two platforms protect traders and ensure that the markets operate fairly. Always opt for brokers regulated by reputable financial authorities like these. This ensures your funds are protected and that the Google Pay forex broker operates within legal frameworks.
  • Tight spreads. Price spreads (and price movements) are measured by a unit called pips, which stands for point in percentage. So if the EUR/USD pair moves from 1.1015 to 1.1016, it’s moved one pip. The smaller the number of pips in the price spreads a broker offers, the better. Lower spreads effectively mean lower prices and are an important means of distinguishing one broker from another.
  • Variety of payment methods. Different brokers will accept different methods of payment. Google Pay is now a widely accepted way to fund your brokerage account and choice of payment methods is expanding all the time. Pick somewhere that allows you to deposit and withdraw funds in a way that works for you.
  • Suitable deposit and withdrawal limits. Different platforms will impose different limits on the amount you’re able to deposit or withdraw at any one time. Pick a broker that suits your needs, whether you’re an experienced high roller or a cautious beginner.
  • Good reputation. With so many brokers and trading platforms to choose from, the prospect of narrowing down your search and picking the best one can be daunting. The good news is that forex broker platforms have existed for a while, so many of them have a long enough track record to accrue a sizable number of user reviews. Those user reviews, along with media coverage and awards, should help you figure out whether or not a platform has a strong reputation and can be trusted.
  • Clean and easy-to-use interface. Choose a platform that’s intuitively designed and easy to use. Is it a good beginner forex broker? Do they offer forex signals? Is it a high leverage forex broker? Allow you to automate using forex robots?
  • Variety of currency pairs. Seven currency pairs dominate global forex exchanges. That said, there are approximately 180 different legal fiat currencies around the world. If you’re interested in branching out beyond typical GBP/USD/EUR trades, seek out a broker that can facilitate a wider range of trades.

Methodology: How we chose the best Google Pay forex brokers

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Helping people make better financial decisions is at the heart of our mission at Invezz. 

We periodically test more than 63 forex trading platforms to provide our users with clear, accessible guidance on the investing options available. Our panel of forex experts, analysts, and active traders sign up for each broker, conduct research, and score each service.

Our tests are designed to find foreign exchange platforms that use Google Pay and offer a beginner-friendly, secure trading experience at a fair price. To supplement our practical testing and experience, we research each service to gather any further relevant information. We read online customer reviews and app reviews on the Play Store and App Store and conduct user surveys to get feedback from real people about what works and what doesn’t.

Each forex broker is awarded a final score based on 130+ data points across 8 ranking categories: cost, reliability, user experience, deposit and withdrawals, investing options, range of products/markets, research and analysis tools, and the availability of educational and learning resources.

We work closely with individual brokers to ensure all factual information displayed here is accurate. All data is then fact-checked by an independent reviewer. You can learn more about our expert panel and how we test, rate, and review platforms in our review process

FAQs

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01

Will Google Pay protect me from scams?

02

Does MT4 accept Google Pay?

03

How much does it cost to fund a Google Pay forex account?

04

Is it free to use Google Pay?

05

Is Google Pay a fast way to fund your forex account?


Sources & references

Prash Raval

Prash Raval

Financial Writer

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Prash is a financial writer for Invezz covering FX, the stock market and investing. For over a decade he has traded spot FX full time while running an educational service helping novice traders learn the markets. He has a keen interest in micro and small cap stocks....