Compare the 3 best forex brokers that accept PayPal in 2023

By:

James Knight

James is a lead editor for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets. His ... read more.

Updated: May 25, 2023

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82% of retail CFD accounts lose money.

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What are the best PayPal forex brokers?

The best forex broker that accepts PayPal is eToro .

Here are some more PayPal forex brokers with low fees, top security, and fast execution speeds:

Most Popular

1

Min. Deposit

$ 10

Best offer

User Score

10

Join the Social Trading revolution. Connect with other traders, discuss trading strategies, and use our patented CopyTrader

eToro is the world’s leading social trading platform, offering a wide array of tools to invest in the capital markets

Largest number of currency pairs to trade

Start Trading more info

Payment Methods:

Bank Transfer, Credit Card, Debit Card, PayPal, Wire Transfer

Full Regulations:

CySEC, FCA

77% of retail CFD accounts lose money.

How to trade currencies with a PayPal forex broker

It takes about 10 minutes to sign up for an account with a forex broker. PayPal is a simple way to deposit the money to fund a trading account. Here’s how to get started. 

Step 1. Sign up with eToro

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We recommend eToro as the best PayPal forex broker.

Create an account by supplying your email address, along with some contact details, and ID verification.

Most Popular

1

Min. Deposit

$ 10

Best offer

User Score

10

Join the Social Trading revolution. Connect with other traders, discuss trading strategies, and use our patented CopyTrader

eToro is the world’s leading social trading platform, offering a wide array of tools to invest in the capital markets

Largest number of currency pairs to trade

Start Trading more info

Payment Methods:

Bank Transfer, Credit Card, Debit Card, PayPal, Wire Transfer

Full Regulations:

CySEC, FCA

77% of retail CFD accounts lose money.

Step 2. Go to the payment page on your broker’s website or app

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This is normally situated in the menu bar or sidebar navigation. Look for a ‘deposit’ or ‘bank’ button.

Step 3. Select PayPal as your preferred payment method

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Find PayPal from the drop down list of ways to transfer money. Select it to set PayPal as your default deposit and withdrawal method.

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. You may be asked to log in or approve the transaction by PayPal before it goes through.

Step 5. Trade your first currency

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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

What is a PayPal forex broker?

A forex broker lets you trade one foreign currency for another to take advantage of price movements of different currencies. A PayPal forex broker is a trading platform that lets you make deposits and fund your account with PayPal. 

What are the fees and commissions when using PayPal brokers?

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.

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

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

Is it safe to trade forex with PayPal?

As long as you pick the right platform, yes. Regulated brokers provide investor protection in accordance with local financial regulations. All of our recommended brokers are regulated, but you can check by searching for its registration number with the local regulator.

The best PayPal 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 PayPal broker?

Yes, you will need to provide identification when using a forex broker that accepts PayPal. A verification process is standard procedure for all the best brokers, as they have to comply with KYC financial regulations.

The verification process may include anything from some basic financial and personal information to a photo ID.

Can I use MetaTrader 4 with forex brokers that accept PayPal?

Yes. MT4 is a piece of trading software that’s popular with forex traders and available with most 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 PayPal?

Most brokers allow you to deposit money from PayPal and make PayPal withdrawals. However, it’s not universal and not all forex brokers accept PayPal payments. Use the table above to choose a PayPal-friendly broker.

Pros and cons of using PayPal to deposit funds

When deciding if you should start trading forex with a PayPal broker, consider these potential benefits and drawbacks:

What to look for when trading forex with PayPal brokers

• Find a regulated platform – In the UK, the Financial Conduct Authority regulates forex trading. Any reputable brokerage site will fall under the FCA’s regulatory jurisdiction. If you’re looking into forex and/or CFD trading elsewhere in the world, verify that the broker you choose also complies with the relevant regulatory bodies.
• Variety of payment methods – Different brokers will accept different methods of payment. PayPal is now a widely accepted way to fund your brokerage account and choice of payment methods is expanding all the time. For instance, some platforms now accept payments in cryptocurrency. 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 CFD trading 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 to figure out whether or not a platform has a strong reputation and can be trusted.
• Design and ease of use – 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 globally 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.

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