Compare the best brokers to trade forex with Google Pay

Are you looking for a convenient way to trade forex? Depositing using Google Pay gives you quick and easy access to many online brokers.
Updated: Sep 12, 2022

Google Pay stands out as one of the fastest and most convenient ways to deposit into a forex broker account. Keep reading to learn how to find the best brokers you can use to trade forex while depositing using Google Pay, and the pros and cons of doing so.

Here are the best forex brokers that accept Google Pay

When searching for the best forex brokers that accept Google Pay, you want to consider multiple factors, such as ease of use, fees, and security of each broker. We’ve compiled a list of the top forex brokers that accept Google Pay, along with the top qualities offered by each broker in the table below: 

1
Min. Deposit
$ 10
Promotion
User Score
10
55+ currency pairs available
Trade on a trusted platform
24/7 support via live chats, email or phone call
Start Trading
Payment Methods:
Bitcoin, Credit Card, Debit Card, Visa
Full Regulations:
LonghornFX offers high-leverage trading on a wide variety of assets. Trading with leverage carries a degree of risk which may result in losing more than your investments. Clients should practise risk management to protect themselves from losing more than they can afford when trading with leverage.
2
Min. Deposit
$ 10
Promotion
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
Payment Methods:
Bank Transfer, Wire Transfer
Full Regulations:
CySEC, FCA
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.
3
Min. Deposit
$ 10
Promotion
User Score
9.9
Can fund with BTC
64 global companies including Netflix and Amazon
Free deposits and withdrawals
Start Trading
Payment Methods:
Bitcoin, Credit Card, Debit Card, Wire Transfer
Full Regulations:
EagleFX offers leveraged trading on a range of assets within its platform. CFD and Spot Forex trading do carry a degree of risk which may result in you losing more than your initial investment. Please ensure you fully understand the risks involved with leveraged trading and ensure this is not detrimental to your personal or institution's financial well being.

What is a Google Pay forex broker?

A forex broker lets you trade one foreign currency for another. Google Pay is a payment services platform that’s available through most smartphone operating systems. A platform that combines the two is simply a broker that lets you fund your forex account using Google Pay.

Pros and cons

When deciding if you should use Google Pay to fund your broker account, consider these benefits and drawbacks:

Pros

  • Convenient. If you already use Google Pay for everyday purchases, you know how convenient it is to make instant purchases digitally. By linking your Google Pay account to your forex account, you can benefit from that same convenience. 
  • Fast Deposits. You can fund your forex account quickly using Google Pay, allowing you to begin trading forex whenever you’re ready. 
  • Secure. Google Pay uses Google’s strong, built-in security and encryption capabilities to ensure that all your transactions (including your forex trades) are well protected.

Cons

What are the fees and commissions when using Google Pay to trade currencies?

The fees associated with trading forex with Google Pay typically aren’t that high, with transactions generally costing around a pound, or a small percentage of your trade amount. 

Forex brokers typically take their biggest cut in the form of the spread offered between the bid and ask prices of the currency pair that you want to trade. Make sure to look for forex brokers that offer 0 pip spreads.

What to look for when trading forex with Google Pay

Once you’ve established that the forex brokers you’re considering accept Google Pay, you can narrow your search to ensure you find the best broker possible. Consider these factors when choosing a forex broker that accepts Google Pay:  

  • Low fees. Look for forex brokers that allow you to use Google Pay, without taking too much money out of your pocket with high fees and commissions, or excessively wide price spreads. 
  • Variety of forex trading options. Many forex brokers offer multiple trading options, such as spread betting, futures, and contracts for difference (CFDs). If variety matters to you, look for a forex broker that offers numerous different trading options. 
  • Number of currency pairs. Some of the most commonly traded currencies on forex exchanges are the British pound (GBP), US dollar (USD), and euro (EUR), but there are many more currencies that forex brokers can help you trade. Look for a forex broker that offers a large number of currencies and trading pairs.
  • Security. A high level of security is essential. Make sure a platform is safe before trusting it with your money.
  • Great customer service. The best brokers offer fast, helpful, and responsive customer service, with some of them even being available 24 hours a day, seven days a week.

Is it safe to trade forex with Google Pay?

Trading forex with Google Pay is usually secure. But you’ll still want to do your research to ensure that the broker you’re considering offers the highest levels of security. The best platforms offer robust encryption features to protect your data and keep your trading secure. 

It is also advisable to look into which bodies regulate your chosen broker, as that means they have to abide by a variety of rules to protect their customers.

Do I need to provide ID I trade currencies with Google Pay?

Yes, you will need to provide identification. Forex brokers usually need to abide by KYC (Know Your Customer) guidelines, making a verification process standard procedure. The verification process may include some basic financial and personal information, and sometimes a photo ID. 

How to fund your currency trading account with Google Pay

Different forex brokers will have slightly different procedures for making trades. Still, most forex brokers follow a general framework of steps when it comes to the funding process. Here are those steps:

  1. Find the payments page on your forex broker’s website or forex trading app.
  2. Select Google Pay as your preferred payment option.
  3. Enter your Google Pay information (or press confirm on your smartphone as instructed).
  4. Enter the amount you want to deposit into your forex trading account.
  5. Click confirm.

FAQs

What currencies can I trade with Google Pay?
Are there limits to how much I can trade with Google Pay?
What other payment methods can I use when trading forex?
What is forex trading?
How can I keep up with the foreign exchange market?
What currency pairs do Google Pay brokers offer?
What charges are usually applied with a currency exchange?
What’s the best way for a beginner to learn about forex trading?
What is Google Pay?
Who regulates forex brokers in the UK?
Who regulates brokers in the United States?
Who regulates brokers in the rest of the world?
Is trading forex with Google Pay recommended for beginners?

Sources & references
Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

Jonah Keri
Financial Writer
Jonah Keri was a reporter for Invezz, wrote about stocks, cryptocurrencies, and other investments. He also covered emerging technologies for private clients. He is a trader… read more.