Compare the best brokers to trade forex with Google Pay

Are you looking for a convenient way to trade forex? Trading using Google Pay gives you quick and easy access to many online brokers.
By: Jonah Keri
Jonah Keri
Jonah Keri is a trader and analyst who spent 11 years at Investor's Business Daily covering the markets. He… read more.
Updated: Jun 30, 2021

Google Pay stands out as one of the fastest and most convenient ways to trade forex. Keep reading to learn how to find the best brokers you can use to trade forex with 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
$50
Exclusive 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
Description:
eToro is a multi-asset investment platform with more than 2000 assets, including FX, stocks, ETF’s, indices and commodities. eToro offers a wide range of currency pairs and other trading instruments. eToro users can connect with, learn from, and copy or get copied by other users.
Payment Methods
Bank Transfer, Wire Transfer
Full regulations list:
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.
2
Min. Deposit
$10
Exclusive promotion
user-score
9.3
55+ currency pairs available
Trade on a trusted platform
24/7 support via live chats, email or phone call
Start Trading
Description:
LonghornFX is a true ECN STP broker dedicated to delivering a superior trading experience to traders no matter their level of experience. Their services are based on transparency, innovation and efficiency, ensuring an unparalleled trading experience for all.
Payment Methods
Bitcoin, Credit Card, Debit Card, Visa
Full regulations list:
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.
3
Min. Deposit
$10
Exclusive promotion
user-score
8.7
Can fund with BTC
64 global companies including Netflix and Amazon
Free deposits and withdrawals
Start Trading
Description:
EagleFX is an online digital asset, Forex and CFD broker providing traders across the globe with cutting edge technology to trade the world’s markets. Our focus has been to change the way people trade Digital Assets and Forex. We are driven to provide traders with incredibly low-cost pricing across all Digital assets, FX, stocks, indices, commodities and futures along with industry-leading 24/7 live customer support.
Payment Methods
Bitcoin, Credit Card, Debit Card, Wire Transfer
Full regulations list:
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 smaller price 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 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?
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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?
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Who regulates brokers in the United States?
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Fact-checking & references

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Jonah Keri
Financial Writer
Jonah Keri is a trader and analyst who spent 11 years at Investor's Business Daily covering the markets. He now writes about stocks, cryptocurrencies, and other… read more.