Looking for a good forex broker that accepts PayPal? Good news: Many forex brokers around the world do indeed accept PayPal payments. But it’s important to make sure your PayPal broker of choice ticks other significant boxes. Our table below should give you the information you need to settle on a competitive, trustworthy forex broker that meets your trading needs.
What is a PayPal forex broker?
A PayPal forex broker is simply a forex broker that accepts PayPal as a form of payment. Many users around the world require different payment methods, with PayPal being one of the most prominent.
What is a ‘contract for difference’?
Forex brokers allow you to trade CFDs (contracts for difference). CFDs are investment derivatives that give you the ability to speculate on the price movement of investment assets – pairs of foreign currencies in this case. You’re betting on how those currencies will move in relation to each other, but you don’t actually own the currencies you’re trading. You only own the contract.
How to deposit and withdraw using PayPal
To make a PayPal deposit into your forex account, simply link your PayPal to your forex broker’s platform. Since PayPal funnels payments through both bank accounts and credit cards, you can then choose which of those two methods works best for your needs.
All of the brokers we’ve listed above accept PayPal. So when you log in, check the payment options (or funds) section. There, you’ll be able to link your forex trading account to your PayPal account. Some forex brokers only allow you to deposit or withdraw via PayPal. However, many will accept PayPal for both.
What should I look for in a PayPal forex broker account?
- 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 a forex broker 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 – Learning how to make money by trading forex already takes work and study. Your trading platform shouldn’t require even more work just to figure out how to use it. Choose a platform that’s intuitively designed and easy to use. Is it easy to open a trade? Use high leverage? Or close a trade!
- 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.