Paypal is a payment method for facilitating international transactions between individuals and businesses. Many Forex brokers offer this payment method. We analyzed several Payapl Forex brokers at WR Trading and chose five of them. Let’s examine their features.
According to our analysis at WR Trading, here are the best five PayPal Forex brokers:
Broker:
PayPal:
Advantages:
Account:
Yes
- Multiple Regulations
- Leverage up to 1:400
- Minimum Deposit $100
- 1.260+ Assets
- Copy Trading available
- MT4, MT5, and own platforms
Yes
- $50 Minimum Deposit
- Zero commission for real stocks and ETF trades, 1% on cryptos
- 5,000+ Markets
- eToro investing platform and app
- Multiple regulations (FCA, CySEC, & more)
Yes
- Tier-1 Regulated Broker
- Spreads from 0.0 Pips
- Leverage up to 1:500 (1:30 EU)
- Low Commission from 3$/1 Lot
- High liquidity and fast execution
- TradingView, MT4/5, cTrader
Yes
- More than 350 tradable assets
- Spreads from 0.1 Pips
- Leverage up to 1:30
- Demo Account
- $50 Minimum Deposit
- CySEC regulated
- Libertex Platform, MT4/MT5
Yes
- Regulated by multiple authorities
- Spreads from 0.0 Pips
- Leverage up to 1:200
- Commission from 0% per lot
- 2,100+ tradable assets
- xStation 5, xStation Mobile
#1 AvaTrade
As our best PayPal broker, Avatrade was established in 2006 and has its headquarters in Ireland. The Central Bank of Ireland is one of Avatrade’s regulatory bodies. Since its inception, the platform has executed about 2 million trades monthly.
This Forex broker allows clients to trade over 100 instruments, including cryptocurrency, commodities, stocks, and more. AvaTrade offers several trading platforms, including AvaOptions, MetaTrader 4, and MetaTrader 5. The broker has an app called AvaSocial, which helps beginners chat with world-class traders and duplicate their strategies. In 2020, AvaTrade partnered with Trading Central to enhance its services to clients.
Trading Central offers daily market news, the best strategies to maximize market movement, and new tools such as adaptive candlesticks. We noted that our best PayPal broker has implemented every cybersecurity measure to secure client information.
It also offers a diverse array of educational tools and resources. There is an AvaTrade complete trading ebook for advanced knowledge, a section for beginners to learn everything about trading and a set of video tutorials.
Key Facts About Avatrade as PayPal Broker:
| Feature | Information |
|---|---|
| PayPal Available | Yes |
| Founded | 2006 |
| Headquarters | Ireland |
| Trading platforms | MetaTrader 4, MetaTrader 5, AvaOptions, AvatradeGO, WebTrader, AvaTrade App |
| Accounts | Retail, Professional, Islamic |
| Account currency | USD, GBP, CHF, JPY, CAD, AUD, EUR, HKD, ZAR, MXN |
| Transaction Options | Bank cards, Perfect Money, Web Money, Skrill, Neteller, wire transfer, PayPal |
| Minimum deposit | $100 |
| Leverage | 400:1 |
| Min Order | 0.01 lot |
| Spread | From 0.0 pips |
| Instruments | ETFs, individual shares, stock indices, commodities, currency pairs |
| Liquidity provider | Multiple tier 1 liquidity providers |
| Mobile trading | Yes |
| Affiliate Program | Yes |
| Trading features | Negative Balance Protection, No swap accounts, One Click Trading |
| Contests and bonuses | Referral bonus, welcome package |
#2 eToro
Based on our analysis at WR Trading, eToro is our second-best PayPal broker. Established in 2007, eToro is a multi-asset investment company that is an excellent choice for traders of all skill levels. This platform has a presence in about 140 countries.
It is primarily known as a Copy Trading platform where people can implement the strategies of successful traders. Traders who allow other people to copy their strategy can join eToro’s Investor Program. Some benefits of the investor program include monthly payments and spread rebates.
eToro offers thousands of tradable assets, which include 5084 stocks, 671 ETFs, 99 cryptocurrencies, 55 currencies, 35 commodities, and 21 indices. The financial company is approved by the Financial Conduct Authority (FCA) and the Australian Securities & Investment Commission (ASIC). eToro partners with top financial institutions such as JP Morgan and Deutsche Bank.
The trading platform has a VIP club with five levels ranging from Diamond to Silver. Some benefits of the club include access to a particular account manager, access to Trading Central, and discounts on transactions. Deposits are free. However, some charges depend on user activity, withdrawals, and trading spreads. eToro’s website has educational content.
Key Facts About eToro as PayPal Broker:
| Feature | Information |
|---|---|
| PayPal Available | Yes |
| Founded | 2007 |
| Headquarters | Israel |
| Trading platforms | eToro money, eToro app |
| Accounts | Retail client, professional client |
| Account currency | AUD, CAD, CHF, CZK, DKK, GBP, HKD, ILS, MXN, NOK, NZD, PLN, SGD |
| Transaction Options | Etoro money, bank transfer, bank cards, PayPal, Skrill, Neteller, Klarna |
| Minimum deposit | $10 |
| Leverage | 30:1 |
| Min Order | 0.01 lot |
| Spread | from 0.0 pips |
| Instruments | Stocks, Indices, ETFs, commodities, crypto assets, currencies |
| Liquidity provider | Multiple Tier 1 liquidity provides |
| Mobile trading | Yes |
| Affiliate Program | Yes |
| Trading features | Options Trading, Copy Trading, fundamental analysis, technical analysis |
| Contests and bonuses | Welcome bonus, referral bonus |
#3 Pepperstone
This broker has more than 1,200 trading instruments, including commodities shares, and Pepperstone has top-notch trading platforms, including cTrader, TradingView, MetaTrader 4, and MetaTrader 5.
This award-winning PayPal Broker provides traders with new market analysis and educational resources. The broker’s official website offers webinars, training guides, and videos. Pepperstone uses the best liquidity providers, including tier 1 banks.
Key Facts About Pepperstone as PayPal Broker:
| Feature | Information |
|---|---|
| PayPal Available | Yes |
| Founded | 2010 |
| Headquarters | Australia |
| Trading platforms | MetaTrader 4, MetaTrader 5, cTrader, TradingView |
| Accounts | Standard, Razor, Swap-Free |
| Account currency | USD, EUR |
| Transaction Options | Bank transfer, Credit/Debit card, PayPal, Skrill, Neteller |
| Minimum deposit | $0 |
| Leverage | Up to 500:1 |
| Min Order | 0.01 lots |
| Spread | From 0.0 pips |
| Instruments | Forex, Commodities, Indices, Cryptos |
| Liquidity provider | Multiple Tier-1 liquidity providers |
| Mobile trading | Yes |
| Affiliate Program | Yes |
| Trading features | Negative Balance Protection, No swap accounts, One Click Trading |
| Contests and bonuses | Welcome Bonus, Refer a friend |
#4 Libertex
Libertex Broker, established in 1997, has over 25 years of experience in the financial market. Serving clients in more than 120 countries, Libertex boasts a customer base of over 3 million. The broker offers access to over 300 tradable assets and has earned 40 international awards for its outstanding customer support and innovative tech solutions.
Key Facts About Libertex as PayPal Broker:
| Feature | Information |
|---|---|
| PayPal Available | Yes |
| Founded | 1997 |
| Headquarters | Cyprus |
| Trading platforms | MetaTrader 4, MetaTrader 5, Libertex |
| Accounts | Libertex portfolio, Libertex CFD |
| Account currency | South African Rand, US dollar |
| Transaction Options | Bank cards, Skrill, Neteller, Rapid transfer, Wire transfer, PayPal, Paysafe, Trustly, Help2Pay |
| Minimum deposit | $10 |
| Leverage | 1:1000 |
| Min Order | 0.01 lot |
| Spread | From 0.0 pips |
| Instruments | Cryptocurrency, Stocks, Indices, commodities, ETFs, bonds |
| Liquidity provider | Multiple Tier 1 liquidity providers |
| Mobile trading | Yes |
| Affiliate Program | Yes |
| Trading features | Fraud warning, economic calendar, daily trading news digest, real-time news from stock markets, ready-made online trading signals |
| Contests and bonuses | Loyalty program, welcome bonus, Bitcoin mining |
#5 XTB
XTB’s tradable assets include 57 Forex pairs, 22 commodities, 36 indices, 171 ETFs, 1848 stocks, and more than 40 crypto assets. XTB offers two types of accounts: standard and professional.
The standard account is excellent for retail trading, while the professional account is meant for special legacy traders. This broker has a license from the Cyprus Securities & Exchange Commission (CySEC) and the Financial Conduct Authority (FCA).
Its xStation trading platform offers innovative technical trading features and tools. The xStation trading app offers webinars, an economic calendar, client sentiment data, 39 technical indicators, 30 drawing tools, and a new streaming service.
XTB has optimized this app for smartphones, tablets, and smartwatches. We also noticed that XTB’s research resources come from the brightest in the finance industry.
Key Facts About XTB as PayPal Broker:
| Feature | Information |
|---|---|
| PayPal Available | Yes |
| Founded | 2002 |
| Headquarters | Poland |
| Trading platforms | xStation 5 |
| Accounts | Standard account, professional account |
| Account currency | 250 EUR |
| Transaction Options | Paysafe, PayPal, Bank cards, bank transfer |
| Minimum deposit | $0 |
| Leverage | 1:500 |
| Min Order | 0.01 lot |
| Spread | from 0.5 pips |
| Instruments | Forex, commodities, shares, real estate investment indices, equity indices, ETF |
| Liquidity provider | Multiple Tier 1 liquidity providers |
| Mobile trading | yes |
| Affiliate Program | yes |
| Trading features | One-click trading and more |
| Contests and bonuses | none |
Pros and Cons of using PayPal on a Forex Broker for Deposits/Withdrawals
Paypal is a great payment system with significant advantages, as well as features that still need improvement. Let’s see the pros and cons of PayPal in full detail.
Pros:
- High Accessibility and Brand Trust
- Ease of Use
- Top Notch Security
Cons:
- Transaction Fees are Significant
- Account Limitations
Pros
Using PayPal for deposits and withdrawals with a Forex broker offers several advantages that can enhance your trading experience. They include:
PayPal offers user-friendly customization and a global presence, with hundreds of millions of clients from more than 200 countries. Many Forex brokers use PayPal to expand their customer base, so PayPal is likely available in your country.
Moreover, this payment method has proven itself, creating a credible record for potential users. Thanks to its worldwide outreach, the payment platform supports various currencies, helping traders manage their funds in multiple denominations.
Furthermore, setting up an account on PayPal is relatively easy. All you need is an email address, a Local bank account, ID verification, and personal details. PayPal also processes deposits and withdrawals very fast.
PayPal uses state-of-the-art algorithms and fraud detection schemes to protect every user’s information. Traders do not need to share their credit card or bank details with the broker. PayPal also provides a seller protection program to shield businesses and individuals from unverified transactions.
Cons
While PayPal is a popular and convenient payment method, using it for deposits and withdrawals with a Forex broker has drawbacks. Here are some potential cons:
Traders using PayPal will incur charges for deposits, withdrawals, currency conversion, and other financial services. The broker itself might also add extra fees for PayPal transactions.
PayPal usually places certain limits on the amount of funds that users can transfer. This barrier can be restrictive for high-volume traders. PayPal can freeze your account without warning if it suspects any nefarious activity on your account, This freezing can last for days before resolution. Most people will find this experience frustrating.
Security of PayPal Transactions
PayPal has put several security measures in place to shield traders from nefarious actors. These measures include:
- Software Integrity checks: Paypal performs periodic server inspections to verify the integrity of your browser if you decide not to use the official app. You can’t sign in to your account if it does not meet the required safety standards.
- Fraud monitoring System: Paypal has IT specialists and Artificial Intelligence systems to protect against fraudulent elements, email phishing, and identity theft. Once suspicious activity occurs on your account, PayPal’s security specialists will investigate.
- Two-Factor Authentication: PayPal uses two-factor authentication (2FA) to provide an extra layer of security. This security mechanism generates a unique one-time code that will be sent to your phone number or email anytime you want to log in to your account. This measure will shield a user if their username and password are compromised.
- Data Encryption: All PayPal transactions are secured using Secure Sockets Layer (SSL) protocol technology with 128-bit encryption. The financial company also ensures that user personal and financial information is stored in accordance with industry regulations and standards.
How to Deposit Money on a Broker Via PayPal
It is easy to deposit money on a broker using PayPal. Here are the steps to follow
- Select Broker
- Download PayPayl
- Deposit
Select a Broker With The Payment Method PayPal
The first obvious step is to have a broker in mind. Choose a reliable, highly regarded, regulated forex broker with competitive spreads and a user-friendly trading platform. Ensure the company has a mobile app and accepts PayPal as a deposit method. Create an account with the broker and navigate to their web app via your smartphone or computer.
Download the PayPal App
Get the PayPal app from your device’s mobile store. This step is essential because some brokers might require you to validate your transactions via the PayPal app.
Deposit the Funds and Download the Necessary Trading App
Open your broker’s website or Mobile app. Choose PayPal as your payment method and fix the amount that you want to deposit. Navigate to your mobile phone’s store and get the trading app that your broker uses. Install it and start trading.
How to Withdraw Money via Paypal
The steps to withdraw money from a Forex broker via PayPal are equally as easy as making a deposit. They include:
Step 1: Navigate to the Withdrawal Section of your Broker’s Website
Log in to your broker’s website using your username and password. Click on the “Funds” or “Withdrawal “ section. Depending on the broker’s website layout, you will find that tab on your dashboard or in the account settings.
Step 2: Choose PayPal and Put in your Desired Withdrawal Amount
Check through the list of payment options. Click on “Paypal”. Specify the amount of funds you want to withdraw. Put in a value within the broker’s maximum limit. Also, ensure that your account balance is sufficient.
Step 3: Provide your PayPal Account Details
Input the email address associated with your PayPal account. Double-check and ensure the address is correct to avoid any problems with the transfer. Your broker will send a message that your request is being processed. Others might require two-factor authentication, such as sending a verification code to your phone number or email address.
Step 4: Receiving the PayPal Funds
After the processing, PayPal should notify you that the funds are in your account. This process will take about a few business days.
Fees When using PayPal on Forex Brokers
When using PayPal on Forex brokers, you might incur certain fees, which include:
- Deposit/withdrawal fees: Some brokers charge fees on deposits, withdrawals, or both. This fee can be a fixed amount or a small fraction of the funds you want to deposit or withdraw.
- Currency Conversion fee: PayPal charges a conversion fee of 2.5% to 3.5% if you transact in a denomination other than your PayPal account currency.
- Transaction fees: PayPal charges the broker a fee for receiving payments. The broker might decide to deduct this charge from a trader’s balance.
Depending on the broker, other fees might be associated with PayPal transactions. Some brokers don’t directly collect these fees, but sometimes require users to manually pay for them. It is best to check the brokers’ terms and conditions for any extra levy associated with using PayPal as a payment method.
Alternatives to PayPal:
There are many alternatives to PayPal, each with advantages and drawbacks. Let’s examine some of them.
Wire Transfer
Wire transfer is an electronic transaction method for moving funds between bank accounts. It is a popular deposit method for deposits and withdrawals on Forex brokers. The only thing that a trader needs to do is access the broker’s account details and make the transfer.
Wire transfer is an excellent option for high-volume trading and is a highly secure payment method. However, the charges associated with wire transfers are high.
Bank cards
There are two types of bank cards – debit cards and credit cards. Debit and credit cards come with several advantages and disadvantages. Some of the benefits are:
- Credit cards can help traders develop a reliable history, which they can use to obtain funds for future transactions.
- Both debit and credit cards have a high level of security.
- Transactions with bank cards are fast. This payment method is also widely accepted.
Bank cards are not perfect. Traders who use them will incur significant transaction charges. There is also a security risk if the broker of choice is not reputable.
Cryptocurrency
Cryptocurrencies are digital payment methods built on the structure of a Blockchain. They are relatively new to the financial ecosystem. Many lay people who don’t understand how cryptocurrencies work tend to avoid them on brokerage platforms.
See here our comparison for Brokers who accept Crypto Deposits.
However, that should not be the case. Cryptocurrencies don’t rely on a centralized financial authority like a major bank. The pros of cryptocurrency are as follows:
- Instant deposits and withdrawal on some broker platforms
- Cryptocurrency gives you a high level of anonymity while making transactions.
- There are little to no transaction fees for using digital coins on a Forex broker.
- Since there is no intermediary, Crypto deposits and withdrawals are very fast.
One downside of cryptocurrency is its high volatility. The values of these digital assets fluctuate up or down significantly. Also, some Forex brokers don’t offer Cryptocurrency as a payment option.
Conclusion
From its inception, PayPal has proven to be an efficient payment method worldwide. For this reason, many people love to use it while trading. Thankfully, we have educated you about the best forex trading brokers to choose from if you prefer PayPal. Our analysis team at WR Trading has explored every feature among hundreds of brokers and picked the top five. With these five financial organizations, you will have a smooth trading experience.
List of the Best 5 Forex Brokers that Accept PayPal Deposits & Withdrawals:
- AvaTrade – Best Paypal Forex broker
- eToro – Best cryptocurrency-based broker
- Pepperstone – Broker with excellent trading condition
- Libertex – Low-cost Forex broker
- XTB – Great customer service
Frequently Asked Questions on PayPal Forex Brokers
Why Should I Choose a PayPal Forex Broker?
You should choose one because PayPal is a reliable and secure payment method. It offers easy and quick deposits and withdrawals.
PayPal is available in many countries worldwide, has a presence in every region, and supports multiple currencies. Therefore, you will likely be able to use it. PayPal does not charge a fee to open a new account.
What Are The Pros and Cons of Using PayPal?
One great thing about PayPal is its international presence. Traders can use it from almost any location on the globe. PayPal transactions are also faster than conventional banking options. PayPal’s interface is user-friendly and easy to navigate. The platform uses the latest encryption techniques to shield users’ financial information. Furthermore, creating and funding an account takes a few clicks.
However, PayPal might freeze a customer’s account if it suspects nefarious actions. This phenomenon can happen at a critical period when you need access to your funds. Another downside is the charges for withdrawals and currency conversion.
Is It Safe to Use PayPal For Forex Trading?
Yes, it is safe to use PayPal for Forex trading. PayPal uses state-of-the-art encryption algorithms, two-factor authentication, and other fraud detection measures. Nevertheless, being responsible for your safety while on the internet is important.
What are Common Alternatives to PayPal?
Some common alternatives to PayPal include cryptocurrency, wire transfers, e-wallets, and bank cards. Examples of cryptocurrencies are Bitcoin, Litecoin, DASH, and Ethereum.
Cryptocurrencies have faster transaction speeds than PayPal because there are no central authorities to delay payments. However, not every broker accepts cryptocurrency. Two examples of e-wallets are Neteller and Skrill. Note that no transaction method is perfect. The optimal decision is to choose the option that suits you.
How Do I Create a PayPal Account?
You can create an account by downloading the PayPal app or visiting the PayPal official website. Click on “Sign Up.” Select the type of account that you want.
Follow further instructions and input your personal identity details, email address, payment details, and other necessary information. Keep in mind that you can’t create an account if you are situated in a country where PayPal doesn’t operate.
Do All Forex Brokers Accept PayPal?
No, not every Forex broker accepts PayPal. While PayPal may be popular, some brokers may choose not to accept it. Before opening an account with a broker, check their payment methods to see if they accept PayPal. If you are confused about which broker to pick, this guide recommends five options.
