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What is PayPal?

PayPal Holdings, Inc. is an American company operating a worldwide online payment system that supports online money transfers and serves as an electronic alternative to traditional paper methods like cheques and money orders. The company operates as a payment processor for online vendors, auction sites, and other commercial users. The fees are commonly low and are charged for benefits such as one-click transactions or password memory.

Most people living in the modern world have probably stumbled across PayPal at some point in their lives. PayPal is arguably one of the most convenient forms of payment in the contemporary world. Anyone, including PayPal forex brokers, who has used this online payment system will have to admit that it is not only fast but also easy to use. PayPal has grown to a giant within the financial services industry and currently has over 240 million registered user accounts.

PayPal itself defines their service as an online service that allows you to make payments, send money as well as accept payments from other people without compromising your personal financial information. It can be used for business as well as personal needs.

Most sophisticated forex brokers have adopted PayPal transactions and have integrated them into their payment systems.

What are the benefits of tradig with a Forex broker that accepts PayPal?

As highlighted above, making a PayPal payment is a fast, secure, convenient, and simple way to send and receive funds. As such, it makes sense to look for a forex broker that offers PayPal as a method of payment. Over the years, many online businesses, including top CFD brokers, have integrated online payment merchants or e-wallets such as Skrill (Moneybookers), NetellerWebMoney, FasaPay, and Astropay but also PayPal as deposit and/or withdrawal options.

Similar to credit card transactions, traders can deposit funds with PayPal directly into their trading account. Funds are settled immediately. Withdrawing funds from your trading account to your PayPal account typically takes 2-3 business days to settle. PayPal is available in over 200 countries worldwide and allows users to hold and send funds in more than 50 currencies, including USD, EUR, GBP, CAD, JPY, INR and many more.

PayPal fees are low compared to many other methods and are suitable for traders. There are no hidden charges, which makes the use of PayPal very transparent. No fees are charged monthly for processing payments and funds can be send from PayPal directly to your bank account.

Are there any disadvantages of using PayPal as a trader?

Due to its low fees and the fact that PayPal can be used to transfer funds immediately to your own trading account, it’s a great solution for the modern trader.

One setback is that PayPal’s updated user agreement policies highlight that forex trading is not covered by Purchase Protection. This means that chargebacks are not available for forex tradingPayPal’s user agreement policies describe that stock and CFD trading, similar to gambling or iGaming, is a service and requires entry payments. Therefore, it is excluded from those activities that are eligible for a reimbursement.

Which are the best Forex brokers that allow PayPal transactions on their platforms?

Typically, a CFD broker accepts a number of different payment methods. Credit and debit cards as well as bank wire transfers are the most common payment services made available.

However, top forex brokers offer more options such as e-wallets or even Bitcoin transfers. Forex traders that open a forex account with a reputable PayPal broker have yet another convenient way to deposit funds that is fast and securely.

IC Markets is one of the world’s leading true ECN trading brokers that allows PayPal deposits and withdrawals. IC Markets is an Australia-based CFD broker that is licensed and regulated by ASIC (Australian Securities and Investments Commission), offering an outstanding trading environment with a high level of web security. Minimum deposit requirements are low at only $200, and leverage can be set as high as 500:1. This forex broker offers the popular MT4 and MT5 trading platforms as well as cTrader, which is often utilized by professional traders. Their sophisticated trading environment can also be tested with a demo account.

Find The Best PayPal Forex Brokers for your needs

To help you find the Forex broker that is best suited to your needs, take a look at our comparison table and ranking of the best Forex brokers that accept PayPal above. If you require more in-depth information or are looking for more brokers to choose from, check out our detailed individual broker reviews and additional comparison tables.