Paypal Forex brokers
PayPal is arguably one of the most convenient forms of payment in the contemporary world. Anyone, including PayPal Forex brokers who has interacted with the online payment system will simply attest to the fact that it is not only fast but easy to use. If you have ever sent funds through checks or mail then you know how slow and frustrating it can get. Being such a convenient form of payment, Forex brokers have slowly adopted the use of PayPal in their trading platforms.
Although it may be difficult to find a Forex broker who exclusively supports PayPal transactions, most of them have integrated the payment option with other options to ensure that clients can easily carry out their transactions. The table below can help you get an idea of some of the best PayPal Forex brokers in the world.
- Forex Brokers
- Binary Options Brokers
- CFD Trading Brokers
- MT4 Forex Brokers
- MT5 Forex Brokers
- Mobile Forex Brokers
- Spread Betting Brokers
- UK Forex Brokers
- Swiss Forex Brokers
- Australian Brokers
- PAMM Brokers
- ECN Brokers
- US Forex Brokers
- Cent Account Brokers
- Scalping Brokers
- Lowest spread Forex Brokers
- VPS Forex Brokers
- Segregated Accounts Brokers
- 5 digit Brokers
- Hedging Brokers
- Banks with Forex Traiding
|Company||#||Logo||Forex broker||Founded||Regulated||Reviews||Payment systems||Broker type(?)||Min. Deposit||Max.|
|Accepting US traders?||Account|
|FIBO Group||11||FIBO Group||1998|
|Dukascopy Europe||13||Dukascopy Europe||2010|
|FP Markets||14||FP Markets||2005|
|VTB 24 Forex||22||VTB 24 Forex||2009||1|
Brief History and Information about PayPal
It may be surprising to most people that PayPal has been around for more than two decades. The platform has, however, only recently gained popularity all over the world as a trusted form of online payments. Founded in 1998, PayPal gained popularity among individuals and organizations that conducted their business online. The emergence of the internet was a key development that fostered the exponential growth of the payment platform. Shortly after its formation, the company was acquired by eBay and subsequently floated on two IPOs with a total market capitalization of $50 billion as per its 2015 valuation. It is worth noting that the online payment platform does not have a sole regulator but it acquires licenses and other necessary forms of authorization from regional financial authorities. The company then takes the deposit from clients and places them in commercial banks which bear interest but this interest is not transferred to account holders who deposit or store their funds with PayPal.
Why you need to use PayPal Forex brokers
Forex brokerage firms that use PayPal are generally preferred as the payment platform is generally seen to have more merits than demerits. With that said, it is imperative to check out some of the pros and cons of using PayPal as a form of payment. Here are some advantages and disadvantages that Forex traders go through when they decide to adopt a PayPal brokerage firm.
I. Reputable firm
It is not surprising that this point had to be the first one. It is almost impossible to find a financial payment platform with a string reputation as PayPal. The company has build its reputation as a reliable payment platform that strives to meet its client’s needs. With more than 20 years in the industry and a presence in more than 100 countries around the world, it cannot get better than that.
Registering a PayPal account will offer you a number of benefits in various facets. While you can use the account to deposit and withdraw funds to your brokerage firm, you can also use the account for other online activities such as shopping or subscribing to any websites you may wish.
With a cumulative experience of more than 2 decades, the company has invested significant time and resources in ensuring that the platform is secure. Most experts believe that this e-payment system may actually be the most secure platform.
A significant number of forex brokerage companies have realized the importance of adding this e-payment system to their trading platforms. This mostly arises from the popularity of PayPal which has more than 200 million active users as at 2018. The overall popularity and ease of use of the platform has led to its adoption by a large number of forex brokers.
Some brokerage companies offer some special type of bonuses for all traders who use PayPal. Although you are likely to find other types of bonuses, such as a welcoming bonus, these are not usually as large as the PayPal bonus.
VI. Ease of depositing and withdrawing
PayPal allows its users to easily deposit and make withdrawals from their credit cards and even bank accounts, in some instances. With a PayPal account, you can easily transfer your trading profits to your account and subsequently to your bank account.
I. High charges
One of the main disadvantages of using PayPal is that it has high charges which might eat into your profits. The company imposes different fees and commissions in each transfer of funds that you make that can easily reach 3% of the total amount transacted. Also, the firm imposes other charges apart from the high fees. The total fees that one pays when transacting with the platform is the highest among all the other e-payment processors.
II. Lack of chargebacks for forex trading
A key challenge that most aggrieved forex traders experience is the lack of chargebacks. According to PayPal’s policies, only tangible goods qualify for chargebacks but other intangible goods such as services do not qualify. This makes it extremely difficult for forex traders to recover their funds when defrauded.
III. Strict rules and regulations
Another demerit of using PayPal for currency trading is the stringent policies and regulations imposed by the company with regards to making transactions and even withdrawing funds. It is for this reason that most forex brokers and traders will prefer using other popular e-wallets like neteller or even Skrill.
How do you find a reliable PayPal forex broker?
With all the advantages of using PayPal as a payment option for currency trading, you might be wondering how to find a reliable forex broker. Since there are many forex brokers offering PayPal as a payment method, here are some tips to help you choose the best and most reliable forex brokerage firm.
- A quick way to find a trustworthy PayPal FX firm is to check if your current broker offers this payment method. Since you trust your current brokerage firm, it will be easier to find out if they have this payment option instead of choosing a totally different forex broker. Even though you may have selected a different payment option, the forex brokerage company may allow you to switch to the PayPal option , which allows you to accrue all the benefits stated above. It is, however, worth noting that some brokers may permit the changing of payment options while others may not. The best way to find out is to contact your brokers’ support.
- You should also go through the credible forex reviews on the web to get an idea of some of the reputable brokerage companies that allow trading through PayPal. You can write a list of some of the best PayPal brokers and compare with other features such as the bonuses they offer or the trading platforms they use. The key here is to ensure that the broker you choose meets all or most of your needs.
- Get tips from Forex review sites. There are many sites which offer forex broker reviews and lists but it is prudent to get such information from a credible site such as topbrokers.com. Ensure that you look for a list of the top PayPal forex brokers from review sites which offer information, analyses, charts and even user reviews.
Top PayPal Forex Brokers
There are a number of forex brokerage firms that offer the PayPal payment option. Here is a list of some of the top PayPal brokerage companies in the world.
This is one of the most trusted PayPal FX brokerage firm in the world due to the myriad features that it offers its clients. The company was established in 2006 and its is regulated with a number of authorities. Check out the AVA trade review on TopBrokers.com. These include the FSA, Central Bank of Ireland, ASIC and even the FSB. This trading platform is highly suitable for those who wish to trade in a number of instruments such as social trading, CFD trading, and even Spread betting. It only requires a minimum deposit of only $250 and offers three account types with each offering some specific features. The platform is quite popular with a presence in most countries around the world.
While reviewing Markets.com is another great forex brokerage company that offers two ways to trade i.e. Trading CFDs and currencies. It offers a minimum deposit of $100 and supports a couple of platforms such as MT4, WebTrader and also a mobile app. The company is also known for its excellent customer support which can be accessed through their live chat, phone support and email support.
This is a Cyprus based brokerage firm owned by Trading Point of Financial Instruments Company. It was formed in 2009 and has continued to accrue more clients with the current number standing at 100,000. Great trading experience in XM is further propagated by a good customer care which can help you any time you may need information about their services or assistance. They also have customer support representatives from more than 15 languages. Are you a beginner? No worries, reviewed XM has a demo account where they offer you free trades $1000. Its live account, however, allows you to start trading with a minimum deposit of $5.