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Best PayPal Forex Brokers of 2024
Once you’ve made the decision to start trading forex, there are some important things to consider before taking your first leap into the massive global forex market. Most importantly, the forex broker you choose should be regulated and trustworthy.
After choosing a forex broker, you’ll need to decide how you want to fund your forex account. If you want to place trades in a live account – and ultimately make money trading forex – you need to have a reliable payment method for depositing and withdrawing funds.
Thanks to its convenience, worldwide availability, and the vast number of supported currencies, PayPal has become a popular option for traders looking for ways to fund their forex brokerage accounts.
To help you decide if PayPal is the right option for you, the team at BrokerNotes created this guide that explores the good and the bad that come with using PayPal, and answers some of the questions you might have about funding your forex account. Then, we curated a list of the best forex brokers that accept PayPal as a payment method. We’ve got you covered.
Best forex brokers that accept PayPal
Our team conducts meticulous research and tests dozens of the biggest forex brokers in the business. We then rank the best brokers for forex trading based on our proprietary formula that takes into account a range of factors, including trust. At our sister site, ForexBrokers.com, you can see how we test and how our proprietary Trust Algorithm measures a broker’s trustworthiness.
For this guide, we determined which brokers accept PayPal as a payment method for funding and withdrawing from your forex and CFD trading accounts. We also went a step further; we ordered that list of brokers (top to bottom) based on their overall ranking, to make sure that you’re picking the best forex broker for your needs.
Without further ado, here are the best forex brokers that accept PayPal:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Why use PayPal as a trading payment option?
PayPal is fast, and it’s easy. With just a few clicks, you can make instant deposits or withdrawals from your PayPal account, and PayPal’s service coverage extends to 202 countries worldwide and accepts 52 different currencies, including USD, CAD, EUR, DKK, JPY, GBP, and INR.
PayPal offers a safe and secure online platform for sending and receiving money, and also supports a wide range of payment platforms, including e-Banking and PLAN. You can deposit money to your PayPal account and instantly send it to your broker and receive any payout and then withdraw it back to your bank.
PayPal’s system of paying fees is suitable for trading, although can vary depending on the method you use. For example, there are no fees charged to you for opening an account, however you may incur payment fees depending on your location and chosen payment method.
Pros & Cons of using Paypal to fund your trading account:
Pros:
- It’s easy (and might even be free). PayPal may be free to use – depending on the payment method. It’s also easy to use, requiring only a few clicks to fund an account (as long as you have your PayPal account set up).
- You can use PayPal just about anywhere. PayPal’s coverage is wide, and it allows for receiving and sending money in up to 202 countries globally, including the U.S., U.K., Canada, France, and Italy.
- Not using a major currency? Not a problem. PayPal allows for payments in 52 different currencies, including (but not limited to) USD, EUR, CAD, JPY, and GBP.
- It’s fast. Payments are instant, and withdrawals may take less time to hit your bank account than traditional bank transfers.
- It comes with perks. PayPal has evolved over the years to offer various perks (which vary by region), such as the ability to open a PayPal credit card or credit line for use online. However, most brokers do not accept credit cards, and it is never advisable to borrow money or use credit to invest in risky assets such as forex or CFD from a margin account.
Cons:
- You’ll need a PayPal account. This might be stating the obvious, but you will need to set up and maintain a PayPal account in order to use it as a payment method.
- Withdrawals might take a while. Withdrawal of funds from PayPal to your bank account will take from three to five business days (and may even result in a fee from PayPal).
What are the easiest ways to deposit money for forex trading?
All forex brokers offer multiple payment methods that allow you to deposit money into your trading account. While some brokers may offer a greater variety of deposit options than others, almost every broker will, at a minimum, offer common methods such as bank wire or bank transfer (Automated Clearing House (ACH) in the U.S., or Single Euro Payments Area (SEPA) in Europe), or using a supported debit card such as VISA or Mastercard.
Can I use Paypal for forex trading?
Yes, though it’s important to note that not all forex brokers currently accept PayPal as a means of depositing or withdrawing funds from your brokerage account. That being said, more and more brokers are starting to expand their supported payment methods to include more popular methods (like PayPal).
Does MetaTrader 4 accept PayPal?
While MetaTrader 4 (MT4) is not a broker and cannot accept funds for trading, there are a growing number of regulated brokers that offer MT4 and accept PayPal as a deposit and withdrawal method. Many forex traders that want to use MT4 end up choosing brokers that accept PayPal, so that they can quickly fund their account and withdraw funds back to their PayPal account when necessary. Whichever payment method you decide to use, remember that it’s always best to choose a highly-regulated and well-trusted broker.
devicesFinding a MetaTrader broker
Looking for a great broker that offers MetaTrader? Read our complete guide to the wildly popular MetaTrader 4 platform. You can also check out our MetaTrader 5 guide at our sister site, ForexBrokers.com, where we dive deep into the newest version of the MetaTrader software.
Which forex brokers accept PayPal?
PayPal has become an increasingly popular choice for traders looking to deposit funds when opening a forex trading account. Below we’ve listed the best forex brokers that accept deposits from PayPal:
- IG
- CMC Markets
- FOREX.com
- XTB
- City Index
- Swissquote
- eToro
- AvaTrade
- Plus500
- Admiral Markets
- Capital.com
- IC Markets
- OANDA
- Pepperstone
- FP Markets
- FxPro
- Trading 212
- Eightcap
- Trade Nation
- Trade360
- LegacyFX
- TopFX
What is the best broker that accepts PayPal?
IG is the best forex broker that accepts PayPal as a payment option in 2024. IG stands apart from the competition in the areas that matter most – for beginners and experienced traders alike. IG delivers an outstanding selection of resources, including education, research, trading tools, and a vast selection of markets to trade. IG is also a highly regulated broker with a massive list of regulatory licenses across the globe. No matter what payment option you decide to use, IG is our number one pick in 2024.
BrokerNotes.co 2024 Overall Rankings
To recap, here are our top forex brokers for 2024, sorted by Overall ranking.
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Methodology
At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.
Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.
Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.
About the Editorial Team
Steven Hatzakis is the Global Director of Online Broker Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).
John Bringans is the Managing Editor of BrokerNotes.co and ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.
Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.
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