The Ultimate Guide to
Finding a Broker That Accepts PayPal
For those who are interested in opening an account with a forex broker, there are several factors which need to be considered.
Firstly, the broker in question should be regulated and trustworthy. Beyond that though, other features, such as a wide variety of underlying assets and amenable spreads, are also important. For example, the available payment methods can be just as critical, as you must be able to withdraw and deposit funds in order to trade.
Why Use PayPal as a Trading Payment Option?
One thing that makes PayPal a great payment option is that it’s simple to use. With just a few clicks, you can make instant deposits while PayPal’s service coverage is offered in 202 countries worldwide and in 52 different currencies, including but not limited to USD, CAD, EUR, DKK, JPY, GBP and INR.
PayPal also supports a wide range of payment platforms including e-Banking, PLAN and MXN. PayPal allows you to make payments online through your email address. You can deposit money to your account, instantly send it to your broker and receive any payout and withdraw it to your bank. It also offers a safe and secure online platform for sending money and receiving money electronically.
PayPal’s system of paying fees can also suit trading well. There are no fees charged for opening an account, while the payment fees for PayPal vary according to your location and the payment method used.
Advantages & Disadvantages of Using PayPal as a Payment Option
There are many benefits of using PayPal for forex trading, including:
- It’s very simple and easy to use. With just a few clicks, you can make your deposits.
- It has a wide coverage and is available internationally in over 200 countries and 52 currencies.
- Forex traders don’t need a credit card as PayPal account allows receiving and sending money to up to 202 countries globally, including but not limited to USA, Canada, UK, France and Italy.
- Payments are instant and withdrawals take less time to reflect in your bank account in comparison to traditional bank transfers.
- Payments made via credit cards or PayPal account balance are processed instantly.
- Withdrawal of funds to bank account take at most 3 business days to reflect in bank account once approved by your bank.
- Forex companies recognise PayPal as a payment method for speeding up transactions. With the endless number of benefits for forex traders, we believe PayPal is certainly the easiest convenience that any trader can ever need.
The main disadvantages of using PayPal are that the payment processing fees may be higher in comparison to a bank transfer, depending on your country and currency. If you don’t already have an account, there is also the additional work involved in setting up and managing a new PayPal account.
