PayPal Forex brokers
With PayPal, deposits and withdrawals to/from Forex accounts is a quick, efficient and low cost process. Normally, while Forex brokers don't charge any processing fees, PayPal charges users a small fee for transferring or receiving funds. PayPal fee currently is approx. 3%.
Why use PayPal as your deposit/withdrawal method?
There are several benefits to it:
- It's fast: comparing to other funding options (especially bank wires, credit cards), PayPal is lightning fast when it comes to funding your trading account. To Forex brokers it's also a convenient option to process your deposit.
- it's secure: no need to share your credit card details with Forex brokers, your information is secure when you make a money transfer with PayPal.
- it's reliable: there is no need to guess or worry whether your money has reached your Forex broker. Simply look at your new Forex account balance and if the money was not credited following your PayPal transfer within 24-72 hours (see Forex brokers policies for deposits), you claim a refund with PayPal.
- it offers speedy withdrawals: same as for you when you make a deposit, PayPal is also a convenient way for Forex brokers to send/process withdrawal requests. Withdrawals through PayPal usually have the lowest waiting period comparing to other withdrawal options.
- it's inexpensive: it often costs you less or the same in fees comparing to other deposit options (PayPal fee currently is approx. 3%). It gets even better - there are Forex brokers who will refund your money transfer fees with PayPal, which means that you incur no additional fees at all when
you fund your Forex trading account!
If you don't have a PayPal account, you can always get one at the official PayPal website, assuming PayPal works in your country.
The list of Forex brokers accepting PayPal:Use Shift+ to sort multiple columns
If you know another Paypal Forex broker, please suggest by adding a comment below.
Paypal chargeback on a Forex account?
Although Paypal doesn't have specific policies regarding Forex account funding/withdrawal, it's unlikely that a trader can successfully claim a Paypal chargeback. The reason for that is simple:
Paypal adheres to its own rules, which say: "The item you purchase must be a physical, tangible good that can be shipped". End of story. Everything online - services, licenses, or, for example, Forex VPS services - that doesn't require a physical shipment - all that is not covered by the Paypal Buyer Protection, and thus chargeback claims against it won't succeed.
Having said that, now projecting it onto Forex trading: Forex brokers provide online services, in which traders agree to participate. Funding a Forex account with Paypal falls under "intangible goods" according to Paypal buyer guidelines. Intangible goods don't qualify for a chargeback, as there is no physical shipment of goods present.
Trends: number of brokers accepting Paypal decreases
During 2014-2015 there has been a slow yet steady trend: fewer Forex brokers keep accepting Paypal as deposit/withdrawal method. Many stopped using Paypal within the past 2 years, while only a few added Paypal option, and so the list of Paypal Forex brokers is getting noticeably shorter.
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