Forex Brokers That Accept PayPal Deposits in 2022
PayPal Forex Brokers 2022
This guide explores which forex brokers support deposits and withdrawals via PayPal updated for 2022. PayPal is not a typical payment method used in the forex industry, so finding a forex broker supporting PayPal can be challenging. We’ve prepared a comprehensive list of brokers that accept PayPal deposits.
With over 400 million active users, including 32 million active merchants, according to the PayPal Q2 2021 investor update, PayPal is the most popular e-wallet and online payment system. Its convenience and market presence make it an attractive payment method to forex traders.
Unlike other popular e-wallets forex traders use, such as Skrill and Neteller, PayPal is widely used by merchants in every sector, not just forex brokers and gambling platforms. It’s no surprise that many traders prefer to fund their trading accounts using PayPal.
What is PayPal?
PayPal is an American online payment processing company for merchants and offers an e-wallet for consumers.
The company is publicly listed on the Nasdaq stock exchange and operates in more than 200 countries.
PayPal is licensed in most US states, has a banking license in Luxembourg and is regulated by the Australian Prudential Regulation Authority, the People’s Bank of China, the Monetary Authority of Singapore, the Reserve Bank of India, the Central Bank of Russia, and the Central Bank of Brazil.
PayPal lets you pay for transactions online without having to expose your credit card information to parties you might not completely trust to keep your information safe.
Alternatively, if you already have a balance on your PayPal account, you can fund your trading account from your existing balance. Using PayPal, you can withdraw funds from your trading account back to your PayPal account, so you can spend them or deposit them to other PayPal forex brokers.
Only a hand full of the most popular brokers offer Forex trading via PayPal and we have them listed below!
Forex Withdrawing Using Paypal
Forex brokers accepting deposits via PayPal will almost always allow you to withdraw using PayPal. If you deposit via PayPal, most Fx brokers will only allow a withdrawal with the same method you deposited in.
eg.)
Deposit 100usd via PayPal – Withdraw method = Only PayPal
Deposit 100usd via Bank Wire – Withdraw method = Only Bank Wire
Top-Rated Forex Brokers Accepting PayPal
Updated for 2022!
It can be frustrating trying to find a forex broker supporting PayPal deposits. Other websites claim to list brokers accepting PayPal, but in reality, they just promote random brokers not necessarily offering PayPal.
Only a handful of the most popular brokers offer forex trading via PayPal deposits, and we have them listed below! The brokers listed below have been confirmed to accept PayPal deposits and withdrawals as of January 2022.
fpmarkets PayPal
| Broker Type | ECN |
| Regulations | ASIC, CySEC |
| Min Deposit | $100.00 USD |
| Account Base Currency | AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD |
| Max Leverage | 1:500 |
| Trading Platforms | IRESS, Metatrader 4 and 5, MAM, PAMM |
FP Markets launched PayPal deposits in 2019 for instant deposits and withdrawals to their MT4 and MT5 trading accounts in various currencies.
BlackBull Markets PayPal
| Broker Type | ECN |
| Regulations | FSCL,FSA and FSPR |
| Min Deposit | $200.00 |
| Account Base Currency | USD EUR GBP AUD NZD SGD CAD JYP ZAR |
| Max Leverage | 500:1 |
| Trading Platforms | Metatrader 4/5 |
BlackBull Markets began offering PayPal deposits to their clients in 2020 alongside other popular e-wallets and payment methods.
IC Markets PayPal
| Broker Type | ECN |
| Regulations | ASIC |
| Min Deposit | $200.00 |
| Account Base Currency | USD, AUD, EUR, GBP, CAD, JPY, NZD,CHF, SGD, HKD |
| Max Leverage | 500:1 |
| Trading Platforms | Metatrader 4/5, cTrader, Webtrader, API Trading, MAM / PAMM |
IC Markets rolled out PayPal deposits and withdrawals in 2017. The company’s founder commented at the time that adding PayPal was a response to requests from their clients.
Pepperstone PayPal
| Broker Type | ECN |
| Regulations | ASIC |
| Min Deposit | $200.00 |
| Account Base Currency | USD, AUD, EUR, GBP, CAD, JPY, NZD,CHF, SGD, HKD |
| Max Leverage | 500:1 |
| Trading Platforms | Metatrader 4/5, cTrader, Webtrader, API Trading, MAM / PAMM |
Pepperstone started to offer PayPal deposits in 2015, at a time when it wasn’t very popular for forex brokers to support PayPal.
Oanda PayPal
| Broker Type | Market Maker |
| Regulations | IIROC, CIPF, NFA, FCA, CFTC, ASIC, MAS |
| Min Deposit | $1.00 |
| Account Base Currency | AUD CAD EUR GBP HKD JYP SGD CHF USD |
| Max Leverage | 50:1 |
| Trading Platforms | Web trading, Metatrader 4, Oanda desktop trading platform |
FxPro PayPal
| Broker Type | Market maker – no dealing desk |
| Regulations | CySec, FCA, SCB, DFSA |
| Min Deposit | $500.00 USD |
| Account Base Currency | USD, EUR, GBP, AUD, CHF, JPY,PLN |
| Max Leverage | 1:500, EU Clients 1:30 |
| Trading Platforms | Metatrader 4/5, cTrader,FxPro Markets |
Complete List Of Forex Brokers Accepting PayPal
Besides highlighting some of the top-rated PayPal forex brokers, here is an exhaustive list of brokers offering the popular payment method.
- AvaTrade
- IC Markets
- Pepperstone
- FxPro
- Oanda
- BlackBull Markets
- FP Markets
Benefits of using PayPal with your Forex broker
- PayPal is an industry leader in the online payments industry. The company is PCI compliant, essential for processing credit card information, making it extremely secure.
- Once you’re set up, PayPal is very quick and easy to use. Most brokers offer instant deposits and withdrawals using PayPal.
- PayPal deposits and withdrawals are usually instant, meaning you can add funds to your trading account quickly.
- You can link your credit/debit card and bank account to your PayPal account.
- Most brokers cover the transaction fees when you deposit or withdraw using PayPal.
Disadvantages of using PayPal with your Forex broker
- PayPal has very high currency exchange fees. If your trading account currency is different to your PayPal account currency or your bank account currency, you will face fees as high as 4%.
- Brokers may restrict PayPal in some countries for compliance reasons, meaning even if PayPal is available in your country, it doesn’t necessarily mean your broker will allow you to deposit using the service. For example, Oanda lets you deposit with PayPal in Canada and Europe but not the United States.
- Many forex brokers do not accept PayPal, meaning you might have to use different e-wallets for different brokers, which is inconvenient.
- PayPal withdrawals to bank accounts can take up to two or three days, depending on your location.
Withdrawing Forex Profits Using PayPal
Forex brokers accepting deposits via PayPal should also support withdrawals back to your PayPal account.
Typically, if you deposit via PayPal, most brokers will require a withdrawal using the same method used to deposit, i.e. PayPal.
Typically, if you made a profit, you should withdraw that directly to your bank account.
For example, if you deposit $100 via PayPal and profit $50, you have to withdraw $100 back to your PayPal account and $50 to your bank account. Not all brokers require this, and it depends on their AML policy.
Why Don’t Many Brokers Use PayPal?
Many forex brokers do not accept PayPal as a deposit method, and there are different reasons for that.
- Forex brokers are considered high-risk merchants, meaning PayPal may not be interested in cooperating with small brokers who pose a reputational risk.
- PayPal can impose higher fees for high-risk merchants and penalties on merchants who receive higher than usual complaints.
- PayPal charges high fees that brokers might want to avoid, especially if they’re STP or ECN forex brokers.
- PayPal isn’t convenient for large transactions due to volume-based transaction fees.
- It can be complicated to accept deposits via e-wallets due to anti-money laundering policies.
- PayPal may impose certain restrictions on brokers to reduce the potential risks.
Frequently Asked Questions About PayPal Forex Brokers
Can I use PayPal buy-now-pay-later service to trade forex?
No. When you deposit funds to a trading account, you’re not making a purchase. You’re transferring funds to a third party. The buy-now-pay-later service provided by PayPal is a service that merchants must enrol to offer and is designed for purchasing items, not transfers.
Can I deposit using Venmo instead of PayPal?
When going through the checkout with PayPal, you’re asked to choose which payment method you want to use. If you have a Venmo account connected to your PayPal account, you could use that instead of your PayPal balance. However, Venmo is only available within the United States and is only accepted by US merchants. Therefore, unless you and your broker are in the US, you cannot use Venmo to trade forex.
Do I need a PayPal account to trade forex?
No. Most brokers offer several account funding methods to deposit and withdraw funds from your trading account. If you don’t have a PayPal account, don’t worry. You can deposit using your Visa or Mastercard, bank transfer and other e-wallets.
Is PayPal or Skrill better for trading forex?
Skrill is a much more popular e-wallet in the forex trading community. Both Skrill and PayPal are publicly listed companies and licensed by reputable regulators. The main difference between the two companies is the fees and the location you’re based, and the currency you’re using. For example, PayPal has higher exchange fees but free withdrawals. Whereas Skrill has lower exchange fees but charges fixed fees for withdrawals.
Conclusion
PayPal is super convenient and offers instant and secure transactions, allowing you to fund your trading account whenever you need it quickly. PayPal is very particular about which brokers it cooperates with. Therefore, if a broker supports PayPal, it signals the broker is highly reputable. Many traders find PayPal convenient because they can spend their forex trading profits in many different ways. Suppose you’re taking a break from trading. In that case, you can hold your funds in your PayPal account instead of your trading account.
*A portion of the Sign up links to brokers websites are affiliate links. We may receive a commission with no charge to you. This enables us to keep creating helpful forex trading content for our readers for free.
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