A beginners guide to PayPal forex brokers
This guide reveals the forex brokers that accept withdrawals and deposits through PayPal up to 2022. PayPal isn’t a common payment method in the Forex industry, so finding a broker that supports PayPal isn’t easy. We’ve compiled a comprehensive list of PayPal forex brokers who will accept PayPal deposits.
With more than 400 million registered users and 32 million active merchants, as per the PayPal Q2 2021 update for investors, PayPal is the most used e-wallet and online payment service. Its ease of use and market presence makes it a popular option for forex traders to pay their bills.
In contrast to other popular e-wallets that forex traders utilize for trading, like the Skrill or Neteller, PayPal can be used extensively by businesses across all sectors and not only betting platforms and forex brokers. Unsurprisingly, many traders prefer to pay for their trading accounts with PayPal.
What exactly is PayPal?
It is an American online payment processing firm for businesses and provides the consumer with an electronic payment option.
The company is listed publicly on the Nasdaq exchange and operates across more than 200 countries.
The majority of US states have licensed PayPal. It holds a bank license in Luxembourg and is monitored 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 allows you to pay online for transactions without having to disclose your credit card details to anyone. You don’t entirely believe in keeping your personal information secure.
If you already have a balance in your PayPal account, you can add funds to your trading account using your current balance. With PayPal, it is possible to withdraw money in your trade account and transfer them back into the PayPal account, which means you can use them to spend or transfer them to other PayPal Forex brokers.
Complete List of Forex Brokers That Accept PayPal
Apart from highlighting the most highly rated PayPal Forex brokers, here’s an extensive list of brokers that accept the most popular payment method.
- IC Markets
- BlackBull Markets
- Markets for FP
The benefits of using PayPal in conjunction with Your Forex broker
PayPal is a top market player within the internet payment industry. PayPal is PCI certified, extremely secure and essential to processing credit card data.
Once you’ve set it up, PayPal is very quick and easy to use. Many brokers provide immediate deposits and withdrawals with PayPal.
PayPal withdrawals and deposits are typically instant, so you can swiftly transfer funds to your trading account. You can connect your debit or credit card or the bank account you have to connect with PayPal. PayPal account. Most brokers cover transaction charges when you transfer money or withdraw funds via PayPal.
The disadvantages of the use of PayPal, along with the help of your Forex broker
PayPal is a very expensive provider of charges for currency exchange. If the currency you use for trading is different from the PayPal account currency or bank account’s currency, you could be charged up to 4 per cent.
Brokers can limit PayPal in certain countries due to compliance reasons. This means that even when PayPal exists in the country you reside in, that doesn’t necessarily mean that your broker will let you transfer funds using PayPal. For instance, Oanda lets you deposit using PayPal for deposits in Canada and Europe, however not those in the United States.
A lot of forex brokers don’t accept PayPal. This means that you may need to make use of multiple e-wallets for various brokers, which can be very inconvenient.
Bank account withdrawals made via PayPal may take as long as two or three working days, depending on where you live.
What is the reason for trading FOREX in KENYA?
Before the COVID-19 pandemic hit, Kenya had one of the fastest-growing and most stable economies. GDP increased by an annual average per year of 5.7 per cent from 2015 to the year 2019. While growth was hindered until 2025, Kenya is currently making the most of its economic growth. The stability, prosperity and favorable forecasts towards the coming years have inspired numerous investors from Kenya to pursue an interest in trading forex.
Currently, it’s estimated that more than 90,000 people are involved with online forex trading in Kenya, and this increase is on the rise. Many have found the activity rewarding and lucrative while they spend less time away from home. Forex trading isn’t for all However; there are many options to take advantage of the experience. Day trading, swing trading, and copy trading are only three options.