Compare Forex brokers that accept Paypal for deposits and withdrawals. And find out more about PayPal's fees, limits and withdrawal options.
PayPal is like an online wallet that stores your credit card and bank account details. You can use your PayPal account to shop online without having to remember your details or enter them into a website again.
Opening a PayPal account is easy and it’s free. All you need is an email address and a password. After that, you can link your PayPal account to a bank account, credit card or debit card.
When you open an account, PayPal only asks for essential information so that you can get started right away. Your account will be classified as ‘Unverified’ until you provide more information about yourself – this is to comply with anti-money laundering laws. Unverified accounts are subject to initial limits on the amount you can send, receive and withdraw.
It's a good idea to verify your account as soon as possible. Otherwise, PayPal could force verification on you at a later stage if your account balance or transaction volumes rise above certain thresholds. When this happens, your account will be set ‘Limited’ and you will no longer be able to send, receive or withdraw money. This could play havoc with your trading, preventing you from meeting margin calls or taking advantage of changes in the financial markets.
While PayPal typically allows withdrawals to a bank account or a card, this may not be possible in all countries. In some countries, PayPal restricts withdrawals to US bank accounts only. And in others, it does not support withdrawals to credit or debit cards. Remember to check PayPal withdrawal options in your country to make sure it works for you.
PayPal is a cost-effective way to trade. If your PayPal account and broker are in the same country, you could finance your trades and withdraw your profits to a local bank account entirely free of charge. Here’s a breakdown of PayPal fees:
If your transaction requires a currency conversion, PayPal will add a processing fee above the wholesale exchange rate. In addition, PayPal also charges a cross-border fee for cross-border payments. The cross-border fee applies when the sender and the receiver have PayPal accounts registered in different countries. Please check the PayPal User Agreement for fees applicable in your country.
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Trading foreign exchange, contracts for differences or spread bets on margin carries a high level of risk and may not be suitable for all investors. You could sustain a loss of some or all of your funds if the markets move against you. For this reason, you should not invest more than you could afford to lose. ForexBrokersAZ.com does not accept deposits, advise on investments, deal in investments (as agent or principal) or arrange deals in investments. Information published on this website and in our external communications is factual and for information purposes only. It does not constitute financial advice under the Financial Services and Markets Act 2000.