Best PayPal Forex Brokers

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Contributor, Benzinga
December 12, 2023

FOREX.com and IG are Benzinga's top picks for best PayPal forex brokers

Dive into the world of forex trading with ease and security by using the top PayPal forex brokers. This comprehensive guide unveils the eight best brokers that offer seamless and secure transactions through the globally-trusted PayPal platform. Trade confidently with a PayPal forex broker that suits your forex trading account needs and preferences.

Quick Look: Best Forex Brokers That Accept PayPal

  • Best for Advanced Traders: FOREX.com
  • Best for User-Friendly Platform: IG
  • Best for Automated Trading: AvaTrade
  • Best for Trading with Low Capital: XM
  • Best for Islamic Trading: HYCM
  • Best for Social Trading: eToro
  • Best for Mobile Trading: Plus500
Disclosure: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best PayPal Forex Brokers

Many reliable brokers cater to currency trading, but those featured in Benzinga’s top list stand out by offering the added convenience of PayPal withdrawals and deposits. Here are broker reviews of the top FX brokers that accept PayPal.

1. Best for Advanced Traders: FOREX.com

  • Forex.com
    Best For:
    U.S. and Global Forex Traders
    securely through Forex.com's website

    CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% to 77.7% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

    The products and services available to you at FOREX.com will depend on your location and on which of its regulated entities holds your account

FOREX.com is one of the top forex brokers that accepts PayPal and other deposit and payment methods. The well-established broker offers advanced trading tools, comprehensive educational resources and a wide range of trading instruments, perfect for experienced traders. 

Pros

  • Large variety of currency pairs
  • Extensive research tools
  • Multiple trading platforms
  • Competitive pricing

Cons

  • Limited product offering (mainly forex and CFDs)

 2. Best for a User-Friendly Platform: IG

  • IG Markets
    Best For:
    Forex Execution for U.S. and Global Traders
    securely through IG Markets's website

    Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

IG offers a user-friendly platform that accepts deposits and withdrawals with PayPal, making it ideal for beginners and experienced traders. It offers an excellent selection of trading tools and provides access to virtually every global market and trading instrument.

Pros

  • Easy-to-use platform
  • Wide range of markets and trading instruments
  • Excellent educational resources

Cons

  • Fewer customer support options 
  • Limited security options on mobile

3. Best for Automated Trading: AvaTrade

AvaTrade is a PayPal brokerage that offers multiple trading platforms, including its proprietary AvaTradeGo and automated trading software, such as ZuluTrade and DupliTrade. It provides a variety of trading instruments and educational resources.

Pros

  • Wide range of trading instruments
  • Comprehensive educational resources
  • Demo practice account
  • Multiple platforms available, including support for trade automation

Cons

  • High inactivity fees

 4. Best for Trading with Low Capital: XM

  • XM Group
    Best For:
    Beginner forex and CFD traders
    securely through XM Group's website

    Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

XM is known for offering one of the lowest minimum deposits among the forex brokerages that accept PayPal as a deposit and withdrawal method. This low barrier to entry makes it an attractive choice for cash-strapped traders. 

Pros

  • Wide range of currency pairs and trading instruments
  • Multiple account types with varying fee structures
  • Excellent learning resources

Cons

  • MetaTrader-only platform
  • Limited range of markets

5. Best for Islamic Trading: HYCM

HYCM stands out for its diverse range of trading instruments, including stocks, forex,  commodities and cryptocurrencies. This PayPal broker offers interest-free, swap-free accounts that comply with Islamic laws.

Pros

  • Wide range of currency pairs and trading instruments
  • Multiple account types with varying fee structures
  • Excellent learning resources

Cons

  • Not available for U.S. clients

6. Best for Social Trading: eToro

  • eToro Forex
    Best For:
    Copy Trading
    securely through eToro Forex's website

    CFD trading is not available to U.S. users. 51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

eToro is a pioneer in social trading, allowing users to track and copy the trades of top investors. It offers a wide range of trading instruments and an easy-to-use platform.

Pros

  • Wide range of currency pairs and trading instruments
  • Multiple account types with varying fee structures
  • Excellent learning resources

Cons

  • Higher fees compared to competitors
  • Limited customer support options

7. Best for Mobile Trading App: Plus500

Plus500 offers a user-friendly simplified trading platform that may appeal to traders just learning the ropes of forex trading. It provides a smooth mobile trading experience. More advanced traders may find its narrow selection of market research limiting.

Pros

  • Excellent mobile app
  • User-friendly platform
  • Competitive pricing

Cons

  • Limited customer support
  • Not available for U.S. residents

What is PayPal?

PayPal is a widely used digital payment platform allowing users to send and receive money online securely. It offers convenience and added protection for online transactions, making it a popular choice for forex traders. You can link your bank account, debit, or credit card to your PayPal account and use it as a secured digital wallet for making and receiving payments online.

What Are the Benefits of Using PayPal for Forex?

Using PayPal for forex trading offers benefits that can enhance your overall trading experience. Some of the key advantages include:

  • Fast transaction times: PayPal processes transactions quickly, helping traders take advantage of market opportunities as they arise.
  • Enhanced security: PayPal has robust security measures, such as data encryption and two-factor authentication, to protect users' personal and financial information. 
  • Multiple funding options: You can link numerous bank accounts, credit cards or debit cards to your account. This feature provides greater flexibility when funding your forex account, as you can choose the most convenient and cost-effective option.
  • Currency conversion: PayPal supports transactions in multiple currencies, which can benefit forex traders who need to deposit or withdraw funds in different currencies. PayPal automatically handles currency conversion, allowing seamless transactions across various currency pairs.
  • Dispute resolution service: In case of a dispute between a trader and their forex broker, PayPal offers a resolution service that can help provide an additional layer of protection. 
  • Wide acceptance: Many forex brokers accept PayPal as a payment method, making it easy to find a compatible broker that suits your trading needs.
  • Lower fees: While PayPal does charge fees for certain transactions, these are generally lower than fees associated with other payment methods, such as wire transfers. 

What Currencies Are Supported by PayPal?

PayPal supports a wide range of currencies, including:

  • U.S. Dollar (USD)
  • Euro (EUR)
  • Pound Sterling (GBP)
  • Japanese Yen (JPY)
  • Canadian Dollar (CAD)
  • Australian Dollar (AUD)
  • New Zealand Dollar (NZD)
  • Swiss Franc (CHF)
  • Hong Kong Dollar (HKD)
  • Singapore Dollar (SGD)
  • Danish Krone (DKK)
  • Swedish Krona (SEK)
  • Norwegian Krone (NOK)
  • Mexican Peso (MXN)
  • Brazilian Real (BRL)
  • Czech Koruna (CZK)
  • Hungarian Forint (HUF)
  • Polish Zloty (PLN)
  • Israeli New Shekel (ILS)
  • Chinese Renminbi (CNY)
  • Philippine Peso (PHP)
  • Thai Baht (THB)

Choose the Right PayPal Forex Broker for You

Finding the right PayPal forex broker can significantly impact your trading experience. When selecting a broker, consider the features, fees and platform compatibility. The brokers in this guide offer various options catering to different preferences and trading styles. It's time to take the plunge and trade with confidence and security using a PayPal forex broker.

Frequently Asked Questions

Q

Can I use PayPal for forex trading?

A

 Yes. Many forex brokerages accept PayPal as a deposit and withdrawal method for added convenience and security.

Q

Does MetaTrader 5 accept PayPal?

A

MetaTrader 5 itself does not process payments, but many brokers that support MT5 also accept PayPal for deposits and withdrawals.

Q

Can you trade through PayPal?

A

PayPal is a payment method, not a trading platform. However, you can use PayPal to deposit and withdraw funds with many forex brokers that provide a suitable trading platform.

Get a Forex Pro on Your Side

FOREX.com, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets with low pricing and fast, quality execution on every trade. 

You can also tap into:

  • EUR/USD as low as 0.2 with fixed $5 commissions per 100,000
  • Powerful, purpose-built currency trading platforms
  • Monthly cash rebates of up to $9 per million dollars traded with FOREX.com’s Active Trader Program

Learn more about FOREX.com’s low pricing and how you can get started trading with FOREX.com.