10 Best PayPal forex brokers (February 2023)

10 Best PayPal forex brokers (February 2023)

Do not invest more money than you can afford to lose.

 

One of the most popular online payment platform that facilitates money transfers between individuals and businesses, with some 426 million clients worldwide, PayPal currently holds a 32.3% share of the global market for online payment services.

To use PayPal you should create an account and connect it to a checking account, a credit card, or both. Once identification and proof of funds are confirmed, you can send or receive payments online or in a store using PayPal. Some 24 million merchants around the globe accept PayPal as a means of payment, both online and in real world stores. PayPal allows customers to send and receive funds in 25 major currencies.

There are no fees for using PayPal to pay for a purchase, if you use a PayPal balance or your linked bank account and the payment is in your home currency. There are no fees if you send cash in your home currency to a relative or a friend rather than a business. There are no fees for transferring money between PayPal and your bank account.

Otherwise there’s a 4% currency conversion fee for most transactions that involve conversion. Also a PayPal transaction that uses your linked credit card incurs a 2,9% fee plus a fixed fee that depends on the country you are making the transaction from. In the U.S. for example the fixed fee is in the amount of 0,30 USD, while in the UK – 30 GBP. In the EU on the other hand such a transaction will come with a 3,4% fee plus additional 0, 35 EUR. So our best advice is to make sure your PayPal account defaults to your checking account and not to your credit card.

Formerly a subsidiary of eBay, which was spun off into a separate company back in 2015, PayPal is considered a very secure method of sending payments online, as customer data is stored in cold servers, not directly connected to the internet.

The currencies PayPal supports include Argentinian Peso, Australian Dollar, Brazilian Real (only supported for marketplaces within Brazil), Canadian Dollar, Swiss Franc, Czech Krona, Danish Krone, Euro, British Pound, Hong Kong Dollar, Hungarian Forint, Indian Rupee (INR) (only supported for marketplaces within India), Israeli Shekel, Japanese Yen, Mexican Peso, Malaysian Ringgit, Norwegian Krone, New Zealand Dollar, Philippine Peso, Polish Zloty, Swedish Krona, Russian Ruble, Singapore Dollar, Thai Baht, Taiwan New Dollar and US Dollar.

FP Markets

FP Markets is a broker founded in Australia nearly two decades ago, which holds multiple industry awards for its outstanding trading services. The broker offers some of the best known platforms in the forex industry – MetaTrader4 and MetaTrader5, as well as a proprietary trading platform – Iress. FP Markets’ spreads look pretty attractive too, and if you choose to pay with PayPal, FP Markets will not charge you any deposit or withdrawal processing or handling fees.

LicensesAustralia (ASIC); EU (CySEC)
Minimum deposit100 USD
Trading platformsMetaTrader4, MetaTrader5, Irres
Maximum leverageUp to 1:30; 1:500 for clients outside Australia and the EU
SpreadsStarting from 1 pip with a standard account

Papperstone

Yet another Australian broker from Melbourne, founded back in 2010, Papperstone also accepts PayPal and will cover all of your deposit and withdrawal processing fees. Apart from the industry standard MetaTrader4 and MetaTrader5 at Papperstone you may also opt for cTrader, which might prove especially appealing if you consider yourself an experienced trader.

LicensesAustralia (ASIC); UK (FCA)
Minimum deposit200 USD
Trading platformsMetaTrader4, MetaTrader5, cTrader
Maximum leverageUp to 1:30; 1:500 for clients outside Australia and the UK
SpreadsStarting from 0,8 pip with a standard account

OANDA

OANDA, one of the best known American brokers, accepts PayPal payments as well. As a matter of fact all American brokers accept PayPal payments, because PayPal is by far the most popular e-wallet in the U.S. and the second most popular payment method after credit and debit cards like VISA and Mastercard. OANDA offers two professional trading platforms – MetaTrader4 and fxTrade – as well as a comprehensive variety of trading instruments. In addition the broker is licensed and authorized all across the board from Canada to Australia and from Hong Kong to Japan.

LicensesUSA (CFTC); Canada (IIROC), Hong Kong (SFC), Australia (ASIC), Japan (JFSA)
Minimum deposit200 USD
Trading platformsMetaTrader4, fxTrade
Maximum leverageUp to 1:50
SpreadsStarting from 1,4 pip with a standard account

FOREX.com

Probably the best known brand on the American market when it comes to forex trading, FOREX.com will surely process your PayPal payment and will cover all possible deposit and withdrawal handling fees. Just like OANDA, FOREX.com is licensed and authorized not only in the U.S., but also in Canada and Japan. Unlike OANDA however, FOREX.com holds a license in the UK as well. FOREX.com supports both MetaTrader4 and MetaTrader5.

LicensesUSA (CFTC); Canada (IIROC), Japan (JFSA), U.K. (FCA)
Minimum deposit100 USD
Trading platformsMetaTrader4, MetaTrader5
Maximum leverageUp to 1:50 in the US and up to 1:30 in the UK
SpreadsStarting from 1.1 pips with a standard account (1,3 pips in the U.S.)

FxPro

Also one of the best know names in the forex industry, licensed both in the UK and the EU with the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC) respectively, FxPro supports the three most popular platforms in the forex industry – MetaTrader4, MetaTrader5 and cTrader – along with relatively tight spreads and a great variety of trading instruments. And you can certainly pay with PayPal as well, without warring about any additional withdraw processing and handling fees.

LicensesUK (FCA), EU/ Cyprus (CySec), South Africa (FSCA)
Minimum deposit10 USD
Trading platformsMetaTrader4, MetaTrader5, cTrader
Maximum leverageUp to 1:30; up to 1:200 for clients in South Africa
SpreadsStarting from 1,5 pips with a standard account

Trading 212

In September 2018 Trading 212 introduced the first zero commission share trading platform in the U.K., where one can purchase stocks and ETFs, listed on the world’s leading exchanges in the U.S., the UK and Germany. Currently Trading 212 offers access to well over 1500 shares. Trading 212 also offers a proprietary web based trading platform with nice interface and good functionality. Bear in mind however. that PayPal is currently available only for accounts registered under Trading 212 UK Ltd. – e.g. accounts registered in the UK, Norway, Switzerland and Iceland.

LicensesUK (FCA), EU/ Bulgaria (FSC)
Minimum deposit10 USD
Trading platformsTrading 212 web based platform
Maximum leverageUp to 1:30; up to 1:300 for professional clients
SpreadsStarting from 0.9 pips pips with a standard account

XTB

XTB is a trusted broker offering MetaTrader4 along with the proprietary xStation 5 trading platform, which has excellent functionalities as well. XTB is regulated both in the UK and Poland, which makes it an excellent choice for both British and European traders, especially since it accepts payments with PayPal. In May 2016 XTB was listed on the Warsaw Stock Exchange (WSE:XTB).

LicensesUK (FCA), EU/ Poland (KNF) U.A.E (DFSA), South Africa (FSCA) Belize (FSC)
Minimum deposit250 USD
Trading platformsMetaTrader4; xStation 5
Maximum leverageUp to 1:30; up to 1:200 for traders outside the EU and the UK
SpreadsStarting from 0.9 pips with a standard account

eToro

eToro is pretty famous for its user friendly copy trading service, where you can follow the trades of experienced traders and profit whenever they do in exchange of a small commission. More importantly however, this is a trusted broker servicing traders from the UK and the EU all the way to Australia. On the downside on the other hand the eToro proprietary, web based platform does not allow for automatic trading sessions – something which you can quite easily do on a MetaTrader4 or MetaTrader5.

LicensesUK (FCA), Australia (ASIC), EU/ Cyprus (CySEC)
Minimum deposit10 USD
Trading platformseToro web platform
Maximum leverageUp to 1:30
SpreadsStarting from 1 pip with a standard account

Tickmill

Tickmill is well known British broker, licensed both in the UK by the Financial Conduct Authority (FCA) and in the European Union through its Cyprus Securities and Exchange Commission (CySEC) license. On top of that Tickmill offers the industry standard MetaTrader4 and competitive spreads, which makes it yet another fine choice for a broker, if you happen to reside in Europe or the UK. Finally, Tickmill accepts payments with PayPal too, which is not that common for brokers operating in Europe, where the most popular e-wallets remain Neteller, Skrill and SEPA along with some country specific payment options like GiroPay, iDeal and Klarna.

LicensesUK (FCA), EU/ Cyprus (CySEC), Seychelles (FSA)
Minimum deposit100 USD
Trading platformsMetaTrader4
Maximum leverageUp to 1:30: up to 1:500 for all traders outside the UK and the EU
SpreadsStarting from 0,5 pip with a standard account

IG

IG is one of the biggest brokers in the forex industry, regulated all across the board – from the U.S., Australia, New Zealand and Singapore all the way to Japan, Switzerland and the UK. Bear in mind as well that IG was the first spread betting company to introduce online trading back in 1998. The broker offers great trading conditions and a variety of platforms – a proprietary, web based ProRealTime trader, a special DMA platform – L2 Dealer, as well as the industry’s standard MetaTrader 4 (MT4). The IG Group is listed on the London Stock Exchange’s FTSE 250 (LON: IGG) and accepts payments with PayPal as all other brokers in this review.

LicensesUK (FCA), USA (CFTC), Switzerland (FINMA), Australia (ASIC), MAS (Singapore), FMA (New Zealand) and UAE (DFSA)
Minimum deposit250 USD
Trading platformsA proprietary web based ProRealTime platform; a special DMA platform – L2 Dealer and the industry standard MetaTrader4
Maximum leverageMaximum leverage vary by country – from 1:30 in the EU, the UK and Australia to 1:50 in the U.S. and Singapore and 1:200 in New Zealand
SpreadsStarting from 0,6 pip with a standard account

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