Best PayPal Forex Brokers

When it comes to funding your broker account, PayPal is one of the most sought after deposit methods. Its safety and ease of use make PayPal a favourite of retail traders worldwide – and more and more brokers are becoming aware of this and adding PayPal to their list of accepted deposit options.

With this in mind, this guide will explore the Best PayPal Forex Brokers available to traders today – reviewing their key features and fee structures and showing you how to begin trading the FX market with one of these brokers today, completely commission-free!

Best PayPal Forex Brokers 2021 List

If you’re looking for the best forex brokers that accept PayPal, then you’re in the right place. The list below presents the top seven forex brokers accepting PayPal, with a selection of these brokers being reviewed in detail in the following section.

• eToro – Overall Best PayPal Forex Broker
• Libertex – Best PayPal Forex Broker with ZERO Spreads
• Pepperstone – Best PayPal Forex Broker for ECN Accounts
• Avatrade – Best PayPal Forex Broker with MT4 and MT5 Support
• Plus500 – Best PayPal Forex Broker for User-Friendly Platform
• IG – Best PayPal Forex Broker with Stellar Reputation
• XTB – Best PayPal Forex Broker for Leverage

Top Forex PayPal Forex Brokers Reviewed

As you can see from the list above, there’s a good selection of brokers to choose from that offer PayPal as a deposit option. Having the opportunity to use PayPal when forex trading offers a whole host of benefits to traders, such as safety, ease of use, and speed.

To help further your understanding of the broker options you have, this section reviews the five best PayPal forex brokers available today – covering their features and fee structures so that you can decide which one suits your unique trading needs.

1. eToro – Overall Best PayPal Forex Broker

Our pick of the bunch when it comes to forex brokers that accept PayPal is eToro. eToro is known as one of the best CFD brokers in the industry, offering a vast range of tradeable assets for users. Furthermore, eToro’s platform is regulated by some of the most reputable organisations in the world, including the FCA, CySEC, and ASIC.

eToro is a zero commission broker, meaning that traders will avoid hefty fees when placing a trade. Instead, eToro’s fee is incorporated into their spreads, which are competitive with most other brokers. To provide an example, users can trade top pairs such as EUR/USD and USD/JPY with only a one pip spread. In addition to this, eToro does not charge any deposit fees to fund your account – meaning that you’re able to use PayPal to deposit without any additional charges.

Aside from their excellent fee structure, eToro also offers a selection of valuable features for traders. Perhaps the best feature is eToro’s ‘CopyTrader’ feature that allows you to quickly and automatically copy the trades of advanced traders on eToro’s platform. This makes eToro one of the best copy trading platforms as it ensures users can automate their trading, which is ideal for people who do not have enough time to research and place trades!

Pros:

Cons:

67% of retail investors lose money trading CFDs at this site

 

2. Libertex – Best PayPal Forex Broker with ZERO Spreads

When it comes to the best low spread forex brokers, Libertex is top of the list. Libertex uses a ZERO spread structure – meaning that users get market-leading quotes when trading the FX market. As the buy and sell prices are the same when using Libertex, users avoid any expansion in spreads caused by volatile conditions or other market events.

Instead, Libertex charges a small commission when you place a trade. These commissions vary from asset to asset but can be as low as 0.005% for EUR/USD trades. Aside from these commissions, Libertex does not charge any other hidden fees – this includes no deposit fees or monthly account fees. Notably, Libertex’s minimum deposit is only $100 for new accounts, and this drops to only $10 for any subsequent deposits.

Another great thing about Libertex is that they offer support for MT4 and MT5, which is ideal for traders who wish to use tools such as custom indicators or forex robots. Libertex also provides its own online trading platform designed to run on any browser and ideal for beginner traders. Finally, Libertex even provides a handy demo account to use, which comes with €50,000 of virtual money to trade with!

Pros

Cons

83% of retail investor accounts lose money when trading CFDs with this provider

 

3. Pepperstone – Best PayPal Forex Broker for ECN Accounts

If you are in the market for one of the best ECN brokers that accept PayPal, then Pepperstone is an excellent option for you. Pepperstone is an Australia-based broker that has a stellar reputation in the FX market. Regulated by the FCA and ASIC, Pepperstone ensures that users are safe and protected when using their platform.

Pepperstone offers two account types – a standard account or a Razor account. The latter utilises an ECN system that ensures the fastest execution speeds possible, which is ideal for people interested in forex day trading. The Razor account offer spreads as low as 0 pips for specific pairs; however, each trade will come accompanied by a platform-based commission. The standard account does not charge any commissions, but you will have to pay a much higher spread.

Pepperstone accepts PayPal as a deposit method, with no fee being charged for making a deposit. Pepperstone also does not charge any inactivity fees, although users will have to pay a 3% withdrawal fee when using PayPal. Finally, Pepperstone offers full support for MT4, MT5, and cTrader – ensuring there’s a platform for everyone.

Pros

Cons

Your capital is at risk when trading financial instruments with this provider

 

4. AvaTrade – Best PayPal Forex Broker with MT4 and MT5 Support

Another of the best PayPal forex brokers is AvaTrade. AvaTrade is a favourite of FX traders worldwide as the platform is regulated by MiFID, ASIC, and the FSCA. Furthermore, AvaTrade offers full support for MT4 and MT5, which is excellent for FX traders who utilise forex tools such as custom indicators and forex robots.

AvaTrade is a 0% commission broker, which means that no fee is added when you place a trade. Instead, fees are included in AvaTrade’s spread. These spreads are usually very tight – for example, EUR/USD’s spread is around 0.9 pips on average, whilst GBP/USD’s is around 1.6 pips.

Aside from the spread, AvaTrade does not charge any other fees – so no deposit or withdrawal fees will be added. AvaTrade offers full PayPal compatibility, which means that users can fund their accounts using their PayPal balance and withdraw back to PayPal afterward. Finally, AvaTrade also offers an extensive library of educational resources to review, including tutorial videos, webinars, and even a handy demo account feature.

Pros:

Cons:

71% of retail investor accounts lose money when trading CFDs with this provider

 

5. Plus500 – Best PayPal Forex Broker for User-Friendly Platform

Rounding off our list of the best PayPal forex brokers is Plus500. Plus500 has a fantastic reputation worldwide as the platform is listed on the London Stock Exchange and is regulated by top-tier institutions such as the FCA and ASIC. One of Plus 500’s main selling points is its incredible trading platform. The platform offers a vast range of features such as price alerts, portfolio reports, simultaneous charts, and more!

Plus500 also offers a mobile trading platform with most of the same features that the web trading platform provides. This ensures that FX traders can still operate in the market effectively whilst on the go. In terms of fees, Plus500’s commission is built into the spread. These spreads are listed as percentages on Plus500’s platform – an example would be 0.01% of the trade size as the spread for EUR/USD and 0.02% for USD/JPY.

Furthermore, Plus500 accepts PayPal deposits – which are entirely free to make. Withdrawals are also free of charge; however, Plus500 does require a minimum withdrawal of $50 if you’re using PayPal. Some regions do not allow PayPal as a withdrawal method, though, so double-check this before signing up.

Pros:

Cons:

Your capital is at risk when trading financial instruments with this provider

 

PayPal Forex Brokers Comparison

As you can see from the section above, each PayPal forex broker has a slightly different set of features and fee structures, making choosing a trading platform a bit tricky. To help streamline this process, the table below presents a breakdown of the fees associated with using PayPal with each broker – allowing you to compare the options and make an optimal broker choice.

	PayPal Deposit Fee	PayPal Withdrawal Fee	PayPal Deposit Time	PayPal Withdrawal Time
eToro	None	$5	Instant	1 business day
Libertex	None	None	Instant	Instant
Pepperstone	None	3%	Instant	1 business day
AvaTrade	None	None	Up to 24hrs	Up to 3-5 business days
Plus500	None	None	Instant	Instant

 

Why Choose a PayPal Broker?

The best PayPal forex brokers are ideal for people who use PayPal consistently. These brokers allow users to fund their account by using their PayPal balance and withdraw directly back into their PayPal account.

There are many benefits of using a broker that supports PayPal – to highlight this, the sections below present three of the main advantages of using a PayPal forex broker in your trading journey.

Secure Payments

First up is secure payments. PayPal prides itself on providing a secure platform where users can send and receive payments quickly and easily. One of PayPal’s most popular features is Buyer Protection, which essentially guarantees you against any money transfers that result in a scam. Although this isn’t something to worry about when using the best forex brokers that accept PayPal, it’s still a great feature to be aware of.

Furthermore, PayPal also monitors every transaction that goes through its platform to prevent fraud, phishing, and identity theft. PayPal also safeguards each transaction using world-class encryption methods that ensure these transactions cannot be hijacked and stolen. Finally, PayPal has a dedicated security team that keeps an eye on everything and helps protect you from any suspicious activity. These security features combine to make using PayPal one of the safest ways you can fund your broker account.

Easy & Quick to Use

Another key reason to use a PayPal broker is that PayPal is speedy and straightforward to use. Nobody wants to continually enter their card details every time they open an account with a broker – this is time-consuming and requires having your card on you. With PayPal, you do not need to enter your card details, as it’s simply a case of logging in to your PayPal account through the broker’s platform. Once logged in, you can then quickly transfer money to your broker account – which tends to happen instantly.

Aside from this, PayPal is great for holding multiple currencies. Most brokers will have a set of ‘base currencies’ that they accept, with common ones being USD, GBP, EUR, and CAD. If you do not have the specific currency that the broker accepts, then there’s usually a conversion fee added on to your deposit that goes to the broker. Using PayPal to fund your account, you can avoid this conversion fee as PayPal offers the ability to hold 25 different currencies – and convert them if you need! 

Fast Withdrawals

A third significant benefit of using a PayPal broker is the fast withdrawals that users can experience. Most of the time, if you are withdrawing to a credit or debit card, the timeframe can be between 3 to 5 business days before the money hits your account. This can be particularly frustrating, especially if you’re withdrawing just before the weekend, as it means you most likely won’t receive your funds until early the following week.

If you use PayPal, then withdrawals tend to be instantaneous. Some brokers will state that PayPal withdrawals (and e-wallet withdrawals in general) can take up to one business day, but often these withdrawals will arrive in your PayPal account instantly or within a couple of hours. This makes the whole trading experience much more efficient, as you could hypothetically generate a profit on a trade in the morning and then be using the funds by the evening!

How to Get Started with a PayPal Broker

Now that you have an idea of who the best PayPal forex brokers are, it’s time to discuss the process of signing up and beginning to trade. These days, FX brokers ensure this process is super easy to complete, with most of them allowing it to be done online.

In this section, we’ll show you how to sign up and begin trading with our recommended forex broker, eToro. We recommend using eToro when FX trading as they offer 0% commissions and tight spreads – ideal for people looking to trade in a low-cost manner.

Step 1: Create an eToro Account

Head over to eToro’s website and click the ‘Join Now’ button on the homepage. Enter a valid email address and choose a password to create your account. eToro also has one of the best forex apps, which you can use to sign up with if you prefer to trade on your smartphone.

67% of retail investors lose money trading CFDs at this site

Step 2: Verify your Account

Once you have created your account, you’ll need to complete some further checks before trading. This is to ensure the safety of yourself and all other traders on the platform. All you have to do is complete the required KYC checks and then upload proof of ID (a copy of your passport or driver’s license) and proof of address (a copy of a bank statement or utility bill). Once these documents have been uploaded, eToro will verify them, which usually only takes a minute or two.

Step 3: Make a Deposit with PayPal

Head to the eToro online platform and click ‘Deposit Funds’. A box will appear, similar to the one below. Enter the amount you’d like to deposit – eToro requires an initial deposit of at least $200 for non-US traders and $50 for US-based traders. After this, select PayPal from the drop-down menu and follow the instructions to log in and fund your account.

Step 4: Search for Currency Pair to Trade

Once your account has been funded, click in the search bar on eToro’s trading platform and type in the currency pair you’d like to trade – for example, EUR/USD. Once it appears in the drop-down menu, click on it and then click ‘Trade’ on the following screen.

Step 5: Trade Forex

An order box will now appear, much like the one in the image below. In this box, you can decide to either buy or sell the currency pair and the position size you’d like to use. You can also utilise leverage and place a stop loss/take profit level if you wish. Once you are happy with everything, click ‘Open Trade’.

Congratulations! You’ve just begun trading with one of the best forex brokers that accept PayPal – all without paying any commissions!

Best PayPal Forex Brokers – Conclusion

In summary, this guide has covered the top forex brokers that accept PayPal in great detail, ensuring you have a comprehensive understanding of the options available to you. As PayPal is such a widely used payment platform, many forex traders look for brokers that accept it as a funding option. Using the information presented in this guide, you’ll have everything you need to make an informed broker decision and begin trading with a PayPal broker today.

If you’d like to get started right away, we’d recommend opening an account with eToro. eToro is our favoured PayPal broker because they do not charge any commissions when placing trades, and spreads are very tight on most major currency pairs. What’s more, eToro accepts deposits from only $200 – which are entirely free to make!

67% of retail investors lose money trading CFDs at this site

FAQs