Paypal Forex Brokers

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Paypal Forex Accounts 2014

In the early days of online forex trading, it was a tedious affair funding a trading account. If funding an account was tedious, withdrawing profits was another matter entirely. Most times, the only options a trader had was to wire money from his bank, with all the attendant stress, waiting times, numerous forms to fill and of course wire charges to contend with.

I happen to come from a country where a typical bank wire costs $69 from my bank, and another $25 from the broker’s bank. So it only made economic sense to wire large amounts of money to a trading account, as you would be spending virtually the same amount as your capital on charges if you were to be transferring say $100. If you had to withdraw profits, it took at least 7 working days and more charges from the broker’s bank and the beneficiary’s bank to scale through. What an outrage!

It was to shield traders from this kind of hassle that brokers began to put in place alternative methods of funding and withdrawing from trading accounts. One of the payment methods of choice today is Paypal. Started in 1998, Paypal has evolved over the years as one of the fastest and safest means of exchange on the Internet. There are many security features that put the trader’s mind to rest regarding the security of his funds. What’s more, transactions on the Paypal platform are virtually instant. Paypal also has credit card processing facilities and so traders can fund their accounts using credit/debit cards via the Paypal platform.

Trading has evolved greatly since the early days, and there are very few traders who would want to be tied down to the restrictions of bank wires. Of course, there are some countries which are restricted by international financial regulations from the Financial Action Task Force (FATF) as well as the Office of Foreign Assets and Control (OFAC) from using Paypal and other online currency exchange services. But if you live in a Paypal-compliant country, there is no reason not to use a Paypal-accepted forex trading account.

Best Paypal Forex Brokers and Accounts 2014

If you are interested in trading forex with a Paypal-compliant broker, here is a list of some forex brokers that will meet your need in this regard. Please note that each broker has its own set of requirements to be able to use the Paypal funding/withdrawal facility.

eToro

The attraction on eToro is not just that traders can fund and withdraw from their accounts using Paypal. eToro understands that you have to make some profit to be able to withdraw anything at all using Paypal. So in addition to providing Paypal funding and withdrawals, eToro has a robust set of tools that when used properly, can enhance a trader’s profitability. There is a forex trading educational board, as well as a traders’ gauge that shows what currency positions the top traders on eToro are holding. So essentially, no eToro trader is trading blind. You can fund between $50 and $5000 on eToro using Paypal.

AvaFX

Ava Financial Limited (AvaFX) has a very robust trading interface for traders. The trading platform known as the Avatrader has facilities for reading the forex calendar, access to technical and fundamental analysis via the squawk box, ability to check account balances, among many other features. Traders can fund their accounts using Paypal with as little as $100 all the way to $5,000. One notable thing about Avafx is that they have periodic bonus promos throughout the year. Finally, Avafx has the widest range of tradable instruments I have ever seen for a retail forex broker. Need we say more?

FxPro

Over the years, many things have been said about this broker, especially when they were still known as Northfinance. But under the new management, this broker has taken the pains to resolve all regulatory issues, and with the sponsorship of two teams in the English Premier League and the World Rally Championship, it is very clear to all and sundry that FxPro is a reputable broker with a very solid financial footing. So whether you are depositing $500 (which is the minimum) or millions of dollars, you can use Paypal within the acceptable financial limits of the transaction with all the assurance in the world that you will be paid promptly as well, using Paypal.

 

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