PayPal pioneered digital payment processing. It offers accounts in 26 currencies and has millions of users in almost every country in the world. While many e-wallets opened in its wake, it remains the world’s most popular e-wallet by far. It offers safe and simple money transfers online and its users exceed 325 million.
A lot of traders and investors are looking to use it to deposit and withdraw to trading accounts because of its safety, speed, and simplicity. Here are the top 10 financial brokers that use it.
1. Pepperstone
Established about a decade ago, Pepperstone truly excels in social copy trading, a lucrative niche that offers a lot of tools for traders to share and imitate trading styles. Payments via the e-wallet are processed instantly. Pepperstone offers two types of accounts, the standard and the razor. The razor account features very low spreads. A commission is charged. There is no commission for the standard, but the spreads are average for the market.
Pepperstone has the cTrader, MetaTrader 4 and MetaTrader 5 solutions. It also supports Signals, Myfxbook, and ZuluTrade for copy trading. The broker recommends a minimum deposit of £500, but it’s not mandatory.
3. Plus500
This broker requires a minimum deposit of $100. They are regulated by the FCA, ISA, CySEC, and several other watchdogs. Plus500 is an award-winning exchange, whose intuitive WebTrader platform supports PayPal trading accounts.
The platform has a mobile, web, and desktop version. You can also test it by accessing the free demo with unlimited options for use. The clean design not only offers advanced functionality with a large number of tools to research and analyze the market, but also makes trade execution simple. Users get access to market information in real time.
This broker is popular with novice and pro traders at the same time. It has tight spreads and very competitive fees. While copy trading is not available, there are other tools you can use. Both short and long term traders will find Plus500 a good choice.
4. XTB Trading
XTB Trading was established almost 20 years ago and has made a name for itself in the online trading community. The minimum deposit required is $200. There are standard and professional accounts. The latter are only available to experienced users who fulfill certain prerequisites. The broker’s advanced and proprietary platform, xStation 5, is one of the biggest advantages of having a PayPal trading account. It helps users devise strategies and trading patterns and provides a number of features that make performance monitoring and in-depth analysis possible. MetaTrader4 is also an option for users.
XTB Trading’s range of educational materials includes video tutorials and live webinars. Novices will benefit from the Trading Academy, a valuable resource if you’re new to trading. There are lessons for complete beginners, but also intermediate, advanced, and premium. Check the fees and spreads before registering as they vary depending on the account.
5. City Index
The British exchange requires a minimum deposit of £100 and doesn’t charge any withdrawal fees. You can trade options, commodities, forex, shares, and more. The broker uses MetaTrader 4, the industry standard, and AT Pro. Spread betting is City Index’s forte; in fact, it’s built its entire reputation on it. Spread bettors don’t make money from stocks, but from trading on rising and falling price movements.
City Index is popular with traders who prefer tax-free investments as they do not invest in assets, but in market shifts. Spread betting is perfect for those who want to maximize on short-term gains. You can see various markets at a glance on the interactive dashboard. However, this is better suited to more experienced traders because it can get a bit confusing with tens of technical indicators and charts.
6. IG
As with most brokers on the list, the minimum deposit is $200. IG is only regulated by the FCA. Users who join the platform with a PayPal trading account can choose between different options depending on their trading style and experience level. The broker’s proprietary platform is best for beginner traders because of the large number of functions and features available and the intuitive interface.
More advanced traders can choose between L2 Dealer, MetaTrader 4, and ProRealTime. You can use the broker’s proprietary Progressive Web App on any type of device. Spreads, fees, and charges are around the average for the sector. Inactive accounts are subject to a fee.
Finally, IG has a rich and valuable educational library with strategy and planning advice, seminars, webinars, podcasts, analysis tools, and news and trade ideas.
7. FX Pro
The minimum deposit to trade with FX Pro is lower than the average at just $100. This award-winning broker not only accepts deposits through PayPal, but also offers very competitive spreads. Pricing is always transparent. FX Pro has many platforms to choose from and caters to every type of trader. The most popular ones are MetaTrader 4 and 5 and cTrader. There is the Edge, which is web-based, and the proprietary FX Pro.
FX Pro offers access to a number of markets, provides diverse trading options, and offers free online courses in technical analysis, fundamental analysis, and trading psychology.
8. Fpmarkets
This broker has a minimum deposit of $100 and is regulated by ASIC and CySEC. It’s strongest in forex, but also has other tools available, including crypto assets and shares. You can choose from a raw account or a standard account, both of which are compatible with MetaTrader 4 and MetaTrader 5. The standard’s spreads aren’t as good as the raw account’s, but it doesn’t charge a commission.
The broker also provides automated and copy trading through Myfxbook Autotrade. Its video tutorials and ebooks are valuable as educational resources. Users can also avail of fpmarkets’ Traders Hub, which features a forex calculator, an economic calendar, a skill center, and more.
9. IC Markets
IC Markets has low fees, high leverage, and a minimum deposit of $200. It caters to forex traders in particular, but other instruments are available too. Customers of the exchange can choose between MT4, MT5, and cTrader. To make copy trading easier, the broker works with Myfxbook and ZuluTrade.
IC has very competitive spreads even though these vary depending on the platform and user account type. The Raw Spread account is a great option for day traders because of the low commissions. You can avail of educational resources like video tutorials and webinars. The broker’s Trading Knowledge center has details on technical analysis, fundamental analysis, market conditions, and more.
10. Fondex
Finally, Fondex is a no-frills exchange without a minimum deposit requirement, which only has cTrader as far as trading platforms are concerned. Still, you’ll get access to the most important markets with one single type of account. You can trade manually or automatically as well as perform copy trades. cTrader is a reliable, user friendly platform that’s popular all over the world.
In terms of education, the broker is somewhat lagging compared to the other providers on this list. However, its low costs more than make up for that. Considering there’s no minimum deposit requirement, the broker is an excellent option for beginners who still haven’t learned the ropes.
Conclusion
While there are many advantages to opening a PayPal trading account, of which security and speed are paramount, you do need to consider the transaction and transfer fees. Your trading style might be better suited for another deposit option if it emerges that PayPal’s fees are cutting into your profits. On the other hand, PayPal offers a high level of protection, which might make up for the slightly higher than average fees.
The list of financial brokers that accept PayPal is constantly growing as they look to appeal to new customers and stay relevant with this highly demanded deposit and withdrawal option.
