As the Forex business keeps growing, all Forex brokers are looking to allow as many payment methods as possible in order to meet the preferences of the traders. Paypal is one of the best-known e-wallets around the globe, and the company has established an impeccable reputation. Everyone loves PayPal and uses the account for all online services like buying goods over the internet, paying clients from overseas, etc. PayPal made life easier and is a highly secure service. Trust and quality performance are the two factors that made PayPal famous.
PayPal and Forex
As we said, PayPal is the favorite payment method of many people, but it is not one of the standard payment methods in the Forex market. A handful of brokers can be found which allow PayPal, and the number reduced significantly in the recent period. There are several reasons behind this theory, and we will try to explain them. Some traders, PayPal lovers, and fans are ready to eliminate a broker if they do not accept PayPal payments. PayPal is known as one of the safest payment methods in general.
PayPal is an American company with around 30 years of experience, and it has established a pristine reputation. The other PayPal benefit is that the e-wallet can be accessed in multiple countries around the world. It is not restricted to US citizens only. PayPal is one of the fastest payment methods, especially in comparison to wire transfers or credit cards. Your money arrives at your bank account before you know it. Likewise, it is convenient for fast withdrawals, too. Withdrawal requests with PayPal have very short waiting time. Regarding bank wire transfers, banks can be very cheeky with the fees incurred.
Therefore electronic payment methods are more affordable. PayPal is also one of the more affordable methods with a 3% fee charge. It can even get better; many brokers out there cover PayPal fees for their clients, meaning you could withdraw fee-free. It is hard to argue against PayPal but yet it is not the favorite among Forex brokers. They seem to prefer other electronic payment methods like Skrill and Neteller.
The PayPal Forex Problem
One of the main setbacks of PayPal when it comes to Forex deposits and withdrawals is that traders cannot claim a chargeback. This is due to PayPal policy which clearly states that the item purchased must be a tangible, physical, material item that can be shipped. This means that Forex services do not fall under the Buyer Protection of PayPal and chargeback claims can end up in failure. The online Forex services like funding a Forex account are rather intangible goods, and chargebacks cannot be required under these circumstances (physical items only!).
Find a PayPal Forex Broker
Even if the number of PayPal brokers significantly reduced over the past two years, some of them continue to offer the PayPal method. Moreover, some brokers issue special promotions for PayPal users and ensure bonuses or deposit bonuses for PayPal users only. To find the best PayPal Forex broker, traders have to do the usual first. First, they can check out if the desired broker offers PayPal at all. If the answer is positive, they can switch to investigating other basic and important factors. Let us remind you what the steps are – The first step is to find a licensed broker who is registered with a reputable authority.
Then, try out the trading platform and carefully observe if it fits your needs and if it comes with all the features that are part of the latest market trends. You might also call customer support, not only to check in general if they are competent and forthcoming but also to ask if you can change your payment method if you should want to later. Some brokers allow this option, while others do not. It is always good to have options given that one never knows what can happen. Make a thorough market research and ask acquaintances who have certain Forex experience for advice. It is always good to have first-hand information, besides the one found on the Internet.
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The Best PayPal Forex Brokers
As we said, there are still a number of PayPal Forex brokers who have not eliminated PayPal, and who are very reputable brokers as well. Let us quickly check them out here.
This broker has been flourishing since its establishment in 2008. It is triple-licensed with the best known regulatory agencies from Britain (FCA), Australia (ASIC), and Cyprus (CySEC). This broker offers an in-house developed and intuitive platform and multiple account types for all levels of traders. The broker is known for fast withdrawals and a competent customer service. If you are looking for a decent broker who accepts PayPal, you can sign with Plus500 with no further hesitation.
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This broker is also one of the top brokers in the Forex community. The company was established back in 2003 and has expanded its business in over 100 countries worldwide. They are also licensed with CySEC and ASIC. They are known for trustworthiness and reliability. Regarding their platform, they also employ a self- designed platform with all the convenient features a trader needs. Another plus of the broker is that PayPal is one of their regular payment methods.
– Fresh Forex
One more Forex broker who is also known for excellent service is the Russian FreshForex company. The company is regulated by the Russian CRFIN which is also known for strict policies and standards. FreshForex offers the world – renowned and award- winning MT4 platform. This company processes withdrawal requests within 10 minutes, which is simply amazing. If you do not want to choose another payment method but PayPal then just choose a broker who includes PayPal. You might choose one of the above mentioned Forex brokers who established a good reputation and offered one of the best services in the business. It is not that hard to find a decent broker who offers PayPal after all, just look carefully not to end up with less than you deserve.