Looking for a Widely Accepted Forex Payment Method? Read our Guide to PayPal Forex Brokers
When it comes to choosing the best Forex broker online there are a number of factors to take into consideration. A number of them will come down to personal preference such as trading platform, bonuses, and variety of trading instruments, as well as the options for making payments. As if often the case there are a number of different options and you’ve probably already got a favorite. On the next few pages we’ll be taking a look at various options when it comes to making payments and hopefully we’ll be able to help you find the best one for your needs. So let’s start by introducing you to PayPal, in case you’ve never heard of it.
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What is PayPal and how does it work?
PayPal is an American based company that offers online payments systems to its customers located all over the world. It has earned itself the title of one of the largest internet payment companies and currently has more than 180 million users worldwide. It is available in 202 countries and is able to make payments in 25 different currencies. Many consider PayPal to have been around for years, but it was only established in 1998 and then only as a company that developed security software for handheld devices. Money transfer services weren’t added to the menu until 1999. !n 2002, the company was acquired by eBay for the princely sum of $1.5 billion. It continued to grow over subsequent years, until in 2015 it became a separate publicly traded company. Its headquarters are in San Jose, California and it has received some prestigious awards to back up its good name.
The idea behind PayPal is pretty simple. Encryption software allows people to make financial transfers to another computer. Both individuals and businesses can transfer funds electronically to anyone with an email address, even if neither party have a PayPal account. In order to receive funds, however, a recipient must have a PayPal account linked to the email address. Accounts are free to open as well as many of the possible financial transactions being free as well. A number of merchants including PayPal Forex brokers accept payments using PayPal. Once you’ve opened a PayPal account there are a number of different ways you can add or withdraw funds. You might want to link your account to your bank account or credit card which allows for direct transactions. You can also request a PayPal debit card or a check in the mail.
PayPal is in fact a form of eWallet, which brings an additional layer of security when making and receiving payments from Forex brokers accepting PayPal. Everyone’s information, including bank account numbers, credit card details, and addresses stays within PayPal and are never transmitted across other networks. As is usually the case with other online payment methods. Additional security can be provided with a PayPal Security Key. A portable device is carried by a PayPal account holder which creates a 6-digit code every 30 seconds. The code, together with the user ID and password is used to create a unique security code. This added precaution does cost a little extra, but for some of you it could well be worth the expense.
If you think you might like to use a PayPal account for your Forex endeavors you’re probably wondering whether there are any benefits.
The benefits of using the best PayPal Forex brokers
There are a number of benefits if you choose a PayPal Forex broker, so let’s give you a few of them to help you make your choice.
- Paypal is generally a respected company and holds a good rating among all eWallet providers
- There are a number of countries in which it can be used, currently 202
- PayPal isn’t just suitable as a payment method for your trading account. It can be used for shopping, sending money and a number of other services
- A high level of security is provided, so much so that many experts claim there are few more secure e-payment methods currently available
- A large number of the best Forex brokers support payments made via PayPal
- A number of the best PayPal Forex brokers offer specially tailored bonuses for clients who pay using this method
- Compared with a number of other funding options PayPal is really quite fast, which can be very convenient when you’re desperate to make your next trade
- PayPal is relatively inexpensive when compared with a number of other methods
- Your PayPal account can be funded in a number of different ways including direct from a bank account or by using a credit card
Tips for finding Forex brokers accepting PayPal
There are so many Forex brokers who accept PayPal as a payment method that there’s not really very much to offer in the way of advice. The only real problem is finding the best one and one that will be able to cater to your other needs. The best way to do this is to compile a list and compare. In order to make that list try following our helpful guide.
Step 1 – If you’re already registered with a Forex broker take a look at the payments page, because they might already be a Forex broker that accepts PayPal. You may currently make payments using a different method but there should be no problem switching, Get in touch with the customer service department and they will be able to advise you on whether it is possible.
Step 2 – Read a selection of Forex broker reviews because there is usually a section that will cover payments. It will also provide you with an opportunity to compare other options as well as learn about any bonuses, understand the trading platform that powers the site, and any other special features.
Step 3 – Type ‘PayPal Forex brokers’ into any search engine and you’ll get plenty of hits. Many of which will provide you with a comprehensive list of Forex brokers who accept PayPal for deposits and withdrawals.
Step 4 – If you already have a PayPal account you might try contacting the customer support service and see if they can provide you with a list.
There is no denying that PayPal is an excellent system for making digital payments and it has certainly got a huge following. It offers a transparent service with a simple interface and great anti-money laundering measures. It is safe and secure to use and the cost is really quite reasonable. Opening a PayPal account is really quick and easy and once verification has been completed you’ll be good to go. There are a large number of PayPal Forex brokers to choose from. In fact you may find yourself spoilt for choice. There isn’t really anything we can say about PayPal that is negative. While it may have received its fair share of bad press it seems to have weathered the storm and still come out on top. All in all, we have to say that using PayPal for deposits and withdrawals may well be one of the best decisions you make.