When choosing a forex broker that supports PayPal for transactions, it's essential to consider factors such as deposit and withdrawal fees, processing times, and overall trading conditions. To help you better choose your best PayPal forex broker, we‘ve compared six prominent forex brokers—IC Markets Global, Fusion Markets, Pepperstone, EightCap, City Index, and Oanda. Each broker has its own set of features, benefits, and drawbacks, which can significantly impact your trading experience. In this analysis, we’ll explore their PayPal-related services and other key aspects to determine which broker offers the best overall value.
Best PayPal Forex Brokers Compared
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Best PayPal Deposit Forex Brokers Compared | |||
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Broker | Accepted Currencies | Fee | Processing Time |
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IC Markets Global | AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD, HKD, CHF | 0 | Instant |
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Fusion Markets ⭐ | AUD, CHF, CZK, DKK, EUR, GBP, HUF, NOK, PLN, SEK, SGD, USD | 0 | Instant |
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Pepperstone | USD, EUR, GBP, AUD, CAD, CHF, JPY, NZD, SGD, HKD | 0 | Instant |
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EightCap | AUD, USD, GBP, EUR, NZD, SGD | 0 | Instant |
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City Index | EUR, GBP, USD | 0 | Up to 48 hours, usually instant |
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Oanda | GBP, EUR, USD, etc | A service fee + a percentage of the total amount deposited | 1 business day |
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Best PayPal Withdrawal Forex Brokers Compared | |||
| Logo | Broker | Accepted Currencies | Fee | Processing Time |
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IC Markets Global ⭐ | AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD, HKD, CHF | 0 | Instant |
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Fusion Markets | USD, AUD, GBP, EUR, SGD | 0 | Instant |
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Pepperstone | USD, EUR, GBP, AUD, CAD, CHF, JPY, NZD, SGD, HKD | Not mentioned | Processed on the same day - withdrawal forms received before 07:00 (AEST) |
| Processed the following day - withdrawal forms received after 21:00 (GMT) | ||||
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EightCap | AUD, USD, GBP, EUR, NZD, SGD | 0 | 1-5 business days |
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City Index | EUR, GBP, USD | 0 | Not mentioned |
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Oanda | GBP, EUR, USD, etc | GBP/EUR/USD - 0 | 1 business day |
| Other currencies - an exchange fee levied by PayPal | ||||
From the above two tables, we can find that for PayPal deposits and withdrawals, Fusion Markets and IC Markets Global stand out with their instant processing times and no fees. Pepperstone also offers instant deposits, but withdrawal details and fees are not specified. EightCap provides instant deposits but requires 1-5 business days for withdrawals. City Index has the longest deposit time, up to 48 hours, and withdrawal details are not mentioned. Oanda takes 1 business day for withdrawals in major currencies, with additional exchange fees for others.
Overall, IC Markets Global and Fusion Markets offer the most convenient and cost-effective options.
Best PayPal Forex Brokers Reviewed
① IC Markets Global
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| Regulators | ASIC, CySEC |
| Min Deposit | $200 |
| Demo Account | ✅ |
| Tradable Instruments | CFDs on forex, commodities, indices, bonds, stocks, and futures, digital currencies |
| Leverage | 1:1000 |
| Spreads & Commissions | from 0.8 pips & commission-free (Standard account) |
| Trading Platforms | MT4, MT5, cTrader, TradingView |
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Accepted Currencies | Fee | Processing Time |
| Deposit | AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD, HKD, CHF | 0 | Instant |
| Withdrawal | AUD, USD, JPY, EUR, NZD, SGD, GBP, CAD, HKD, CHF | 0 | Instant |
② Fusion Markets
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| Regulators | ASIC, FSA |
| Min Deposit | $0 |
| Demo Account | ✅ |
| Tradable Instruments | 250+, forex, metals, indices, energy & soft commodities, cryptocurrency, US Share CFDs |
| Leverage | 1:500 |
| Spreads & Commissions | from 0.9 pips (Classic account) & $2.25 commission per side |
| Trading Platforms | MT4, MT5, cTrader |
| Accepted Currencies | Minimum Amount | Fee | Processing Time | |
| Deposit | AUD, CHF, CZK, DKK, EUR, GBP, HUF, NOK, PLN, SEK, SGD, USD | 10 USD | 0 | Instant |
| Withdrawal | USD, AUD, GBP, EUR, SGD | 10 USD | 0 | Instant |
③ Pepperstone
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| Regulators | ASIC, CySEC, FCA, DFSA, SCB |
| Min Deposit | $0 |
| Demo Account | ✅ |
| Tradable Instruments | Forex, commodities, indices, currency indices, cryptocurrencies, shares, ETFs |
| Leverage | 1:200 (Retail)/1:500 (Professional |
| Spreads & Commissions | From 1.0 pips on EUR/USD + commission-free (Standard account) |
| Trading Platforms | MT4, MT5, cTrader, TradingView, Pepperstone Trading Platform |
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Accepted Currencies | Fee | Processing Time |
| Deposit | USD, EUR, GBP, AUD, CAD, CHF, JPY, NZD, SGD, HKD | 0 | Instant |
| Withdrawal | USD, EUR, GBP, AUD, CAD, CHF, JPY, NZD, SGD, HKD | Not mentioned | Processed on the same day - withdrawal forms received before 07:00 (AEST) |
| Processed the following day - withdrawal forms received after 21:00 (GMT) |
④ EightCap
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| Regulators | ASIC, FCA, CySEC, SCB (Offshore) |
| Min Deposit | $100 |
| Demo Account | ✅(30 days) |
| Tradable Instruments | CFDs on forex, commodity, crypto, index, share |
| Leverage | 1:500 |
| Spreads & Commissions | From 1.0 pips (EUR/USD) & commission-free (Standard account) |
| Trading Platforms | TradingView, MT4, MT5 |
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Accepted Currencies | Transaction Fee | Transaction Limit | Processing Time |
| Deposit | AUD, USD, GBP, EUR, NZD, SGD | 0 | $4, 000 | Instant |
| Withdrawal | AUD, USD, GBP, EUR, NZD, SGD | 0 | No limit | 1-5 business days |
⑤ City Index
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| Regulators | FCA |
| Min Deposit | 0 |
| Demo Account | ✅ |
| Tradable Instruments | indices, forex, shares, commodities, metals |
| Leverage | 1:500 |
| Spreads & Commissions | variable around 0.8 pips (Standard account) & commission-free |
| Trading Platforms | mobile trading app, WebTrader, TradingView, MT4 |
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Accepted Currencies | Minimum Amount | Maximum Amount | Fee | Processing Time |
| Deposit | EUR, GBP, USD | Not mentione | £10 | 0 | Up to 48 hours, usually instant |
| Withdrawal | EUR, GBP, USD | £100 or currency equivalent or the balance of your account | £20,000 per transaction, or up to the amount deposited with PayPal | 0 | Not mentioned |
⑥ Oanda
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| Regulators | ASIC, FCA, FSA, NFA, CIRO, MAS |
| Min Deposit | $0 |
| Demo Account | ✅ |
| Tradable Instruments | CFDs on forex, indices, cryptocurrencies, metals and bonds |
| Leverage | 1:50 (US)/1:30 (EU)/1:200 (other regions) |
| Spreads & Commissions | from 0.6 pips (EUR/USD) & commission-free |
| Trading Platforms | MT4, OANDA Trade web, OANDA Trade mobile and tablet app |
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Accepted Currencies | Fee | Processing Time |
| Deposit | GBP, EUR, USD, etc | A service fee + a percentage of the total amount deposited | 1 business day |
| Withdrawal | GBP, EUR, USD, etc | GBP/EUR/USD - 0 | 1 business day |
| Other currencies - an exchange fee levied by PayPal |
FAQs
What is PayPal?
PayPal is an online payment system that supports international money transfers between parties, acting as an electronic alternative to traditional paper methods like checks and money orders. It's used by individuals and businesses to send and receive money, shop or sell online, and even manage funds.
Founded in December 1998, PayPal has grown into a leading global method of online payment, operational in more than 200 countries and supporting over 25 currencies. It is appreciated for its convenience, security, and widespread acceptance, enabling users to pay for purchases, receive payments, or even send and request money from friends and family.
Is it safe to use PayPal for Forex trading？
Yes, it's generally safe to use PayPal for Forex trading. PayPal is renowned globally for its robust security infrastructure. It uses advanced encryption technology to secure users' personal information, which prevents unauthorized access to the account. Additionally, PayPals buyer protection program provides a level of assurance for customers.
Will PayPal refund me if I get scammed?
PayPal does offer a degree of protection for its users against fraudulent activities through its Buyer Protection program. However, there is always risk involved when trading. This protection does not extend to losses incurred due to bad trades or a decline in the market
Are there any alternatives to PayPal?
Yes, there are certainly alternatives to PayPal.
Skrill: Originally known as Moneybookers, Skrill is a widely used e-wallet that is accepted by many forex brokers. It offers instant deposits and withdrawals, and fees that are comparable or even less than PayPal's.
Neteller: This is another popular e-wallet used by forex traders. Similar to Skrill, its fees are competitive, and it is accepted by a large number of forex brokers.
Credit/Debit Cards: Almost all forex brokers accept credit or debit card payments. These can be attractive because deposit and withdrawal times are quick, and fees are typically lower than e-wallet services.
Bank Wire Transfer: This is a more traditional method of transferring money. While deposit and withdrawal times can be longer, some traders prefer this due to perceived security.
Who is the best PayPal forex broker?
IC Markets Global stands out as the best overall choice due to its zero fees for both deposits and withdrawals, instant processing, broad range of instruments, and high leverage. It also provides a commission-free trading environment on its Standard account. It is highly competitive and user-friendly.
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