Paypal-Compliant Forex Brokers
One of the most common questions I get every now and then is whether it is possible to transact on a forex account using PayPal. As the world gradually moves towards cashless transactions, potential and current traders are desperate to know if they have to be stuck with the time consuming methods of depositing funds and withdrawing funds from the forex market as was the case in the last two decades, or whether they can use one of the faster means of transaction that can guarantee instant deposits and withdrawals into an account. PayPal is one of those means, and there are forex brokers that will actually let a trader use PayPal to deposit money into an account as well as withdraw from it.
If you want to use your PayPal account as your forex ATM, here are some brokers who will help you do just that.
If a forex broker is based in the US, it is most likely that the broker will offer PayPal as one of the transaction methods. Alpari US is one such broker. Offering a Windows mobile platform for mobile users, a standard account will take $500 to open while a pro account (offering ECN trading) will require a $10,000 deposit. So whether you go Standard or go Pro, PayPal will work for you here. PayPal will charge you a small fee for this service.
FX Solutions is another US broker offering PayPal deposit and withdrawal services to its traders. The snag with this broker is the restrictions that come with operating a US FxSOl account. Only US residents can open such an account, and there are transaction restrictions regarding how much can be withdrawn or deposited over a 30-day period. Barring these restrictions, traders can use PayPal on FXSol.
One of the brokers that started operations when retail trading in forex had just commenced, GFT Markets offers PayPal deposit and withdrawal services to clients. It now attends strictly to institutional level traders, having subcontracted its retail forex services to GAIN Capital Group, owners of Forex.com.
Advanced Capital Markets (ACM)
Shifting away from the US, we head over to Switzerland and to the stables of ACM. ACM does not accept US clients, but if you are a citizen of the European Union, you can use this service on your desktop, laptop or iPhone.
Ava Financial Limited
The operators of Avafx offer PayPal deposit and withdrawal services that allow a trader to deposit just $100 minimum to start trading. Traders can choose from the web-based, desktop or mobile platforms to conduct their business. Avafx does not accept US traders.
FxPro is one broker which has increased the strength of its brand with an ambitious sponsorship campaign of major sporting events. In order to give traders a wide scope of choice, PayPal has been introduced as one of the payment methods. However, PayPal is only accessible to those on the FxPro UK and Australia client list. You can deposit as little as $200 with PayPal on FxPro, and deposits are handled instantly.
We round off with a return to the US where we introduce Ikon Global Markets. Located in New York, Ikon claims to be one of the few brokers that operates an ECN environment on all its platforms. At $1000 for a minimum deposit, Ikon GM's entry price into its forex platform is quite pricey. But a trader who values instant deposits and withdrawals will find this broker to be a most useful choice.
No matter what part of the world you come from, you can always get brokers who will allow you to operate your PayPal account, as long as your country is allowed to do business with PayPal.