Payment service is often one of the most important criteria in choosing the reputable Forex brokers. There have been cases where people are not satisfied with their choice of broker just because of the fact that the payment service was not up to the mark. Most brokers accept credit cards and electronic wire transfer for processing payment. Some of them even provide PayPal as a payment service. Lately, PayPal has been used by millions of people worldwide because not only it is easy to use but it offers one of the most secure ways of making online transactions. If you are one of those people who is searching for PayPal accepting Forex brokers, then you are at the right place. Here we have discussed the best rate brokers in this category and also provides a comprehensive guide to selecting the best Forex broker in this regard.
PayPal versus Other Payment Service for Forex Trading
One of the added benefits of making payments with PayPal is that the money is available in the account extremely fast. The money gets cleared quickly and there is minimum downtime. There is a minimum to negligible fees associated with this payment method and PayPal does not charge any commission during the movement of funds. The only downside of the PayPal service is that it imposes some limit on the transactions. Like for instance, you will be able to deposit not more than $3000 on a given day. So if you are a heavy trader and want to do a lot of transactions, then this type of payment service will not be feasible for you.
PayPal Forex Brokers
All trading involves risk. Only risk capital you’re prepared to lose.
Important Criteria before Opting for PayPal Accepting Forex Brokers
- Registration & History: Make sure that your choice of broker is a legitimate one and it is not any type of fraudulent firm. For this very purpose, it is important to find whether the merchant is a regulated one by agencies like FCA, CySec or ASIC. Do not forget to check the previous track history of the broker because it will give you a complete picture of the effectiveness of the brokerage firm.
- Reasonable Spreads: You should be aware of the fact that a large number of Forex brokers compensate for their trading services by asking for variable or fixed spreads on your investments. No matter whether you win or lose, it does not matter to them. All that matters to them is the amount so invested by you in assets. Make sure that your broker is not charging spreads more than 2.0 pips.
- Trading Platform: People who have just started their own trading career might not be fully aware of the trading platform and how to place trades. The broker that you choose must be able to provide a graphical intuitive trade platform that is rich in the interface and easy to execute trades. Also, make sure that the trading is available on smartphones so that you can trade even when you are on the move.
- Payment Service: It is the most important aspect in choosing any Forex broker. The brokerage firm must be offering myriad payment service and should have hassle-free setup for making deposits and withdrawals. Select a broker that does not charge any commission or fees on withdrawals. Also, make sure that the withdrawals do not take more than 7 days to arrive at your bank account.
Before you settle down with your preferred choice of the broker which is accepting PayPal, it is important that you must look at the above parameters as it will be helpful in selecting the best broker from the industry.