PayPal Brokers 2024
PayPal is by far the world’s most recognisable form of online payment. The number of brokers that accept PayPal is increasing and Forex trading with PayPal is becoming particularly common. Day trading with PayPal brokers is popular because of how secure the method is and how quickly transfers can be made between accounts.
In this article, we evaluate the pros and cons of using PayPal, along with processing times, transaction fees and security measures. We also list the best brokers that support PayPal deposits and withdrawals.
Best PayPal Brokers
These are the 6 best brokers that accept PayPal deposits and withdrawals:
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1
eToro USAInvest $100 and get $10https://www.daytrading.com/ is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$10$10SEC, FINRAStocks, Options, ETFs, CryptoeToro Trading Platform & CopyTraderACH Transfer, Debit Card, PayPal, Wire TransferUSD -
2
IGForex trading involves risk. Losses can exceed deposits.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:250 (Pro)FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOBCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread BettingWeb, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentralPayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit CardUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD -
3
RedMars
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
€2500.01 Lots1:30 (Retail), 1:500 (Pro)CySECCFDs, Forex, Stocks, Indices, Commodities, CryptosMT5Credit Card, Wire Transfer, Debit Card, Sticpay, FasaPay, Bitcoin Payments, Trustly, PayPal, Skrill, Neteller, Klarna, Mastercard, VisaUSD, EUR -
4
CloseOption$10 Welcome Gift
$5$1National Bank of GeorgiaBinary Options on Forex & CryptosOwnPayPal, WebMoney, Mastercard, Perfect Money, Wire Transfer, Bitcoin Payments, Ethereum PaymentsUSD -
5
CEX.IO
$20$1GFSCCryptosTradingViewDebit Card, Credit Card, Wire Transfer, Swift, Skrill, Visa, Mastercard, PayPal, Neteller, Apple Pay, Google Wallet, Bitcoin PaymentsUSD, EUR, GBP -
6
Gemini
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.00001 BTCNYDFS, MAS, FCACryptosActiveTrader, AlgoTrader, TradingViewBitcoin Payments, Credit Card, Wire Transfer, Visa, Mastercard, Silvergate Bank Transfer, Ethereum Payments, ACH Transfer, PayPal, EtanaUSD, EUR, GBP, CAD, AUD, HKD, SGD
Here is a summary of why we recommend these brokers:
- eToro USA - eToro is a social investing platform that offers short-term and long-term trading on stocks, ETFs, options and crypto. The broker is well-known for its user-friendly community-centred platform and competitive fees. With FINRA and SIPC oversight and millions of users across the world, eToro is still one of the most respected brands in the industry. eToro securities trading is offered by eToro USA Securities, Inc.
- IG - Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
- RedMars - Launched in 2020, Cyprus-based RedMars offers competitive spreads on more than 300 instruments and leverage up to 1:500. Three accounts are available - Standard, Pro and VIP - serving a range of budgets and experience levels, with a fast and fully digital account opening process.
- CloseOption - CloseOption is a Georgia-headquartered broker with over a decade in the trading industry. The brand offers high/low binary options trading on forex and crypto markets, with decent payouts, welcome bonuses, 24/7 customer support and intuitive trading software.
- CEX.IO - CEX.IO is one-stop-shop for crypto investors where you can buy and sell popular digital tokens, speculate on prices with margin trading and earn rewards through staking. Since it launched in 2013, more than five million traders have deposited over $7.5 billion. CEX.IO is registered with the FinCEN in the US and the GFSC in the EU.
- Gemini - Gemini is a cryptocurrency exchange set up in 2014 by the Winklevoss brothers, known for their early involvement in Facebook. The exchange is among the world’s 20 largest and most popular. Gemini clients can trade and stake 110+ cryptocurrencies, with derivatives trading available in some jurisdictions, an advanced proprietary platform and additional features including an NFT marketplace.
PayPal Brokers Comparison
| Broker | Minimum Deposit | Instruments | Platforms | Leverage | Regulators |
|---|---|---|---|---|---|
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$10 | Stocks, Options, ETFs, Crypto | eToro Trading Platform & CopyTrader | - | SEC, FINRA |
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$0 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting | Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral | 1:30 (Retail), 1:250 (Pro) | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB |
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€250 | CFDs, Forex, Stocks, Indices, Commodities, Cryptos | MT5 | 1:30 (Retail), 1:500 (Pro) | CySEC |
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$5 | Binary Options on Forex & Cryptos | Own | - | National Bank of Georgia |
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$20 | Cryptos | TradingView | - | GFSC |
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$0 | Cryptos | ActiveTrader, AlgoTrader, TradingView | - | NYDFS, MAS, FCA |
eToro USA
"eToro remains a top pick for traders looking for leading social investing and copy trading services. With a low deposit, zero commissions and an intuitive platform, the broker will meet the needs of newer day traders."
eToro USA Quick Facts
| Bonus Offer | Invest $100 and get $10 |
|---|---|
| Demo Account | Yes |
| Instruments | Stocks, Options, ETFs, Crypto |
| Regulator | SEC, FINRA |
| Platforms | eToro Trading Platform & CopyTrader |
| Minimum Deposit | $10 |
| Minimum Trade | $10 |
| Account Currencies | USD |
Pros
- The $10 minimum deposit and straightforward account opening process means beginners can get started quickly
- A free demo account means new users and prospective day traders can try the broker risk-free
- The broker's Academy offers comprehensive learning materials for beginners to advanced-level investors
Cons
- Average fees may cut into the profit margins of day traders
- The proprietary terminal doesn't support trading bots and there are no additional stock market analysis tools
- There's a narrower range of day trading instruments available compared to competitors, with only stocks, ETFs and cryptos
IG
"IG continues to provide a comprehensive package with an intuitive web platform and best-in-class education for beginners, plus advanced charting tools, real-time data, and fast execution speeds for experienced day traders."
Christian Harris, Reviewer
IG Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting |
| Regulator | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB |
| Platforms | Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:250 (Pro) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD |
Pros
- The IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our Best Trading App award
- The ProRealTime advanced charting platform is free as long as certain modest monthly trading activity requirements are met
- IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis
Cons
- Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges
- Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests
- IG has discontinued its swap-free account, reducing its appeal to Islamic traders
RedMars
"RedMars is the best fit for experienced day traders familiar with the MetaTrader 5 platform and based in the EU, where the broker is authorized by the CySEC. However, the threadbare education and research tools make it unsuitable for beginners."
RedMars Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Cryptos |
| Regulator | CySEC |
| Platforms | MT5 |
| Minimum Deposit | €250 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Account Currencies | USD, EUR |
Pros
- The broker is one of a limited number of firms to offer an account specially designed for VIPs with premium support and invites to exclusive events
- Getting started on RedMars is incredibly easy - you can be up and running in just a few minutes based on tests
- The broker supports a range of flexible payment methods, including wire transfers, credit cards, e-wallets, and notably cryptocurrencies
Cons
- The no-frills trading environment offers little beyond the basics, with no Islamic account, PAMM account or copy trading.
- While RedMars' spreads are within industry averages, they don't offer a significant edge over the cheapest day trading brokers we've personally used, notably IC Markets
- With just 300 instruments, RedMars offers a narrow trading environment, particularly compared to category leaders like BlackBull Markets which offers 26,000 assets
CloseOption
"CloseOption is a good pick for traders seeking a user-friendly binary options platform with high payouts and joining bonuses."
CloseOption Quick Facts
| Bonus Offer | $10 Welcome Gift |
|---|---|
| Demo Account | Yes |
| Instruments | Binary Options on Forex & Cryptos |
| Regulator | National Bank of Georgia |
| Platforms | Own |
| Minimum Deposit | $5 |
| Minimum Trade | $1 |
| Account Currencies | USD |
Pros
- New traders can get started with a $5 minimum deposit
- Free demo account
- Multiple global payment methods are available
Cons
- Clients need to deposit $50,000+ to qualify for the best payouts
- CloseOption is not regulated by a well-regarded trading authority
- Binary options are only available on fiat and digital currencies
CEX.IO
"CEX.IO continues to serve a range of crypto investors looking to buy, sell, trade, hold and earn with low fees. The tiered pricing structure will appeal to active traders while rookie investors will enjoy the straightforward platform interface and excellent education."
CEX.IO Quick Facts
| Demo Account | No |
|---|---|
| Instruments | Cryptos |
| Regulator | GFSC |
| Platforms | TradingView |
| Minimum Deposit | $20 |
| Minimum Trade | $1 |
| Account Currencies | USD, EUR, GBP |
Pros
- The proprietary terminal features an advanced charting package from TradingView, including 50+ technical indicators
- Crypto leverage is available up to 1:3
- High quality educational materials are available through the University feature
Cons
- The Exchange Plus platform delivers a cluttered interface compared to competitor platforms
- Deposit and withdrawal fees are relatively high, including 0.3% + $25 for SWIFT withdrawals
- It's a shame that there's no demo account for traders looking to practice strategies
Gemini
"Gemini’s ActiveTrader platform and TradingView integration make it a good choice for serious crypto traders seeking a reliable charting environment, though we were disappointed by some unnecessary fees and previous security breaches."
Michael MacKenzie, Reviewer
Gemini Quick Facts
| Demo Account | No |
|---|---|
| Instruments | Cryptos |
| Regulator | NYDFS, MAS, FCA |
| Platforms | ActiveTrader, AlgoTrader, TradingView |
| Minimum Deposit | $0 |
| Minimum Trade | 0.00001 BTC |
| Account Currencies | USD, EUR, GBP, CAD, AUD, HKD, SGD |
Pros
- The TradingView integration delivers top-quality tools, including backtesting and algo trading capabilities
- Crypto perpetual futures are available in many jurisdictions with up to 1:100 leverage
- The trading app features a user-friendly, modern design and intuitive interface, with an excellent range of charting tools for day traders
Cons
- Some larger coins by market cap are not available to buy through Gemini
- The 'convenience fee' for using the mobile app seems arbitrary and makes it inefficient to use this feature
- The exchange has a history of concerning incidents including the collapse of its Earn program and a phishing breach
How Did We Choose The Best PayPal Brokers?
To identify the top PayPal brokers, we:
- Pinpointed all the firms that offer PayPal out of our 500-strong database of online platforms
- Checked that they support PayPal deposits and withdrawals for online trading
- Listed them by their rating, mixing 100+ data points with our hands-on research
Overview
With over a quarter of a billion active accounts, PayPal is the world’s largest digital wallet. It was launched back in 1998 as Confinity before merging with Elon Musk’s x.com.
This company was renamed PayPal in 2001 and went public the following year. Since then PayPal has evolved with mobile and web technology, making its options for transferring money even easier.
In the EU, PayPal is registered and licensed in Luxembourg, having moved from the UK in 2007.
PayPal was not developed with trading in mind but, as its ubiquity has grown, so has the inevitability of traders wanting to trade with it.
This has led to more and more brokerages accepting PayPal.
Advantages
There are strong advantages to trading with brokers who accept PayPal:
- Transferring funds with Paypal is recognised as being fast, reliable and secure
- PayPal is easy to use, either on a desktop or through their app
- Making deposits and withdrawals with Paypal is generally very quick and certainly faster than bank transfers
- PayPal accounts are easily linked to multiple credit cards, debit cards and bank accounts
- PayPal is recognised worldwide as a major eWallet
- PayPal’s strong anti-money laundering restrictions give traders security and potentially enhance the reputation of brokers with PayPal
- For forex traders, PayPal works in 25 different currencies
- Free to open an account
- No charges for unused account
Drawbacks
However, day trading with PayPal does have its disadvantages:
- Charges on every trading transaction
- FX fees (foreign transfer fees) are high at 4.5%
- Although increasing, trading brokers that accept PayPal are still relatively uncommon.
- Chargebacks only apply to tangible/physical goods, meaning forex and CFD traders etc. aren’t eligible.
Speed of PayPal Payments
As long as there is money in your account, or in the bank account linked to the PayPal account, funds for or from trading are generally transferred, if not instantly, then very quickly.
Security
There are claims that trading with PayPal is actually safer than using your debit or credit card.
PayPal stores your data in a ‘vault’, meaning that the other end of the transaction doesn’t receive any of your card or account details. In short, your privacy is assured.
The one problem of trading with PayPal is that chargebacks can only be claimed for physical goods, not stocks or currencies etc.
How To Deposit Using PayPal
The vast majority of PayPal traders, including all of those in the UK and US, can deposit and withdraw money to and from their PayPal accounts. However, some countries (currently including Israel and the Ukraine) are ‘send only’.
This means that traders with accounts in those countries can make deposits in their PayPal accounts and send money to others, but not withdraw money from PayPal to their account.
To make a deposit at any PayPal broker, such as Pepperstone, head to the funding section in the client area and select PayPal from the list of deposit methods. You will be taken through to the integrated portal to sign in securely and enter the details of the transaction. Once you confirm, you will receive a summary of the transaction.
PayPal Fees Or Costs
PayPal accounts are free to open. New traders will probably already have an account for their online shopping.
Unlike other common day trading digital wallets, such as Skrill or Neteller, there is no charge if your account is unused for some time.
The fees for sending and receiving money are generally the same as other digital wallets, but there are instances where it is slightly less and slightly more.
There is no fee for receiving money in your PayPal account. Withdrawing money from your PayPal account to your bank is also free unless you wish for a cheque to be issued.
One ‘hidden’ cost is when transferring currencies via PayPal. The currency conversion is 4.5% above the base rate.
This is worth bearing in mind if trading in a currency that is not the same as the default PayPal balance.
Is PayPal Good For Day Trading?
Although not the most common, PayPal is generally a good choice for traders although traders should factor in the potential of high transfer fees.
PayPal is becoming more and more integral to how we move money around so we expect brokers to continue to take it up as a payment method.
Traders dealing in larger amounts of money should bear in mind that PayPal has a maximum of £10,000 for any single transaction.
Brokers who take PayPal may be more likely to offer a wider range of payment options, and that will generally be a positive sign.
FAQ
What Are The Best PayPal Brokers?
Many brokers accept PayPal, but most brokers only accept traders from specific countries, so it depends on your location. Our top list of PayPal brokers will only show brokers that are available in your country.
Are There Any Paypal Bonuses When Depositing In My Trading Account?
No. PayPal simply acts as a middle-man between bank and broker. Any deposits held for a long period in PayPal accounts don’t even accrue interest.
Can Traders Use PayPal Globally?
Yes, there are currently 200+ countries and regions that use PayPal, including all major developed economies. This makes it one of the most accessible payment methods for day traders.