Best PayPal Brokers 2024

PayPal is by the 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 5 best brokers that accept PayPal deposits and withdrawals:

PayPal Brokers Comparison

PayPal Brokers Comparison
Broker Minimum Deposit Instruments Platforms Leverage Regulators Visit
Pepperstone logo
$0 CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade 1:30 (Retail), 1:500 (Pro) FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB Visit
IC Markets logo
$200 CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global) ASIC, CySEC, FSA Visit
Eightcap logo
$100 CFDs, Forex, Stocks, Indices, Commodities MT4, MT5, TradingView - FCA, ASIC, CySEC, SCB Visit
CityIndex logo
$0 CFDs, Forex, Stocks, Cryptos, Options, Commodities, Bonds MT4, TradingView, TradingCentral 1:30 (Retail), 1:50 (Accredited Investor), 1:200 (Sophisticated Investor), 1:300 (Wholesale Investor), 1:400 (Professional Trader). Varies with jurisdiction. ASIC, FCA, MAS Visit
eToro logo
$50 CFDs, Forex, Stocks, ETFs, Cryptos, Futures, Commodities, Bonds eToro Web, CopyTrader, TradingCentral - FCA, ASIC, CySEC, FSA, FSRA, MFSA Visit
Trade Nation logo
$0 Forex, CFDs, Indices, Shares, Commodities, Futures, Bonds, Cryptos (Bahamas Entity Only) MT4 1:500 (entity dependent) FCA, ASIC, FSCA, SCB, FSA Visit
Skilling logo
- Forex, CFDs, Stocks, Indices, Commodities and Cryptos Skilling Trader, MT4, cTrader, TradingView - CySEC, FSA Visit
FxPro logo
$100 CFDs, Forex, Stocks, Indices, Commodities, Futures FxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade 1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited) FCA, CySEC, FSCA, SCB, FSC Visit
CMC Markets logo
$0 CFDs, Forex, Stocks, Indices, Commodities, ETFs, Treasuries, Custom Indices, Spread Betting Web, MT4 1:30 (Retail), 1:500 (Pro) FCA, ASIC, MAS, CIRO, BaFin, FMA, DFSA Visit
XTB logo
$0 CFDs, Forex, Stocks, Indices, Commodities, Crypto, ETFs xStation 1:30 (EU) 1:500 (Global) FCA, CySEC, KNF, CNMV, DFSA, FSC Visit
Plus500 logo
$100 CFDs on Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto WebTrader, App 1:30 FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA Visit
IG logo
$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 Visit
Fusion Markets logo
$0 CFDs, Forex, Stocks, Indices, Commodities, Crypto MT4, MT5, cTrader, DupliTrade 1:500 ASIC, VFSC, FSA Visit
Markets.com logo
$100 CFDs, Forex, Stocks, Commodities, Indices, Crypto, ETFs, Bonds, Spread Betting (UK Only) Markets.com Web/App Platform, MT4, MT5 1:30 FCA, CySEC, ASIC, FSCA, FSC Visit
ForexTB logo
$250 Forex, ETFs, CFDs, Indices, Shares, Commodities, Cryptocurrencies MT4, TradingCentral 1:30 (Retail), 1:400 (Professional) CySEC Visit

#1 - Pepperstone

Why We Chose Pepperstone

Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.

"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."

- DayTrading Review Team
  • Instruments: CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
  • Regulator: FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
  • Platforms: MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
  • Minimum Deposit: $0
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:30 (Retail), 1:500 (Pro)

Pros

  • Pepperstone emerges as a low-cost broker, especially for serious day traders with spreads from 0.0 in the Razor account and rebates of 25%+ through the Active Trader program.
  • Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
  • Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.

Cons

  • Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.
  • There’s no simplified proprietary trading platform, nor are there any social trading features, which could be a disadvantage if you are new to day trading.
  • Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.

#2 - IC Markets

Why We Chose IC Markets

IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.

"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."

- DayTrading Review Team
  • Instruments: CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
  • Regulator: ASIC, CySEC, FSA
  • Platforms: MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
  • Minimum Deposit: $200
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)

Pros

  • You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.
  • As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
  • IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.

Cons

  • While IC Markets offers a selection of metals and cryptos for trading via CFDs, the range is not as extensive as brokers like eToro, limiting opportunities for traders interested in these asset classes.
  • Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
  • There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.

#3 - Eightcap

Why We Chose Eightcap

"Eightcap is great for day traders familiar with MT4 and MT5 and looking to trade forex and CFDs in a secure environment. The brand is also a great pick for crypto traders with 100+ derivatives, a sophisticated market scanner, plus Bitcoin and Tether deposits."

- DayTrading Review Team
  • Instruments: CFDs, Forex, Stocks, Indices, Commodities
  • Regulator: FCA, ASIC, CySEC, SCB
  • Platforms: MT4, MT5, TradingView
  • Minimum Deposit: $100
  • Minimum Trade: 0.01 Lots

Pros

  • AI-powered economic calendar with top-level insights, in partnership with Acuity
  • Sophisticated platforms built for short-term strategies, including TradingView which offers 50 drawing tools and 12 chart types
  • 100+ crypto derivatives are available for global clients, which is more than most brokers, including crypto crosses and indices

Cons

  • The demo account can only be extended upon request
  • There are only four commodities available, which may disappoint experienced day traders looking to diversify their portfolios
  • There are several frustrating jurisdictional restrictions - for example, the Crypto Crusher tool is not available for UK or Australian clients

#4 - CityIndex

Why We Chose CityIndex

City Index is an established and award-winning forex, CFD and spread betting broker with top-tier global regulation, including in the UK (FCA) and Australia (ASIC). With 30+ years in the industry, 13,500+ instruments and 24/5 customer support, City Index is a solid pick for aspiring traders.

"City Index is best for new and intermediate traders looking for a wide selection of assets on user-friendly platforms."

- DayTrading Review Team
  • Instruments: CFDs, Forex, Stocks, Cryptos, Options, Commodities, Bonds
  • Regulator: ASIC, FCA, MAS
  • Platforms: MT4, TradingView, TradingCentral
  • Minimum Deposit: $0
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:30 (Retail), 1:50 (Accredited Investor), 1:200 (Sophisticated Investor), 1:300 (Wholesale Investor), 1:400 (Professional Trader). Varies with jurisdiction.

Pros

  • Tight spreads from 0.5 pips on EUR/USD and competitive commissions on CFD shares
  • A free demo account with unrestricted access to all markets and trading tools
  • Thousands of instruments including thematic indices and interest rates that are not available at many alternatives

Cons

  • No Islamic account for Muslim traders
  • US traders not accepted
  • $15 monthly inactivity fee

#5 - eToro

Why We Chose eToro

eToro is a top-rated multi-asset platform which offers trading services in thousands of CFDs, stocks and cryptoassets. Launched in 2007, the brand has millions of active traders globally and is authorized by tier one regulators, including the FCA and CySEC. The brand is particularly popular for its comprehensive social trading platform. Cryptoasset investing is highly volatile and unregulated in the UK and some EU countries. No consumer protection. Tax on profits may apply. 76% of retail accounts lose money.

"eToro's social trading platform leads the pack with a terrific user experience and active community chat that can help beginners find opportunities. There are also competitive fees on thousands of CFDs and real stocks, plus excellent rewards for experienced strategy providers."

- DayTrading Review Team
  • Instruments: CFDs, Forex, Stocks, ETFs, Cryptos, Futures, Commodities, Bonds
  • Regulator: FCA, ASIC, CySEC, FSA, FSRA, MFSA
  • Platforms: eToro Web, CopyTrader, TradingCentral
  • Minimum Deposit: $50
  • Minimum Trade: $10

Pros

  • The web platform and mobile app perform better in user reviews and app rankings than top competitors, including AvaTrade
  • There's a comprehensive online training academy with accessible resources, from bitesize articles to comprehensive courses
  • Charts are powered by TradingView and offer strong technical analysis features, including 9 chart types and over 100 indicators

Cons

  • There are limited contact methods aside from the in-platform live chat
  • There are no guaranteed stop loss orders which would be a useful risk management feature for beginners
  • Traders will face currency conversion fees for account denominations other than USD

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.

paypal brokers mobile app

Advantages

There are strong advantages to trading with brokers who accept PayPal:

Drawbacks

However, day trading with PayPal does have its disadvantages:

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, head to the funding section in your broker’s 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.

Any form of receiving trading money through PayPal will incur a charge; the transfer fee can rise as high as 12%.

Withdrawing money from your PayPal account to your bank is free unless you wish for a cheque to be issued.

One ‘hidden’ cost is when transferring currencies via PayPal. The exchange rate offered will generally have a 5% margin in PayPal’s favour.

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 203 countries and regions that use PayPal, including all major developed economies. This makes it one of the most accessible payment methods for day traders.