22 🥇 Best Forex Brokers that accept PayPal – ( Reviewed ) 2020

Brokers that accept Paypal

 

According to research in South AfricaPayPal is one of the most contemporary and popular online payment systems widely offered by brokerages and dealing centres for depositing into their trading accounts. The payment system is used by currency traders from over two hundred countries globally and is easy to use and secure.  Any transaction committed with PayPal follows all the contemporary security requirements and connects traders with their bank card or bank account. PayPal is one of the most convenient and low-cost methods to deposit and withdraw funds.

Here is a Quick overview of the Best 22 Forex Brokers and Trading Platforms who accept PayPal as a payment option

 

A review about FXTM
 

ForexTime (FXTM)

 

ForexTime (FXTM) Offers Local NGN Funding, an offer not made by most online brokers which increases exchange costs of currency trading. ForexTime offers NGN account funding through bank wire transfer or Neteller with a minimum deposit of $100 for a standard forex account for ForexTime. This allows traders to start trading a range of currency markets while lowering the exchange costs when moving NGN currency to a standard base currency.

 

Key Features of FXTM (ForexTime)

 

ForexTime offers social trading (copy trading) which means a trader:

 

  • Selects a Strategy Manager
  • Makes a deposit (minimum deposit of $100)
  • Mirror the Strategy Manager’s trade
  • Watch as you share a percentage of wins/losses
  • Cash-out or add deposits when required

ForexTime is ideal for Nigerian traders new to CFDs with a higher risk profile.

 

A review about CMC Markets
 

CMC Markets

 

CMC Markets Has the Lowest Minimum Deposit and is one of the largest online brokers for stock market and currency trading in Nigeria. CMC Markets offer:

 

  • A range of financial markets including Bitcoin
  • $0 minimum deposit and easy funding methods
  • Advanced charting through the Next Generation CFD platform

 

Financial Markets With CMC

 

CMC Markets specialise in trading forex with over 330 forex pairs but this is not the only CFDs financial markets traders can trade.

 

Other CFDs include:

 

  • Indices
  • Shares
  • Efts
  • Commodities and treasuries

 

A more recent addition is cryptocurrencies which ranges from:

 

Bitcoin, Ethereum, Litecoin and to Tron. Leverage ranges based on the crypto chosen with more well know cryptocurrencies like bitcoin offering more leverage compared to niche currencies pairs.

 

Funding with CMC Markets

 

CMC Markets offers basic funding methods including:

 

  • Credit Cards (minus AMEX or Diners cars)
  • Debit Cards
  • Bank account transfers

 

The biggest advantage is that CMC Markets has a $0 minimum deposit which means that you can move from a demo account to a live account without a large deposit required.

 

Advanced Charting Through the Next Generation Platform

 

CMC offers the choice of MT4 forex trading platform or the next generation platform.

 

Other key features of the Next Generation charting include:

 

  • 35+ drawing tools
  • Technical indicators
  • Price History
  • Chart Intervals
  • Customised Charts

 

These five key features and the ability to trade directly from charts is why CMC’s CFD trading platform is considered the leader when it comes to charting.

 

A review about Saxo Bank
 

Saxo Bank

 

For traders who can afford the USD 10,000 minimum deposit (GBP 500 for the UK), Saxo Bank offers traders competitive pricing, excellent trading platforms, excellent research, steadfast customer service, and over 40,000 instruments to trade.  Saxo Bank was founded in 1992, and it is a regulated bank and licensed in six tier-1 jurisdictions, making it a safe broker (low-risk) for forex and CFDs trading.

 

Saxo Bank is an exclusive broker, and therefor requires a large USD 10,000 minimum deposit (GBP 500 for the UK, SGD 3,000 for Singapore) to open an entry-level “Classic” account. Saxo Bank’s Platinum and VIP accounts require USD 200,000 and 1,000,000, respectively. If a broker can get past the stiff deposit, the entire Saxo Trader client experience is unquestionably brilliant and worth the price paid. Alongside access to trading 40,000 instruments, Saxo Bank offers reliable customer service and excellent pricing across the board.

 

Saxo Bank’s branded trading platforms SaxoTraderGO (web) and SaxoTraderPRO (desktop) sets industry benchmarks with streamlined designs and robust trading tools on offer.

 

A review of XM
 

XM

 

XM is an online broker which was founded in 2009 and offers traders Forex and CFDs trading.  XM is a global broker and has a head office situated in Cyprus and a starting account will need a minimum deposit of $5. The XM is able to accommodate a various level of traders whether they are experienced or just starting off.

 

Traders can trade in a wide variety of instruments and currency pairs over 100 instruments and over 80 currency pairs.  XM offers both of the MetaTrader platforms; MT4 and MT5 plus mobile apps for Android and iOS.

 

XM Trading benefits:

 

  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Offers Negative Balance Protection

 

XM Trading Accounts Offered include: Demo, Micro, Mini, Standard, Zero Spread and Islamic and all accounts support a wide range of languages including Arabic, Chinese, English, French, German, Greek, Hindi, Hungarian, Indonesian, Italian, Japanese, Korean, Malay, Polish, Portuguese, Russian, Spanish, Swedish, Thai, and Turkish

 

A review of FP Markets
 

FP Markets

 

FP Markets is a global, online broker which was founded in 2005 and offer Forex trading and has a head office situated in Australia.  When starting off with FP Markets traders will need to make a minimum deposit of $100 and a demo account is on offer with a wide variety of instruments and currency pairs on offer.

 

Over 100 instruments and over 60 currency pairs in total is on offer, on the popular MT4 forex trading platform.  FP Markets also offers traders mobile apps for Android and iOS.

 

FP Markets Trading benefits include:

 

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection

 

FP Markets Trading Accounts Offered include: Demo, Mini, Standard, ECN, STP, Managed and Islamic and all accounts support a wide range of languages including English, Spanish, Portuguese, Romanian, Bulgarian, Arabic, Russian, French, Italian, Greek, Philippines, Latvian, Polish, Indonesian, Thai, Malay, German, Vietnamese.

 

A review about Pepperstone
 

Pepperstone

 

Pepperstone was founded in 2010 in Melbourne, and processes, on average, $12.55 billion of trades each day (October 2019) and is best known for its extensive selection of third-party trading platforms.

 

Pepperstone provides forex and CFD traders competitive pricing, outstanding customer service, and one of the largest selections of third-party platforms available.  Pepperstone also offers a small set of tradeable products but.

 

Is Pepperstone Safe?

 

Pepperstone is measured as average-risk and is not publicly traded and does not operate a bank. Pepperstone is authorised by:

 

  • Two tier-1 regulators
  • Zero tier-2 regulators
  • Zero tier-3 regulators

 

Pepperstone is authorised by the following tier-1 regulators: Australian Securities & Investment Commission (ASIC) and the Financial Conduct Authority (FCA).

 

Commissions & Fees

 

Pepperstone is an agency-execution broker and offers a decent range of options on pricing plans, with its commission-based Razor Account being the top choice.

 

Account types:

 

Pepperstone offers two pricing models which are dependent on the account type the user wishes to open, ranging from:

 

The Standard Account: Which incorporates commissions into the prevailing spreads. Fees may also slightly vary, depending on the platform the user choose to trade.  The standard account is commission-free but has higher spreads and is not as competitive as the Razor Account.

 

Razor Account: The Razor Account can be used with either the MetaTrader (MT4) or cTrader platforms and follows a commission-based pricing structure in addition to prevailing spreads.

 

Active traders: Pepperstone’s active trader program offers discounts on the appropriate commission rates which helps to boost its ranking in the active trader category.

 

  • A minimum amount of 200 lots is required to qualify for the lowest tier
  • A rebate of $1.00 per standard lot
  • Applies only to Razor accounts.

 

Order-Routing: Pepperstone uses its EDGE infrastructure to help bridge the MetaTrader platform with liquidity providers and incorporates its Pepperstone Price Improvement (PPI) technology to help improve execution rates.

 

Platforms & Tools

 

Pepperstone offers an excellent third-party platform.

 

  • Platforms: Pepperstone offers the full MetaTrader and cTrader suites which includes a MT4 (desktop and web), MT4 Multi-terminal, MT5, cTrader (desktop and web), and cAlgo. Traders can use either account type, Razor, or Standard, with any platform.

 

Copy trading:  Pepperstone offers

 

  • The MirrorTrader and RoboX platform from Tradency
  • The ZuluTrade platform
  • MyFxbook for MT4

 

cTrader vs MT4: Both cTrader and MT4 support algorithmic trading, cTrader has an advantage with its web-based platform.

 

Broad range of third-party social copy-trading platforms and research tools:

 

  • Third-party tools:Pepperstone offers traders access to AutoChartist, which is a well-known, popular software provider of automated pattern recognition and trading signals.

 

  • Smart Trader Tools are also offered by Pepperstone which included an MT4 add-on with tools such as sentiment indicators.

 

  • Market analysis: Pepperstone offers content from third-party analysts. Trading Economics, a provider of market data, powers the firm’s economic calendar.

 

  • In-house commentary:  Pepperstone’s in-house research offers content such as “Daily Fix” and a “Chart of the Day” series.

 

Mobile Trading

 

At Pepperstone, Mobile trading is conduct with either the MetaTrader 4 (MT4) or MetaTrader 5 (MT5) mobile app, or the cTrader app, all available directly from the developer.

 

Customer Service

 

  • Average Connection Time:<1 minute
  • Average Net Promoter Score:9 / 10
  • Average Professionalism Score:5 / 10
  • Overall Score:42 / 10
  • Ranking:4th of 22 brokers

 

A review of IC Markets
 

IC Markets

 

IC Markets is an online broker which was founded in 2007 and offers Forex, CFDs, Spread Betting, Share dealing, and Cryptocurrencies trading on offer both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform developed for traders.

 

IC Markets is a global broker and has a head office situated in Australia and new traders will need a minimum deposit of $200 to get started and a demo account is on offer for those who want to get acquainted with the IC Markets platform.  IC Markets are able to accommodate various levels of traders whether they are experienced or just beginning in the trading game.

 

Traders can trade in a wide variety of instruments and currency pairs

 

  • Over 232 instruments
  • Over 65 currency pairs

 

IC Markets also offer traders mobile apps for Android and iOS and two accounts types, Standard account and Raw Spread account.  IC Markets supports a wide range of languages including English, Japanese, Chinese, Polish, Afrikaans, Danish, Dutch, German and more.

 

A review of AvaTrade
 

AvaTrade

 

AvaTrade is an excellent partner for all types of trader, be it beginner or pro – with over 200,000 active traders around the globe, on both the MetaTrader 4 and AvaGo platforms.  AvaTrade offers great trading conditions across Forex, commodities, cryptocurrencies, ETFs, bonds, and equities and boasting FSCA and ASIC regulation.

 

  Min. Deposit Max. Leverage Min. Spread Commission
Islamic USD 100 400:1 1.3 pips None
Professional USD 100 400:1 1.3 pips None
Retail USD 100 400:1 1.3 pips None

 

AvaTrade does not charge their clients for making deposits and withdrawals and the only costs are the bank card, e-wallet, or bank transfer fees.  Traders have access to professional customer support, 24 hours a day, five days a week.

 

A review about easyMarkets
 

easyMarkets

 

easyMarkets is an easy to use platform and offers several unique features which is attractive to beginners through its branded trading platform. easyMarkets is pricey and offers only a small selection of tradeable products.  easyMarkets was founded in 2001 and is regulated in one tier-1 jurisdiction and one tier-2 jurisdiction, making it a safe choice and average-risk for forex and CFDs trading.

 

easyMarkets has an excellent proprietary web-based platform that is easy to use and offers two beginner-friendly features including dealCancellation and Freeze Rate. The easyMarkets line-up includes forex market research tools, 256 tradeable instruments, and a mobile app.

 

Feature easyMarkets
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 62
CFDs – Total Offered 199
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

 

easyMarkets offers two platforms, its own proprietary HTML5 web-based platform and MetaTrader 4 (MT4) and a good customer service experience.

 

A review of IG Group
 

IG

 

IG is regulated and trusted across the globe and offers traders an extensive list of tradeable products, excellent trading and research tools, industry-leading education, and competitive rates.

 

Feature IG
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 93
CFDs – Total Offered 17535
Social Trading / Copy-Trading Yes
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

 

IG uses its size to provide traders competitive pricing across the board, regardless of the product traders choose to trade, and stands out from the crowd for its active trader pricing available through its Forex Direct accounts.

 

Platforms and Tools on offer include: 

 

  • Flagship platform:IG’s main trading platform is its patented web-based platform.

 

  • Charting:The default charts within the platform feature advanced functionality, such as the ability to add an alert on a specific indicator, with a total of 28 studies available to select.

 

  • Additional platforms: The MetaTrader4 (MT4) platform and its L2 Dealer platform where Forex Direct and Direct Market Access (DMA) are available for share trading.

 

  • ProRealTime charts:More advanced charting with nearly 100 indicators is provided by IG via the ProRealTime premium charting.

 

IG provides traders with an excellent selection of quality market research and its mobile app competes with the best of the best as the app comes packed with plenty of features that will satisfy both casual and advanced traders.

 

A review about Forex.com
 

Forex.com

 

FOREX.com delivers an excellent trading experience for both forex and CFDs traders alike. With competitive pricing, full-feature trading platforms, comprehensive market research, and a robust mobile app, FOREX.com caters to traders of all experience levels, from beginner to pro.

 

FOREX.com is publicly-traded and regulated in four tier-1 jurisdictions, making it low-risk for forex and CFDs trading alike.  FOREX.com has earned Best in Class (top 7) awards for numerous categories in 2020, including Offering of Investments, Commissions & Fees, Education, Professional Trading, Crypto Trading, Ease of Use, and Overall.

 

Feature FOREX.com
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs) 91
CFDs – Total Offered 4500
Social Trading / Copy-Trading No
Cryptocurrency traded as actual No
Cryptocurrency traded as CFD Yes

 

FOREX.com’s pricing structure is competitive and easy to understand, provides forex traders everything they need, and more, to trade effectively through platforms and tools on offer, which include – Advanced Trading, Web Trading and MetaTrader.

 

A review about FBS
 

FBS

 

FBS offers traders a choice of four accounts and all accounts offer market execution and the chance to trade in micro lots in Cent accounts for more precise risk management.

 

Account type Minimum deposit Minimum trade size Maximum leverage Spreads
Cent $1 0.01 lot 1:1000 from 1 pip
Standard $100 0.01 lot 1:3000 from 0.5 pips
Zero Spread $500 0.01 lot 1:3000 0 pips + $20/lot
Micro $5 0.01 lot 1:3000 fixed, from 3 pips
ECN $1000 0.1 lot 1:500 from -1 pip + $6/lot

 

FBS is a popular international broker and offers clients competitive trading conditions, a wide range of trading accounts, payment methods, a choice of fixed and variable spreads, Metatrader 4 and MetaTrader 5, as well as various promotions.  An account with FBS can be opened for just $1.

 

A review on Plus500
 

Plus500

 

Plus500 is a trusted global brand with a user-friendly platform on offer.

 

Is Plus500 Safe?

 

Plus500 is considered low-risk, and is publicly traded but does not operate a bank.

 

  • Regulated
  • Licensed
  • Considered as a safe broker to trade forex and CFDs with.

 

Plus500 offers 2033 CFDs, together with on 50 currency pairs, which is a touch higher than most forex brokers.

 

Commissions & Fees

 

Plus500 has a minimum deposit of €100 and does not offer any discounts to active traders or VIP clients.

 

Platforms & Tools

 

The Plus500 platform is available for desktop, web, and mobile; but, MetaTrader is not offered. Plus500’s flagship platform includes:

 

  • The Plus500 WebTrader (browser-based) platform is perfect for beginners and both the desktop and web-based versions focus on simplicity.

 

  • The Plus500 WebTrader platform offers robust charting with over 100 optional technical indicators plus the ability to save chart templates.

 

The Plus500 mobile app is similar to the web and desktop versions, consistent in both look and feel.

 

A review of XTB
 

XTB

 

XTB is a European broker which was founded in 2002, and has offices in 13 countries across the globe.  XTB is regulated by some of the world’s biggest supervision authorities and has been listed on the Warsaw Stock Exchange since 2016.

 

XTB is a fintech company which combines financial services with innovative technology and it offers clients two platforms to choose from:

 

  • xStation 5
  • MT4

 

XTB is different from other brokers in three main aspects: its trading platform, their level of educational and analytical materials, and a high level of support.  XTB offers free educational material in the form of their online Trading Academy and video tutorials.

 

Traders can choose from 25 crypto CFDs (9 individual coins or 16 crypto pairs) which are available 7 days a week (from 3am Saturday to 9pm Friday). Traders can buy or sell digital coins with 2:1 leverage and 365-day expiry.

 

Pros Cons
Used by 230,000+ traders Doesn’t offer VPS
Established in 2002 Limited range of instruments
Regulated by Financial Conduct Authority Not ASIC Regulated
Min. deposit from $1

 

To open a live account, traders will need a minimum deposit of at least $1.

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Micro account Bank Transfer
Offers STP Mini account PayPal
Low min deposit Standard account Skrill
Guaranteed stop loss Islamic account Payoneer
Offers Negative Balance Protection Netelle

 

XTB support a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Turkish, Arabic, and Russian.

 

A review about eToro
 

eToro

 

eToro is a leading social trading platform for trading major financial markets including stocks, forex and cryptocurrencies.

 

Pros Cons
Used by 6,000,000+ traders Doesn’t allow scalping
Established in 2006 Inactivity Fee
Regulated by Financial Conduct Authority, CySEC, ASIC Limited range of instruments
Min. deposit from $200

 

eToro offers over 1,083 different instruments to trade, including over 47 currency pairs.

 

Trading Features: Accounts offered: Funding methods:
Offers STP Demo account Credit cards
Low min deposit Micro account Bank Transfer
Mini account PayPal
Standard account Skrill
Islamic account Payoneer
Neteller

 

eToro supports a wide range of languages including English, German, Spanish, French, and Italian.

 

A review about Markets.com
 

Markets.com

 

Markets.com is an online broker which founded in 2008 and offers Forex, CFDs and Spread Bets. Spread Bets are only available to UK customers trading and Markets.com is a global broker with a head office situated in Cyprus.

 

New traders will need to make a minimum deposit of $100 and a demo account is available for those who wants to try before they ‘buy’ in.

 

Traders can trade in a wide variety of instruments and currency pairs

 

  • Over 100 instruments
  • Over 80 currency pairs

 

Markets.com offers both of the MetaTrader platforms; MT4 and MT5. plus, mobile apps for Android and iOS.

 

Markets.com Trading benefits:

 

  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Guaranteed stop loss
  • Offers Negative Balance Protection

 

Markets.com Trading Accounts on Offer include:

 

  • Demo account
  • Mini account
  • Standard account
  • Islamic account

 

Markets.com support a wide range of languages including Arabic, Chinese, Dutch, English, French, German, Italian, Japanese, Norwegian, Polish, Romanian, Russian, Spanish, and Turkish.

 

A review about Admiral l Markets Review
 

Admiral Markets

 

Admiral Markets is an online broker which was founded in 2001 and offers Forex and CFDs trading, is globally recognized and has a head office based in the UK.  Traders will need a minimum deposit of $200 to start and can sign up for a demo account to in over 148 instruments and over 40 currency pairs.

 

Admiral Markets offers both of the MetaTrader platforms; MT4 and MT5 and mobile apps for Android and iOS.

 

Admiral Markets Trading benefits include:

 

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection

 

Admiral Markets Trading Accounts Offered:

 

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • ECN account
  • STP account

 

Admiral Markets offers support in a wide range of languages including English, Spanish, Hungarian and much, much more!

 

Other Mention worthy Broker Platforms who accept PayPal include

 

FxGlory

 

Regulation:                                        IFSA

Trading software:                            MetaTrader4 desktop/mobile, WebTrader

Popular payment methods:        PayPal, Credit Cards, Skrill, OKPAY, Payza, Neteller, WebMoney, LiqPay, WIQI, SOFORT, GiroPay, Przelewy24, Wire transfer, Cryptocurrencies

Languages:                                         English

 

Oanda

 

Regulation:                                        FCA, ASIC, The Financial Commission

Trading software:                            MetaTrader 4, MetaTrader 5, WebTrader

Popular payment methods:        Credit Card, PayPal, Wire Transfer, Check

Account currencies:                        USD, AUD, CHF, EUR, GBP, JPY, CAD, HKD, SGD

Platforms:                                            OANDA fxTrade, OANDA fxTrade on MetaTrader 4, fxTrade Mobile, fxTrade API

 

Swissquote

 

Regulation:                                         FINMA, MFSA, DFSA

Trading software:                            Advanced Trader, Web Trader, Mobile Trader, MetaTrader 4

Popular payment methods:        PayPal, Wire Transfer

Account currencies:                        USD, CHF, EUR, GBP, JPY, HKD, CAD, AUD

Platforms:                                           Advanced Trader, Web Trader, Mobile Trader, Metatrader 4

 

ActivTrades

 

Regulation:                                         FSA

Trading software:                            Meta Trader 4

Popular payment methods:        Credit Card, PayPal, Wire Transfer

Account currencies:                        EUR, USD, GBP

Platforms:                                           MetaTrader 4

 

GCI

 

Regulation:                                         FSC

Trading software:                            MetaTrader, ActTrader, iActTrader

Popular payment methods:        Credit Cards, PayPal, Wire Transfer

Account currencies:                        EUR, USD, GBP, JPY, CHF

Platforms:                                           MetaTrader, ActTrader, iActTrader

 

In conclusion

 

PayPal is probably the most popular online payment globally and offers traders extra security for their fund transfers.

 

Frequently Asked Questions

 

Can I use PayPal in South Africa for forex trading?

Yes.

What is PayPal?

A service that allows you to pay, accept payments and send money.

Which forex brokers accept Paypal?

Here is a list of the 22 Best Forex Brokers that accept Paypal

Is it safe to use Paypal?

Yes.

Does XM.com accept Paypal?

Yes

 

 

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