PayPal is widely recognized as the world’s most well-known online payment method. More foreign exchange (Forex) brokers accept PayPal, and it is rapidly becoming an increasingly popular payment method. Day traders favour PayPal brokers due to the speed of transfer times and greater security of the process. It is also simple to connect PayPal with debit and credit cards, making it simple and quick to transfer or withdraw funds. PayPal has strict rules regarding withdrawal and payment. Therefore, forex brokers that accept PayPal are more reliable than others.
Which brokers for foreign exchange accept Paypal?
The top brokers who accept PayPal as an option to deposit money and withdraw funds include FxPro and IC Markets. However, many brokers provide Paypal just for a restricted amount of countries. Most of the time, UK, Australian, EU and Canadian traders can use PayPal to deposit money and withdraw funds without any restrictions.
Paypal Payment options benefit
While PayPal was not designed specifically for Forex trading, it has been gaining popularity. Therefore, more brokers are now accepting PayPal because of its many advantages, such as:
- Secure, quick and reliable transfer of funds via Paypal
- Pay easily on a smartphone or computer application
- The withdrawal and deposit process with Paypal are swift, significantly more quickly than bank transfer
- The PayPal account is linked to the bank account as well as debit and credit cards for deposits and withdrawals
- The majority of businesses around the world are well-versed in Paypal as a well-known eWallet
- PayPal has strict restrictions to ensure that money laundering is not a problem. So, Paypal enhances the reputation of brokers and reassures traders.
- The limit for withdrawals and transfers is highest at $50,000.
- For traders who trade in forex, it is practical since it is used with 56 currencies.
- A PayPal account can be created at no cost, and there is no cost for an account that is not used.
PayPal payment option disadvantages
Day trading with a PayPal account comes with some drawbacks, which are listed below:
- Fees are charged for each transaction
- The cost of conversion to foreign currency is quite high at 4.5 per cent
- The charges for transferring money will be multiplied by 4-12 per cent of the amount.
- There is a small number of brokers who accept Paypal
- Chargebacks are possible only for tangible goods. Therefore CFD forex traders can’t make chargebacks.
Speed of PayPal and Security
If traders have funds in their accounts or bank accounts linked to it will discover that the funds needed to trade or for money can be withdrawn quickly and transferred from or to the bank account generally within a single day. Many traders believe using Paypal is safer than credit/debit cards because the beneficiary does not have any details about their card once the payment is processed. Paypal saves personal card information to ensure that it is kept private. But, like credit card chargebacks, they are allowed for physical products that are not stocks or currencies. Let’s learn about forex brokers in Kenya and how you can open a trading account.
How to open Forex Trading Account in Kenya
It is essential to begin by selecting a regulated broker and creating an account with the broker. Capital Markets Authority (CMA) of Kenya has created an online forex market in Kenya more controlled. When you trade with a licensed broker, you can ensure that your money are secure and you can be compensated up to Kes. 50,000 if the broker ceases to be in business.
If you want to trade in forex Kenya through a locally licensed broker, you must create an account with one Forex brokers that are regulated or licensed by CMA. Six brokers are licensed and licensed by CMA: EGM Securities, PepperStone Kenya, ForexTime (Exinity Group), HotForex, Windsor Markets and Scope Markets.
There are also global licensed forex brokers that accept traders from Kenya – which foreign regulators license, such as Financial Conduct Authority (FCA), Financial Sector Conduct Authority (FSCA), Australian Securities and Investments Commission (ASIC) and others.
It is suggested that you select only the brokers approved by CMA. This will guarantee that you’re legally trading forex.
The majority of brokers have deposit requirements less than $5. This allows you to open a Live Trading account and begin trading. For example, HotForex has $5 deposit through the Micro Account.
