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PayPal Forex & CFD Brokers

Benefits of choosing a broker that accepts PayPal

For anyone who is interested in opening an account with a forex broker, there are several factors that need to be considered. First, the broker in question should be regulated and reliable. While other features such as a wide range of underlying assets and passable spreads are important, payment methods are just as critical, as you must be able to withdraw and deposit funds.

What is PayPal?

As the company defines itself, it is an online service that allows you to make payments, send money, as well as accept payments from others without compromising your personal financial information. It can be used for business as well as personal needs. PayPal has grown to become a widely accepted online payment platform around the world today, even though it came from an entirely different concept. It was initially started in December 1998 when it was initially known as Confinity. It started as a company that created security software for handheld devices, the great minds behind it being Max Levchin, Lucas Nosek, Kevin Howery and Peter Thiel. PayPal then grew from Confinity as an online money transfer service in the year 1999 with funding from the BlueRun Venture.

PayPal Services

One thing that makes PayPal a great payment option is that it’s so simple to use. With just a few clicks, you can make instant deposits. PayPal service coverage is offered in 202 countries around the world and in 52 different currencies including but not limited to USD, CAD, EUR, DKK, JPY, GBP, and INR. PayPal also supports a wide range of payment platforms, including but not limited to e-Banking, plan and MXN.

PayPal allows you to make payments online through your email address. You can deposit money into your account, send it instantly to your broker, and receive your payment and withdraw it to your bank. It offers a safe and secure online platform for sending money and receiving money electronically. PayPal fees are very fair and suit a merchant. There are no monthly fees charged for payment processing. Payment fees for PayPal vary depending on your location and the payment method you use. If making a purchase, you are charged no fees at all. If selling, you are charged 2.9% of the total amount, plus an additional $0.3 for each sale.

What’s great with PayPal is that there are no hidden fees, whether you make payments or purchases. When you make a payment either using your credit card or your PayPal account, the processing time is instantaneous. The funds are immediately debited from your account. Payments via eChecks take 2-3 business days. Withdrawing funds to your bank account takes about 2-3 business days. There is also the PayPal debit card option that gives you immediate access to your funds later. As a merchant, knowing the chargeback policies of a payment service is very important.

Basically, chargeback is available through the purchase protection policy and is applicable when purchasing products, but not services. In June 2016, PayPal updated its consumer agreement policies. The updates mainly affected Section 11 (Protection for sellers) and Section 13 (Protection for buyers). These recent policy updates exclude a number of purchase protection activities. These include, but are not limited to, activities that require entry fees and prizes, such as gambling and gaming. Since stock trading is a service and requires entry payments, it is excluded from the activities that are eligible for a refund.

This means that chargeback policies do not apply to forex trading. However, you can file your dispute and try to resolve the case if you wish. If you are unable to resolve a dispute with your broker, you can head to PayPal’s Resolution Center and follow the guidelines given.

The Advantages of Using PayPal to Fund Your Trading Account

There are so many benefits of using PayPal for forex trading, but just to list a few:

– It’s very simple and easy to use. With just a few clicks, you can make your deposits.
– It has a wide coverage. It is available internationally in over 200 countries and 52 currencies including but not limited to USD, GBP, CAD,
– Forex traders don’t need a credit card as PayPal account allows receiving and sending money to up to 202 countries globally, including but not limited to USA, Canada, UK, France and Italy.
– Payments are instant and withdrawals take less time to reflect in your bank account.
– It’s beneficial to international forex traders as commissions are charged at a minimal rate of 2.9% + US$0.3 per transaction.
– Payments made via credit cards or PayPal account balance are processed instantly.
– Withdrawal of funds to bank account take at most 3 business days to reflect in bank account once approved by your bank.
– Forex companies recognise PayPal as a payment method for speeding up transactions. With the endless number of benefits for forex traders, PayPal is certainly the easiest convenience that any trader can ever need.

Broker

XTB review 2020

by forextrader May 10, 2022

by forextrader May 10, 2022 0 comment

XTB test report at a glance! Among the providers that promise zero transaction fees is XTB, a European-based online broker that is a leader in trading stocks, ETFs and CFDs.…

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