South African Brokers that Accept PayPal
Paypal is a California-based online payment service founded in 1998. It operates in 202 countries, with over 325 million registered accounts. Moreover, it supports over foreign 25 currencies including USD and EURO. Unfortunately, Paypal does not support the Rand hence many South Africans traders use US Dollar for transactions. Paypal enhances global commerce by allowing users to pay users their preferred methods including bank accounts, credit cards, and payment smart connect. What’s more, it has received over 20 global awards.
Forex and CFD Brokers that Accept PayPal in South Africa
Here is a list of some of the South African Forex and CFD brokers that support deposits and withdrawals via Paypal
Pepperstone is a global Forex and CFD broker that was recently voted TradingView Broker of The Year 2022 in the TradingView Broker Awards. With this broker, clients can trade over 1,200 CFDs from a variety of global markets. These include forex currency pairs, shares, indices, ETFs, commodities, and currency indices. These instruments are tradeable on 4 world’s leading trading platforms including MetaTrader 4, MetaTrader 5, TradingView, and cTrader.
This broker does not have a minimum deposit requirement, meaning clients can deposit any amount and start trading. You can fund your trading account using PayPal, Visa, MasterCard or Bank Transfer. Clients can choose between two main trading accounts that feature different fee structures. The Standard account charges spreads starting from 1.0 pips and no commissions. The Razor account has spreads from 0.0 pips and a commission of $3.50 per side per lot on forex.
FP Markets is a Forex and CFD broker that was launched in 2005. Today, the company is regulated in South Africa by the Financial Sector Conduct Authority. It is also regulated in Australia by the ASIC and in Cyprus by the CySEC. With this broker, clients can trade over 10,000 instruments in 8 main market categories. These include forex currency pairs and CFDs on shares, metals, commodities, indices, cryptocurrencies, bonds, and ETFs. The spreads on this broker site are low starting at 1.0 pips for major currency pairs on the standard account. Clients can also trade on the Raw account that features spreads starting from 0.0 pips and a commission of $3 per side per lot.
Both the MT4 and MT5 are available to trade with on this broker site alongside Iress and cTrader. These popular trading platforms are fast and highly customizable. The minimum deposit accepted by FP Markets is $100 AUD or equivalent, which is roughly 1240 in ZAR. Notably, FP Markets supports more than 25 different account funding methods including PayPal, Neteller, Bank Transfers, Credit/Debit cards, Skrill, Crypto payments, and more.
Plus500 is a big CFD broker that has innovative trading technology for various instruments including forex, cryptocurrencies, and commodities. It avails over 2 800 instruments that investors can trade on the mobile app, Web trader, and Window 10 trader. Plus500 accepts Paypal for deposit and withdrawals. The platform allows a minimum deposit of $100 or equivalent in ZAR. Apart from Paypal, Plus500 also accepts Skrill, bank transfers, and credit and debit cards.
AvaTrade is a leading forex trading broker boasting over 300 000 customers worldwide. It is regulated by the South African Financial Sector Conduct Authority. Additionally, it has scooped numerous services to its top-notch services including the Best Trading Award 2021, No 1 in Innovation 2021, Best Retail Broker in UAE 2021, Best Forex Broker Ireland 2021, and Best Fixed Spread Broker 2021. Besides the exemplary services, AvaTrade accepts Paypal for deposits and withdrawals.
It also accepts other popular payment methods such as Boleto, Qiwi, and Skrill. In addition, you can use wire transfers and major credit cards to fund your account. The minimum deposit amount is $100. The good news is that the broker does not charge any deposit and withdrawal fees. The only cost traders can incur are what banks, e-wallets or card providers might charge. The brokerage firm offers numerous trading platforms including MT4, MT5, AvaTrade Go, and WebTrader.
Benefits of Using Paypal to Fund Forex Trading Accounts
PayPal has become a preferred method for South African Forex traders to deposit and withdraw funds into their trading accounts. First, it is easy to use, secure, and fast. It also allows flexibility and can be linked with debit and credit cards. It is also relatively cheap.
The benefits of using Paypal are colossal with few challenges. That said, I know you are now anxious to get to the crux of the matter. Which forex brokers in South Africa accept Paypal? Well, Check out our list below.
Paypal is one of the biggest payment wallets in the world. It is a perfect way to fund a forex account without the fear of compromising your cards by filling personal details on forex broker’s websites. Besides instant deposits and same-day withdrawals, PayPal allows you to use the digital wallet or card processing options. Conclusively, Paypal is a highly convenient payment method. Choosing a forex broker with an integrated PayPal option enhances your trading experience.