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Best PayPal Forex Brokers of 2024

Steven Hatzakis

Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Joey Shadeck

January 05, 2024

Once you’ve made the decision to start trading forex, there are some important things to consider before taking your first leap into the massive global forex market. Most importantly, the forex broker you choose should be regulated and trustworthy.

After choosing a forex broker, you’ll need to decide how you want to fund your forex account. If you want to place trades in a live account – and ultimately make money trading forex – you need to have a reliable payment method for depositing and withdrawing funds.

Thanks to its convenience, worldwide availability, and the vast number of supported currencies, PayPal has become a popular option for traders looking for ways to fund their forex brokerage accounts.

To help you decide if PayPal is the right option for you, the team at BrokerNotes created this guide that explores the good and the bad that come with using PayPal, and answers some of the questions you might have about funding your forex account. Then, we curated a list of the best forex brokers that accept PayPal as a payment method. We’ve got you covered.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Best forex brokers that accept PayPal

Our team conducts meticulous research and tests dozens of the biggest forex brokers in the business. We then rank the best brokers for forex trading based on our proprietary formula that takes into account a range of factors, including trust. At our sister site, ForexBrokers.com, you can see how we test and how our proprietary Trust Algorithm measures a broker’s trustworthiness.

For this guide, we determined which brokers accept PayPal as a payment method for funding and withdrawing from your forex and CFD trading accounts. We also went a step further; we ordered that list of brokers (top to bottom) based on their overall ranking, to make sure that you’re picking the best forex broker for your needs.

Without further ado, here are the best forex brokers that accept PayPal:

  • IG
    - 9.9/10 Overall
  • CMC Markets - 9.6/10 Overall
  • FOREX.com
    - 9.4/10 Overall
  • City Index - 9.3/10 Overall
  • XTB - 9.1/10 Overall
  • eToro - 8.8/10 Overall
  • Swissquote - 8.8/10 Overall
  • Capital.com - 8.7/10 Overall
  • AvaTrade - 8.7/10 Overall
IG
9.9/10 Overall
Minimum Deposit£250.00
Tier-1 Licenses8
Tradeable Symbols (Total)19537

Year after year, IG has shown itself to be the best broker in the forex industry and a fantastic choice for forex traders. Highly trusted and regulated across the globe, IG delivers a wide variety of rich features, market research, and powerful trading tools. Fans of copy trading will appreciate IG’s seamless integration of trading signals into its web platform.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Visit Site

Join 239,000+ traders worldwide.

(Trading forex carries a high level of risk.)

CMC Markets
9.6/10 Overall
Minimum Deposit$0
Tier-1 Licenses5
Tradeable Symbols (Total)12074

CMC Markets is a highly trusted multi-asset broker regulated in multiple Tier-1 jurisdictions. CMC's powerful Next Generation trading platform for web and mobile delivers a huge selection of markets and a fantastic user experience. CMC Markets also ranks highly for its high-quality research and educational content.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
FOREX.com
9.4/10 Overall
Minimum Deposit$100
Tier-1 Licenses7
Tradeable Symbols (Total)5500

FOREX.com is a highly trusted brand with a long history of offering forex in the U.S. and across the globe. FOREX.com offers its own flagship trading platforms for web and desktop, as well as the full MetaTrader suite. Though its pricing is higher than average, FOREX.com is a balanced choice for traders of all experience levels.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Visit Site

A Global Market Leader!

(Trading forex carries a high level of risk.)

City Index
9.3/10 Overall
Minimum Deposit£100.00
Tier-1 Licenses7
Tradeable Symbols (Total)13500

City Index, part of StoneX Group, is an award-winning, highly trusted broker with a long history of offering forex and CFDs across its global offices. City Index delivers a well-designed mobile trading app and a powerful web platform, as well as a large range of tradeable markets (though pricing is just average).

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
XTB
9.1/10 Overall
Minimum Deposit$0
Tier-1 Licenses2
Tradeable Symbols (Total)6010

XTB is a highly trusted brand with a proprietary platform (xStation 5) that delivers a rich selection of trading tools. XTB also offers CFDs for a wide range of asset classes, including multiple cryptocurrencies. Beginners will appreciate XTB's excellent educational content and the hundreds of lessons that are available via its Trading Academy.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
eToro
8.8/10 Overall
Minimum Deposit$10-$10,000
Tier-1 Licenses3
Tradeable Symbols (Total)3479

Best known for its copy trading platform suite, eToro is a highly trusted broker offering a large selection of cryptocurrency products, CFDs, shares, forex pairs, and a wide range of powerful trading tools. It’s worth noting that eToro is not a discount broker (though it offers zero-dollar commissions for U.S. stocks).

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)No
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Swissquote
8.8/10 Overall
Minimum Deposit$1000
Tier-1 Licenses5
Tradeable Symbols (Total)472

Swissquote delivers a balanced offering of easy-to-use proprietary trading platforms and popular third-party platforms like MetaTrader and TradingView. Swissquote also offers a staggering 3 million financial products. It’s worth noting that Swissquote's pricing is more expensive than what you'd find with low-cost forex brokers.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Capital.com
8.7/10 Overall
Minimum Deposit$20 info
Tier-1 Licenses3
Tradeable Symbols (Total)3021

Capital.com delivers an innovative trading platform, powerful market research, and an impressive range of educational content. Capital.com also offers a growing number of tradeable markets, and the broker's competitive pricing puts it in the same category as the best low-cost forex brokers.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
AvaTrade
8.7/10 Overall
Minimum Deposit$100
Tier-1 Licenses4
Tradeable Symbols (Total)1260

AvaTrade is a well-rounded, highly trusted broker that offers excellent educational resources for beginners and great tools for copy trading. AvaTrade's commissions and market research are about average, and traders gain access to AvaTrade's proprietary platforms and the full MetaTrader suite.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes

Why use PayPal as a trading payment option?

PayPal is fast, and it’s easy. With just a few clicks, you can make instant deposits or withdrawals from your PayPal account, and PayPal’s service coverage extends to 202 countries worldwide and accepts 52 different currencies, including USD, CAD, EUR, DKK, JPY, GBP, and INR.

PayPal offers a safe and secure online platform for sending and receiving money, and also supports a wide range of payment platforms, including e-Banking and PLAN. You can deposit money to your PayPal account and instantly send it to your broker and receive any payout and then withdraw it back to your bank.

PayPal’s system of paying fees is suitable for trading, although can vary depending on the method you use. For example, there are no fees charged to you for opening an account, however you may incur payment fees depending on your location and chosen payment method.

Pros & Cons of using Paypal to fund your trading account:

Pros:

  • It’s easy (and might even be free). PayPal may be free to use – depending on the payment method. It’s also easy to use, requiring only a few clicks to fund an account (as long as you have your PayPal account set up).
  • You can use PayPal just about anywhere. PayPal’s coverage is wide, and it allows for receiving and sending money in up to 202 countries globally, including the U.S., U.K., Canada, France, and Italy.
  • Not using a major currency? Not a problem. PayPal allows for payments in 52 different currencies, including (but not limited to) USD, EUR, CAD, JPY, and GBP.
  • It’s fast. Payments are instant, and withdrawals may take less time to hit your bank account than traditional bank transfers.
  • It comes with perks. PayPal has evolved over the years to offer various perks (which vary by region), such as the ability to open a PayPal credit card or credit line for use online. However, most brokers do not accept credit cards, and it is never advisable to borrow money or use credit to invest in risky assets such as forex or CFD from a margin account.

Cons:

  • You’ll need a PayPal account. This might be stating the obvious, but you will need to set up and maintain a PayPal account in order to use it as a payment method.
  • Withdrawals might take a while. Withdrawal of funds from PayPal to your bank account will take from three to five business days (and may even result in a fee from PayPal).

What are the easiest ways to deposit money for forex trading?

All forex brokers offer multiple payment methods that allow you to deposit money into your trading account. While some brokers may offer a greater variety of deposit options than others, almost every broker will, at a minimum, offer common methods such as bank wire or bank transfer (Automated Clearing House (ACH) in the U.S., or Single Euro Payments Area (SEPA) in Europe), or using a supported debit card such as VISA or Mastercard.

Can I use Paypal for forex trading?

Yes, though it’s important to note that not all forex brokers currently accept PayPal as a means of depositing or withdrawing funds from your brokerage account. That being said, more and more brokers are starting to expand their supported payment methods to include more popular methods (like PayPal).

Does MetaTrader 4 accept PayPal?

While MetaTrader 4 (MT4) is not a broker and cannot accept funds for trading, there are a growing number of regulated brokers that offer MT4 and accept PayPal as a deposit and withdrawal method. Many forex traders that want to use MT4 end up choosing brokers that accept PayPal, so that they can quickly fund their account and withdraw funds back to their PayPal account when necessary. Whichever payment method you decide to use, remember that it’s always best to choose a highly-regulated and well-trusted broker.

devicesFinding a MetaTrader broker

Looking for a great broker that offers MetaTrader? Read our complete guide to the wildly popular MetaTrader 4 platform. You can also check out our MetaTrader 5 guide at our sister site, ForexBrokers.com, where we dive deep into the newest version of the MetaTrader software.

Which forex brokers accept PayPal?

PayPal has become an increasingly popular choice for traders looking to deposit funds when opening a forex trading account. Below we’ve listed the best forex brokers that accept deposits from PayPal:

  • IG
  • CMC Markets
  • FOREX.com
  • XTB
  • City Index
  • Swissquote
  • eToro
  • AvaTrade
  • Plus500
  • Admiral Markets
  • Capital.com
  • IC Markets
  • OANDA
  • Pepperstone
  • FP Markets
  • FxPro
  • Trading 212
  • Eightcap
  • Trade Nation
  • Trade360
  • LegacyFX
  • TopFX

What is the best broker that accepts PayPal?

IG is the best forex broker that accepts PayPal as a payment option in 2024. IG stands apart from the competition in the areas that matter most – for beginners and experienced traders alike. IG delivers an outstanding selection of resources, including education, research, trading tools, and a vast selection of markets to trade. IG is also a highly regulated broker with a massive list of regulatory licenses across the globe. No matter what payment option you decide to use, IG is our number one pick in 2024.

BrokerNotes.co 2023 Overall Rankings

To recap, here are our top forex brokers for 2023, sorted by Overall ranking.

Company Overall Rating Minimum Deposit Average Spread EUR/USD - Standard Trust Score Tradeable Symbols (Total) Read Review Visit Site
IG logoIG 9.9 £250.00 0.98 info 99 19537 IG Review Visit Site
Interactive Brokers logoInteractive Brokers 9.9 $0 0.63 info 99 8500 Interactive Brokers Review
Saxo Bank logoSaxo Bank 9.7 $0 1.1 info 99 70000 Saxo Bank Review
CMC Markets logoCMC Markets 9.6 $0 0.61 info 99 12074 CMC Markets Review
FOREX.com logoFOREX.com 9.4 $100 1.4 info 99 5500 FOREX.com Review Visit Site
TD Ameritrade logoTD Ameritrade 9.3 $0 1.25 info 99 0 TD Ameritrade Review
City Index logoCity Index 9.3 £100.00 1.4 info 99 13500 City Index Review
XTB logoXTB 9.1 $0 1.07 info 96 6010 XTB Group Review
eToro logoeToro 8.8 $10-$10,000 1 info 90 3479 eToro Review
Swissquote logoSwissquote 8.8 $1000 N/A info 99 472 Swissquote Review
Capital.com logoCapital.com 8.7 $20 info 0.67 info 87 3021 Capital.com Review
AvaTrade logoAvaTrade 8.7 $100 0.92 info 94 1260 AvaTrade Review
Plus500 logoPlus500 8.6 €100 0.8 (August 2021) info 99 5500 info Plus500 Review
OANDA logoOANDA 8.5 $0 1.57 info 93 1744 info OANDA Review
FXCM logoFXCM 8.5 Starts from $50 0.74 info 95 440 FXCM Review
Admirals logoAdmirals 8.5 $100 0.8 info 93 8702 Admiral Markets Review
Pepperstone logoPepperstone 8.4 $200 0.77 info 95 2342 Pepperstone Review
XM Group logoXM Group 8.4 $5 1.6 info 88 1429 XM Group Review
FP Markets logoFP Markets 8.3 $100 AUD 1.1 info 87 10000 FP Markets Review
FxPro logoFxPro 8.1 $100 1.51 info 90 2249 FxPro Review
IC Markets logoIC Markets 8.1 $200 0.62 info 84 3583 IC Markets Review
Markets.com logoMarkets.com 8.1 $100 1.9 info 96 2179 Markets.com Review
Tickmill logoTickmill 8.1 $100 0.51 info 83 725 Tickmill Review
Fineco Bank logoFineco Bank 8.0 $0 N/A info 94 9770 Fineco Bank Review
BlackBull Markets logoBlackBull Markets 8.0 $0 0.827 info 77 26000 BlackBull Markets Review
Vantage logoVantage 8.0 $50 1.30 info 90 1000 Vantage Review
HYCM (Henyep Capital Markets) logoHYCM (Henyep Capital Markets) 7.9 $20 0.6 info 88 1199 HYCM Review
HFM logoHFM 7.9 $0 1.2 info 86 3500 HFM Review
ThinkMarkets logoThinkMarkets 7.8 $0 info 1.1 info 92 4000 ThinkMarkets Review
FlowBank logoFlowBank 7.7 $0 N/A info 80 408600 FlowBank Review
DooPrime logoDooPrime 7.8 $100 N/A info 83 10000 DooPrime Review
Trading 212 logoTrading 212 7.7 €10 1.9 info 79 8025 Trading 212 Review
BDSwiss logoBDSwiss 7.7 $10-$5000 info 1.6 info 76 1081 BDSwiss Review
Trade Nation logoTrade Nation 7.6 $0 0.6 85 601 Trade Nation Review
TMGM logoTMGM 7.6 $100 N/A info 83 12000 TMGM Review
Moneta Markets logoMoneta Markets 7.5 $50 1.27 info 72 1016 Moneta Markets Review
Eightcap logoEightcap 7.5 $100 1.0 info 85 736 Eightcap Review
MultiBank logoMultiBank 7.5 $50 N/A 84 1042
ACY Securities logoACY Securities 7.4 $50 1.2 info 75 2200 ACY Securities Review
RoboForex (RoboMarkets) logoRoboForex (RoboMarkets) 7.3 $100 1.4 info 71 12000 Roboforex (RoboMarkets) Review
VT Markets logoVT Markets 7.3 $100 1.2 info 70 1000 VT Markets Review
easyMarkets logoeasyMarkets 7.3 $50 0.9 info 80 199 easyMarkets Review
IronFX logoIronFX 7.2 $50 1.2 83 340 IronFX Review
Spreadex logoSpreadex 7.2 $0 0.81 info 71 10000 Spreadex Review
IFC Markets logoIFC Markets 7.2 $1 1.44 info 67 630 ATFX Review
Trade360 logoTrade360 7.2 $250 N/A info 76 1062 Trade360 Review
Octa logoOcta 7.2 $25 0.9 info 70 230 OctaFX Review
Axi logoAxi 7.1 $0 N/A info 81 175 Axitrader Review
TeleTrade logoTeleTrade 7.1 $100 N/A 71 500 Teletrade Review
GKFX logoGKFX 7.0 $0 N/A info 65 354 GKFX Review
Exness logoExness 7.0 $1 0.9 info 71 112 Exness Review
Vestle logoVestle 7.0 -1 N/A 78 750 Vestle Review
FXOpen logoFXOpen 7 $100 N/A info 80 87 FXOpen Review
FXPrimus logoFXPrimus 7.0 $100 N/A info 71 140 FXPrimus Review Visit Site
Forex4you logoForex4you 6.9 $0 N/A info 61 150 Forex4you Review
GBE brokers logoGBE brokers 6.8 $500 N/A info 71 500 GBE Brokers Review
Alpari logoAlpari 6.8 $20 N/A info 68 105 Alpari Review
TopFX logoTopFX 6.7 Depends on payment method N/A info 67 655 TopFX Review
Libertex (Forex Club) logoLibertex (Forex Club) 6.7 $10 N/A info 73 300 Libertex Review
LegacyFX logoLegacyFX 6.7 $500 N/A 67 425 LegacyFX Review
FXGT.com logoFXGT.com 6.6 $5 N/A 69 117 FXGT Review
ATFX logoATFX 6.5 $500 N/A info 73 150 ATFX Review
Xtrade logoXtrade 6.5 $250 N/A info 80 142 Xtrade Review

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Methodology

At BrokerNotes.co, our data-driven online broker reviews are based on our own extensive testing of each broker's products and services as well as the qualified observations of our expert editorial team. In conjunction with our sister site, ForexBrokers.com, we’ve published well over 100,000 words of research and collected thousands of data points across hundreds of variables. Our online trading guides are created with the same rigorous, data-driven approach.

The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s). Our proprietary Trust Score rating system tracks data from over 100 regulatory jurisdictions to help forex traders understand the regulatory status of their forex broker and choose a broker that they can trust.

Our editorial team is led by Steven Hatzakis, an industry veteran with decades of experience and a deep understanding of the forex market. Our team conducts thorough testing on a wide range of brokers, platforms, products, technologies, third-party trading tools, and mobile apps. We also test for the availability of high-quality educational content, actionable market research resources, and the accessibility and capabilities of mobile platforms. All of our ratings and rankings are based on the collection and validation of thousands of data points and our in-depth product testing.

Part of our testing process involves in-depth research into commissions and fees. We dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads (we always strive to determine the average spreads for each broker to better serve our readers), and a variety of other fee-based data points.

All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go.

When testing mobile apps or mobile products, we test on both Apple and Android devices. For Apple, we test with the iPhone XS running iOS 16, and for Android we use the Samsung Galaxy S9+ and Samsung Galaxy S20 Ultra devices running Android OS 13.

All of the content on BrokerNotes.co is researched, fact-checked, and edited by members of our editorial team. Our ratings and rankings are driven by our independent data collection. We may use generative AI tools to assist in some of the rote aspects of our content production processes, but the substance of our content, as well as our opinions and evaluations are based on our extensive research and product testing. Read our Generative AI policy to learn more.

Our rigorous data validation process provides our readers with quality data they can trust. Click here to learn more about how we test.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.

About the Editorial Team

Steven Hatzakis
Steven Hatzakis

Steven Hatzakis is the Global Director of Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).

John Bringans
John Bringans

John Bringans is the Senior Editor of BrokerNotes.co and ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.

Joey Shadeck
Joey Shadeck

Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.

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