Best PayPal Brokers 2024

PayPal is by the far the world’s most recognisable form of online payment. The number of brokers that accept PayPal is increasing and Forex trading with PayPal is becoming particularly common. Day trading with PayPal brokers is popular because of how secure the method is and how quickly transfers can be made between accounts.

In this article, we evaluate the pros and cons of using PayPal, along with processing times, transaction fees and security measures. We also list the best brokers that support PayPal deposits and withdrawals.

Best PayPal Brokers

These are the 5 best brokers that accept PayPal deposits and withdrawals:

PayPal Brokers Comparison

PayPal Brokers Comparison
Broker Minimum Deposit Instruments Platforms Leverage Regulators Visit
eToro USA logo
$10 Stocks, Options, ETFs, Crypto eToro Trading Platform & CopyTrader - SEC, FINRA Visit
IG logo
$0 CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral 1:30 (Retail), 1:250 (Pro) FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA Visit
CloseOption logo
$5 Binary Options on Forex & Cryptos Own - National Bank of Georgia Visit
CEX.IO logo
$20 Cryptos TradingView - GFSC Visit
Gemini logo
$0 Cryptos ActiveTrader, AlgoTrader, TradingView - NYDFS, MAS, FCA Visit

#1 - eToro USA

Why We Chose eToro USA

eToro is a social investing platform that offers short-term and long-term trading on stocks, ETFs, options and crypto. The broker is well-known for its user-friendly community-centred platform and competitive fees. With FINRA and SIPC oversight and millions of users across the world, eToro is still one of the most respected brands in the industry. eToro securities trading is offered by eToro USA Securities, Inc.

"eToro remains a top pick for traders looking for leading social investing and copy trading services. With a low deposit, zero commissions and an intuitive platform, the broker will meet the needs of newer day traders."

- DayTrading Review Team
  • Instruments: Stocks, Options, ETFs, Crypto
  • Regulator: SEC, FINRA
  • Platforms: eToro Trading Platform & CopyTrader
  • Minimum Deposit: $10
  • Minimum Trade: $10

Pros

  • Investors can access Smart Portfolios for a more hands-off approach, covering a range of sectors and markets such as renewable energy and artificial intelligence
  • The online broker offers an intuitive social investment network with straightforward copy trading on cryptos
  • eToro USA Securities is a trustworthy, SEC-regulated broker that is a member of FINRA and SIPC

Cons

  • There's no MetaTrader 4 platform integration for traders who are accustomed to using third-party charting tools
  • The proprietary terminal doesn't support trading bots and there are no additional stock market analysis tools
  • Average fees may cut into the profit margins of day traders

#2 - IG

Why We Chose IG

Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.

"IG continues to provide a comprehensive package with an intuitive web platform and best-in-class education for beginners, plus advanced charting tools, real-time data, and fast execution speeds for experienced day traders."

- DayTrading Review Team
  • Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
  • Regulator: FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA
  • Platforms: Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral
  • Minimum Deposit: $0
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:30 (Retail), 1:250 (Pro)

Pros

  • The proprietary web-based platform continues to caters to traders of all levels, with advanced charting tools and real-time market data useful for day trading
  • IG is amongst the best in terms of its range of instruments, which includes stocks, forex, indices, commodities, and cryptocurrencies, providing ample diversification opportunities
  • IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis

Cons

  • IG applies an inactivity fee of $12 per month after 2 years, deterring casual investors
  • IG has discontinued its swap-free account, reducing its appeal to Islamic traders
  • Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges

#3 - CloseOption

Why We Chose CloseOption

CloseOption is a Georgia-headquartered broker with over a decade in the trading industry. The brand offers high/low binary options trading on forex and crypto markets, with decent payouts, welcome bonuses, 24/7 customer support and intuitive trading software.

"CloseOption is a good pick for traders seeking a user-friendly binary options platform with high payouts and joining bonuses."

- DayTrading Review Team
  • Instruments: Binary Options on Forex & Cryptos
  • Regulator: National Bank of Georgia
  • Platforms: Own
  • Minimum Deposit: $5
  • Minimum Trade: $1

Pros

  • Multiple global payment methods are available
  • Free demo account
  • The user-friendly platform is compatible with most web browsers

Cons

  • CloseOption is not regulated by a well-regarded trading authority
  • Binary options are only available on fiat and digital currencies
  • Clients need to deposit $50,000+ to qualify for the best payouts

#4 - CEX.IO

Why We Chose CEX.IO

CEX.IO is one-stop-shop for crypto investors where you can buy and sell popular digital tokens, speculate on prices with margin trading and earn rewards through staking. Since it launched in 2013, more than five million traders have deposited over $7.5 billion. CEX.IO is registered with the FinCEN in the US and the GFSC in the EU.

"CEX.IO continues to serve a range of crypto investors looking to buy, sell, trade, hold and earn with low fees. The tiered pricing structure will appeal to active traders while rookie investors will enjoy the straightforward platform interface and excellent education."

- DayTrading Review Team
  • Instruments: Cryptos
  • Regulator: GFSC
  • Platforms: TradingView
  • Minimum Deposit: $20
  • Minimum Trade: $1

Pros

  • Crypto leverage is available up to 1:3
  • The range of 200+ cryptocurrencies is competitive and will serve more experienced traders
  • The broker offers 24/7 support with fast response times during tests

Cons

  • Deposit and withdrawal fees are relatively high, including 0.3% + $25 for SWIFT withdrawals
  • It's a shame that there's no demo account for traders looking to practice strategies
  • The Exchange Plus platform delivers a cluttered interface compared to competitor platforms

#5 - Gemini

Why We Chose Gemini

Gemini is a cryptocurrency exchange set up in 2014 by the Winklevoss brothers, known for their early involvement in Facebook. The exchange is among the world’s 20 largest and most popular. Gemini clients can trade and stake 110+ cryptocurrencies, with derivatives trading available in some jurisdictions, an advanced proprietary platform and additional features including an NFT marketplace.

"Gemini’s ActiveTrader platform and TradingView integration make it a good choice for serious crypto traders seeking a reliable charting environment, though we were disappointed by some unnecessary fees and previous security breaches."

- DayTrading Review Team
  • Instruments: Cryptos
  • Regulator: NYDFS, MAS, FCA
  • Platforms: ActiveTrader, AlgoTrader, TradingView
  • Minimum Deposit: $0
  • Minimum Trade: 0.00001 BTC

Pros

  • The exchange ensures high security standards with 2FA a requirement for all crypto investors
  • The TradingView integration delivers top-quality tools, including backtesting and algo trading capabilities
  • There is a decent range of educational guides and tutorials suitable for beginners

Cons

  • There are high fees for some funding methods including a 3.49% fee for card transactions
  • There is no practice profile or demo account for prospective traders
  • The exchange has a history of concerning incidents including the collapse of its Earn program and a phishing breach

Overview

With over a quarter of a billion active accounts, PayPal is the world’s largest digital wallet. It was launched back in 1998 as Confinity before merging with Elon Musk’s x.com.

This company was renamed PayPal in 2001 and went public the following year. Since then PayPal has evolved with mobile and web technology, making its options for transferring money even easier.

In the EU, PayPal is registered and licensed in Luxembourg, having moved from the UK in 2007.

PayPal was not developed with trading in mind but, as its ubiquity has grown, so has the inevitability of traders wanting to trade with it.

This has led to more and more brokerages accepting PayPal.

paypal brokers mobile app

Advantages

There are strong advantages to trading with brokers who accept PayPal:

Drawbacks

However, day trading with PayPal does have its disadvantages:

Speed of PayPal Payments

As long as there is money in your account, or in the bank account linked to the PayPal account, funds for or from trading are generally transferred, if not instantly, then very quickly.

Security

There are claims that trading with PayPal is actually safer than using your debit or credit card.

PayPal stores your data in a ‘vault’, meaning that the other end of the transaction doesn’t receive any of your card or account details. In short, your privacy is assured.

The one problem of trading with PayPal is that chargebacks can only be claimed for physical goods, not stocks or currencies etc.

How To Deposit Using PayPal

The vast majority of PayPal traders, including all of those in the UK and US, can deposit and withdraw money to and from their PayPal accounts. However, some countries (currently including Israel and the Ukraine) are ‘send only’.

This means that traders with accounts in those countries can make deposits in their PayPal accounts and send money to others, but not withdraw money from PayPal to their account.

To make a deposit, head to the funding section in your broker’s client area and select PayPal from the list of deposit methods. You will be taken through to the integrated portal to sign in securely and enter the details of the transaction. Once you confirm, you will receive a summary of the transaction.

PayPal Fees Or Costs

PayPal accounts are free to open. New traders will probably already have an account for their online shopping.

Unlike other common day trading digital wallets, such as Skrill or Neteller, there is no charge if your account is unused for some time.

The fees for sending and receiving money are generally the same as other digital wallets, but there are instances where it is slightly less and slightly more.

Any form of receiving trading money through PayPal will incur a charge; the transfer fee can rise as high as 12%.

Withdrawing money from your PayPal account to your bank is free unless you wish for a cheque to be issued.

One ‘hidden’ cost is when transferring currencies via PayPal. The exchange rate offered will generally have a 5% margin in PayPal’s favour.

This is worth bearing in mind if trading in a currency that is not the same as the default PayPal balance.

Is PayPal Good For Day Trading?

Although not the most common, PayPal is generally a good choice for traders although traders should factor in the potential of high transfer fees.

PayPal is becoming more and more integral to how we move money around so we expect brokers to continue to take it up as a payment method.

Traders dealing in larger amounts of money should bear in mind that PayPal has a maximum of £10,000 for any single transaction.

Brokers who take PayPal may be more likely to offer a wider range of payment options, and that will generally be a positive sign.

FAQ

What Are The Best PayPal Brokers?

Many brokers accept PayPal, but most brokers only accept traders from specific countries, so it depends on your location. Our top list of PayPal brokers will only show brokers that are available in your country.

Are There Any Paypal Bonuses When Depositing In My Trading Account?

No. PayPal simply acts as a middle-man between bank and broker. Any deposits held for a long period in PayPal accounts don’t even accrue interest.

Can Traders Use PayPal Globally?

Yes, there are currently 203 countries and regions that use PayPal, including all major developed economies. This makes it one of the most accessible payment methods for day traders.