Today’s review will tell you why Forex brokers actively promote deposits and withdrawals using such a popular service as PayPal. The payment platform can hardly be considered a traditional payment method used in the Forex sphere. However, this payment method has several advantages to help a brokerage engage new clients and offer them excellent depositing terms.
According to official information, PayPal became the most popular payment service in the Q2 of 2021. This is one of the few reasons why e-wallet and online payment systems have become more actively used by Forex brokers worldwide. The service also offers great benefits, including a high speed of payments and guarantees that funds will be received on time.
PayPal is used not only by Forex brokers but also by companies offering online services in entirely different sectors of the economy. Thus, the service covers B2B and B2C segments, including such popular areas as Forex, crypto, gambling, etc.
It is not surprising that traders prefer to fund their accounts with PayPal since the service is a universal payment tool, especially when it comes to online payments.
Benefits of Forex Brokers Using PayPal
This payment service is by far the leader in the online payment industry. In turn, the brand made sure that the platform fully complies with PCI standards. This provided the highest level of security for storing customer data, especially when it comes to financial details.
Setting up PayPal takes a minimal amount of time, while the service itself is pretty fast and growing in use. If you register on the website of a broker offering this payment method, you can be sure that you will be able to deposit and withdraw funds at any convenient time instantly. Customers can also link their bank card or bank account directly to their PayPal account.
Please note that some brokers charge additional fees for using the service to withdraw funds. Besides, if the currency of your bank card and the currency of your PayPal account differ, the service will charge an additional commission of up to 4%.
Please be aware that PayPal restricts the use of its service based on a user’s geographic location. Even if PayPal is listed on a broker’s website, this does not mean that you can reload your account if the service is prohibited in your country. Some brokers note that Canadian and European clients can actively use the service, but it is unavailable for US residents.