Should you consider using brokers that accept PayPal? What are the benefits of this payment method? And which Australian brokers offer this funding option?

Brokers that Accept PayPal

There are a lot of considerations when you choose a broker. For some traders, the variety of instruments to trade might be a huge deal, while for others, funding option might be crucial.

Among different kinds of global payment options, PayPal remains one of the most popular. If you're looking for an Australian-regulated broker, you need to be careful because not every one of them accepts PayPal as a funding option.

Here are some of the best Australian brokers that accept PayPal:

  1. IC Markets: Allows PayPal deposit and withdrawal in AUD, USD, EUR, NZD, and more.
  2. OANDA: Zero fees on deposit and withdrawal.
  3. City Index: Up to 48 hours for deposit and withdrawal without fees.
  4. Pepperstone: Safe and secure transactions with $0 fees.
  5. FP Markets: Instant funding and 0% processing fee on MT4/MT5.
  6. eToro: Up to $10,000 deposit in USD, EUR, GBP, and AUD.

 

1. IC Markets

IC Markets is one of the best Australian online brokers that has been regulated by ASIC under IC Markets Group Pty Ltd with ACN 648 014 215. They aim to revolutionize online trading by offering low latency connectivity and superior liquidity which makes them a great broker for scalpers and day traders. In fact, their raw spreads start from 0.0 pips with average executions speeds of under 40ms.

IC Markets is one of the biggest Australian brokers based on trading volume by USD1.04 Trillion on March 2021, with over 180,000 active clients worldwide. This broker provides powerful trading terminals such as MT4, MT5, and of course cTrader. They are available in Windows, Mac, web browsers, as well as Android and iOS devices.

IC Markets accepts PayPal as a payment that allows you to deposit and withdraw in several currencies which include AUD, USD, EUR, NZD, and many more. Although there are other funding options in IC Markets (such as credit dan debit cards, Neteller, Skrill, Union pay, and many more), PayPal remains one of the most popular options for both deposit and withdrawal.

🌐 Website
www.icmarkets.com
Leverage
1:1000
💼 Regulation
💲 Min Deposit
$200
Year Established
2007

Interest rate on funds
Free education
PAMM
MAM
Segregated accounts
Managed accounts
Islamic accounts available
Compensation scheme
Swap
Low spread eur/usd
VPS
Copy trading
FasaPay
Neteller
PayPal
Skrill
Wire transfer

IC Markets is an online forex broker operating under the company of International Capital Markets Pty Ltd. Traders under the Australian jurisdiction are provided with the trading service of IC Markets AU that is headquartered in Australia and licensed by the Australian Securities and Investments Commission (ASIC).

On the other hand, non-Australian traders who open an account in this broker are registered under IC Markets SEY that is based in Seychelles, and regulated under the Seychelles Financial Services Authority (SFSA). The dual operation is a result of the relatively new rules from ASIC that prohibit their regulated broker to offer trading services outside Australia.

Classified as an ECN broker, IC Markets provide clients with MetaTrader 4, MetaTrader 5, cTrader as platform trading options. This broker also follows market trends to include Cryptocurrencies as one of its products, enriching its already wide selection of trading assets that include Currencies, Indices, Metals, Energies, Softs, Stocks, as well as Bonds.

The minimum deposit in IC Markets is in the middle range compared to other ASIC-regulated brokers, as it reaches $200 for every client. Market analysis materials are also prepared regularly for trading insights on IC Markets's official website, proving their competence to serve their traders with important contents created by market experts that work specifically for them.

For payment methods, IC Markets allows funding and withdrawal via wire transfer, credit card, PayPal, Skrill, Neteller, FasaPay, UnionPay, as well as Bitcoin via BitPay. The more interesting aspect from this broker is its multi-base currencies that include USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, and CAD.

As the trading technology in IC Markets is highly equipped with co-located servers and extremely low latency (especially on cTrader), the broker is widely known for its capability in hosting traders with the special needs for high-frequency trading as well as scalping.

To sum up, IC Markets is a fitting destination for active traders looking for a well-regulated broker. IC Markets is also flexible in terms of base currency and payment methods, signaling their commitment to welcome traders beyond their home country. As of late 2019, IC Markets provided their website in 18 international languages including English, Korean, Indonesian, French, Spanish, Italian, Malay, German, and Chinese.

 

2. OANDA

OANDA Australia Pty Ltd is registered with ASIC (ACN 152 088 349) since 2011. It is a global broker that accepts PayPal to  fund your account and for withdrawal as well. Usually, it takes up to one business day for the fund to be deposited via PayPal to be visible in your account; the same rules go for withdrawal. The general condition for the broker's deposit and withdrawal is there are no fees applied on both side.

OANDA is best known for its CFD trading where you can access more than 120 instruments, including 70 forex pairs. OANDA provides you with the best API technology to integrate your strategy with trading applications where you can create your customized user interface. Through MetaTrader 4, you can also gain access to Advanced Charts, open position ratios, and different kinds of MT4 plug-ins.

🌐 Website
www.oanda.com
Leverage
1:20
💼 Regulation
💲 Min Deposit
$0
Year Established
1996

Islamic Accounts available
US traders are welcome
Negative balance protection
Segregated accounts
Compensation scheme
VPS Affiliate program
Trading via API
Education
Webinar
Swap
Wire transfer
Skrill
Neteller

Traders looking for brokers with accurate precision, OANDA can be an option. That is because OANDA is a broker that provides quotes with 5-digit accuracy and active price movements that follow market developments. Order execution speed is also faster in this broker.

It provides benefits for novice traders, as they can trade with smaller volumes using the calculation system based on currency value, unlike other brokers adopting the lot system.

Founded in 1996, OANDA was built by Dr. Michael Stumm who is a lecturer in Computer Engineering at the University of Toronto, Canada, along with his colleague, Dr. Richard Olsen of The Olsen Ltd., which is one of the leading econometric research institutes. They have a head office in San Francisco, United States.

OANDA branch offices can be found everywhere. Some of these offices are located in the United Kingdom, Singapore, Japan, and Canada. With this number of offices spread, OANDA has increasingly attracted the attention of clients worldwide.

OANDA's company is registered under several well-known jurisdictions in financial trading. They are regulated by CFTC and NFA in the US, FCA in the UK, ASIC in Australia, and many others. Traders do not need to worry anymore about security when trading in OANDA. However, these advantages make trading rules at OANDA more stringent compared to other brokers.

For example, OANDA only allows maximum leverage of 1:20, because the rules in the US and Japan do not allow leverage above that. Besides, the registration procedure is more complex due to various additional requirements that are not submitted by other forex brokers. On top of that, hedging is not allowed in one trading account as the client must open an additional account to hedge.

Nevertheless, OANDA is known for being a leading broker with many advantages offered. OANDA faces increased market risk during periods of price volatility, such as economic and political news announcements. When market spreads increase or decrease, their pricing engine widens or narrows spreads accordingly. That way, traders can get the latest conditions from price movements in the market more quickly.

Prices move very fast in the market. Especially when news releases have a large impact on market volatility. This condition is often exploited by brokers to take advantage of clients with Requotes. However, traders do not need to worry about additional costs when trading with OANDA.

The company never withdraws Requotes so traders can get maximum profit. When traders are unavailable to monitor open positions, they can set take profit orders to lock in profits and Stop Loss orders to help protect against further losses.

As an experienced and well-known online forex broker, OANDA is committed to maintain an efficient trading environment that reduces latency and provid tools to help clients manage the degree of acceptable slippage.

With a fast & reliable trading platform by OANDA, clients' trades are executed in 0.012 seconds. This suits traders who choose brokers based on execution speed.

Because of this exceptional execution service, it is not surprising that OANDA won many awards, including the winner of the world's Best Retail FX Platform at the prestigious e-FX awards. The broker is also voted number 1 for Consistency of filling trades at quoted prices, Execution speed, and Reliability of platforms.

There is no minimum deposit or minimum balance required to open an OANDA account. Deposit and withdrawal can be done easily. OANDA provides a variety of payment method facilities, including Paypal, Wire Transfer, Credit Card, and Debit. Traders can adjust it to the region where they live.

OANDA provides more than 100 trading instruments, including 71 currency pairs, 16 indices, 8 commodities (Brent Crude Oil, Copper, Corn, Natural Gas, Soybeans, Sugar, etc.), 6 Bonds, and 23 Metals.

The fxTrade and MetaTrader platform are available at OANDA. These platforms can be used for Desktop and Mobile. Another plus is they have an OANDA Technical Analysis that exists in collaboration with a technical analysis provider called Autochartist.

With these platforms, clients can monitor price movements easier and automatically recognize patterns created on charts, as well as receive alerts when the awaited patterns appear. Access to this technology can be enjoyed free of charge.

In conclusion, OANDA is an ideal broker for traders in need of fast execution backed by many years of experience. The company is also a good alternative for those looking for a well-regulated broker with flexible trading and deposit conditions.

 

3. City Index

Another ASIC broker that accepts PayPal you should consider checking is City Index. This broker allows PayPal as one of their funding methods since 2019, and traders can choose between these currencies:

  • AUD
  • USD
  • GBP
  • EUR

The transactions would be completely free if done in the base currency of the account. The minimum deposit and withdrawal is set at AUD150, and the process only takes up to 48 hours.

City Index is best known for CFD trading. In Australia, the company is registered with ASIC (141 774 727) under City Index Australia Pty Limited since 2010. In fact, they are the co-founders of the Australian CFD and FX forum. Unfortunately, they only offer MT4 as the trading platform, so it can be a deal-breaker for traders who look for other types of platforms. However, City Index's spreads are quite competitive, starting from 0.5 points on EUR/USD, AUD/USD, and 0.8 on GBP/USD.

Leverage
1:30
💼 Regulation
💲 Min Deposit
$250
Year Established
2001

Bonuses
Managed accounts
Free education
Trading by phone
Wire transfer
PayPal

 

4. Pepperstone

Operating under Pepperstone Financial Pty Ltd in Australia, this broker is registered with ASIC since 2010 with an ACN of 144 649 427.

Pepperstone allows you to fund your account via PayPal along with other options such as Visa, Mastercard, POLi, Bank Transfer, BPay, Neteller, and many more.

The broker makes sure that your funding will be safe and secure by allowing you to access your own secure client area without having to worry about security. Currencies accepted in Pepperstone include:

  • AUD
  • USD
  • SGD
  • HKD
  • JPY
  • NZD
  • EUR
  • CHF
  • CAD
  • GBP

It is implied that Pepperstone charges $0 for withdrawal and the process is usually executed within 1 day.

Pepperstone is best known for its razor-sharp spread, a feature that allows you to enjoy spread as low as 0.0 pips with deep liquidity and no requotes. This brokerage uses multiple liquidity providers from Tier 1 Banks and institutions that allow them to offer razor-sharp pricing and fast execution to all clients. The commissions for a Razor account are quite low as they charge commissions per 0.01 lots.

🌐 Website
pepperstone.com
Leverage
1:400
💼 Regulation
💲 Min Deposit
$0
Year Established
2010

Free education
Trading by telephone
PAMM
MAM
Segregated accounts
Affiliate program
Islamic accounts available
Compensation scheme
Negative balance protection
Low spread eur/usd
VPS
Trading via API
Copy trading
Webinar
PayPal
Wire transfer
Neteller
Skrill

Pepperstone was founded in 2010 by a team of experienced traders with a shared commitment to improve the world of online trading. Based in Melbourne, Australia, they grew to become one of the largest forex brokers in the world. If traders want to find a broker that provides low spreads, fast execution, and award-winning support, then the answer is Pepperstone.

Pepperstone has a strong legality guarantee because it has been licensed by the Australian regulator ASIC and FCA. Traders' funds can be deposited in segregated accounts at top Australian banks, one of which is the National Australia Bank (NAB). Therefore, the safety of funds is not a concern if a trader chooses to open an account in Pepperstone.

They succeeded in collaborating with 23 top banks to bring Bid to investors instantly via optical fiber. This allows all orders to be executed 100 percent automatically with low latency up to 0.05 milliseconds, without dealing desk intervention and requotes, as well as with super low trading costs.

Trusted by over 73,000 traders around the world, Pepperstone processes an average of USD12.55 billion of trading volumes every day. Because of that, they have many awards such as:

  • The Best Global Forex ECN Broker 2019 and Best Forex Trading Support-Europe
  • Best Australian Broker and Best Trading Platform 2018 by Compareforexbrokers.com
  • Best Forex ECN Broker, Best Forex Trading Support, and Best Forex Trading Conditions by UK Forex Awards 2018

With the many rewards gained, Pepperstone hopes to attract more and more traders from all over the world. The rising performance of Pepperstone is not only due to the super-tight spreads and fast execution that it provides, but also because many traders are interested in trading with deposits in currencies other than US Dollars.

For this reason, Pepperstone is one of the most market-responsive brokers because it is willing to accept deposits in 10 currencies, which include AUD, USD, EUR, CAD, GBP, CHF, JPY, NZD, SGD, and HKD.

Trading in Pepperstone would allow traders to choose between 11 trading platforms: MT4 for desktop, MT4 Mac, MT4 iPhone, MT4 Android, MT4 iPad/Tablet, MT5, WebTrader, cTrader WebTrader, cTrader cAlgo, and cTrader Mobile. The choice of trading platforms may seem confusing to novice traders, but actually, it is very useful because it has fast execution.

When trading forex, traders can enjoy raw spreads from 0.0 pips on Razor accounts, over 61 currency pairs, and commission-free account funding on a wide range of deposit options. In addition to currency pairs, Pepperstone provides many types of trading instruments, including CFDs for indices and shares, commodities, and cryptocurrencies.

Instruments in commodity trading are pretty much diversified. Not only metal, gold, and silver, but traders can also trade with soft commodities such as cotton, sugar, coffee, cocoa, and orange juice. Pepperstone also provides trading on energy (oil and gas).

There are two types of accounts provided by Pepperstone, namely Razor accounts, and Standard accounts. If you area beginner, it is recommended to choose a Standard account with an average EUR/USD spread of 1.0-1.3 pips and free commission.

Those with particular trading styles such as scalpers and algorithmic traders may enjoy the lower cost setup traditionally seen in a Razor account, with a commission from AUD7 round turn of 100k traded. You can start trading with a minimum lot of 0.01 (micro) and 1:400 leverage.

As a Pepperstone client, a trader can fund and withdraw with alternative methods including Visa, Mastercard, POLi internet banking, bank transfer, BPay, PayPal, Neteller, Skrill, and Union Pay.

If you are new to trading or looking to practice your trading strategies in a risk-free environment, you can create Demo Account in Pepperstone. But if you are an experienced trader or prefer to learn by doing, Pepperstone provides a Live Account that allows you to trade with live executions and pricing.

Traders can also follow and copy strategies from popular traders using third-party services while learning how to improve their trading abilities. Pepperstone has partnered with a range of social trading platforms that traders can choose from, such as Myfxbook, ZuluTrade, Mirror Trader, MetaTrader signals, and Duplitrade.

 

5. FP Markets

This broker operates in Australia as FP Markets Pty Ltd, registered with ASIC (ACN 154 461 104) since 2011. FP Markets launched instant funding via PayPal to widen their funding options, thus making them one of the best ASIC brokers that accepts PayPal. You can fund your account and withdraw profit instantly through the trusted payment solution.

There are a lot of benefits from using PayPal on FP Markets, such as:

  1. Instant funding on MT4/MT5
  2. Tansactions within 1 business day via IRESS
  3. 0% processing fee for MT4/MT5
  4. Low 2% processing fee io IRESS.

Another benefit you can enjoy from choosing FP Markets is the low spread starting from 0.0 pips. They also claim to give you the fastest execution from an NY4 server facility and promise no dealing desk and no requotes. These conditions make FP Markets a great choice for scalpers or news traders.

🌐 Website
www.fpmarkets.com
Leverage
1:500
💼 Regulation
💲 Min Deposit
$100
Year Established
2005

Free education
Personal manager
Trading by telephone
PAMM
MAM
Segregated accounts
Affiliate program
Islamic accounts available
Hedging
Negative balance protection
Low spread eur/usd
VPS
Copy trading
FasaPay
Neteller
Skrill
Wire transfer

Keeping positions open overnight won't result in the overnight/rollover fee reducing your earnings, so you don't have to worry about it. FP Markets offers the most competitive swap rates in the industry by introducing Swaps Points in the form of a live swap rates list on the MT4 and MT5 platforms. Here are some examples:

  • ACWI: -5.00 for long positions and -2.50 for short positions.
  • ADAUSD: -20.00 for long positions and -20.00 for short positions.
  • AGG: -5.00 for long positions and -2.50 for short positions.

 

6. eToro

eToro allows you to fund your account using PayPal, but they only accept limited currencies such as USD, GBP, EUR, and AUD with a maximum deposit of $10,000. Still, PayPal has better currency options compared to other funding methods in eToro. It is second only to debit cards and online banking for the EU region.

eToro is one of the best brokers for stock trading. In Australia, the broker is registered by the name of eToro Australia Pty Ltd with an ASIC license (ACN 621 283 369). There are no management or ticketing fees charged, and it's also commission-free when it comes to stock trading. There is, however, a withdrawal fee of only $5. The same rules also apply to CFD assets and crypto trading/investment.

🌐 Website
www.etoro.com
Leverage
1:400
💼 Regulation
💲 Min Deposit
$200
Year Established
2007

Accepts US traders
Personal manager
Trading contests
Segregated accounts
Free education
Compensation scheme
Negative balance protection
Swap
Low spread eur/usd
Hedging
Islamic account
Affiliate program
Trading via API
Interest rate on funds
Copy trading
WebMoney
PayPal
Skrill
Wire transfer
Neteller

eToro established in early 2007, with a mission to make trading accessible to anyone, anywhere, and reduce dependency on traditional financial institutions. The company has head offices in the United Kingdom, Cyprus, USA, and Australia.

eToro (Europe) Ltd operates as a Financial Services Company authorized and regulated by the Cyprus Securities Exchange Commission (CySEC) under license no. #109/10. Meanwhile, eToro (UK) Ltd is authorized and regulated by the Financial Conduct Authority (FCA) under the license FRN 583263.

As for eToro AUS Capital Pty Ltd, the legal standing is acknowledged by the Australian Securities and Investments Commission (ASIC) to provide financial services under Australian Financial Services License 491139.

A broker that belongs to the 4-digit type, eToro offers both short-term options for day traders and long-term options for investors, such as their innovative Smart Portfolios, a fully managed thematic portfolio.

Since 2007, eToro has been at the forefront of the Fintech revolution. The most recent was launched in 2017, which is Smart Portfolios powered by Machine learning Al. Beyond developing Smart Portfolios, the company integrated Microsoft's machine learning technology into Momentum DD.

The new Smart Portfolios investment strategy uses artificial intelligence to find the steadiest traders who are most likely to generate a double-digit return and bundle traders into one fully-managed portfolio. eToro has hundreds of financial assets for trading across several categories including stocks, commodities, crypto assets, currencies, indices, and ETFs. Each asset class has characteristics and can be traded using a variety of investment strategies.

Some positions on eToro involve ownership of underlying assets, such as non-leveraged positions on stocks and cryptos. Employing CFDs will enable a variety of options, such as leveraged trades, short (sell) positions, fractional ownership, and more. For example, traders can invest as little as USD100 in gold, even if a single unit of gold cost USD1,000. Some of eToro's most popular CFD commodities include gold, oil, natural gas, silver, and platinum.

Currencies are traded on eToro only as CFDs. Also, CFDs enable Sell (short) positions and leveraged trade, even for assets that don't offer the option in traditional trading. Some of the popular currencies include EUR/USD, GBP/USD, AUD/USD, USD/JPY, and USD/CAD.

Furthermore, An Exchange-Traded Fund (ETF) is a financial instrument comprising several assets grouped to serve as one tradable fund. After opening an account in eToro, traders can invest as little as USD250 in an ETF that costs USD500. Some of the popular ETFs on eToro include SPY, VXXB, TLT, and HMMJ.

However, eToro also offers additional functions using CFD trading. All leveraged ETF positions in the UK are under FCA regulations. Meanwhile, all CFD positions executed by eToro Australia are under ASIC regulations.

The company has other advantages. In all financial assets that can be traded, eToro does not charge any deposit or trading frees other than spreads.

eToro charges a USD25 fee for withdrawals and the minimum withdrawal amount is USD50. Long (Buy), non-leveraged crypto, stock, and ETF positions are not executed as CFDs and do not incur any fees. eToro does charge overnight or weekend fees for CFDs positions, such as leveraged positions and short (sell) orders.

Fee updates always apply to open positions. Fees are subject to change at any given time and could change daily, without prior notice, depending on market conditions.

As a beginner, trader can use CopyTrading eToro. Different from the features of other brokers, traders can copy the strategies of professional traders without fee or profit-sharing. Therefore, 100% profit is fully owned by traders. For example, while trader A who is copied by trader B, produces a profit of 10% this month, then trader B also gets a profit of 10%.

The company is the world's leading social trading network. Since eToro operates in complete transparency, each trader has valuable information on their eToro profiles, so other traders that are interested to copy their trades can have assistance in creating their best portfolios.

Another feature that is unique to eToro is the personalized, social News Feed. Just like on any social media, traders can post their updates on feed, comment on other's posts, and gradually create a feed that is tailor-fitted to trader's trading and investing interests. On eToro social trading platform, traders will also get notifications when a trader writes a new post and many other important updates.

 

Should You Consider PayPal?

Many traders found this funding option convenient. PayPal is a global payment platform that is available to more than 200 markets. That means users can pay (or get paid) and withdraw funds to their bank account in more than 50 currencies.

Because PayPal is an E-Wallet, you can access your funds anywhere, anytime you want. You can also deposit funds to your trading account anytime you want, or check your withdrawal status anytime.

This is a great funding option, especially if you prefer trading on the go.

If you are constantly concerned about safety, rest assured because PayPal is quite well-known for its high security. All information that is communicated between your device and PayPal is encrypted as long as the network you are using is secured.

See also: List of PayPal Forex Brokers

 

After Thought

Using a broker that accepts PayPal is a great choice for online traders. For all of its advantages and worldwide scale, PayPal can benefit traders in a number of ways. There are plenty of Australian brokers offering this payment method. However, you need to read carefully about the terms and conditions. The reason is that brokers may implement different rules for different payment methods.

 

If you're looking for an e-payment alternative for deposit and withdrawal, there are other options worth trying in 5 Top E-Payments for Forex Deposit and Withdrawal.