PayPal

PayPal is an electronic payment, storage and money transfer method that is operated by PayPal Inc., which is owned by eBay Inc. Founded in 2000 PayPal was one of the first and currently is one of the most popular on-line services for money transferring. Although there is account balance associated with each PayPal account, PayPal doesn’t employ virtual currency units (unlike e-gold and WebMoney), remaining a pure payment system.

PayPal accounts are anonymous and are based on the customer’s e-mail address. But the credit card is required to add the funds into the balance or send payments to other customers.

PayPal charges fees for receiving funds and for withdrawing funds from the account balance to the bank accounts outside U.S. The sender of the funds doesn’t pay any fees if transfer occurs only inside the payment system.

PayPal is a convenient electronic payment system to use with the Forex brokers. Because all payments are instant, you can use your credit card without exposing it to anyone except PayPal and there are enough various brokers that accept PayPal for funding purposes. Unfortunately, PayPal doesn’t allow residents of certain countries (the majority of the countries) to accept PayPal payments, making it useless to the Forex traders from such countries.

Here is the short list of the Forex brokers that accept PayPal:

  • eToro
  • AvaFX
  • InstaForex
  • Easy-Forex

To open account with PayPal, please go to http://www.paypal.com.

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