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Forex trading platforms education comparison

Taken from our forex broker comparison tool, here's a comparison of the education features for the best forex brokers for beginners.

How do I start trading forex?

Here are the 8 steps to start trading forex with a trusted broker:

• Study free educational material (check out my guide to the best free forex trading courses).
• Open a free demo account and practice.
• Learn how to use the trading software.
• Develop a trading strategy.
• Open a live account with a trustworthy, well-regulated forex broker.
• Deposit a small amount of risk capital.
• Focus on managing percentage returns.
• Only scale once you’ve established a consistent track record.

Tips for beginners:

• Before depositing real money, open a free demo account that lets you get a feel for how the broker’s trading platform works.
• After you’ve learned how to use the software and have practiced trading with the demo (virtual) account, move on to a live forex trading account with a trusted forex broker.
• Always begin with an amount of capital that you can afford to lose before deciding to invest more serious amounts.

Can I teach myself forex trading?

Yes, and while studying the fundamentals of forex trading won’t guarantee success in the forex markets, it's an important first step for beginner forex traders.

Check out this quick video where I break down some of the forex market fundamentals and some important facts about forex trading:

The best forex brokers also offer a wide range of free educational materials in a variety of formats. We’ve compiled some free beginner’s resources as well as some expert tips for beginners to aid you in your forex educational journey. You can also check out my guide to the best free forex trading courses.

Free forex trading educational courses and resources:

Expert tips for beginner forex traders:

Free versus paid educational content: Many forex education companies charge for their services, but our research has found that some of the best educational content is available directly from the online forex brokers themselves – though not all brokers offer comprehensive educational options.

Content from brokers versus third parties: Working with a trusted and regulated online broker gives you the added benefit of being able to reach out to their customer support team to speak with a trading specialist. Speaking with someone on the trading desk can help beginners find answers to general forex trading questions – but keep in mind that brokers cannot give you advice or recommendations on what to buy or sell.

Ease of use: Trading software can vary in quality from broker to broker, and some platforms can be far more complex to learn than others – especially if you have limited forex trading experience. Plus's simple platform design makes it a good one for learning the fundamentals. Some brokers, like IG, offer learning courses that feature progress tracking and quizzes designed to test your knowledge as you move through the material.

How to develop a forex trading strategy in ten steps

Here are some questions every trader should ask themselves when creating an investment strategy or forex trading methodology:

1. Set goals: What are the specific goals I want to reach with my trading strategy?
2. Manage time: How much time do I have each day to dedicate to trading?
3. Capital commitment: What is my ideal trading budget for accomplishing my goals, and what is the most I am willing to risk overall?
4. Trade frequency: What’s the number of trades I should aim for each week?
5. Factor risk/reward: What is the maximum risk/reward target for each trade that will still align with my goals, and what is my overall percentage risk tolerance?
6. Analyze price action and research: How will I identify trading opportunities?
7. Opening a position: How will I decide when to enter a trade?
8. Closing a position: How will I decide when to exit a trade early, or to modify my stop-loss/limit levels if my expectation of market conditions changes before my targets are reached?
9. Calculate your odds: What winning percentage do I need in order to be profitable (after accounting for my trading costs)?
10. Use your trading statistics: How long should I stick to my trading plan and establish a track record of results, before modifying my strategy or deciding to invest more money?

How much money do you need to trade forex?

The amount of money you will need to trade forex depends on several factors, including your expected trade sizes, risk threshold per trade, the available margin requirements from the broker (i.e., leverage), and any minimum deposit requirement to open your account.

Let’s look at an example:

Say that you plan to trade one mini lot (10, units) of the euro currency, and your forex broker offers a maximum of leverage. Your trading funds will need to cover at least 5% of the trade value just for the margin, and another €1 for every pip you plan on risking when the market moves against your position. Note: In this case, 1 pip is euros worth of currency.

That mini lot of 10, EUR/USD would require at least euros in margin (based on the leverage). If you wanted to risk no more than pips per trade you’d need another euros, bringing the required starting balance up to euros.

Let’s look at a couple of other examples of how this could break down in your forex trading account:

Trading a standard lot: Calculating for the above trading scenario, but for a standard lot (, units of currency), you’d just add an extra zero to each variable. The margin requirement would be 5, euros and the pip value would be 10 euros per pip. Risking pips would require 2, euros in risk capital, bringing the total to 7, euros.

Trading a micro lot: Likewise, calculating the same scenario for a micro contract or (1, units of currency per lot), we can just remove one zero from each variable. The pip value becomes 10 cents, the margin requirement would be 50 euros, and the risk capital (for pips) would require 20 euros.

Forex brokers with great educational content for beginners

1. IG

IG is my pick for the best forex broker for beginners in , largely due to its comprehensive, thoughtfully curated offering of educational content. I’m consistently impressed with the quality and quantity of IG’s seemingly endless collection of educational resources. Beginner forex traders at IG will find educational videos, articles, quizzes, and courses. IG has even developed a mobile app expressly dedicated to financial markets education. Check out my review of IG to learn more.

Check out a gallery of screenshots from IG's educational offering, taken by our research team during our product testing.

2. Saxo Bank

Traders at Saxo Bank gain access to high-quality information about financial markets with unique insights from Saxo Bank’s analysts and educators. Saxo Bank offers 20 high-quality video courses and dozens of articles dedicated to financial markets education. Additionally, Saxo’s market research content is so comprehensive and informative that I consider it a highly valuable educational resource. Whether I’m listening to the Market Call podcast to learn about stagflation, perusing the broker’s FAQs, or checking out Saxo’s high-quality research, I almost always learn something new about how markets function at Saxo Bank. Read my review of Saxo Bank to learn more.

Browse a gallery of screenshots from Saxo Bank's educational offering, taken by our research team during our product testing.

3. Interactive Brokers

Interactive Brokers has significantly expanded its scope of educational content for beginners in recent years. The IBKRCampus offers university-grade content alongside a wide variety of resources and learning materials for beginner forex traders. The broker’s Traders’ Academy portal delivers helpful content that covers basic topics and includes advanced learning courses, complete with interactive quizzes and progress tracking as you go through each lesson. The IBKR Student Trading Lab (STL) offers a companion tool for college finance courses – a great resource if you are a beginner studying finance. Simply put, it’s hard to stay on top of all of the excellent educational content available at Interactive Brokers, making it one of the best forex brokers for beginners in Learn more by reading my review of Interactive Brokers.

Take a look at a some screenshots from Interactive Broker's educational offering, taken by our research team during our product testing.

Which forex broker has the lowest minimum deposit?

There are several forex brokers, such as CMC Markets, that advertise a $ minimum deposit. This just means that you can open a live account and deposit whatever amount you’d like to start trading – there’s no minimum funding requirement.

The following five brokers have zero-dollar minimum deposit requirements for opening a live forex trading account:

Note: When deciding how much money to start with, be sure to keep extra costs in mind such as wire transfer fees and other transfer-related costs that may depend on your chosen payment method. It’s also important to consider the collateral (margin) you plan to use for your expected trade sizes.

Even if your forex broker does not have a minimum deposit requirement, you’ll still need a method for funding your account to place live forex trades. PayPal has become a popular way for forex traders to fund their trading accounts, due to PayPal’s extensive international presence and wide range of supported currencies. Check out our guide to the best PayPal forex brokers to learn more about using PayPal to fund your account, and to see our list of the best forex brokers that accept PayPal.

How do I choose a forex broker?

Your first step when choosing a forex broker is ensuring that holds regulatory licenses from reputable jurisdictions. Choosing a regulated broker that is permitted to offer services in your country helps you avoid potential forex scams. Also, by selecting a trusted forex broker that is well-capitalized, you reduce the risk of the broker going bankrupt and losing your deposit.

To select a forex broker, start by looking for brokers that are regulated in your country and any available consumer compensation funds provided as protection against bankruptcy. Next, read full-length forex reviews. Finally, compare your top two choices side by side to decide on a winner.

What are the most popular currency pairs?

The most heavily traded currency pairs by volume all include the U.S. dollar (USD), followed by the euro (EUR), Japanese yen (JPY), Great British Pound (GBP), Australian dollar (AUD), Canadian dollar (CAD), and Swiss Franc (CHF). This is according to the latest Triennial Survey by the Bank for International Settlements (BIS), which found that approximately 88% of all forex trades include the U.S. dollar. Check out Currency Pairs on Wikipedia for some more high-level information.

Note: The resulting pairs from these popular currencies are known as the "major pairs" and include the EUR/USD, USD/JPY, GBP/USD, AUD/USD, CAD/USD, CHF/USD, and followed by the Chinese renminbi (CNY), which is the eighth most traded currency, but seventh most traded currency pair when combined with the U.S. dollar (CNY/USD).

Here is an excerpt from the Triennial Survey from BIS:

What is the best forex broker for beginners?

If you're a beginner looking for a thorough selection of educational materials, then IG is the best choice among forex brokers. We've also written an extensive guide for the best forex brokers in the U.S. for beginners, in addition to the brokers that support international traders.

Also noteworthy is Plus for its trading platform, which is great for beginners thanks to a simple layout that is easy to learn.

Can I get rich by trading forex?

While possible, getting rich by trading forex is rare. Practice and skill are required to make money trading forex. Successful traders strive to make trades that, on average, return larger profits (winners) than losses (losers) over time. Historically speaking, several hedge fund managers have been able to get rich trading forex.

For example, George Soros made over £1 billion in profit by short selling the British pound in , in what can be described (if one is prone to understatement) as a large bet. Read more about what's known as Black Wednesday on Wikipedia.

Tips for getting started with forex trading

Forex trading is complex and may not be suitable for everyone. Whether forex trading is right for you will depend on your individual financial situation, trading goals, and level of experience as a trader and investor. Beginners who are just getting started as forex traders should exercise caution; the majority of forex traders lose money.

That said, forex trading continues to grow in popularity. If you want to jump into the largest financial market in the world, here are my top 5 tips for getting started as a forex trader:

1. Open a forex trading account with a trustworthy forex broker. Read through your forex broker’s applicable terms and conditions (it’s always a good idea to read all the fine print) and complete the live account application process.

2. Fund your new brokerage account. You’ll need to choose a reliable deposit method (supported by your broker) for sending and receiving funds. Always make sure you are starting with an amount you can afford to risk.

3. Try out a free demo account. Starting with a demo account (also known as virtual trading or paper trading) lets you try out your broker’s platform and get comfortable with the broker’s offering – without risking any real money.

4. Create a trading plan. Even the best forex traders can lose money. The key to long-term success as a forex trader is to create a trading plan that helps you establish a consistent trading record, and keep your average losses low (relative to your average profits). Keep track of your trading plan (along with new forex lingo and trader jargon) in a dedicated trading journal. I suggest checking out eunic-brussels.eu's guide to the best online trading journals for some great resources.

5. Enter the forex market and place your first trade. Choose your desired trade size, and open a long position by clicking buy on a given currency, or open a short position by clicking sell. You are now a forex trader! Again, you should only risk funds that you can afford to risk.

Is forex trading profitable?

The majority of traders lose money. Therefore, to beat the odds and make money trading forex, you must have a trading strategy that focuses not only on identifying trading opportunities (i.e., signals when to buy or sell) but also calculates the optimum trade size relative to your balance. In addition, your target risk and profit levels should be determined in advance using a stop-loss order and limit.

This way, you have a plan on when to exit a trade – whether at a loss or profit. To be successful in trading, you just need to keep your average losses smaller than your average profit (though of course, that’s easier said than done).

Gambling versus investing: One of the reasons that so many traders lose money is that they take risks that are larger than their budget allows. Many traders treat investments as they would gambling, where their risk is uncontrolled or unbalanced.

If you want to increase your chances of trading forex profitably, treat it as an investment by focusing on limiting your risk relative to the target profit on each trade. In addition, look for trading opportunities that have a higher probability of reaching their profit potential – though these may be harder to find, it’s sometimes better to wait for the right opportunity, rather than jumping into the market just because it is there.

The Best Forex Trading Platforms for Beginners

eunic-brussels.eu Overall Rankings

Now that you've seen our picks for the best forex brokers for beginners, check out the eunic-brussels.eu Overall Rankings. We've evaluated over 60 forex brokers, using a testing methodology that's based on + data-driven variables and thousands of data points. Check out our full-length, in-depth forex broker reviews.

Our Methodology

Here at FX Empire, we have pioneered a unique and comprehensive methodology for evaluating the services of Over-the-counter (OTC) derivatives brokers worldwide. We aim to help retail traders make informed decisions when looking for a trustworthy partner.

Our team of dedicated professionals is working continuously to improve our system and keep it up-to-date with current market trends. We test each broker systematically by employing over variables across nine categories:

• Trust
• Fees
• Account types
• Tradable instruments
• Platforms and tools
• Deposits and withdrawals
• Customer support
• Research
• Education

After completing hundreds of reviews in over a decade, we have refined a system that underscores all the pros and cons of a broker honestly and as objectively as possible. We review the licenses of all the subsidiaries of a broker and check the fine print in its Client Agreements. We strive to evaluate its transparency and the overall protections entitled to a client of the company.

For this guide, we scrutinized each broker’s regulatory adherence and safety measures for maximum client protection. We compared brokers’ offered crypto deposit and withdrawal methods, assessed the associated fees, and the estimated speed of order execution given the volatility of crypto CFDs. We also checked the usability of their platforms, including the number of built-in tools and user-friendly layout.

Moreover, we investigated each broker’s range of tradable instruments across different asset classes, including available cryptocurrency CFDs. We analyzed the scope and quality of their educational and research materials, along with the practicality of any third-party tools provided. Lastly, we assessed the reliability and usefulness of each broker’s customer support in answering questions of varying complexity.

We abide by our strict guidelines for editorial integrity based on the objective standards we have set for our reviews. You can read more about our review process here.

Meet Our Writers

The team of forex and CFD analysts and editors at FXEmpire is composed of trading industry professionals and seasoned financial journalists. Our experts have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

The forex (FX) market is where currencies from around the world are traded. A foreign exchange account is typically what is used to trade and hold foreign currencies online. Using these accounts is easier than it has ever been in the past. Typically, you will just need to open a new account, deposit the amount of money you choose in your country’s currency, and then you are free to sell and buy currency pairs as you see fit.

In the past, currency trading was limited to certain individuals and institutions. That's because the funds required to play were significantly higher than for any other investment instrument. However, with the development of electronic trading networks and margin accounts, requirements have changed. Although nearly 75% of forex trading is still done by large banks and financial institutions, individuals are now able to invest in forex with as little as $1,—thanks in large part to the use of leverage.

Despite these changes, making high returns on highly-leveraged currency trades can be difficult, and will require a good amount of patience and skill. 

How Forex Trading Works 

By using a margin account, investors essentially borrow money from their brokers. Of course, margin accounts can also be used by investors to trade in equity securities. The main difference between trading equities and trading forex on margin is the degree of leverage that is provided.

For equity securities, brokers usually offer a leverage to investors. On the other hand, forex traders are offered between and leverage. This means that traders need to deposit between $ and $2, to trade positions of $50, to $,

How to Fund a Forex Account 

Forex traders are usually given several options when deciding how they will deposit funds into trading accounts. Credit card deposits have by far become the easiest way. Since the development of online payment services, digital credit card payouts have become increasingly efficient and secure. Investors can simply log in to their respective forex accounts, type in their credit card information and the funds will be posted in about one business day.

Investors can also transfer funds into their trading accounts from an existing bank account or send the funds through a wire transfer or online check. When choosing to perform a wire transfer, keep in mind that most banks will charge about $30 per wire, and there may be a delay of two to three days before the amount will show in the recipient’s account for the first transfer performed. 

Traders are also usually able to write a personal check or a bank check directly to their forex brokers. The only problem with using these other methods is the amount of time that is needed to process the payments. For example, paper checks can be held for up to 10 business days (depending on the individual’s bank and the state) before being added to a trading account.

Investopedia does not provide tax, investment, or financial services and advice. The information is presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Investing involves risk, including the possible loss of principal.

Our Recommended Forex Brokers

*Trading bonus are not eligible for clients registered under Trading Point of Financial Instruments Pty Ltd< and Trading Point of Financial Instruments Ltd

Introduction

Forex trading is exciting, but the journey only starts when the trader actually deposits some money into the trading account in order to buy and sell currencies. Some forex brokers will provide a forex no deposit bonus, in which case, the trader can make a smooth transition from demo trading to live trading in a risk-free manner. For those who have no access to a no deposit bonus, forex brokers with low minimum deposit can bridge the gap. This article explains why certain deposit methods are offered by brokers and chosen by traders.

The Process of Making a Deposit Forex Transaction

The most popular methods of conducting a deposit forex transaction are as follows:

1. Credit/debit cards
2. Bank wires
3. Digital wallets e.g. Skrill, Neteller, Webmoney, Sofort, GiroPay, PayPal, China UnionPay, etc.
4. Cheques (mostly US forex brokers)

How does the process of depositing money into a forex trading account work with these methods? Here is a short description.

Bank wire

The forex trader visits the payment page of the forex broker. The “Bank wire” method is selected. For some brokers, bank transfer details are provided so that the trader can proceed to perform the transfer of funds either using an online bank account or by doing a physical transfer at the bank.

All the relevant data required for the wire transfer (e.g. receiver’s IBAN, SWIFT, address, description of transaction, etc).

Credit/debit card deposits

Upon getting to the credit card payment page, the trader is prompted to enter the credit/debit card details (credit card number, name on card, expiration date, CVV/CVC) on the relevant payment form, after which the transaction is processed and is either approved and settled instantly, or is declined. Some brokers have tried to improve the security of the process by allowing the option of storing the trader’s card details so that these do not have to be entered on the payment form every time.

Digital Wallets

There are many digital wallets available for forex transactions. While some like Skrill and Neteller are more international in focus, others such as Moneta and WebMoney are a bit more country-specific. Usually, the deposit process will entail the trader being redirected to the digital wallet where the trader has to login and complete the transaction for immediate settlement of funds into the forex account. Each digital wallet has its own unique process of authentication for transactions to be concluded.

What Affects the Choice of Deposit Methods in Foreign Exchange Trading?

The issues surrounding deposit methods in forex seem quite simple, but they are actually pretty complex. For a method of moving money from the trader to the trading account lodged with the broker to work in forex, there are certain basic standards that must be met. These standards border on:

1. Acceptability: The payment method must be accepted by a wide range of traders and brokers to give it a global reckoning.
2. Security: The payment method should guarantee security of the funds, especially in the process of movement. The payment method must have several layers of security to secure the payment details and identification data of users.
3. Legality: The payment method must be legal. The issue of identification of all users of a payment system using a Know Your Customer (KYC) process is now a global standard. Unfortunately, we had a period when some illegal payment methods which were being used to launder money, were used by forex brokers and traders alike. Liberty Reserve is one such method which comes to mind.

What Influences the Choice of a Forex Deposit Method?

There are forex traders that are spoiled for choice when it comes to deposit methods. For others, there may be restrictions in what options they can use. Generally speaking, the choice of a forex deposit method is contingent upon certain factors which we shall mention below.

1. How Much is Being Deposited
2. Country of Origin
3. Security Issues
4. Chargebacks and refunds
5. Ease of transactions
6. Speed of transactions

Monetary controls are exerted by the laws enacted by different countries. So when it comes to how much money is to be deposited into a forex account, the laws of the countries and regulators of the forex brokers will determine how much money can be transferred to a trading account for each deposit method. For instance, there are limits to how much a deposit forex account can accept from those who want to make deposits using credit cards. Some countries have limits to how much money can be wired at a time using a bank wire. Traders who want to deposit forex with their brokers have to conform to the laws of the countries they live in. This will definitely affect how much money the traders can deposit with their brokers using a particular deposit method.

Country of origin: Some may ask: what does my country of origin have to do with how I deposit money with my forex broker? The answer is…a lot. Not every country has open access to global financial systems. Some countries are under international sanctions (North Korea), while some are known hotbeds for terrorism and drug peddling and therefore are restricted from having access to payment systems where it may be difficult to provide continuous tracking of who owns the money. So some traders may find that their deposit forex accounts are only allowed access to one or two payment systems. There are many traders who are restricted to using just bank wires, which is quite restrictive. These traders have no choice but to use what is available.

Security issues: Some payment methods tend to have better security than other payment methods. For instance, the use of bank wires ensures that money is routed through bank accounts where proper KYC documentation has been collected and the identities of those operating the accounts are known. That is why some forex brokers insist on traders in certain countries to use only bank wires as the deposit method. Then there is the issue of cybersecurity. It is a lot easier for credit card accounts and digital wallets to be compromised. A credit card can be stolen or lost. If it falls into the wrong hands, it can be cloned and very bad things can happen. Some traders will therefore choose not to use them at all. In contrast, a digital wallet or a bank account cannot be physically stolen. In very conservative societies where adoption of new technologies and new ways of doing things is slow, traders are more likely to adopt older means of payment such as the bank wire in conducting their forex account deposits.

Chargebacks and Refunds: Refunds and chargebacks are becoming a major consideration for traders who live in areas where the use of credit cards is widespread. If a trader used a credit card for depositing funds into a forex account, it will be easier to get a chargeback and refund for unauthorized transactions.

Recurring payments: Where a trader needs to make repeat deposits, such as when using forex brokers with low minimum deposits, the credit card and digital wallet systems are the payment methods to use. Wire transfers require repeated filling of relevant information in physical or online forms, which can be quite a hassle. The same reason is why credit cards and digital wallets are the payment systems best adapted for deployment of withdrawals using one-click payment functions on forex broker sites.

Ease of Transactions: Everyone is going mobile these days. Forex trading has gained a strong foothold on smartphones and tablet devices. Many traders who operate with their mobile, hand-held devices like to be able to use their devices to perform other forex-related functions, one of which is doing forex deposits. Anyone who has tried to perform forex deposits on a smartphone will immediately tell you that it can be done in a breeze with credit cards and digital wallets. For instance, Skrill has a mobile app with multi-level authentication which enhances the security of transactions. Wire transfers are a bit more complicated to perform on mobile. So those looking for ease of transactions have a clear choice to make.

Speed of Transactions: Credit card deposits as well as deposits made with digital wallets are usually settled instantly. Withdrawals also take a maximum of hours to complete. Wire transfers take days to complete and are held up on weekends and holidays. Traders who love to do fast-paced deposits, trading and withdrawals will not fancy the delays that accompany the bank wire transfer method.

Deposit and Withdrawal Methods A trader-broker symbiosis

Traders will always have preferences for certain deposit methods, and the reasons have been discussed above. Brokers are in business to serve the interests of traders. Therefore, brokers will go all out to ensure that their platforms can offer traders the deposit methods of their choice.

The offering of a payment method involves a series of complex integrations with the payment systems to ensure that everything is smooth and works out well.

Conclusion

In conclusion, it can be deduced that the choice of the deposit method for your forex account can influence your trading style and trading outcomes. It is indeed possible to deposit forex capital into your account on a Monday, trade from Tuesday to Thursday, and get your profits in your hands by Friday, and there are deposit methods that can support this trade pattern. But for some other traders, there are restrictions in what payment systems they can use.

This brings us to the question: is there any way that deposit bonus forex brokers and the forex no deposit bonus brokers can reach out to traders that live in regions of the world that are under-served by the existing payment channels? The preferred method is to work with local e-payment companies to develop country-specific payment channels to serve these populations. This will help bring in more business for brokers and allow more people to start trading forex.

Inside this section of the website you will find all the best brokers according to the payment methods they accept. We have compiled these recommendations based on user feedback and on our own in-depth research of the various brokers.

Related Articles

What is PayPal?

PayPal is a digital payment platform that enables its users to send and receive electronic payments and make online financial transfers. PayPal customers link their credit card or checking account directly to their PayPal account, creating a digital payment option for a wide variety of payment scenarios.

An ecommerce titan, PayPal has processed billions of payment transactions across the globe and expanded its reach to over countries and regions. Since its founding in , PayPal has expanded its services to include credit cards and credit lines, cryptocurrencies, and business operations solutions.

What are the best forex brokers that allow you to deposit and withdraw with PayPal?

Winner: IG - Best Overall

IG is our pick for the best forex broker that allows users to make deposits and withdrawals with PayPal. IG is publicly-traded (LON: IGG), well-regulated, and licensed by over a dozen international regulatory agencies (IG has earned our highest possible Trust Score). IG stands apart from the competition with its impressive offering of tradeable markets and its excellent selection of trading tools. Minimum deposit requirements at IG will vary depending on your country of residence and can range from $ or € euros to as much as 2, Swiss francs (CHF). Read our full-length IG review.

Check out a gallery of screenshots from IG's trading platforms, taken by our research team during our product testing.

Runner up: CMC Markets

A great choice for CFD and forex traders that want to use PayPal for funding their trading account, CMC Markets features competitive pricing and over 12, instruments spanning virtually every market and asset class. CMC Markets is highly regulated and publicly traded (LON: CMCX), and its Next Generation platform is powerful, versatile, and packed with plenty of customization tools and configuration options. Regardless of the CMC Markets entity you choose — U.K., Singapore, Australia, Germany, or Canada – there is no minimum deposit requirement at CMC Markets. Read our full-length CMC Markets review.

Check out some screenshots from CMC Market's trading platforms, taken by our research team during our product testing.

Podium finisher: eunic-brussels.eu

eunic-brussels.eu is a trusted brand that accepts PayPal deposits within the U.K. (and from a number of its global offices). The eunic-brussels.eu brand is part of the publicly traded StoneX group (NASDAQ: SNEX), and supports a wide variety of deposit currencies and payment methods. Although not available for corporate account holders or in certain countries (such as the U.S.), PayPal deposits at eunic-brussels.eu can be made with a minimum currency equivalent of USD, EUR, or GBP per transaction. The maximum deposit transaction you can make with PayPal at eunic-brussels.eu is $50, Read our full-length eunic-brussels.eu review.

Check out some screenshots from eunic-brussels.eu's trading platforms, taken by our research team during our product testing.

Why use PayPal as a trading payment option?

It’s hard to beat PayPal when it comes to convenience, security, and ease of use. Simply put: PayPal is fast, safe, and easy to navigate. Traders can quickly make instant deposits to (or withdrawals from) their forex trading accounts with a PayPal account. It’s also relatively affordable; PayPal doesn’t charge fees for opening a new account (though you might be liable for payment fees, depending on your payment method and country of residence).

Another thing forex traders will appreciate: PayPal’s global presence is massive, and its international service coverage is extensive. PayPal is available in more than countries and regions, and it supports 25 different currencies, including the USD, CAD, EUR, DKK, JPY, GBP, and INR. Check out PayPal’s full list of supported currencies on their website.

Pros & Cons of funding your forex account with Paypal

How to deposit using PayPal

Though each forex broker’s process for funding or sending payments may vary slightly, we’ve listed out the most important steps for depositing funds with your forex broker using PayPal:

1. Log in to your broker’s client portal or visit the funding page on your broker’s website.
2. Read the broker’s payment/funding information to determine if PayPal is available in your region (sometimes your forex broker will accept PayPal – but only in certain countries or regions).
3. Once you’ve selected PayPal as your payment method, you’ll be redirected to log in to your PayPal account.
4. From within your PayPal account, you’ll need to authorize the payment to fund your brokerage account (and confirm the transaction details).

Note: Some brokers require that you fund your live trading account with a credit card before allowing you to use PayPal as a deposit method. Always remember to follow the explicit instructions that come directly from your regulated forex broker’s website to protect yourself from scams. Check out my educational series about financial scams for some easy-to-follow tips for avoiding forex scams.

Alternatives to using PayPal

Most often, the easiest and most straightforward alternative payment method (if you don’t have access to an e-wallet such as PayPal) for funding your trading account is simply to use a debit card. Other popular alternatives to using PayPal for funding your forex trading account are Skrill and Neteller, both of which are widely available in Europe (for other international regions, check with your broker directly to see if these methods are available).

In Asia, WeChat and FasaPay are popular methods for sending and receiving funds. Today, a growing number of brokers allow traders to make deposits using cryptocurrencies, such as bitcoin (check out our guide to the best bitcoin brokers).

PayPal fees

PayPal fees can range from a few dollars to as much as % of the transaction value. Therefore, PayPal can be a viable payment method for smaller amounts. However, if you are sending or receiving larger sums, it may end up being cheaper to wire the funds to your broker through your bank. It may be worth looking into an Automated Clearing House (ACH) or Single Euro Payments Area (SEPA) transfer, as bank transfers will have fixed fees – regardless of the amount sent.

Which forex brokers accept PayPal?

PayPal has become a popular payment method for traders looking for convenient ways to fund their forex trading accounts. However, not all forex brokers accept PayPal for sending and receiving funds (though the list of PayPal forex brokers continues to grow). We’ve determined which forex brokers support PayPal and listed them below:

Which brokers accept PayPal in South Africa?

PayPal is available in South Africa for South African forex traders – though it’s worth noting that PayPal does not currently accept the South African Rand (ZAR) currency. A handful of the industry’s top forex brokers that accept clients from South Africa also support PayPal for sending and receiving funds:

IG

IG is a trusted broker that offers brilliant trading tools and access to nearly every global market (over 19, tradeable assets). The minimum deposit size for clients of IG South Africa is 4, South African rand (ZAR). Read our full-length IG review.

AvaTrade

AvaTrade stands out for its rich selection of trading platform options, and for its educational content for beginners. The minimum deposit at AvaTrade is generally units of currency, depending on the denomination of your account balance. Read our full-length AvaTrade review.

Plus

Plus is a winner for less-experienced traders who desire ease of use and simplicity. The minimum deposit at Plus is generally units of currency ($ or equivalent) depending on your account denomination and the payment method you select from the client dashboard. Read our full-length Plus review.

FP Markets

FP Markets shines as a low-cost broker for trading forex and CFDs – as long as traders use the MetaTrader platform. The minimum deposit at FP Markets is AUD – or the currency equivalent. Read our full-length FP Markets review.

South Africa is home to a Tier-2 regulatory agency in the Financial Sector Conduct Authority (FSCA) (you can follow the FSCA on twitter at eunic-brussels.eu). Forex brokers are not obligated to become authorised by the FSCA, but carrying a Tier-2 regulatory license can be a signal of legitimacy to forex traders.

At eunic-brussels.eu, we always recommend using a well-regulated, highly trusted forex broker – learn more about the regulatory agencies and jurisdictions that we track on our Trust Score page. If you are a resident of South Africa and you need help picking a forex broker, check out our guide to the best forex brokers in South Africa.

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

While some forex 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. PayPal is a popular choice due to the fact that your brokerage account can be credited almost immediately, (unless additional information is requested by your broker).

Does MetaTrader 4 accept PayPal?

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are trading platforms – not forex brokers, and therefore do not accept funds for trading. That being said, there are a growing number of regulated forex brokers that support MT4 and/or MT5 and accept PayPal for sending and receiving funds. To learn more about MetaTrader, check out our MetaTrader guide. If you are interested in the newest version of the trading platform, MetaTrader 5 (MT5), read our full MetaTrader 5 guide or check out my MT4 vs MT5 guide to learn about the differences between these two versions of the popular MetaTrader platform..

eunic-brussels.eu Overall Rankings

Now that you've seen our picks for the top seven MetaTrader 5 brokers, check out the eunic-brussels.eu Overall Rankings. We've evaluated over 60 forex brokers, using a testing methodology that's based on + data-driven variables and thousands of data points. Check out our full-length, in-depth forex broker forex broker reviews.

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