Forex Deposit with PayPal

PayPal has changed the face of online business and Forex trading. From a $100 purchase to $10,000 Forex transaction, PayPal is everywhere. If we talk about the Forex industry, it is the first preference of majority brokers and traders. There are several reasons behind the increasing popularity of PayPal in the Forex industry, with reliability and efficiency at the top. You may already know about this digital wallet; however it’s important to get a bit more familiar with its mechanism and importance in your Forex trading journey. Forex is a game of millions and even a slight mistake can cause you to lose inconceivable amounts of capital.

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Spare a few minutes of research before you entrust your life’s savings to anyone. Let’s see what PayPal is all about? Why is it a Forex broker’s and trader’s favorite choice? And how can you use it to speed up your Forex trading process?

Deposits via PayPal

PayPal is a web based application that allows transfer of financial resources between two entities. The only requirement to transfer any amount via this medium is that both the parties should be its registered members. There is a simple procedure for enrolling with this online entity. You don’t have to pay a cent; just offer a few details and validation process and you’ll get yourself a PayPal ID.
The most popular feature of this web based intermediary which attracts millions of Forex traders and brokers all over the world is that the confidential information of the trader like credit card or bank details is not disclosed to the broker. All such details are secured with the company and the only thing you need to make the transaction is the PayPal ID of the other entity.

PayPal and Forex

The procedure to deposit via PayPal is very quick and simple. If you already have its ID, then the amount you wish to deposit is just a click away from your trading account. For brokers and traders who are not members of this digital wallet yet, they need to get registered with it in order to make secure transactions and trades. That’s not difficult either. Just go to its website and sign up for a new ID. You will be asked to fill in the registration form and most importantly the source of funds for PayPal. If you have a friend who is already a member of this community, then enroll yourself with their reference and they will get a referral bonus.

Credit card and bank accounts are the two most preferred modes of payment on PayPal. For example, if you go for the credit card option, it means whatever deposit you make via this method will be charged to your credit card. However, this information would not be disclosed to your Forex broker.

Step By Step Process

The process to deposit via PayPal is more or less the same for every Forex broker. Here is the step by step procedure of depositing finances through this method. Just remember, some of the terminologies may be different on your Forex broker’s website. For example, “trading methods” and “accounts” are used interchangeably. Similarly, you will find ‘deposit methods’ at some places while ‘Transfer modes’ at others. Nevertheless the underlying meaning and basic process remains the same.

  1. Login to your Forex trading account and open the main Forex trading screen.
  2. Click the ‘funds management’ or ‘trading options’ tab. Here we are referring to the page where you can post requests for deposit or withdrawal of cash.
  3. Select ‘PayPal’ from the list of options available.
  4. Enter the amount you need to deposit along with your PayPal ID.
  5. Hit pay/submit/deposit and you will be routed to the main PayPal webpage.
  6. Confirm the transaction there and your capital will be deposited in your Forex trading account.

Is Your Money Safe With Paypal?

Here is the most important concern and fear associated with online payments. Well, you don’t have to worry when making transactions via PayPal. It has a reputation for being one of the most reliable and trustworthy ecommerce companies. Your data remains completely confidential from the other party. Furthermore, the transactions are encrypted with Secure Socket Layer (SSL) protocols that ensure safe secure travel of data in cyber space.

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Conclusion

You are not living in old times where the only source of business related information was the newspaper or field related people; this is 2013. And any and every sort of information is available on a few clicks. You don’t have to rely on bankers or brokers to execute your trade. Forex is a highly volatile market where currency prices fluctuate every minute. No matter how efficient your trading platform or Forex broker is, they cannot process any trade unless you feed in cash to your Forex trading account. Even a one minute delay in the transfer of funds can cause uncountable loss. Be informed, make the right decision and save yourself from years of regret.