Binary Options Brokers that Accept Paypal
Binary Options Brokers that Accept PaypalNovember 20, 2013
Paypal is considered by many binary options traders to be the best possible E-wallet. The reasons for this vary, however the fact that most people already have a Paypal account and understand how easy it is to use makes it that much more appealing.
The benefits of using Paypal as a means to deposit as well as withdraw money from your account are obvious, however the only way to use it is to get a Paypal Prepaid card with the Mastercard logo on it:
- Just as is the case with all other E-wallets, you have an effective way to control your spending and separate your personal banking or business account from your trading account.
- Paypal keeps your deposits anonymous and away from the eyes of a banker or angry spouse.
- Chances are you already have an account, if its funded you wont have to do much and if its not then you would just add money through your credit card and you’re ready to go.
Why is it so difficult to find a broker that accepts Paypal?
The problem is that Paypal has a strict policy of processing funds only with fully regulated exchanges such as the CBOE and NADEX. That is why you will see the CySec-licensed broker offering Paypal payments “manually”. This means the depositing process is semi- integrated into the cashier section of the software and you will most likely need to speak to a customer rep to see if your transaction went through.
One broker that claimed to accept Paypal were Empire Options, and while this may have been the case for a brief period of time, they have proven themselves to be scam artists. Recently, there was only one broker that is able to accept Paypal deposits and withdrawals, and that was Optimarkets (however this is no longer the case, however they do accept US traders). Their minimum deposit policy for is $200, however, if you are a serious trader you will know thank anything under $500 is throwing money away. The only effective way to build your bankroll and get a match bonus is to invest significantly and take a calculated risk.
Paypal Fees (USA Residents):
- Buying: Free – Now fees
- Sales Inside the USA: 2.9% plus $0.30 per transaction
- International Sales: 3.9% transaction fee + a fixed fee based on the currency you receive.
- Debit or Credit card fee: 2.9% of the total amount sent plus $0.30 per transaction. The sender decides who pays this fee – however the broker may decide to roll this over to you. If this is not stipulated in the terms and conditions don’t agree to it.
- Outside the USA: A small fee of 0.5% – 2% (depending on the destination) when fully funded with bank account or PayPal balance. 3.4% to 3.9% but only if paying with a credit or debit card.
To sum up, there is no serious broker out there taking the usual Paypal deposits. They have all tried it and were successful for a brief period of time, however if you use your Paypal account to get a prepaid card you will be successful in funding your account.
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