That's easy enough but i'm concerned that paypal might not allow one to withdraw large sums of money since this is forex we are talking about even amounts going up to k and beyond are actually standard.
Therefore would paypal allow one to withdraw a large sum of money say a few k? How about something lesser like maybe 50k?
Any number of us could give any of a number of answers to that question, and there might still be an individual or country specific issue, you'd be better off asking Paypal. You're going to have a tough time finding brokers that will accept Paypal as deposit and especially withdrawal solution.
Not to mention, that cut Paypal is taking from you will be ridiculous and I don't think the broker would be paying it. Oanda allows Paypal deposits. I agree that the fees can get high, but do brokers "not" support them because of the speculative nature of forex trading? I never really got this part because other e-wallets like Moneybookers, Payza and WebMoney seem acceptable for forex deposits as well as withdrawals. Probably IRS paperwork for people selling things on Ebay, etc.
This is in the U. Not sure about everywhere else. So dont worry OP Paypal will let you take millions at a time of monopoly money just try it and find out. Fyi paypal deposits are very quickly processed compared to other forms of transfer since it occurs from a few mins to a few hours at the most.
I find your reply seriously stupid paypal is one of the methods used to deposit funds and i have deposited funds a few k in amount before using paypal. Paypal is a scam. I disconnected them from my forex account. I had a problem with Paypal then reported them to the better business bureau and as soon as I did that they froze my acount and basically stole my money for days. Same thing happened to me They froze 5k for half a year Except I was doing something I shouldn't have on EBay lol And out of hundreds of sales only 5 complaints and they start hold my funds for 30 days.
Then I complain and they freeze the account. And ScamPal has thousands of complaints at the better business bureau, so that should tell you something! If there is anyone out there using ScamPal err Paypal and you havn't been screwed yet, well it's only a matter of time. Were you selling forex strategies again? Look just because your are not using them does not mean other will want them lol. Apparently it got confused with an inappropriate and banned category of products I doubt that there are many reliable "PayPal" brokers out there.
Why do you want to use it? Bank transfer shouldn't take more than one day and the fees are in most cases much lower. Look guys let's be honest. Again i reiterarte let's be honest. These e wallet sites are accepted by forex brokers. Yes paypal, moneybookers, neteller and more are accepted by forex sites. One of the main reasons is because they are fast and hassle free. For me if i use moneybookers skrill or paypal i can get money into my account in about an hour or so.
While if i used internet bank transfer which is supposedly faster than a normal bank wire transfer that takes 2 days at least. I'm not sure about paypal but i have been used moneybookers in the past when i was betting on sports websites and they have a max limit of 50k euros once all limitations are removed. I never had any issue with that since i'm not even a big gambler.
In forex it's different because the sum of money involved is much bigger. I saw the videos you guys linked me to but it just shows ppl complaining about sums of money they received from unknown sources. If you trade in forex using paypal then well the account you fund with your paypal account has to match the email add you use to reguster your forex account with.
So far i have never used my paypal for any business transactions but here is something really important that you guys need to remember.
More forex sites are using e-wallets to fund the accounts like paypal, moneybookers etc The reason is that doing bank transfers is really time consuming. Now i'm not sure how serious it is to transfer money from paypal or any e-wallet site to a bank account but it's a fact that these sites are included to fund forex accounts on top of other accounts like interbet betting sites.
There are brokers which accept it without a problem. But there are so many things which can go wrong:. Since PayPal also needs 1 or 2 days to withdraw the money I really don't see the value of that kind of service.
Is this risk worth to save one day of waiting for your deposit on your account? If the broker doesn't have their own processing gateway to serve credit card deposits and withdrawals independently Using paypal to fund your forex account and withdrawing using paypal Beginner Questions. Does anyone know if there are issues? But there are so many things which can go wrong: In most cases brokers which accept those methods doesn't have a good regulator.
The fees are much higher. PayPal is able to freeze your account. Because they say so. There are numerous users who experienced things like that.More...