Most binary options brokers accept credit cards, wire transfers, and various e-wallet services as methods for depositing funds into your account. A few also offer Paypal deposit options. Paypal is used by millions of people online, and functions much like an e-wallet service. Your funds remain in your account until you decide to purchase something, process a withdrawal, or transfer the funds – for example, to a binary options broker. The funds are usually available for use within 24 hours.
On this page, we’ll compare Paypal deposit options with other deposit methods, highlighting notable pros and cons about the service. We’ll then list a few binary options brokers that accept Paypal as a funding source. You’ll find that very few brokers offer this option. However, we’ll show you a crafty workaround. We’ll describe a way to use the funds in your Paypal account at brokers that don’t normally accept direct Paypal transfers.
Paypal Deposit Options Versus Other Deposit Methods
One of the benefits of using Paypal to deposit funds into your binary options accounts is that the money is available quickly. (This is also the case with using credit cards.) By contrast, wire transfers, personal cashier’s checks, and MoneyGrams can often take several days to clear.
Another advantage is that there are rarely fees attached to the transfers. When you move funds from your Paypal account to the broker, neither party applies any type of levy. (Here again, credit cards are treated in the same manner.) Wire transfers typically cost between $10 to $50, depending on your bank and the amount you’re transferring to the broker. E-wallet services also charge fees.
The downside to using the funds in your Paypal account is that Paypal usually imposes a limit. At the time of writing, that limit is $3,000. To compare, a broker like 24Option allows you to deposit up to $10,000 a day ($40,000 per month) with your credit card. If you’re a heavy trader, your Paypal account limit may prove to be inconvenient.
Binary Options Brokers With Paypal Deposit Options
We mentioned earlier that very few brokers accept direct transfers from Paypal. Among them are OptionXP, Nadex, and IkkoTrader. OptionXP is a user-friendly brokerage open to U.S. binary options traders. They offer reasonable return rates and provide reliable customer support. The drawback is that they are somewhat lacking in assets.
Nadex is the opposite of OptionXP in several ways. They are decidedly less user-friendly. Also, because of a small fee levied on each trade, the returns are lower. However, on the positive side, Nadex offers a broader list of assets.
IkkoTrader has been around for nearly a decade, and has a loyal following in the UK. They offer a reasonably large list of assets as well as several binary option types. If you’re looking for a binary options broker with Paypal deposit options, IkkoTrader is a good bet. That said, we’ll explain below how to use the funds in your Paypal account at sites that don’t accept Paypal transfers.
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An Alternative To Using Paypal Deposit Options
To begin, we don’t guarantee this tactic will work at every binary options site. But it should work at the sites we recommend on this page.
We already noted that most binary options brokers accept credit cards. These same brokers will also accept debit cards as long as they display the Visa or MasterCard logo. Paypal gives you the option to have a debit card attached to your account. It carries the MasterCard logo, and can be used in the same way you would use a debit card attached to your checking account. As long as the funds are available (i.e. a hold has not been placed on the money), you’ll have access to them.
Order a debit card for your account. It takes a few weeks to arrive at your home. Once you receive it, use it to fund your binary options accounts. As mentioned earlier, Paypal currently maintains a $3,000 daily spending limit on debit cards.
Again, this is not guaranteed to work every time.
Top 4 Online Binary Options Brokers
You’ve probably noticed there are numerous binary options sites, each vying for your trades. Unless you know the exact features you’d like to see, and which brokers offer them, it can be difficult to choose from among them. We’ve put together a short list of recommendations below based on our experiences. These are the brokers that have most impressed us with their trading platforms, bonuses, instrument types, asset variety, and customer support. If those items are important to you, we encourage you to check out each of the following…
- 24Option – This brokerage, run by a group of experienced Forex pros, debuted in 2010 and has quickly become a favorite among binary options traders. They offer nearly a dozen currency pairs, three commodities, nine stocks, and a dozen indices. You’ll be able to trade several instrument types, such as high-low, one-touch, no-touch, and range options. 24Option also provides an “Early Closure” feature, which allows you to close contracts starting three minutes after they are initiated. Visit 24Option.com today and register your account to get started.
- AnyOption – This broker provides access to one of the largest lists of assets you’ll find at a binary options site. Although they only offer four commodities and nine currency pairs (more than respectable on both counts), you’ll be able to trade dozens of indices and nearly sixty stocks. Additionally, their “Take Profit” feature (similar to 24Option’s “Early Closure” tool) lets you lock in your profit before a contract expires. AnyOption’s payout percentages range between 65% and 71%, which is on the low end among our recommended brokers. But they make up for it by providing a 15% rebate on trades that expire out of the money. We recommend that you take a moment to visit AnyOption.com.
- TradeRush – TradeRush allows you to execute options at a minimum of $10, the lowest amount we’ve seen among reputable binary options brokers. This dramatically reduces the amount you need to risk on each trade. Average returns on in the money contracts range between 70% and 81% with returns on some one-touch options climbing toward 500%. In addition to 60 second options, numerous option types, and an impressive list of assets, TradeRush offers a feature called Option Builder. It lets you customize your trades to better accommodate your trading system. Visit TradeRush.com today to create your account.
To be clear, none of the four binary options brokers above accept direct Paypal transfers for deposits at this time. But you can use a Paypal debit card to achieve the same outcome. We suggest that you visit each of them. Take a look around, check out their respective trading platforms, and try their demo trading tools to get started.