Paypal is the most popular ‘electronic wallet’ and it is used by thousands of websites for online transactions. Paypal is part of the eBay group at the time of writing this article. Most people like Paypal because it’s safe, secure, trusted and fast.
Since it’s so popular, it’s no wonder that people are looking for binary options brokers that accept paypal deposit and withdrawals. Some of the advantages of paypal friendly brokers are: generous signup bonuses, 24/7 customer support and a variety of trading types and assets.
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Unfortunately for the traders, more and more binary brokers are dropping Paypal as payment methods. The reasons are unclear, but we think that it has to do with problems with refunds and payment speed. I’m sure you’ve already observed how slow withdraws are on some broker sites. This is partly due to the fact that they want you to reconsider your withdrawal and keep trading on their site.
Paypal being so fast with payments, it’s not really optimal for the brokers, that you could get your money instantly. We are sure there are other reasons as well. Binary brokers usually accept wire transfers, credit and debit cards and e-wallets other than paypal. There are only a few paypal brokers left, so make sure to check them out now, before they remove this payment method.
Best Binary Options Brokers That Don’t Accept Paypal
If you have other payment methods, and you are not necessarily looking for brokers that accept Paypal (we recommend Credit/Debit Cards and Skrill; see the comparison below), then you’re better off using one of the brokers below:
24Option: the #1 non-US binary options broker, with an excellent service. Traders worldwise can join 24Option, but trades from the US and Canada are not accepted. 24Option is one of the brokers that has the most payment options. Some of these are: credit cards, bank wire and e-wallets like Skrill.
Cherrytrade: the #1 US binary options broker, accepting traders worldwide. They have a great 5 risk free trades promotion at the moment and their payment methods include credit and debit cards, bank wire, skrill and many other e-wallets.
BancDeBinary: Very popular binary options broker. BDB is one of the most trusted brokers around with great ongoing promotions and an awesome support team.
Brokers that Stopped Accepting Paypal
Finpari: US welcome broker site that still accepted Paypal until June 2016. Finpari offers fast, 1 hour withdrawals and binary options signals. The minimum deposit is only $250 and they have a generous $250 deposit bonus promotion at the moment. Make sure to use the Finpari promo code CRTONL when signing up: Visit Finpari
TradeThunder: TradeThunder accepts Paypal deposits and US traders. They have a low minimum deposit of only $10 and a lot of unique features.
Bloombex: This broker still accepts PayPal deposits and withdraws and traders worldwide can join them (even US). They offer a high payout of up to 85% and the minimum deposit is $300.
Goptions: One of the few US broker sites that accepted Paypal until late 2014. Unfortunately you can’t use Paypal anymore on Goptions however there is a same day withdrawal guarantee on Goptions and this broker is a great choice for US traders.
365Trading: This broker accepted Paypal, until not long ago and is especially popular in Spain and the European market. Unfortunately then do not accept paypal anymore but they plan to add it again soon. 365Trading is based in Barcelona. Withdrawals are processed within 24 hours.
Paypal versus Credit Cards
When we compare the speed of these two, we can conclude that paypal deposit and withdrawals are as quick as credit and debit cards. So there is no real pro or con here.
One advantage of Paypal is that you don’t have to type in so much information. You simply have to log in to your paypal account and click the deposit button.
On the other hand, there could be a limit with your paypal account. Most of the time you can deposit a larger amount with a credit card than with paypal.
Paypal versus Bank Wire
The obvious advantage of Paypal is the speed. You log in, you click the deposit button and you have the funds on your account instantly. With bank wires it can take 3-7 days until the money arrives to your account. Also withdrawing with bank wire take a much longer time. Another downside is that with bank wires you usually have to pay a $30-$50 processing fee. Paypal is free.
The advantage of bank wire is that there is no limit. You can deposit and withdraw as much money as you want.
One of the best alternatives to paypal is the credit card. Everybody has one, it’s simple enough, cheap and fast. You don’t really need a paypal account if you have a credit card. Visa and Mastercard are accepted in every country and on every broker site.
Skrill/Moneybookers: Skrill is probably the best alternative to paypal. Formerly known as Moneybookers, Skrill is very popular on online poker sites, sports betting and casino sites. Skrill works the same way paypal does: you open an account, deposit money and you have your e-wallet ready for one click online transactions. In fact you don’t even have to deposit money, you can receive some from your friends or business partners. Skrill is not as popular as Paypal, so you may not be able to use it on as many websites. If you don’t have Paypal, then check out the top binary options brokers that accept Skrill.
The advantage of Skrill is that there are lower fees, and you can get a debit card which is connected directly to your skrill account. Paypal also offers this, however this company limits the debit cards to only a few countries. On skrill you can have a debit card wherever you live. Skrill is also less strict, when it comes to limitations, as the account limits are lifted quickly.
Overall we think that Skrill is a lot better then Paypal, especially if you live in Eastern Europe where Paypal has a lot of limitations for your country. US customers, however are not accepted on Skrill.
There aren’t really many options when it comes to paypal binary options brokers. We recommend that you pick a broker that has the highest rating in the reviews and use credit/debit cards instead. This way you make sure that you take advantage of excellent services and great binary options bonuses.