Using paypal to fund your forex account and withdrawing using paypal

[babepips]

ok ok, i will.contact both of you.

ive set up a swap free account with fxpro, just waiting to deposit some with $$$.

[Shangai]

Paypal is a very difficult payment processor to deal. They are always alert and suspicious, which is why most brokers don’t offer it as payment method. You would rather turn to Skrill, Webmoney or Credit Cards.

[babepips]

yup, ive loaded my account w paypal… anyway… crappy cos theres fees to it…

I’ll give u my email exchange later… I’m.busy now.

[snake24]

Yup! PP will screw you over, just give them some time. Believe me, we have all done the PP jig and ended up losing our money, for reasons known only to the PP management. Since most brokers do allow you to wire funds, transfer funds from cc, you may want to opt for that format since it is safer…
Or use MB

I know this is a resurrected thread, but i thought i’d give my experience. Prior to using PP i had to bank wire to the brokers as i was offshore trading. But since then, i have used PP. I use my bank account associated with PP, not a credit card. I withdraw once each month, because i get one free withdraw from my broker a month. Then $15 thereafter. It is quick and seamless, I withdraw to PP and from PP i put it into my attached Bank account. Generally 3 days total. Bank to Bank wires took much longer. In my case. As for limit, it is up PP how much they will allow. I don’t withdraw any more than 5 digits at a time. I love PP, i do much of my international money transfers/purchases with them, but i also have MB.

There should be no problem with paypal at all - you need to increase your limits before you start forex trading (by confirming your bank account) but after that it is relatively plain sailing.

Fxmall is saying that it’s like a guarantee that pp will find a way to screw with you and then take all your money in the account. This is like saying pp will cheat you.

I mean to remove limits from pp u need to send in bank details and id and then it’s 10k USD for every single transaction once all limits are removed. I asked in paypal community is there really a limit in which they won’t allow but he said no just that every single transaction only allowed 10k usd so if you have more than that you have to do a few transactions which isn’t a problem.

I read that the US govt will flag any monetary transaction above 10k if that is the case then bank transfers or wire and paypal would all be red flagged. They do it to check for money laundering so if you depoit 10k inside your bank account for example ppl are also watching.

PP doesn’t charge any withdrawal fees unless the amount is below 100sgd for my country. When i deposit into oanda there is a small charge but the bonus is that the amount is almost instantly there. Much faster than bank transfer. When i make a withdrawal the time spent for pp to giro me the money is around 2 days which is pretty much the same or faster than bank transfer.

Here’s also a story of a transaction i did with oanda via bank transfer. Oanda’s rules are that you have to withdraw that percentage the way you deposited it. Anyway i decided to withdraw my money via bank transfer cos i wanted all future withdrawals with pp. So i withdrew the money and waited days the money didn’t come in. I had to call oanda and the help desk person had to ask me 5-6 times if i received the money or if i made the withdrawal, i had to repeat so many times no money isn’t received. Anyway i finally got the money transferred. Seems like oanda could screw up a simple bank withdrawal.

[michael77]

I think you need to ask this question directly to the authority of Paypal. Normally we the trader withdraw our money and save our local bank when we think this it is sufficient. Keep it mind, brokers are not a bank. Paypal is just a third party to transact your money.

[WilliamD]

I normally use C/C or Moneybookers. Easy way to fund accounts.

[babepips]

i have used fxpro for paypal transactions but sadly, they do not allow 0.01 lots so what brokers you are using?

oanda doesnt allow hedging, poop them.

[babepips]

ive already withdraw from fxpro, we will see how things go…

[babepips]

ok, this is the 2nd time i am typing.

phone hanged just now. -.-

ive loaded my account with
200usd, net amt loaded in my account is 194.90usd (paypal fee is 5.10usd) traded and got a profit of
10.90usd so my total balance is 205.80usd, i have withdrawn all
205.80usd
they refund me my 194.90usd first so
200.00usd in my paypal account
then they gave me
10.60usd into my paypal account, in total it is 205.50usd, so where is the additional 0.30usd?

in addition, out of the 10.60usd, i had 0.71usd paypal fees.

[babepips]

ive sent an email to their accounting dept.

will post their reply here later.

[babepips]

Here’s their response:

Dear FxPro User,

Further to your e-mail, kindly be informed that you have submitted a PayPal withdrawal request for the amount of 205.80USD which was split into 2 transactions of amount 195.20USD and 10.60USD. Amount of 195.20USD was sent back to you as a refund of your original deposit, therefore you’ve got the advantage of receiving the initial fee for the original deposit transfer as well. As you didn’t make any additional deposit which could have been refunded, the amount 10.60USD has been sent back to you as a normal withdrawal.

Should you require any further assistance, please do not hesitate to contact us by e-mail at accounting[AT]fxpro[DOT]com.

Kind Regards,
The Man

[TalonD]

http://www.paypalsucks.com/

[babepips]

@TalonD

paypalsucks.com

yeap, somebody gave me that link b4, anything else constructive to add?

please bear in mind.ive got my paypal account limited thrice and 3.times its.been unlock.

its.like.saying, I’m on top.of the.world!!!

lol…

[babepips]

Here’s my response:

Yes, I still require further assistance on this case.

I’ve reviewed it again, and the amount refund was not correct.

The correct amount that was refunded is US$194.40 and not like what you mentioned US$195.20 please understand that the net amount loaded on my account was US$194.40.

Please advise and do the necessary to fix this problem,
Unsettled.

[babepips]

Anyway, here’s a clean up:

Paypal with Forex Account (FxPro)

Loaded : US$200.00
Net Amt :US$194.90
Paypal Fee : US$5.10 (2.55%)

Trade Result : US$10.90
New Balance : US$205.80

Withdraw all.

1. US$194.90 Refunded so US$200.00 back in Paypal Account
2. Payment of US$10.60
   Paypal Fee : US$0.71 (6.7%)

Total : (194.90+10.60) = US$205.50
Where is the additional US$0.30?

Summary:
Deposit : 2.55% Fees
Withdraw : 0.34% Fees

Details On Withdrawal : Total In Paypal = US$209.89
So, 0.71/210.60*100% = 0.34% Fees

[babepips]

Here’s their response:

Dear Bro,

Further to your e-mail, kindly be informed that the original amount of the deposit that you received on your FxPro account was 194.90 USD. Your withdrawal request was sent to you as a refund of the original deposit, 194.90 USD + 0.30 USD (refund charge) = 195.20 USD, plus you also had the advantage of receiving part of the initial fee for the original deposit transfer as well so you received the total amount of 200.00 USD in total.

We apologise for any inconvenience caused and thank you in advance for your kind cooperation.

Kind Regards,

TC,
FxPro Client Accounting Department

[babepips]

anyway, they allow 0.01lots, so I’m back with them…

[dollace]

Hope your trading goes well!

[kelvs]

Personally i hate Paypal and yes like Joe Fx said they won’t allow withdrawl of large amounts.

This is true! You need to call them first if your going to withdraw a large amount of $$, unless you want your account to be limited. and wait for long six months to unlock your money.

[babepips]

This is true! You need to call them first if your going to withdraw a large amount of $$, unless you want your account to be limited. and wait for long six months to unlock your money.

Large amount? 2 billion is still small to me? any proof on anything specific?