If you’re looking for a broker that accepts PayPay, Neteller or Skrill for deposits and withdrawals we’ve put together some comparison tables to help you find one.
Most brokers accept payments through debit and credit cards, plus bank transfer for large deposits and withdrawals. But if you’re not based in the UK and you’re trading with a UK broker the process of getting funds to and from your account can be annoyingly slow for international transfers.
Of course, you have to take the rough with the smooth. London is the global hub for financial trading because of it’s time zone and banking infrastructure is a bonus, but that does mean that if you are making international payments to and from a broker the process can take longer than it should with traditional methods.
However, these payments can be sped up by using PayPal, Skrill or Neteller. We’ve put together payment services comparison table so you can see what brokers accepts what.
Of the brokers we compared you can trade pretty much whatever you want from cryptocurrencies, Forex, MT4, spread betting to physical stocks and shares.
The advantages of using these third party payment providers are that they can speed up deposits and of course mean you don’t have to have your card and bank details to hand.
The disadvantage of Skrill, Neteller and PayPal is that you are increasing your counter-party risk. So if you’ve got a large transaction you are relying on the stability of three partners (your broker, payment provider and your bank).
This means that whilst some of your money in accounts at your bank and broker are covered by the FSCS, your funds are not covered when they are with Skrill, PayPal or Neteller. Something to be mindful if you are moving very large amounts of money to and from your broker.
Although to be fair, PayPay, Skrill and Neteller are probably bigger than your broker…
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.