If you've got money stuck in PayPal I feel bad for you son... | Forex Factory

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If you've got money stuck in PayPal I feel bad for you son...

  • #1
  • First Post: Jun 10, 2019 6:22pm Jun 10, 2019 6:22pm
I got 9900 Euros and I can't trade one.

The wife sold some of my antique swords to people in the UK and bless her heart, she thought it would be advantageous to get paid in Euros so that I could use them in my trading accounts. However it isn't possible (or very difficult) to get that money out of PayPal and into a trading account without paying the 'Paypal spread' (conversion rate). Want to see what that looks like?

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Let's see that's a rate from May 16 ...well that's not too bad, ...2017!!
4300 pips.

Since it's so hard to transfer the balance to anything else without paying 3.2% in conversion (plus 3.5% + 50p) I figured I'd just treat it like trading with the WORST BROKER IN THE WORLD and deal with a 4300 pip spread. Anyone else want to join me? I should see some profits in the next year or two.

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D1 chart btw
  • #2
  • Jun 10, 2019 11:02pm Jun 10, 2019 11:02pm
Open a EURO denominated account with a broker who accepts paypal perhaps?
cheers
maahome
  • #3
  • Jun 10, 2019 11:40pm Jun 10, 2019 11:40pm
Quoting maahome
Open a EURO denominated account with a broker who accepts paypal perhaps? cheers maahome
Do you know of one? I'm all ears.
  • #4
  • Jun 10, 2019 11:42pm Jun 10, 2019 11:42pm
Quoting clemmo17
{quote} Do you know of one? I'm all ears.
https://www.forexfactory.com/brokers.php
last culumn
and many more brokers do the same, not listed there.
there is always, always another trade!!
  • #5
  • Jun 11, 2019 12:35am Jun 11, 2019 12:35am
Quoting profitfarmer
{quote} https://www.forexfactory.com/brokers.php last culumn and many more brokers do the same, not listed there.
I use PayPal with Pepperstone Australia. I do not know where you are based so not sure if you qualify to open an account but you can look.
  • #6
  • Jun 11, 2019 1:18am Jun 11, 2019 1:18am
Canada, alas.
  • #7
  • Jun 11, 2019 1:19am Jun 11, 2019 1:19am
Quoting profitfarmer
{quote} https://www.forexfactory.com/brokers.php last culumn and many more brokers do the same, not listed there.
Thanks - well I guess I can contact them all and see if any take PayPal but I suspect none of them do. PP has been getting pressured to stop the dreaded money laundering and brokers hate it because it's too easy to do chargebacks.
  • #8
  • Jun 11, 2019 1:23am Jun 11, 2019 1:23am
Quoting clemmo17
{quote} Thanks - well I guess I can contact them all and see if any take PayPal but I suspect none of them do. PP has been getting pressured to stop the dreaded money laundering and brokers hate it because it's too easy to do chargebacks.
Above you have been said, Pepperstone has PayPal.
I help you more, ICMarkets has PayPal.
But yes, in short, from here, do your homework
there is always, always another trade!!
  • #9
  • Jun 11, 2019 3:08am Jun 11, 2019 3:08am
Thanks, I will. And if I find a broker that takes Canadians and PayPal I will reply back here.

So far I can confirm that Pepperstone, ICM, Etoro, FXPro, Plus500, Oanda and Markets.com will not take Canadians though it appears they maybe take PayPal.
  • #10
  • Jun 11, 2019 3:10am Jun 11, 2019 3:10am
Things are looking up - XTB will take Canadians and they will accept Paypal except I'm still stuck because the first deposit must be a bank transfer. Also withdrawals must be to a bank account. The only Euro bank accounts I can open here are deposit-only. So it looks like I'll have to actually go to Europe, and open a bank account, after which PayPal is irrelevant.
  • #11
  • Aug 6, 2019 5:32am Aug 6, 2019 5:32am
Now PayPal have changed their TOS so that no matter what you are paying 3-4% currency conversion on any transaction that involves currency conversion. This is a major cash cow for them. @#$% PayPal!
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  • #12
  • Nov 19, 2019 11:22am Nov 19, 2019 11:22am
And again they've changed their terms so that they can also gouge big sellers.

"
Amendments to the PayPal Account User Agreement for Merchants

  1. We are removing volume-based currency conversion fees which apply to the conversion and withdrawal of foreign currency balances to your bank account. Our standard currency conversion fees will apply to such conversions.

  • #13
  • Nov 19, 2019 1:09pm Nov 19, 2019 1:09pm
How about starting to use crypto transfers. Much cheaper than banks or Paypal.
  • #14
  • Nov 20, 2019 12:28am Nov 20, 2019 12:28am
Quoting TraderTero
How about starting to use crypto transfers. Much cheaper than banks or Paypal.
Not when the value of your crypto drops by 30% in 3 months.
  • #15
  • Nov 20, 2019 1:28am Nov 20, 2019 1:28am
Quoting clemmo17
{quote} Not when the value of your crypto drops by 30% in 3 months.
You only hold the crypto during the time you make the transfer, maybe max an hour or so. On top of that you could use for example Tether which value is always $1.

In detail it works so that you buy for example ETH from your local crypto broker using your local bank account and immediately transfer the funds to your crypto enabled broker who in many cases automatically immediately convert the funds to USD and deposits to your trading account. Withdrawals works vice versa. No need to deal with Paypal or make costly and slow international bank wires.
  • #16
  • Nov 20, 2019 11:36am Nov 20, 2019 11:36am
I guess I'll have to look into it. Aren't there transaction fees at every step of the process?
  • #17
  • Nov 20, 2019 12:04pm Nov 20, 2019 12:04pm
Quoting clemmo17
I guess I'll have to look into it. Aren't there transaction fees at every step of the process?
There are some but much less than what banks or Paypal charge.
  • #18
  • Nov 20, 2019 12:12pm Nov 20, 2019 12:12pm
How do you worry about so little , after all, won't you negotiate with the conviction that you will win?
the best way is to transfer Paypal to Skrill for example
with one move, if it is in the right direction you pay it all and still profits

  • #19
  • Nov 20, 2019 1:09pm Nov 20, 2019 1:09pm
Quoting clemmo17
{quote} Do you know of one? I'm all ears.
If still looking, try ICMarkets.
Stop fighting, let it go......you will be surprised..
  • #20
  • Last Post: Nov 20, 2019 3:19pm Nov 20, 2019 3:19pm
Quoting HereNow
{quote} If still looking, try ICMarkets.
They won't take Canadians.
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