I am a UAE resident. Can I start trading Forex and International Stocks using PayPal? Which online brokers allow deposits with PayPal?
Not so long ago in the past the only way that a trader could purchase stocks was to call a brokerage via the telephone and to wire them the funds in order to acquire the shares. While the wire transfer is still an option to deposit funds into the brokerage account, it is now possible to accelerate this process to almost instantaneous with electronic payment systems, such as PayPal.
In This Article:
- How to Buy Shares With Paypal
- How do Withdrawals to PayPal Work?
- Islamic Accounts
- Demo Accounts, Social Copy Trader.
- Read More “Guides”
How To Start Trading Online Using PayPal In 3 Easy Steps
If you don’t like to read much, follow the 3 easy steps below to get started with trading in a matter of minutes. Otherwise proceed to the next paragraph to know more.
1. Select Broker
You’ll want to choose a Broker with PayPal as their Deposit Method. RegalX has over 150+ global deposit methods, including Skrill, Neteller, Bitcoin, AstroPay, Visa, MasterCard, Qiwi and many others.
2. Deposit Funds
Open account and Deposit funds, using PayPal, in a matter of seconds.
3. Start Trading
Select from veriety of instruments, Forex, US Stocks, European Stocks, Commodities and Indicies.
How to Buy Shares with PayPal From UAE
Step 1: Open a PayPal account and get it verified
To deposit funds to a stock trader through your PayPal account, first, if not done so, you need to setup your account and get it verified. If, your account is opened and verified, go to Step2
PayPal is a very popular and most secured online gateway method in UAE, and widely used for Business and Personal purposes. Both PayPal Website Payments Standard (‘PayPal buttons’) and PayPal Express Checkout are available in United Arab Emirates.
Note to keep in mind, that PayPal is currently not yet available in Arabic.
PayPal will have you go through a number of steps in order to verify your account before you can deposit funds to a broker, these steps should include the following:
- Providing your personal information such as information like your full name, place of birth, age, where you live and more.
- Confirming your phone’s number by entering a PIN that PayPal will provide you with via SMS messaging on your phone.
- Verifying the email address that you used to set up your PayPal by clicking the link that is emailed to you by PayPal when you open your account.
- Adding your checking account by confirming the specific amount of money that PayPal transfers to your bank to confirm its legitimacy.
- You will not be able to link your personal bank account as this feature is not available in the UAE, its only for business accounts. When clicking on “add a bank account” it will redirect you to the website and it would give you an option to withdraw to local banks with a partnership with Network (Emirates NBD owned). If it doesn’t work due to not having an business account then you could go back to the website and withdraw directly to card and it would state the last digits.
- Verify the debit card you use on your PayPal by confirming the amounts that were taken from the card by PayPal.
Once all of the above is complete, you are able to use your PayPal account for veriety of uses, including depositing funds into your trading account.
Step 2: Find a Broker That Accepts Payment Through PayPal
Once you have managed to get your PayPal account set up and fully verified you should be all ready to go and search for a broker that best suits you. The first step when trying to find out if a broker is best for you is to find out if the broker you have chosen supports Paypal as payment.
As a Dubai resident, you have two main options, opening a brokerage account with a local Dubai Broker, or international Broker. There are cons and pros of trading with both, which we will cover in more details below.
UAE brokers for Dubai Residents Accepting PayPal.
One way would be to open an account with any of the Dubai-based regulated brokers that can accept PayPal for deposits. The main regulatory body for the Brokers in Dubai, is DFSA.
Cons: usually limited number of instruments from international stock exchanges. lower level of platform user experience, and customer support. As well as limited deposit options, usuallly limited to UAE Bank Transfer.
Pros: Also offering instruments listed on UAE stock exchanges, Dubai Financial Market (DFM), Abu Dhabi Securities Exchange (ADX) and NASDAQ Dubai
International online brokers with PayPal deposit option accepting UAE residents
Here are our top recommended regulated brokers that allow you to deposit funds via PayPal, which also accept and support Dubai Residents.
Cons: Usually very limited access to GCC stock markets
Pros: Better execution and a more user-friendly online trading platform. Access to a broader base of financial instruments such as derivatives and a wide range of products Lower execution costs and better customer service
Highlights RegalX is a platform designed to offer investors access to forex and CFD trades, while also enabling instant pivots to other asset classes including commodities, precious metals and cryptocurrencies. RegalX was developed by Regal Assets, a global multi-commodities operation with offices in global capitals.
Licenses FSA, CySEC, FSC
Highlights Plus500 is a globally-regulated broker offering to trade on more than 2,500+ leveraged CFD instruments commission-free covering Forex, Commodities, Indices, Shares, Options and Cryptocurrencies.
Licenses ASIC, CySEC, FCA, FSB, ISA, MAS
Step 3: UAE accepted verification documents to open account
Now it has become easier than ever to open a brokerage account and is usually done online in a matter of few days. It is mandatory to provide verification documents to open account with regulated online broker. The verification requirements may differ from broker to broker, but general guidelines are to provide your Proof of Identity (Passport Copy), Emirates ID may be accepted in some cases. And the Proof of Address, the utility bill such as DEWA will be acceptable. And in some UAE based brokers, the copy of Ejari could be requested as part of your verification of address. The phone bill is typically not accepted for verification of address.
Step 4: Deposit Funds With Paypal
When depositing funds, you should select the Paypal option followed by entering the amount that you wish to deposit into your account.
Once Paypal has gotten round to processing the amount you have deposited, the box will close, and you will be granted access to the broker’s site. The majority of the time your funds will be instantly readily available, this means you can now use them to purchase shares.
Other Deposit options for UAE residents
Most international brokers accept all major UAE bank cards (Emirates NBD, ADCB, RakBank), as well as a wire transfer SWIFT. Bitcoin, Skrill, neteller, Webmoney, AstroPay, RuPay, directq are widely used methods to deposit funds into the brokerage account.
How do Withdrawals To PayPal Work?
Most brokers will only ask you to enter the amount that you want to cash out and then the request will swiftly go through to their verification team. Upon the broker verifying your withdrawal amount, the funds will then be sent to your linked Paypal. This will usually happen within a couple of minutes.
Is there any such thing called “Islamic trading”. Most international brokers offer Islamic trading accounts on the financial markets. This is one of the biggest concerns which is still not sorted yet. Most of the people think that purchasing stocks from any medium is a Haram while there are others who believe it to be Halal. Around ¼ of the population being Islamic, the concern is whether day trading fits in with Islamic laws and principles. Such questions have been frequently asked by Muslim traders across the world. Is day trading for Muslims considered as Halal or Haram? You can read here in details about the many aspects and viewpoints to give a clarified conclusion, whether it is halal or haram.
Demo Account, Social Copy Trader.
Depending on your level of expertise, I always recommend opening a Demo account first. Even if you are an expert trader, you might want to get familiar with a platform first.
Social trading, as a mechanism, is the ability to literally copy the trades of other professionals on the same platform and execute those trades in your own portfolio. Examining the habits and emulating the patterns of more experienced traders is an excellent strategy in and of itself, but having the added utility of being able to practically implement those habits by duplicating them perfectly; that’s a competitive edge that pays for itself if used properly. eToro, Zulutrade and Ayondo are all platforms that offer this service. Read on to see if Social Trading is right for you.
How soon can I purchase shares with Paypal?
As long as you have managed to ensure that your broker supports Paypal, alongside your account being set up and verified, then you should be able to instantly deposit and withdraw funds as you wish.
Is buying shares with Paypal safe?
Buying shares through Paypal is one of the safer ways of purchasing shares, especially in comparison to the more traditional payment methods.
Am I able to withdraw my funds through my broker to my Paypal account?
If you have your account verified and properly set up in accordance to our guide then yes, you should be able to withdraw funds into your Paypal account.
How do I go about funding my Paypal account?
To fund your Paypal account you will need to link your debit or credit card to your Paypal account and fund the Paypal account. Once it is linked that is the final time you will ever need to enter your payment details ever again.
What is the lowest possible amount that brokerages allow for deposits?
This is usually something that is not consistent throughout different brokerages. Some brokers may allow a minimum deposit of $10 whereas other brokers may only allow deposits of at least $300, it all depends on the broker you choose.
Note From Author: We do hope, we were able to answer most of your questions about starting your trading with PayPal. If there is any questions you have, please feel free to leave a comment below, and I will respond asap. Thank you and Happy Trading!