Forex currency converter
Question by anoy21: can i use Paypal as forex medium?
i noticed PayPal has a Currency Converter. is it OK if i use it as a Forex medium? i just dont have the time to do online trading.
what are the pros and cons?
Answer by First Place Turtle
That’s interesting. I haven’t heard of using Paypal as a way to “trade forex”. There’s probably a good reason why it’s not popular, likely because of two things (which you should look into):
1. Paypal probably charges higher transaction fees than the commission charged by forex brokers.
2. Paypal might not offer competitive exchange rates. In other words, they might have a higher spread (difference between bid and ask) than most forex brokers.
Bottom line…I suspect Paypal is not a viable option to trade forex because it’s too expensive in terms of transaction costs.
Know better? Leave your own answer in the comments!
Source: With Forex
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