G'day everyone,

If anyone is thinking of funding their account using PayPal, here is a heads-up.

I just opened a live account with FXPro, partly because they offer the ability to fund your account using PayPal. Both FXPro and PayPal state that they don't charge any fees, so I thought it would be a good option.

I sent $500 USD to FXPro and was very surprised to find that they only credited my trading account with $487.70 USD!

It turns out that, although neither charged me to transfer my money, PayPal did charge FXPro to receive my money! They deducted this fee before sending the balance to FXPro.

So, I sent $500, PayPal deducted their fee, and FXPro received the remainder - which they credited to my account.

Regards,
Niall

When I funded both my FXDD and IBFX accts they received all the funds... BUT the bank charged me ca$h advance fees... You'd think these brokers would set up ACH accts...

Well, that's only 2.46% off, very nice.
Paypal takes their commission from every merchant receiving funds, that's how they
make their profit, that's their business. 2.46% on $500 is not bad.

Kind of lousy if your broker didn't mention that they deduct fees upon receipt of paypal.

I was interested in opening an FXDD account because I can use Paypal. One reason I held back was that if the brokerage insists on my withdrawal being sent back through Paypal, I'll be paying a pretty big 2% or so cut to Paypal just to get my own money!

I'd rather just pay a staright $20-$40 wire fee instead of a fixed percent that will only gouge me deeper as my account grows.

The same happened with me. And when I checked my bank account, I realized that not $500 but about $514 was deducted The transfer of $500 costed me $30.

Try looking at IBFX. They have a debit/mastercard account you can set up to transfer your money over to there. So that way you don't have to pay to have it wire to your bank or pay a fee to receive it from PayPal.

__________________
Patience is a virtue
"May the pips be with you"

That's WACK! I don't use paypal or ebay. They both suck. They charge you to post, take money when you sell, then if you have to pay through paypal you have to pay another fee.. CROOKS... They should call it FEE PAL.

Some people make a lot of money using Ebay and Paypal..

Just my opinion..

Your opinion is similar to mine. I've done business on Ebay with Paypal and I know whatcha mean.. It's tough to make a buck considering the fees and how you gotta keep your price down to stay in competition with other people out there selling similar product..