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PayPal Malaysia – How to Open an Account and Deposit Guide

In this guide, you will learn about using PayPal in Malaysia and how it is an ideal choice when Forex Trading.
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Author: Andrew O'Malley

Last Updated: June 15, 2020
PayPal
PayPal

PayPal is one of the most recognizable online payment options that has been around in recent years. It has been at the forefront of the e-wallet scene since launching in 1998, with countless people using it every day to conduct online transactions.

Its ease of use, great reputation and security features all make for a great all-round offering. This guide will walk you through the process of using PayPal to fund an online forex broker account for those people who are in Malaysia.

    Our Recommended PayPal Malaysia Forex

    Our Rating

    eToro Malaysia
    • Trade Stocks, Forex, Crypto and more
    • Only $200 Minimum Deposit
    • Fully Regulated
    • Easy to Use Trading Platform
    eToro Malaysia

    Why use PayPal?

    There are many different benefits associated with using PayPal. It was one of the very first e-wallets to come to popularity as online payments started taking off at the turn of the 21st century. It is now a go-to option for millions of people across the world, relying on it on a daily basis. People in Malaysia have been using it for many years to fund their online forex broker account for this reason.

    Ease of use

    One of the best aspects of using PayPal as a payment provider is how easy it is to use. The account opening process is very easy and adding and withdrawing funds couldn’t be simpler.

    To receive funds, you only need to give someone your corresponding email address. The process of making a PayPal payment on an online forex broker is as simple as entering your PayPal email address and the corresponding password. The platform itself couldn’t be easier to use.

    Strong security

    PayPal has built up a great reputation over the years as it is a safe and secure platform. You do not have to share sensitive financial or personal data with an online forex broker when you are using PayPal as a deposit method.

    All you need to do is use the secure portal to enter your username and password. This decreases the risk of your financial data getting into the wrong hands. When receiving money, all you need to do is prove your email address, which is also ideal for security reasons.

    Fast and accessible

    Sending and receiving payments via PayPal is extremely fast. These funds will be processed almost instantly, making it very quick and easy to add or withdraw funds from an online forex broker. This compares to much slower times for other payment methods. There is also a great PayPal app for mobile devices that allows you to quickly manage payments on the go, no matter where you may be.

    Step 1: Open a PayPal Malaysia Account

    If you are ready to get started with a PayPal account, you will need to go to the website and select the ‘Sign Up’ option. For funding an online forex broker account, you will want to choose the ‘Personal Account’ option.

    Type of PayPal account

    You then need to enter your email address, full name and create a password. The next step will ask for your full address, date of birth and nationality. You will then be asked to confirm your phone number through a PIN code that will be sent to you via SMS. You also need to verify your email address by clicking the link that has been sent to you.

    PayPal sign up

    Step 2: Fund Your PayPal Account

    To get started with using PayPal to make online payments, you will need to add funds to your account. Before doing so, you will have to link a checking account. There will be a test transaction that will see a very small sum (a few pennies) transferred by PayPal to your linked account.

    You can verify your account or debit card by confirming the exact amount that was deposited. This process can take a day or two to be completed as you will have to wait for the transferred funds to reach your checking account. These days, most banks will thankfully process PayPal payments almost instantly.

    Once this has been completed, you can select the ‘Add Money’ option to fund your PayPal account. You can do so directly via a bank transfer or by using a debit card. Simply enter the relevant details like you would for any other online payment using this method and how much you wish to deposit. These funds should hit your PayPal account almost instantly.

    Funding PayPal account

    Step 3: Select Your PayPal Forex Broker

    Once you have funded your PayPal account, you will be ready to choose an online forex broker. There can be many different areas that you will want to look at when conducting an assessment of the various offerings. We have handpicked the best options for you that accept PayPal for traders in Malaysia:

    Best Forex Broker in Malaysia using PayPal

    1. etoro - Great Social Trading Features

    eToro is one of the biggest names in the online forex broker space today. It has been around since 2007 and it has constantly been improving its offering. It is well-regulated and it looks after all of its client’s needs. You have a great selection of different financial instruments to trade in addition to major currencies.

    There is CFD and cryptocurrency trading on offer for example. The process of opening an account is very straightforward and PayPal is offered as a payment method. You can embark on a social trading experience whereby you can copy the trades of the best performing users on the platform. This is an ideal way for beginner traders to learn the ropes.

    The forex fees can sometimes be a bit high, but you are still getting an all-round quality service otherwise. You can trade both on desktop and mobile, with the platform being very easy on the eye and simple to use. Customer support is always on and to give you some help if needed and the personal data you trust on the platform is always kept safe and sound.

    Overall, eToro is a great fit for most traders, particularly for newer ones.

    Our Rating

    • Great range of trading instruments
    • Very good customer support
    • Easy to use
    • Strong mobile compatibility
    • Forex fees sometimes are a bit high

    2. Forex.com - Very Low Trading Fees

    Forex.com first entered the online forex broker space in 2001 and it has grown into one of the market leaders. Its parent company is listed on the New York Stock Exchange and Forex.com is regulated by numerous leading authorities across the world.

    There is a diverse selection of products to choose from, withs CFDs, precious metals, indices, shares, commodities and cryptocurrencies all being available for you to trade.

    It has one of the better selections of currency pairs in the space today, with more than 80 variations on offer. All of the pricing for these products is very clear and competitive, with the forex fees being particularly low. You have different trading platforms depending on if you are using a desktop or mobile device, with the platform design being very user friendly.

    The research and analysis features are also very good, being ideal for more experienced traders in particular. Customer support is available 24 hours per day from Monday to Friday, with all issues being quickly resolved. Overall, Forex.com is a great fit for all types of traders.

    • Large selection of tradable instruments
    • Great range of currency pairs
    • Very good trading fees
    • No 24/7 customer support

    3. Plus500 - Ideal for Beginner Traders

    Plus500 is a company that is listed on the London Stock Exchange and is open to traders in Malaysia. It is well-respected, having licenses all across the world with leading regulatory bodies.

    There are about 70 different currency pairs for you to trade, with a selection of stocks, indices, ETF and commodity CFDs for you to trade. Finally, there are also 14 different cryptocurrencies that you can trade. For CFD trading the fees are generally nice and low, with the forex fees being about average for the sector.

    There is a proprietary trading platform you can use which is useful for beginners as it is very simple and straightforward to use. Advanced traders may not enjoy the limited customization options that are on offer.

    You can use this platform in many different languages. While the charting capabilities are good, fundamental news flow is not great. Finally, there is 24/7 customer support, but there is no option to ring the team by phone.

    Overall, Plus500 is a great fit for more casual or beginner traders.

    • Decent selection of tradable instruments
    • Competitive trading fees
    • Easy to use trading platform
    • Customer support available 24/7
    • Not much customization options for advanced traders

    Step 4: Fund your Forex Broker Account

    Once you have chosen your online forex broker, you will be ready to send funds from your PayPal account to these respective accounts.

    For eToro

    You will first need to sign up for an eToro account by clicking ‘Register’ and filling out all of the relevant personal information. You will then be able to add funds to this account by selecting ‘Deposit Funds’ from the menu. Select PayPal as your preferred payment option and you will be taken to a screen where you can select how much you want to deposit and in what currency you.

    eToro PayPal deposit

    Once you have confirmed these details, you will be taken to the PayPal website where you will enter your PayPal username and password and then approve this transaction. The funds will then be processed instantly to your eToro account. You will need to have fully verified your eToro account to do so.

    Step 5: How to Withdraw Your Funds

    If you have made some profitable trades, you may then want to withdraw these funds from your respective account to PayPal.

    For eToro

    To withdraw funds to PayPal from your eToro account, you will need to select the ‘Withdraw Funds’ menu option. Your available balance to withdraw will pop up. When you select how much you want to withdraw, you will then simply enter your PayPal address and confirm the payment on eToro. These funds will usually hit your PayPal account instantly, but sometimes it may take a few hours to do so.

    eToro PayPal withdrawal

    Step 6: How to Withdraw From PayPal to Your Bank

    If you want to withdraw funds from your PayPal account to your bank, this is a very easy step. You simply need to select the ‘Transfer Money’ option. You will then see what bank accounts you have linked to PayPal.

    You select your preferred destination for these funds, enter how much of a given currency you want to withdraw and then confirm the transaction. It’s as easy as that. While processing times are different depending on your bank, usually these funds will process within a few hours.

    PayPal withdrawal

    PayPal Fees & Other Expenses

    Naturally, there are going to be some fees that you need to consider when you are using PayPal as a way to conduct online payments. When you are sending funds to an online forex broker, you will not be charged a fee by PayPal for doing so.

    When it comes time to withdraw funds to your PayPal account, you will normally have to pay a fee of 5% of the transaction amount, with the minimum fee having a cap on it of just a few dollars. Therefore, it is a pretty cost-efficient way of conducting transactions that are easy to do, secure and ultra-fast to process.

    Conclusion

    As you have seen, there are many great advantages associated with using PayPal to add and withdraw funds from your online forex broker account. You can conduct these transactions on both desktop and mobile devices in a safe and secure manner.

    It is one of the quickest ways to conduct these transactions also, you will not have to wait numerous days for the withdrawn funds to hit your PayPal account in Malaysia. You can’t go wrong with using PayPal as a payment method.

    Our Recommended PayPal Malaysia Forex

    Our Rating

    eToro Malaysia
    • Trade Stocks, Forex, Crypto and more
    • Only $200 Minimum Deposit
    • Fully Regulated
    • Easy to Use Trading Platform
    eToro Malaysia

    FAQs

    How fast is a PayPal withdrawal from an online forex broker?

    Sometimes the forex broker may take up to 24 hours to approve your withdrawal request. However, once this has been done, your funds should hit your PayPal account within a few hours.

    How long does it take a PayPal withdrawal to your bank account?

    This will vary depending on the bank, but for most major institutions this will only take a few hours before the funds show up in your account.

    Do most forex brokers accept PayPal as a payment method?

    These days, a lot of online forex brokers in Malaysia do not accept PayPal as a payment method but this may change in the future.

    How long does it take to verify a PayPal account?

    PayPal will deposit a small sum to your linked bank account, with this step sometimes taking a few hours and other times taking a day or two depending on your bank. Once you confirm this transaction through your PayPal account, you should be good to go.

    All trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
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    Andrew has been writing about the gambling industry for more than five years, covering everything from sports betting to casinos and poker. With the sector constantly evolving, he loves nothing better than staying up to date with the latest movers and shakers in the space.