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PayPal UK – How to Open an Account and Deposit Guide

In this guide, you will see a step by step guide on how to use PayPal if you are in the UK and looking to add funds to an online casino or forex trading account.
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Author: Andrew O'Malley

Last Updated: June 15, 2020
PayPal UK
PayPal UK

PayPal is one of the leading digital payment methods that is around in this day and age. It has developed into a well-respected offering since it first launched back in 1998. It is the de facto payment option for countless people across the globe and is extremely simple to use.

From start to finish you will be facing minimal steps when using PayPal to fund an online forex broker account or when adding funds to your preferred online casino. This guide will walk you along the entire process in an easy to digest manner so you can get started using PayPal in the UK today.

Table of Contents

    Why use PayPal?

    The advantages of PayPal are many. It was a frontrunner of the e-wallet market that started to emerge at the beginning of the 21st century. Millions of people in the UK now use PayPal on a regular basis to conduct transactions. This is thanks to its great security features and being extremely easy to use.

    Simple to Use

    When you first use PayPal to conduct a transaction, you will see just how simple and straightforward it can be. Opening an account does not take long at all and the method of depositing and transferring funds through PayPal is so easy almost anyone could do it.

    When transferring funds to or from a PayPal account, the only information you need is the destination email address for the funds. If you are receiving the money, this is the only info you need to provide.

    For sending money, you will just have to enter your PayPal password to confirm the transaction. Therefore, you do not have to worry about the sharing of extensive financial info and addresses when making or receiving payments, all you need is a simple email address and you will be good to go.

    Great Security

    The highlight of PayPal’s offering is the security it provides account holders. The company has a very strong reputation thanks to being a key part of the digital payment sector for so long. When you are making transactions through PayPal, there is no requirement for you to share any personal data with the person on the other end of the transaction.

    All you need to do is provide your PayPal email address and you can then receive funds. For sending money, simply enter your PayPal email address and password, with this transaction then being processed. It provides you with great peace of mind.

    Fast and Versatile

    Another great aspect of using PayPal as a payment method is its speed. Funds will process nearly straight away, which is ideal. This goes for sending and receiving money. A lot of other payment methods can often be a lot slower, taking a few extra days for your funds to process than when you use PayPal.

    You also have the option to utilize a quality PayPal mobile app to manage and conduct transactions when you are away from your desktop copter, which is ideal.

    Step 1: Open a PayPal UK Account

    Once you are happy that PayPal is the payment method for you, open a UK PayPal account. Visit the PayPal website and click the ‘Sign Up’ button. If you are planning to add funds to one of the online casinos that accept PayPal or you want to add trading funds to a forex account, you should select the ‘Personal Account’ account type.

    PayPal UK account type

    You will then have to fill in a standard information form with the likes of your full name, email address, home address, nationality, date of birth and then set a password for his new account. When you add your phone number, you will receive a PIN code that has to be entered to confirm this number. There will also be a verification email sent to you that will allow you to activate this account. 

    PayPal UK register

    Step 2: Fund Your PayPal Account

    As soon as your PayPal has been created, you will be ready to get some money into this new account. A checking account will have to be linked initially. A test transaction will be conducted by PayPal once you do so. A few pennies will be deposited by PayPal to your linked bank account.

    To verify your account payments section, you will need to confirm the exact sum or transaction code that was used as part of this transaction. The amount of time it takes for this test transaction to reach your bank account will usually depend on your bank. Sometimes it can take up to 24 hours, sometimes longer. For most leading banks, PayPal transactions will process normally inside of a few hours.

    PayPal UK deposit

    As soon as this process has been completed, you can then get started adding funds to PayPal. Click on ‘Add Money’ and you will be able to add funds by using a debit card or through a bank transfer. Select your preferred method and your preferred currency of choice, deposit sum and the details needed to approve this transfer. As soon as you confirm this transaction, the funds should reach the PayPal account nearly straight away.

    Step 3: Select Your PayPal Casino or Forex Broker

    As soon as the funds have reached your PayPal account, you should be ready to deposit these funds to a PayPal online casino or forex broker. You have countless options for both of these types of offering to chose from. We have chosen the leading options for those people looking to use PayPal to add funds to an online casino or forex broker account.

    1. 32Red Casino - Best Online Casino in the UK using PayPal

    32Red Casino has been a part of the online casino space since the beginning. Over the years it has constantly improved its offering to stay up to date with the latest trends and to remain at the top of the game.

    The casino is powered through Microgaming software, one of the best software companies in the sector these days. Most of the various games on the platform are powered by Microgaming, in addition to a couple of other companies. You have endless amounts of different slots to check out, with classic options, ultra-modern choices and progressive jackpots all being on offer.

    The process of playing these games is great, with the graphics popping out and the gameplay experience being very smooth. This is the case whether you are playing on a desktop computer or through your mobile device.

    You will also find one of the leading selections of table games in the UK sector today. All of your favorites will be catered for, as well as a number of different niche options. There is a live dealer casino that also covers all bases, allowing for a truly immersive experience.

    If you want to venture away from 32Red’s online casino offering, there is also a sportsbook, poker and bingo platforms that you can explore; the options are endless. The cherry on top is the welcome offer for new signups at 32Red Casino. Your first deposit will be matched 150%, allowing you to get a bonus of up to £150 right off the bat.

    Overall, 32Red Casino is a quality choice if you are in the UK and looking for an online casino that accepts PayPal.

    Our Rating

    • Great library of games
    • Wide-ranging live casino
    • Decent welcome bonus
    • Strong selection of table games
    • Only a handful of software developers

    2. eToro - Best Online Forex Broker for PayPal in the UK

    eToro is one of the leading forex brokers in the sector today. It started out with humble beginnings in 2007 and it didn’t take long for it to attract a loyal base of traders.

    Improvements have been made right along the way to keep it up to speed with its competitors, surpassing most other brokers in the space in many regards. It has a good reputation and is licensed by the Financial Conduct Authority (FCA) in the UK. This ensures that this broker is independent and fair for traders.

    The main focus of eToro is forex and CFD trading instruments. You can also trade the likes of ETFs, shares and cryptocurrencies. One of the main aspects of eToro is their social trading offering. You are able to check out what trades the best traders on the platform are making. This allows you to learn about being a profitable trader, as well as being able to copy the trades that these people are using.

    No matter what your level of experience, the eToro platform is very simple to use. The trading platform is user friendly, but the lack of customization options and limited analysis capabilities may be a negative for more experienced traders. In terms of trading fees, eToro’s forex fees are about average, while its CFD trading fees are very good.

    Overall, eToro covers most bases for those who are looking to get started with an online forex broker that accepts PayPal in the UK. There are plenty of tradable instruments, beginner-friendly and very straightforward to use.

    Our Rating

    • Forex, CFD and cryptocurrency trading
    • Competitive fees
    • Strong social trading offering
    • User friendly
    • Limited customization options

    Step 4: Fund your Casino or Forex Broker Account

    As soon as you have chosen the online casino or forex broker that you want to sign up for, you will then register for an account and use PayPal to add funds to these respective accounts.

    For 32Red Casino

    On the 32Red Casino website, choose the ‘Register’ option and add your required personal info, such as full name, date of birth and home address. You then select a username, password and agree to the terms and conditions of 32Red Casino.

    Completing the verification process at this stage is a good idea as you cannot make a withdrawal without doing so. Photo ID and proof of address will need to be submitted, with these usually get approved quickly. You are ready to then add funds to your account by going to the ‘Banking’ section and choose PayPal as your preferred option.

    32Red Casino PayPal

    Enter how much you wish to add and then enter your PayPal email address and password to confirm this deposit. If there is a welcome bonus code to use, this is the stage to enter it.

    For eToro

    Select the ‘Sign Up’ option on the eToro website and fill out the personal information fields. You can then go to your account and add funds by selecting ‘Deposit Funds’. Select PayPal as your preferred payment option, your preferred sum and currency.

    eToro PayPal

    Then you just need to enter your PayPal email address and password and these funds should process to your eToro account almost immediately.

    Step 5: How to Withdraw Your Funds

    If you have had some success through online betting with PayPal on 32Red Casino or you’ve made some profitable forex trades, you may want to withdraw funds to your PayPal account.

    For 32Red Casino

    Go to the ‘Banking’ section and select ‘Withdraw’. You will be shown the available balance that can be withdrawn. Select PayPal as your withdrawal method and then enter your PayPal email address and how much you want to withdraw. As soon as 32Red Casino has approved this withdrawal, the funds should hit your PayPal within a few hours.

    For eToro

    Select ‘Withdraw Funds’ and decide how much of your available funds you want to withdraw. Select PayPal as your withdrawal method and add your PayPal address and confirm the transaction. It usually only takes a few hours for the funds to process to your PayPal account.

    To Your Bank

    You may decide to withdraw some funds out of your PayPal account and put them into your bank account. Select the ‘Money Out’ option on your PayPal account. You can then see what bank accounts you have previously linked.

    PayPal UK bank withdrawal

    Choose one of these accounts or enter a new option and select how much you want to withdraw. This withdrawal can process within a few hours a lot of the time, depending on the bank you are using.

    PayPal Fees & Other Expenses

    Usually, there will be no fees charged for using PayPal to add funds to an online casino or forex broker account. Oftentimes when making a withdrawal to PayPal from your respective accounts, there will be a 5% fee charged on the transaction.

    There is usually a cap on the size of this fee. Overall, PayPal is a cost-effective way to conduct digital payments in a quick, easy and safe manner.

    Conclusion

    As you can see, PayPal is an ideal way to quickly and safely add or remove funds from an online casino or forex brokerage account. It is the preferred option of countless people across the UK and it is very easy to get started with today. You can add funds using PayPal to an online casino account or forex broker in a matter of minutes.

    Our Recommended PayPal UK Casino

    Our Rating

    32Red Casino Payment Methods
    • Large Selection of Quality Games
    • Extensive Live Dealer Casino
    • Customer Support Available 24/7
    • Great Welcome Bonus
    32Red Casino Payment Methods

    Our Recommended PayPal UK Forex Broker

    Our Rating

    eToro to Buy Rolls-Royce Shares
    • Supports social trading, copy trading and copy portfolio features
    • Trade on the go via the eToro mobile trader
    • Highly transparent fee structure
    • A wide range of advanced trading tools and analytics
    eToro to Buy Rolls-Royce Shares

    FAQs

    Do most online casinos and forex brokers accept PayPal?

    No, there are a lot of online casinos and forex brokers that do not accept PayPal as a payment option.

    Are there limitations on using PayPal for an online casino?

    There are some online casinos that will require you to withdraw using PayPal if you made your original deposit using PayPal.

    How fast will a PayPal withdrawal from an online casino or forex broker take?

    The platform can take some time to process a withdrawal request, but once this step has been done, a PayPal withdrawal will usually see the funds hit your account within a few hours at most and often almost instantly.

    How long does the PayPal payment verification process take?

    This will depend on the bank you are using. If the bank processes PayPal transactions within a few hours, this is how long it will take to complete this verification process.

    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.