In this article, I will examine a list of Google Pay Forex brokers, explain what Google Pay is, how to use it as a Forex trader, over the benefits, and provide a quick guide on identifying competitive Google Pay-enabled Forex brokers.
- FP Markets, ECN trading with leverage up to 1:500.
- FXTM, Best all-around broker with high floating leverage and fast execution.
- Plus500, multi-asset and CFD broker.
- AvaTrade, Highly regulated, choice of fixed or floating spreads.
Best Google Pay Brokers Comparison
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Regulators | ASIC, CMA, CySEC, FSCA | CMA, CySEC, FCA, FSC Mauritius, FSCA | ASIC, CySEC, FCA, FMA, FSCA, MAS | ASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFID |
Year Established | 2005 | 2011 | 2008 | 2006 |
Execution Type(s) | ECN/STP | ECN/STP, Market Maker | Market Maker | Market Maker |
Minimum Deposit | ||||
Average Trading Cost EUR/USD | 1.2 pips | 0.1 pips | 1.3 pips | 0.9 pips |
Average Trading Cost GBP/USD | 1.4 pips | 0.2 pips | 1.7 pips | 1.5 pips |
Average Trading Cost Gold | $0.16 | $0.18 | $0.34 | $0.29 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based | MetaTrader 4, MetaTrader 5, Proprietary platform | Proprietary platform, Web-based | Other, MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based+ |
Islamic Account | ||||
Negative Balance Protection | N/A | |||
| Visit Website | Visit Website | Get Started Visit Website80% of retail CFD accounts lose money | Visit Website |
FP Markets
In Summary ECN trading with leverage up to 1:500FP Markets supports Google Pay deposits in the AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD, CZK, PLN, and AED, placing it among the list of flexible leading Google Pay Forex brokers. MT4/MT5 deposits are instant, while Iress deposits take one business day. FP Markets upgrades the MT4/MT5 platforms with twelve plugins plus Autochartist and Trading Central, ensuring traders have a competitive edge. Besides mobile apps for the three trading platforms, FP Markets developed a proprietary mobile app.
Copy traders can use three copy trading providers, including a proprietary alternative, besides the embedded services in MT4, MT5, and cTrader.
Pros & Cons
- Choice of trading platforms and auxiliary trading tools
- Very competitive cost structure and excellent asset selection
- Low minimum deposit requirement and leverage of up to 1:500
- Well-regulated and trustworthy
- Availability of Iress geographically restricted
FXTM
In Summary Best all-around broker with high floating leverage and fast executionFXTM shines with its ultra-low commission-based trading fees, which require a minimum deposit of only $500, whereas most competitors ask for $20,000+. The price improvement technology improves average costs by 0.30 pips or $3.00 per 1.0 standard round lot. It makes FXTM the cheapest among Google Pay Forex brokers. Traders can deposit in USD, EUR, and GBP with instant processing times. FXTM upgrades MT4 with its Pivot Point Strategy plugin, and MT5 is also available. Mobile traders can use the proprietary FXTM Trader app.
Pros & Cons
- Excellent commission-based Forex pricing environment and transparency
- Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app
- Quality market research and educational content for beginner traders
- A highly regulated broker with a tier-1 license
- No cryptocurrencies and limited choice of commodities
Plus500
In Summary multi-asset and CFD brokerPlus500 belongs to the Google Pay Forex brokers offering a competitive commission-free pricing environment with minimum spreads of 0.8 pips or $8.00 per 1.0 standard round lot. It is an execution-only brokerage for manual traders without algorithmic and copy trading support, but its +Insights service presents sentiment-based analytics. It offers filter and trading functions next to the results for seamless and efficient trading. Plus500 deploys its user-friendly proprietary, web-based trading platform and mobile app with real-time SMS and push notifications or alerts.
Qualifying traders get additional trading benefits via the invite-only Premium service, and a high-paying partnership program exists for affiliates.
Pros & Cons
- Broad asset selection in equities and options
- Free and unlimited demo account
- Advanced free-of-charge analytical trading tools
- Global and regulated fintech platform
- Sub-standard trading platform without support for automated or social trading
AvaTrade
In Summary Highly regulated, choice of fixed or floating spreadsAvaTrade makes the list of preferred Google Pay Forex brokers with the best educational offering available from its website and via its spun-out SharpTrader unit. It also features an excellent choice of proprietary trading platforms with WebTrader, Ava Options, Ava Social, and AvaTradeGO. AvaTrade upgrades the MT4/MT5 platforms with the Guardian Angel plugin, while WebTrader and AvaTradeGO come with embedded Trading Central services. Copy traders may also use DupliTrade with the embedded MT4/MT5 options and Ava Social.
Beginners may consider the unique fee-based Ava Protect insurance service to protect against losing trades, while VPS hosting ensures 24/5 market access for algorithmic traders.
Pros & Cons
- High quality educational offering via AvaAcademy
- Excellent choice of trading platforms catering to various trading needs
- Broad asset selection and cross-asset diversification opportunities
- Well-regulated and trusted broker with oversight from a central bank
- Trading costs competitive but nothing special
What is Google Pay?
Google Pay is the digital wallet and payment processor developed and maintained by Google. It enables consumers to use their Android devices to make in-store purchases, transact on supported websites, mobile apps, and services. Google Pay users can interact with payment terminals via near-field communication (NFC). It also supports contactless payments between Android devices. Google Pay is available on Apple iOS devices, except for NFC transactions.
Users must link their credit/debit cards to Google Pay to enable transactions between Google Pay and supported services. Since mobile trading remains popular among millennial and GenZ traders, a rise in Google Pay Forex brokers emerged over the past five to seven years. Despite the increase, overall adoption of Google Pay among traders and brokers is limited.
How Does Trading with Google Pay Brokers Work?
Google Pay Forex brokers integrate Google Pay into their user-friendly dashboard, allowing verified traders to make deposits and request withdrawals. Before traders can use Google Pay Forex brokers, they must open a trading account with their preferred broker. Account verification is mandatory, as all professional brokers comply with AML/KYC rules, which regulators enforce. Most traders will pass verification by uploading a copy of their government-issued ID and one proof of residency document issued within the past three to six months.
Traders must also have an Android device, where a Google ID is required to use all Google services, including Google Pay. Traders must install the Google Pay app and link their credit/debit cards before depositing with their Google Pay app to their chosen Google Pay Forex brokers. Google Pay does not support verification, except for US residents, but it uses two-factor authentication (2FA), and Google Pay relies on its partner banks to verify the ID of users.
Once traders have a verified trading account and linked their credit/debit card to their Google Pay app, they fund their account by following the below steps:
1. Log into the dashboard of your Google Pay Forex brokers.
2. Navigate to the funding page in the top menu or sidebar.
3. Select your trading account if you have more than one, and choose Google Pay as your payment processor.
4. Enter the amount you wish to deposit and confirm the transaction. Google Pay uses your linked credit/debit card to complete the transaction. Please note that most brokers ask traders to withdraw the deposit amount via their original funding source.
5. Deposit times are instant to near instant, and traders can start trading Forex with their Google Pay Forex brokers.
Why Use Google Pay as Your Deposit/Withdrawal Method?
Google Pay Forex brokers are ideal for traders who prefer mobile apps and copy trading services, as it offers an efficient and safe payment portal. Since Google Pay is available on Android and iOS devices, all smartphone users have access, and Android users already have a Google ID.
Google Pay uses a generic encrypted number rather than the linked credit/debit card number for deposits and withdrawals for security reasons. Another benefit is that Google Pay transactions are instant, and traders can use their Forex withdrawals for seamless follow-on transactions.
Benefits of Choosing a Broker that Accepts Google Pay
Traders who are considering using Google Pay but are unsure about Google Pay Forex brokers can evaluate the benefits of using a Forex broker that accepts Google Pay.
Here are the most notable benefits of Google Pay Forex brokers:
- Instant deposits
- Secure transactions
- Seamless use of Forex withdrawal for follow-on transactions
- Integrated transactions for mobile users
- User-friendly interface
How to Pick a Decent Broker Offering Google Pay
When evaluating the trading conditions at Google Pay Forex brokers, the same rules apply as any other broker analysis.
Here is a checklist of what competitive Google Pay Forex brokers should offer:
1. Low trading fees: Trading fees directly impact profitability, and they can reveal which strategies Google Pay Forex brokers actively support and passively discourage. Costs of trading on major currency pairs should not exceed $8.00 per 1.0 standard round lot. Traders should also evaluate swap rates on leveraged positions.
2. Regulation and operational history: Traders should always trade with regulated brokers with a clean record exceeding ten years.
3. Algorithmic trading platform: 80%+ of daily Forex volumes are algorithmic, and traders should ensure one algorithmic trading platform is available, like MT4, MT5, or cTrader.
4. Deep liquidity pools and excellent order execution: The former ensures tight spreads and the latter that traders can transact at the prices they attempt to trade at or better if price improvement technology exists.
5. Asset selection: Traders must ensure their Google Pay Forex brokers offer the assets they want to trade.
Bottom Line
Google Pay Forex brokers are best suited to traders who prefer mobile trading apps and copy trading, as they present a user-friendly and integrated process to deposit and withdraw. Forex affiliates will also benefit, as they can use their withdrawals for follow-on transactions, limiting costs and ensuring a convenient method. Google Pay features fast processing times and secure transactions but has so far failed to gain widespread adoption by Forex traders and brokers.
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