Google Pay itself is not a trading platform, but a payment method that can be used to pay for almost all goods and services, including Forex deposits. Your plan might go something like this:
Set up your Google Pay app to pay
Choose a Forex broker
Deposit funds into the broker's account using Google Pay
Trade currencies
In today’s world, almost all of our day-to-day actions can be conducted using mobile devices, including trading Forex. Thanks to payment apps like Google Pay, paying for the various services and products we buy using our phones is simple and fast. But can you use Google Pay to trade Forex? In this article, we explain how to use Google Pay to pay for Forex deposits, and how to trade Forex using mobile apps.
Can we do trading in Google Pay?
Technically, no. Google Pay is a well-established online payment system and e-wallet that can be used to fund trading accounts and make deposits using mobile devices, depending on which broker you’re using. The Google Pay platform itself cannot be used to trade, only to fund accounts.
Can I use my phone for Forex trading?
It depends on which brokerage and platform you’re using but for the most part, yes. Most platforms offer an accompanying mobile app for users to trade on the go.
Which app can I use to start Forex trading?
Which app you use to trade Forex depends on which brokerage or platform you have an account with. According to research conducted by Traders Union’s analysts, the best brokerage firms with apps for mobile trading are RoboForex, IC Markets, and EXNESS.
What does deposit mean in Forex?
The noun ‘deposit’ refers to the capital that you put into your account to fund your trading. For example: I made a deposit of $100 to trade the USD/JPY pair. The verb ‘deposit’ is the action of putting money into your account to use for trading. For example: I’m going to deposit $100 into my Forex account.
Google Pay, or GPay, formerly known as Android Pay, and before that Google Wallet, is a mobile application developed by Google that lets you use your bank or credit card details to make payments. It can be used for in-app purchases, online payments, and in-person contactless payments. The app essentially functions as a debit or credit card. It is not, however, an app that is directly used for trading currencies.
As Google Pay is a payment app, it can be used to pay for almost anything, including funding your Forex trading account. Google Pay protects its users with multiple layers of security using some of the most advanced cybersecurity technology, making it an incredibly safe way to fund your trading account. Using Google Pay can sometimes be more costly than other methods, as debit card transactions conducted using the app may incur a 1.5% fee. However, this doesn’t apply to most international companies, so be sure to check with your chosen brokerage firm or trading platform. One way to bypass fees is to just make a bank deposit into your Google Pay eWallet, and then use that.
The availability of Google Pay as a means for funding your Forex account largely depends on which brokerage you use. Most brokers will accept Google Pay, as it is not that different from using a credit card. Make sure to check that your selected trading platform accepts Google Pay before registering.
Note:
The Google Payments service is available only to Google account holders. When making payments via Google Pay, your personal data is used - please carefully read the Privacy Policy of the service. You clearly understand in which situations this information may be disclosed to individuals, companies, fiscal or other regulatory authorities.
To begin trading using Google Pay to fund your account, just follow these simple steps:
Research and select a reputable Forex broker that offers a user-friendly trading platform, competitive spreads, and regulatory compliance. Make sure that they offer a mobile app for trading and that they’re a broker that accepts Google Pay as a means to make deposits. Download their mobile app to your phone.
Download the Google Pay app to your phone and open up a Google Pay account if you haven’t already done so. Add your debit or credit card to the Google Pay app to facilitate seamless payments, and then use Google Pay to deposit funds into your broker account.
The process of depositing funds to your forex broker account via Google Pay
The screenshot above shows an example of funding an account with Pepperstone Forex broker via Google Pay. When you log in to your online cabinet via Google Chrome browser, you can get a prompt from Google Pay when you enter your card details.
See our beginner guide on how to open your account here: How to open a Forex trading account? Beginner guide.
Download the trading app that your broker uses, and install it on your phone.
Metatrader 4 – a popular platform for Forex – in Google Play
Connect your broker account to the trading app, and voila! With barely any time or effort put in, you have a Google Pay-funded trading account set up on your mobile device, ready to trade when you are.
Learn everything there is to know about Forex trading, including terminology, market dynamics, and trading strategies through online courses, books, or educational resources. Define your trading goals, risk tolerance, and strategy. Consider factors such as your preferred trading style (e.g., day trading, swing trading), time commitment, and financial objectives. Not sure where to begin with outlining a trading strategy? Check out: Top 10 Effective Forex Trading Strategies - Traders Union.
Begin trading with a small amount of capital that you can afford to lose. As a beginner, focus on preserving your capital and gaining experience rather than chasing profits. Stay informed about economic news, geopolitical events, and market trends, and implement risk management. Continuously learn and adapt your strategy.
Yes, it's possible to start Forex trading with $100, but it's important to understand that trading with such a small amount of capital comes with limitations and risks. With a $100 account, you'll have to trade with smaller position sizes, which may limit your potential profits. For example, if you’re opening positions that only risk the advised 1-2% of your total capital, those positions will only be worth $1 or $2. Additionally, you'll need to be mindful of transaction costs and the potential for losses, as even a small percentage decline can significantly impact a small account.
Although there are limitations, there are steps you can undertake to improve your experience trading with only $100.
Start with a Demo Account: Practice trading with a demo account first to familiarize yourself with the platform and develop your trading strategy without risking real money. Demo accounts let you use virtual currency in realistic trading environments, so that you can determine whether your strategies will work effectively
Focus on Major Pairs: Stick to trading major currency pairs like EUR/USD, GBP/USD, or USD/JPY, as they typically have lower spreads and more liquidity, making them more suitable for small accounts
Trade Micro Lots: With a $100 account, consider trading micro lots, which are 0.01 lots or smaller, to minimize risk and preserve capital. Your overall realized profits may be small, but any profit is still profit
Use Leverage Wisely: Consider using leverage, which allows you to multiply the capital you’re using, while also multiplying the risk incurred. While leverage can amplify your gains, it can also magnify your losses, so be cautious and use leverage conservatively, especially with an account size as small as $100. Avoid over-leveraging by keeping your position sizes small relative to your account balance
Stick to Your Trading Plan: Develop a trading plan with clear entry and exit strategies, and stick to it. Avoid impulsive trading decisions driven by emotions
Did you know that most traders around the world trade on their phones? According to TU expert Upendra Goswami:
“There were about 250 million active Forex traders in the world in 2023. Of those, about 80%, or about 200 million people, trade through their smartphones.”
If you’re going to be trading using Google Pay on your mobile device, you must be well prepared for the differences between mobile trading and desktop trading. We’ve outlined how to trade Forex on mobile in this article: How to Trade Forex For Beginners on Phone?
Google Pay can be used to make payments easily and smoothly for most products and services in the world today, including Forex deposits. If you’re seeking a broker that accepts Google Pay, make sure to research your chosen broker before opening an account, to determine whether Google Pay is an option. Consult our list of Google Pay brokers if you’re unsure. As always, do your own research before investing capital, and make sure to only use money that you can stand to lose.
Jason Law is a freelance writer and journalist and a Traders Union website contributor. While his main areas of expertise are currently finance and investing, he’s also a generalist writer covering news, current events, and travel.
Jason’s experience includes being an editor for South24 News and writing for the Vietnam Times newspaper. He is also an avid investor and an active stock and cryptocurrency trader with several years of experience.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).
