The Best MoneyGram Forex Brokers 2019 – Making Deposits & Withdrawals Quick & Easy
What is MoneyGram
MoneyGram is a money transfer solution based in the US, it was founded in 1940 and has built a positive reputation over the years.
Like Western union, their business was based on agents in cities and towns all over the world that would send money abroad on behalf of their clients.
They offer a number of different options when it comes to sending and receiving money and like to give the choice to the user about which method they’d prefer.
MoneyGram have made a big push to both prevent fraud occurring on their platform as well as educating their customers about the risks and how they can help protect themselves from any shady wrong doings.
Why use my MoneyGram account to deposit with a Forex broker
MoneyGram have made a big effort to educate their customer base about fraud and how they can help prevent it happening to themselves. On top of this they have made strides in updating their platform to make it as difficult as possible for potential scammers to hurt their users. For more information, we recommend you reading more about it on the MoneyGram fraud page.
You can track your transaction in two ways; the first is by logging in and monitoring your transaction history and the second is to look up your transaction using the authorisation number or reference number provided when you made the payment.
Both these points help when depositing into a forex broker account because you will know once your money has landed and should it not, you have a record of the transaction.
The MoneyGram account is beginner friendly and makes sending money very easy. Once you have linked a credit card to the account you are free to send money to who ever you wish.
Should a broker accept MoneyGram it also means that they should have the same simplicity and so in theory be able to transfer your money back to you quickly. Therefore, those that do offer MoneyGram also should have a shorter withdrawal period however this is down each individual forex broker to decide their terms.
If they do offer MoneyGram and the withdrawal period is longer than average, probably worth staying away unless their reasoning is logical.
MoneyGram, like Western Union pride themselves on their reputation and this has grown because they are reliable. This is proven by their willingness to refund users should any fraudulent activities happen on their account.
How to pick a broker that accepts MoneyGram
As a random rule of thumb, Forex brokers who accept MoneyGram deposits tend to also accept Western Union deposits as well. Both begun by having agents in locations that would send money for their customers, now with the digital age, this has moved online with both still flourishing in this field.
We would always recommend trying the brokers in the table above because we go through an extensive process when deciding who makes the list.
MoneyGram Vs Western Union
There are lots of comparisons out there of these two giants in the money transfer business but which one takes the top spot?
A case study was performed whereby £500 was sent to Italy through both platforms.
|FX rate||£1 = 1.0942 EUR||£1 = 1.0675 EUR|
|Transaction duration||3 Days||4 Days|
|Total received||547.09 EUR||533.77 EUR|
As you can see, in this one instance, Western Union comes out on top but generally there is not a lot between the two, click here for brokers that accept Western Union.
MoneyGram is a brand you can trust and if you’ve been a customer with them for years then above are the best brokers that do accept MoneyGram as a payment method.
As you can see by the example above, their rates can vary and one day can differ from another.
As a trader, do you want the option to deposit with MoneyGram or Western Union? Realistically it’s probably not a huge issue either way, the customers who use these brands will likely have other means of depositing into the forex broker account.
There are lots of different ways in which you can deposit into a brokers account and isn’t doesn’t (shouldn’t) affect how you trade but it is a sign that the Forex market continues to grow and that you should be aware of different brokers and the payment options they offer. If only to make sure you’re picking one that uses your preferred payment method.
Is MoneyGram more secure than PayPal?
MoneyGram has a long history of being a secure company, and even now with the emergence of the internet and social media platforms, it still continues to keep up its secure reputation.
What are MoneyGram’s fees?
MoneyGrams fees are low when compared to competitors, ranging between 0-2.5%. No fees are charged by the broker when using MoneyGram, but that is also the case with pretty much every other electronic payment system. For more information about fees, see MoneyGram’s fees page.
How secure is my MoneyGram account?
MoneyGram are an up to date company and do use state of the art security protocols, these include Strong Customer Authentication (SCA) to ensure that online payments are secure.
Any payments will be tracked and shown at the start of the transaction, offering transparency and trust to the user.
Why don’t all Forex brokers offer MoneyGram?
The frank answer is that we’re not entirely sure. MoneyGram is a reputable company with a proven track record. The main reason looks to be the fact that it does not see this avenue as a priority for its business at the moment, who knows in a year or two we might see MoneyGram making a move at PayPal’s number one position.
What is a MoneyGram Forex broker?
A MoneyGram broker is a brokerage firm that trades forex and accepts transactions from the business MoneyGram.
How can I deposit into my MoneyGram account?
To deposit onto the MoneyGram platform, you need to link a credit / debit card or bank account to your account, once this is verified, it is up to you how much you want to deposit.
Additional Payment Methods Forex brokers
Do you know another MoneyGram Forex broker? Please suggest by adding a comment below.