HomeForex Payment MethodsBest Forex Brokers That Accept MoneyGram 2021

Best Forex Brokers That Accept MoneyGram 2021

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 has made a big push to both prevent fraud from occurring on their platform as well as educating their customers about the risks and how they can help protect themselves from any shady wrongdoings.

Best MoneyGram Brokers

1
Min. Deposit
$10
Promotion
User Score
10
Up to $240 bonus!
Deposit with ACA, Wire, Pay with my bank
Invest for dividends and get payout on stocks on Ex-Dividend day
Start Trading
Description:
eToro is a multi-asset investment platform with more than 2000 assets, including FX, stocks, ETF’s, indices and commodities. eToro users can connect with, learn from, and copy or get copied by other users. Buying stocks on eToro is free and you can invest with as little as $50.
Payment Methods
Bank Transfer, Credit Card, Debit Card, PayPal, Wire Transfer
Full regulations list:
CySEC, FCA
Investoo Ltd is compensated if you access certain of the products or services offered by eToro USA LLC and/or eToro USA Securities Inc., as applicable. This compensation incentivizes Investoo Ltd to describe those products and services in favorable terms. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success.
2
Min. Deposit
$100
Promotion
User Score
9.3
Trade out-of-hours on over 70+ US stocks
Get exposure to a wide range of popular UK, US and international stocks
Enjoy flexible access to more than 17,000 global markets, with reliable execution
Start Trading
Description:
The world-leading online trading and investments provider giving clients access to opportunities across thousands of financial markets through our intuitive platforms and apps.
Payment Methods
Bank Transfer, Credit Card, Debit Card, PayPal
Full regulations list:
ASIC, FCA, FINMA, is a licensed bank (IG Bank in Switzerland)
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
3
Min. Deposit
$0
Promotion
User Score
8.7
$0 commission and $0 Options contract fees
Upgraded research with advanced charts
Smart Menus for faster trades
Start Trading
Description:
Firstrade is a leading online brokerage firm offering a full line of investment products and tools designed to help investors like you take control of your financial future. Since its founding in 1985, Firstrade has been committed to providing high value and quality services to help you reach your financial goals.
Payment Methods
Full regulations list:
4
Min. Deposit
$500
Promotion
User Score
8.5
We offer one of the best execution speeds in the industry with low latency
Award-winning support in 14 languages
Trade with precision from 0.5 pips on EURUSD
Start Trading
Description:
Founded in Switzerland, ActivTrades has been around since 2001, which means it has more than two decades of experience in the fintech industry. The independent brokerage house started as a small firm, but it is now a global retail and institutional broker. In 2005, ActivTrades moved its HQ to London, and it began growing rapidly through Europe. ActivTrades offers a lot of benefits to its clients, including educational tools, rewards programs, competitive spreads, and the use of MetaTrader 4 and MetaTrader 5, two industry-leading platforms.
Payment Methods
Bank Transfer, Bank Wire, Credit Card, Debit Card, PayPal, Sofort, neteller, skrill
Full regulations list:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Why Use My Moneygram Account to Deposit With a Forex Broker

Anti-fraud

MoneyGram has made a big effort to educate their customer base about fraud and how they can help prevent it from 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 read more about it on the MoneyGram fraud page.

Tracking

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.

Simplicity

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 whoever 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.

Reliability

MoneyGram, like Western Union, prides 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.

Western Union MoneyGram
Transaction cost £0 £19.99
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.

Conclusion

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.


FAQ

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?

MoneyGram’s 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 is an up to date company and does 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

Paypal Forex Brokers

Skrill Forex Brokers

Neteller Forex Brokers

WebMoney Forex Brokers

Western Union Forex Brokers

Perfect Money Forex Brokers

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