Best Forex Brokers That Accept WebMoney In 2021
WebMoney is an online payment settlement solution that was founded in 1998. It was born in Russia to combat the Russian financial crisis in 1998 and led to increased US dollar use in Russia.
WebMoney transactions do not require a credit card or bank account, users will get a WebMoney ‘purse’ (or wallet as they’re better known now) to pay for services and products.
WebMoney Forex Brokers
Why Use My WebMoney Account to Deposit With a Forex Broker
Deposit & Withdrawals
WebMoney offers several more options to deposit into their account than the likes of PayPal and Skrill. They only let you use a bank transfer or a credit card whereas WebMoney does let you use other electronic payment systems, and payment terminal and cash deposits.
You can withdraw from your account the same way, however, each method has slightly different withdrawal times. A bank wire can take up to 5 days whilst a money transfer could be up to 7 days.
instant money transfer – convenient for traders as well as Forex brokers: when you make a deposit, it’s credited to your Forex trading account very fast, and when you withdraw you’ll get the money fast as well.
An extra layer of convenience & privacy is added because you don’t share credit/debit card information with your Forex broker.
Low money transfer fees is a big plus for WebMoney and in addition, there are Forex brokers who will refund your expenses with WebMoney when you make a deposit.
WebMoney is not just an online wallet or payment system, they offer a range of products for their users. Various purses help users manage their funds, whilst also allowing instant payments to take place. As well as the above mentioned they also provide a service that helps users raise funds, you can take out a loan, and they help with budget and work management.
WebMoney is very much focused on the B2B marketplace. Their website has sections dedicated to specific business types, from merchants and retailers to institutional banks.
The infrastructure required to cater for these businesses and still offer a great service to the customers who will use WebMoney for a personal reason only.
This infrastructure is the reason that depositing into a Forex broker account is easy, this kind of activity is this company’s bread and butter.
Why Not Use Webmoney When Depositing Into Your Forex Account
Once a unit of WM is transacted, it is final and cannot be reversed. This already should put buyers on edge because should you pay for something and you don’t receive it there is little to help you retrieve your funds.
The recourse for seeking legal action is limited unless you have a contract with the other side of the transaction. This exposes international transactions to increased risk.
How to pick a broker that accepts WebMoney
WebMoney is nowhere near the size of PayPal or Skrill for that matter and so when you think about the percentage of users who would sign up to a broker that will only want to use WebMoney, you can imagine that is a very small percentage.
With that in mind, it is no wonder that lots of brokers do not offer WebMoney because to put crudely, ‘they have bigger fish to fry’, their focus will be on the providers that the majority of their market use.
WebMoney Vs PayPal Forex Account Funding
The big reason to choose Webmoney over PayPal is the deposit fee is significantly lower – 0.8%, compared to Paypal – 0.5%-5% (dependant on destination and currency). Other reasons to use WebMoney over PayPal include:
- WMZ tend to accumulate on users’ accounts, and so traders try paying with WMZ whenever possible. If a broker accepts both Webmoney and Paypal, 90% of traders (who have WMZ) will choose the WebMoney deposit method.
- Paypal doesn’t work with all countries and works partially (only sending, but not receiving money) with many others.
If you have a WebMoney account and are happy with the service provided then we have picked out the best brokers for you. For those who are deciding what service they want to use to deposit into a Forex broker account, we feel that WebMoney isn’t for you, either use a traditional method like a bank transfer or a credit card.
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 WebMoney more secure than PayPal?
There have been issues of fraud on the platform and feedback suggests that they take a hands-off approach when trying to recoup the funds, so caution is advised when using WebMoney, especially if you’re a buyer.
What are WebMoney’s fees?
They are one of the lowest in the marketplace, with the low end being around 0.7%, and it doesn’t tend to go much higher than that, which again is why they do have a loyal user base.
How secure is my WebMoney account?
As highlighted above, there have been issues of fraud, which doesn’t mean that the platform isn’t secure but more the fact that it is easier to dupe the users on there and that the protocols of the platform make it difficult to get your money back.
If you do not receive what you have paid for then it is very difficult to request a refund through the platform as PayPal does.
Why don’t all Forex brokers offer WebMoney?
Simply because the users only represent a small portion of the target market the broker’s target. There are two types of brokers that might offer WebMoney, those that are well established and are covering every inch of the market or those that are a bit desperate for customers and are trying everything.
For Forex brokers that fall under the former, see our list of WebMoney Forex brokers above.
What is a WebMoney Forex broker?
WebMoney is a platform to send money from one person to another, a Forex broker is a brokerage that allows you to trade the Forex market, the two simply means that it is a brokerage that lets you use WebMoney to fund your Forex account.
How can I deposit into my WebMoney account?
You can deposit into your WebMoney account by cash, bank account, E-money, payment terminal and money transfer. You can also withdraw using all these methods as well.