Best Western Union Forex Brokers In 2021
Western Union is a money transfer business that emphasises cross border transactions. They cover over 200 countries and territories which encourages payments from small and large businesses, NGOs, remittance payments to name a few.
Western Union has been a market leader for years and currently offers transactions in over 130 currencies. Their infrastructure can support billions of accounts and they proudly complete on average 34 transactions each second. Given that, it is certainly not a small operation.
Western Union Forex Brokers
Why Use My Western Union Account to Deposit With a Forex Broker
You can track any transaction, which means you can see when it drops into the target account. Should there be any issues, then there is transparency that Western Union can resolve as they have a track of it.
Therefore, when you send money with Western Union into a forex brokers account, you will know once it has landed in their account.
Whilst the speed does vary, they do offer two options when it comes to speed; Money in minutes or Money available in up to 2 days. Both have their uses, but should you want to transfer money quickly then you have the option to do so.
Western Union uses upgraded security standards to protect its users from fraud when making payments online using a credit/debit card. The additional layer of security aligns with the EU regulations and helps verify a customer’s identity.
This means that depositing into a trading account is as safe as it can be, by EU regulations that is.
Western Union was founded in 1851, so it has been around a LONG time. It has grown organically and gained a loyal and trusted customer base. One of the big reasons user stick with Western Union is the fact you can track your payments, and should there be any issues, more often than not, Western Union will resolve the issue with all your funds intact.
How to Pick a Broker That Accepts Western Union
Western Union is not a common payment method for forex brokers, the simple reason is that it is not a priority for either company. Western Union has built its business over a long period, growing with the times and are yet to really push the forex broker avenue.
Some Forex brokers still offer Western Union but not a huge amount do. That is not to say that Western Union is bad nor are the brokers that don’t accept them but more to the fact that it’s a niche neither have pursued as of yet.
There are brokers that do offer it and you can find those in the table above. We use a thorough process to identify brokers we feel are acceptable and then pass those on to you to test out. Some of the criteria we look for are as follows:
- Payment Methods
- Fees, commission, spreads
- Customer Support
- Education resources
Western union is certainly a reputable brand that will offer secure payments across borders and given its reputation the security is likely to be very high.
The issue when it comes to depositing into forex broker accounts is that not a huge number of brokers accept Western Union. Still, we have pulled the best of those that do offer them as a payment method.
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 Western Union more secure than PayPal?
Western Union 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 Western Union’s fees?
Western Unions fees are low when compared to competitors, ranging between 0-2.5%. No fees are charged by the broker when using Western Union, but that is also the case with pretty much every other electronic payment system. For more information about fees, see Western Union’s fees page.
How secure is my Western Union account?
Western Union 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 Western Union?
The frank answer is that we’re not entirely sure. Western Union 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 Western Union making a move at PayPal’s number one position.
What is a Western Union Forex broker?
A Western Union broker is a brokerage firm that trades forex and accepts transactions from the business Western Union.
How can I deposit into my Western Union account?
To deposit onto the Western Union 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.