MoneyGram Brokers 2024

Contributor Image
Written By
Contributor Image
Written By
Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
Contributor Image
Edited By
Contributor Image
Edited By
James Barra
James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.
Contributor Image
Fact Checked By
Contributor Image
Fact Checked By
Tobias Robinson
Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.
Updated

MoneyGram is a leading global transfer platform, offering secure transactions and reliable customer service. The payment provider has established worldwide brands to serve users in its walk-in-business and direct-to-consumer online solution.

This review focuses on using the payment option for trading, including account opening benefits, login security, and any fees. We also list the best brokers that accept MoneyGram deposits in 2024.

Best MoneyGram Brokers

Our evaluations have uncovered the following 3 top brokers with MoneyGram payments:

Click a broker for details
  1. 1
    AvaTrade
    20% Welcome Bonus up to $10,000

    Ratings
    4.8 / 5
    4.3 / 5
    4.5 / 5
    3.8 / 5
    4.3 / 5
    4.3 / 5
    4.3 / 5
    4.5 / 5
    4.3 / 5
    4 / 5

    $100
    0.01 Lots
    1:30 (Retail) 1:400 (Pro)
    ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
    WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
    Skrill, Wire Transfer, FasaPay, Mastercard, Perfect Money, Swift, MoneyGram, Credit Card, WebMoney, JCB Card, Debit Card, Neteller, Boleto
    USD, EUR, GBP, CAD, AUD
  2. 2
    RoboForex
    $30 No Deposit Bonus
    RoboForex Ltd and its affiliates do not target EU/EEA/UK clients. Please be aware that you are able to receive investment services from a third-country firm at your own exclusive initiative only, taking all the risks involved.

    Ratings
    3 / 5
    4 / 5
    4 / 5
    3.5 / 5
    4.1 / 5
    4.3 / 5
    3.8 / 5
    3.8 / 5
    4.7 / 5
    4.4 / 5

    $10
    0.01 Lots
    1:2000
    IFSC
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures
    R StocksTrader, MT4, MT5, TradingView
    Visa, iDeal, Trustly, Neteller, Skrill, Giropay, Sofort, Wire Transfer, Rapid Transfer, Alipay, POLi, Perfect Money, MoneyGram, Cashu, SafeCharge, WeChat Pay, Vietcombank Transfer, Volet, ecoPayz, AstroPay
    USD, EUR
  3. 3
    IQ Option
    RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK

    Ratings
    3 / 5
    3 / 5
    3.5 / 5
    3 / 5
    3.3 / 5
    3 / 5
    0.8 / 5
    2.5 / 5
    4.3 / 5
    4.2 / 5

    $10
    0.001 Lots
    1:500
    CFD, Forex, Crypto, Stocks, Digital Options
    Own
    Skrill, Yandex Money, QIWI, Wire Transfer, Alipay, Perfect Money, MoneyGram, Credit Card, Vietcombank Transfer, Volet, Maestro, Sofort, GlobePay, Boleto
    USD, EUR, GBP, ZAR

Here is a summary of why we recommend these brokers:

  1. AvaTrade - AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, from CFDs to AvaOptions and now AvaFutures, alongside a comprehensive education center and multilingual customer support.
  2. RoboForex - RoboForex is an online broker, established in 2009 and registered with the IFSC in Belize. Traders can choose from five accounts (Prime, ECN, R StocksTrader, ProCent, Pro) catering to different needs with trades from 0.01 lots and spreads from 0 pips. RoboForex has also enhanced its offering over the years, adding CFD instruments and launching its stock trading platform, plus the CopyFX system.
  3. IQ Option - IQ Option is a trusted broker with multi-asset trading on its user-friendly proprietary platform. The broker provides trading on forex, stocks, cryptos, indices, commodities and ETFs with competitive fees and a good suite of extra features and educational content. You can also open an account with just $10.

MoneyGram Brokers Comparison

MoneyGram Brokers Comparison
Broker Minimum Deposit Instruments Platforms Leverage
AvaTrade logo
$100 CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade 1:30 (Retail) 1:400 (Pro)
RoboForex logo
$10 CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures R StocksTrader, MT4, MT5, TradingView 1:2000
IQ Option logo
$10 CFD, Forex, Crypto, Stocks, Digital Options Own 1:500

AvaTrade

"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."

Jemma Grist, Reviewer

AvaTrade Quick Facts

Bonus Offer20% Welcome Bonus up to $10,000
Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
RegulatorASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM
PlatformsWebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
Minimum Deposit$100
Minimum Trade0.01 Lots
Leverage1:30 (Retail) 1:400 (Pro)
Account CurrenciesUSD, EUR, GBP, CAD, AUD

Pros

  • The broker’s unique risk management tool, AvaProtect, protects against losses up to $1 million and is easy to activate in the platform
  • Day traders can access stable spreads and zero commissions with no hidden fees
  • Recently introduced AvaFutures offers an alternative vehicle to speculate on over 35 markets with low day trading margins

Cons

  • It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here
  • Traders from the US are not accepted
  • There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders

RoboForex

"RoboForex is great if you want a vast range of 12,000+ day trading markets with ECN accounts, powerful charting and loyalty promotions. It also stands out for stock traders with its user-friendly R StocksTrader platform, featuring 3,000+ shares, fees from $0.01 and sophisticated watchlists."

Christian Harris, Reviewer

RoboForex Quick Facts

Bonus Offer$30 No Deposit Bonus
Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures
RegulatorIFSC
PlatformsR StocksTrader, MT4, MT5, TradingView
Minimum Deposit$10
Minimum Trade0.01 Lots
Leverage1:2000
Account CurrenciesUSD, EUR

Pros

  • RoboForex is known for its tight spreads starting from 0 pips and low minimum deposits from $10, making it accessible to those on a budget. The ability to trade with micro lots further lowers the barrier to entry for new traders.
  • The broker offers two commission-free withdrawals each month in the Free Funds Withdrawal program, helping day traders to minimize transaction costs.
  • The R Stocks Trader platform rivals leading solutions like MT4, with netting and hedging capabilities, comprehensive backtesting, Level II pricing, and a flexible workspace.

Cons

  • Despite offering a range of platforms, RoboForex still doesn't support the increasingly popular cTrader. This might deter traders who prefer this specific platform for their day trading activities and is available at firms like Fusion Markets.
  • While RoboForex offers competitive spreads, some of its account types come with high trading commissions up to $20 per lot, trailing the cheapest brokers, such as IC Markets.
  • RoboForex provides a variety of account types, which, while offering flexibility, can be overwhelming for newer traders trying to choose the most suitable option for their trading style. Alternatives, notably eToro, provide a smoother entry into online trading with one retail account.

IQ Option

"IQ Option is a good broker for beginners with a slick platform and low minimum investment. New users can also open an account in three easy steps."

William Berg, Reviewer

IQ Option Quick Facts

Demo AccountYes
InstrumentsCFD, Forex, Crypto, Stocks, Digital Options
PlatformsOwn
Minimum Deposit$10
Minimum Trade0.001 Lots
Leverage1:500
Account CurrenciesUSD, EUR, GBP, ZAR

Pros

  • Excellent range of payment methods
  • Access to IQ Option community
  • Reliable 24/7 multilingual support

Cons

  • No MetaTrader 4 integration
  • €10 inactivity fee after 90 days

How Did We Choose The Best MoneyGram Brokers?

To list the top MoneyGram brokers, we:

  • Sifted through our directory of 500 online brokers, focusing on all those that accept MoneyGram payments
  • Verified that they support MoneyGram deposits and withdrawals for day trading
  • Ranked them by their overall score, blending 100+ data points with our in-depth observations

MoneyGram Overview

Founded in 1940 under the name ‘Travelers Express’, the MoneyGram brand was established in 2004 after merging with ‘Integrated Payment Systems’. MoneyGram’s consumer-focused capabilities have grown the business as a global leader for online money transfers.

In 2014, it became the second-largest money transfer provider in the world after Western Union and can now be found in more than 200 countries and 430,000+ international agent locations. It has also become an increasingly popular deposit and withdrawal option at many top trading brokers and platforms.

MoneyGram is licensed by the New York State Department of Financial Services and is authorized in all 50 US states. The UK affiliate is regulated by the FCA, with its head office in London.

moneygram brokers

Pros Of Trading With MoneyGram

Customer Support

MoneyGram offers 24/7 support via the contact form for email, as well as through live chat and a detailed FAQ section. A UK-based customer service telephone number is also available. Customer reviews report a responsive support team that can help with payment issues and questions about refunds.

Note, most trading brokers also offer 24/5 customer support and can support with funding queries.

Mobile App

The mobile app and wallet is a convenient way to send money, deposit funds, pay bills, and more. With over 1 million downloads, the app enables transfers to be made on the move. It also comes with a transfer tracker so you can see the latest news and payment updates.

The mobile solution is available on iOS and Android devices and will supplement other trading apps, such as MetaTrader 4 (MT4).

Worldwide Access

You can send or deposit money to more than 200 countries with MoneyGram, including the UK, Japan, and Dubai. This makes it a good option for traders registering with brokers in other jurisdictions. It also means you can use the payment service for more than just online trading deposits.

Broker Integration

MoneyGram is widely available as a trusted payment method with forex trading brokers, including CityIndex, XTB, and FP Markets. Minimum deposits, payment times, plus processing fees vary between providers. It is worth checking our broker reviews or with the brand’s customer support team before making a payment.

Cons Of Trading With MoneyGram

Limited Outside USA

Outside of the USA and Canada, you can only deposit money with a debit/credit card or in cash at an agent location. Bank account transfers are solely for US residents. This does reduce payment flexibility for traders in other jurisdictions.

Fluctuating Rates

Higher exchange rate margins are charged by MoneyGram so international transfers vs other payment options such as TransferWise may not seem as competitive. As a global brand, MoneyGram is subject to poorer exchange rates than specialized online providers. This may be reflected through higher deposit fees charged to traders by brokers.

Speed

Deposits made with MoneyGram are completed within a few hours but receipting times are dependent on the destination country. Examples include:

Cash can be ready for pick-up in as little as 10 minutes, but this is dependent on the availability at your merchant as many prefer online and bank transfers only.

Brokers may also have their own processing times which can cause a delay in funds reaching your trading account. Some platforms may need to verify ID before crediting an account, which may delay funding. With that said, the best brokers offer near-instant deposits.

Security

Fraud prevention is a key pillar of security assurance for MoneyGram, a founding member of a scams awareness organization. Topics covered on the website include how to safely send and receive money online and a contact phone number for suspected frauds. Online payments are covered with Strong Customer Authentication (SCA) and authorized for payment services throughout the EEA.

Note, you may be blacklisted if you do not operate within MoneyGram’s terms and conditions.

How To Deposit Using MoneyGram

You can pay for online transfers using a US bank account or credit/debit cards (Visa or Mastercard), most of which are completed within a few hours. MoneyGram highlights several factors impacting deposit timings, including local regulations and banking hours.

Consult the respective broker’s website to see how this may impact funding before you sign up for a trading account. It could also be worth checking with the broker’s customer support team what the maximum sending and transfer limits are.

From there, the process to deposit is very similar across most brokers. At AvaTrade, for example:

  1. Head to the deposit section after logging in, then click ‘Fund My Account’
  2. Select Moneygram from the list of available payment methods and enter the amount you wish to deposit
  3. Add the payment method details into the respective fields and confirm the transaction

Fees

Fees vary depending on transfer amount, location, and receiving country, but are typically lowest when sending from a US bank account. An easy-to-use fee calculator and money converter are available on the official website without having to login, however, these may not reflect the fees charged by your investing platform. Speak to your trading broker for a quote or estimate when using a money order, for example.

Is MoneyGram Good For Day Trading?

MoneyGram is a leading global brand for safe and simple international payments. The online service is extensive, with a range of deposit methods available, though bank account transfer accessibility is only available to US residents. Traders should be mindful of exchange rates with sending money to certain countries, which may be reflected in the deposit charges on the broker’s end.

FAQ

Which Brokers Accept MoneyGram Deposits?

Several top-rated brokers offer MoneyGram payments, including AvaTrade and RoboForex. You can refer to our list of top MoneyGram brokers to find the best option for your requirements.

Is It Safe To Deposit To My Trading Account Using MoneyGram?

MoneyGram adheres to strict fraud prevention and customer authentication standards to protect clients. Top regulated brokers should also offer robust financial safeguarding measures, adding an extra layer of security.

Are MoneyGram Deposits To My Live Trading Account Free?

No, traders may have to pay exchange rates when using MoneyGram. Brokers will typically charge a small percentage commission to traders, though some brokers may offer to cover these fees themselves.