Webmoney Brokers 2020 – Which Brokers Accept Web Money Deposits?

web money logoWebMoney is a digital payment service which is accepted by several online forex brokers. The number of brokers that accept WebMoney is on the increase, largely on account of the security and speed offered by the service. Other advantages for stockbroking platforms which accept WebMonet include acceptance of all major currencies and an ability to handle large transactions.

Using brokers which accept this payment method can also benefit forex traders. This is because WebMoney is relatively easy to use and only charges a small fee, even when traders are moving large amounts of funds.

In addition to this, the service encourages daily use of its products with a variety of promotions and bonuses.

WebMoney Brokers

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Right now, we’re going to take a more detailed look at the brokers and trading platforms that accept WebMoney, as well as listing the pros and cons of using the service.

Overview

In recent years, WebMoney has become a serious eWallet alternative to services like Paypal. It now boasts over 30 million users worldwide and is accepted by over 100,000 different online vendors.

The service was founded in Russia as an online money transfer system for US dollars, after the 1998 Russian financial crash led to increased use of dollars in the country.

The platform is available on desktop computers and dedicated mobile apps. It has traditionally been used for a variety of purposes, including making purchases, funding online casino accounts, transferring money abroad or simply as an alternative to banking.

Nowadays, trading with WebMoney is becoming more popular on accounts of its low fees, regular promotional offers and other benefits.

While it may not be considered as ubiquitous or useful for everyday transactions as a service like PayPal, the sheer number of different brokers than accept WebMoney makes it a serious contender when it comes to depositing and withdrawing while using online broker services.

Advantages

Trading with WebMoney comes with plenty of advantages, including the following:

  • Free to open an account
  • Simple to use interface
  • Platform openly encourages forex trading
  • Major brokers regularly offer promotions for funding via the platform
  • Free to receive money
  • Rapid transactions (unless bank transfers are involved)
  • Multiple debit/credit cards can be linked to a single WebMoney account
  • Transfers can be made at zero mark-up to accounts with the same ID
  • Data encryption as standard for increased security
  • Becoming increasingly adopted by online vendors worldwide
  • Low fees encourage regular transactions
  • Support for dozens of currencies including US Dollar, GBP, Euro and Yen
  • Cryptocurrency support

WebMoney is also considered business-friendly and is largely focused on the B2B market. The website has sections relating to specific business types, with everything from merchants and retailers to traders and institutional banks catered for.

The fact that the infrastructure is set up for business transactions makes it a great choice for traders. This sort of transaction is “bread and butter” to a company like WebMoney, and traders can expect a fast and secure service whether they are depositing or withdrawing funds into their purse.

Drawbacks

As a potential eWallet for forex traders, WebMoney does have some drawbacks, including:

  • Higher currency conversion fees than other leading eWallet providers
  • Fees on every transaction
  • Verification required to increase maximum deposit/withdrawal amounts
  • Unclear information on specific deposit/withdrawal limits

Perhaps the biggest bone of contention among WebMoney users is that once funds have been transacted, the transaction is final and cannot be reversed.

This tends to put buyers on edge because if they pay for something and don’t receive it, it means there is little recourse for retrieving funds.

Unless the depositing party has a contract with the receiving party, there is little that can be done in terms of legal action to help recover funds. This exposes international transactions in particular to an increased risk of fraud.

Speed Of WebMoney Payments

Payment with WebMoney is generally rapid. Funds deposited into a WebMoney account via debit/credit card are generally available instantly.

However, funds deposited via bank transfer can take up to five working days before they are available. Cards and accounts used to make deposits/withdrawals with WebMoney don’t have to be in the name of the account holder, although for security purposes the firm may ask for verification.

It’s also possible to make instant deposits into your account via the following currencies/platforms:

  • Bitcoin (BTC)
  • Litecoin (LTC)
  • Bitcoin Gold (BTG)
  • Ripple (XRP)
  • Ether (ETH)
  • Monero (XMR)
  • Klarna
  • Neteller
  • Rapid Transfer
  • Trustly
  • Fast Bank Transfer

Security

WebMoney takes lots of security measures to make sure each user is protected. All transaction information is secured with 128-bit encryption which is protected to the highest possible standards.

The mobile app also features two-factor authentication. This means that users are required to enter a code sent to their mobile device via text in addition to entering their email address and password.

In 2019, the firm also introduced a new video identification method, known as VideoID. With VideoID, users can verify themselves via a smartphone or webcam by displaying a national identity document. This verification method is swifter than visiting a notary or WebMoney verification centre.

Deposits And Withdrawals

Depositing and withdrawing funds from a WebMoney account is incredibly simple. The firm operates a simple fee tariff of 0.8% of the payment amount for every transaction.

This means that regardless of whether you are depositing or withdrawing funds, you will have to pay 0.8% on top of the amount of funds you are moving.

However, WebMoney does not charge a fee for transactions between accounts with the same WebMoney ID, allowing you to freely transfer funds from one account to another (such as a business account used for trading, to a personal account used for making purchases).

It’s also worth noting that WebMoney offers different account types, known as “purses”, based on the reason for use and the currency used by the account holder.

Certain accounts, such as a D-purse (used for issuing loans), come with lower transaction fees. If you regularly use WebMoney, it may be worthwhile consulting the firm’s customer service team to see if you could switch your account to a more suitable purse to try and save money on transfer fees.

WebMoney Fees Or Costs

Apart from transaction fees for deposits and withdrawals, there are no additional charges with WebMoney.

You won’t be unexpectedly charged for inactivity, and there is no monthly or annual membership fee. However, you may find that daily use could mean that you rack up a reasonable amount in transaction fees without realising.

This is an issue which affects all traders, regardless of how much money they are moving from one account to another.

Money Transfer

WebMoney offers a service known as WebMoney Transfer, which can be used for peer-to-peer payments. It is a trustworthy service which even includes its own escrow system. WebMoney Transfer transactions incur the standard 0.8% fee, up to a maximum of €50.

Interestingly, there is also an online exchange within the WebMoney Transfer service. This exchange can be used to trade derivative securities, known as NOTES, which are backed by assets such as the shares of public companies. It is also possible to trade cryptocurrency such as Bitcoin, Ether, Ripple, Dash and Monero via the WebMoney Transfer online exchange.

Inactivity Fee

Unlike other eWallet providers, WebMoney does not charge an inactivity fee. However, if your account goes unused for over a year, the WebMoney team may consider suspending your account.

If you wish to reactivate your account, you may be required to go through the verification process once again.

Is WebMoney A Good Choice For Traders?

WebMoney is a common money transfer method for thousands of traders around the world. Whether it is the right choice for you will depend on the currency you are trading in, and how much money you intend to trade.

If you are trading large amounts, it may not be the best choice on account of its transaction fees. However, if you are trading little and often, it might be a strong contender as your forex digital wallet of choice.

There are no attainable VIP levels with WebMoney, which may put large-scale traders off. The fact that a 0.8% transaction fee applies to all transactions may also be enough to send traders to other services.

However, Russian and European traders may find that WebMoney offers more convenience than other platforms, regardless of the fees involved.

FAQ

Are there any WebMoney bonuses?

WebMoney often hands out free money bonuses to new users.

This allows users to test out the service without having to deposit funds, which can be useful if you’re a trader looking for a new platform for deposits/withdrawals.

Is Webmoney accepted in my country?

WebMoney currently operates in 93 different countries.

There are no geo-specific restrictions on the use of WebMoney at present. While the currencies of certain less economically developed countries may not currently be available, this is not specific to WebMoney.

The WebMoney service is compatible with all major currencies and most cryptocurrencies.

How do I fund my WebMoney account?

You can fund your Webmoney account by cash, e-money, money transfer or payment terminal. To fund your WebMoney account online, you will need to log in, click on the ‘Cashier’ tab and select ‘Deposit’.

You should now see the WebMoney logo and will be prompted to select your deposit amount.

If you require a record of your transaction, you can download this information.

How does the WebMoney system work?

WebMoney is based on a number of standardised interfaces used regularly in the financial services industry. The funds of participants are kept safe by companies known as guarantors.

WebMoney users are able to register their specific accounts, or “purses”, with any guarantor they choose.

Each guarantor is required to provide information which is verified by a certification service.

Is WebMoney licensed to operate in Europe?

Since November 2015, WebMoney has held a United Kingdom Financial Conduct Authority (FCA) licence to issue electronic money within the European Economic Area.

It is now fully operational in Europe, and traders can use the service to fund their forex trading accounts.

Is WebMoney as secure as PayPal?

All eWallet services encounter issues of fraud from time to time.

While recouping funds via WebMoney might be more difficult than getting your money back after a rogue PayPal transaction, it is safe to say that WebMoney’s secure encryption is every bit as reliable as other digital wallet services.

Why don’t all brokers allow WebMoney?

At the moment, WebMoney users only represent a small portion of the target market of most brokers.

However, as the service continues to grow in popularity around the work, increasing numbers of brokers and trading platforms are adopting WebMoney as a means of depositing and withdrawing funds.

In recent years, WebMoney has expanded its operations around the world, and the brand is becoming increasingly recognised as a trustworthy digital payment service for all manner of goods and services.

Are WebMoney’s fees considered high?

At just 0.8%, WebMoney’s transaction fees can be considered as one of the lowest in the digital payments industry.

Having a fixed rate works to attract users who don’t want to be stung by hidden extras, and simply want to know upfront what charges they will accrue per transaction.

Why should I use WebMoney to deposit with a broker?

WebMoney is incredibly convenient and also provides you with a layer of privacy. You won’t have to share your credit or debit card information with your forex broker. Instead, you can deposit directly from your WebMoney purse.