Western Union Brokers 2024

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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.
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James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.
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Fact Checked By
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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.

Western Union is a financial services organization that is best known for its worldwide money transfer service. Its head office is located in Denver, Colorado, but its retail locations can be found in over 200 countries worldwide including Great Britain (GB). The famous black and yellow logo is internationally recognized as a trusted institution for investors who need to move cash around the globe.

This review will explain how you can send money to trading accounts using Western Union and evaluate the pros, cons, fees and transfer limits. We also list the top brokers that accept Western Union deposits and withdrawals in 2024.

Best Western Union Brokers

The following 4 top-rated brokers offer Western Union payments, based on our evaluations:

Click a broker for details
  1. 1
    LiteForex Europe

    4 / 5
    3.3 / 5
    3.5 / 5
    3.3 / 5
    3.5 / 5
    3.5 / 5
    3.5 / 5
    3 / 5
    3.4 / 5
    4.1 / 5

    0.01 Lots
    CFDs, Forex, Indices, Commodities
    MT4, MT5
    Neteller, Skrill, Visa, QIWI, Mastercard, Perfect Money, Western Union, Credit Card
  2. 2
    Grand Capital
    40% deposit bonus

    0.01 Lots
    CFDs, Forex, Indices, Shares, Energies, Metals, Cryptocurrencies, Binary Options
    MT4, MT5
    Wire Transfer, Neteller, FasaPay, Perfect Money, Western Union, RBK Money, Volet, PayRedeem, Debit Card, Credit Card, AstroPay, Paytrust, Bitcoin Payments, Ethereum Payments
  3. 3
    30% up to $100 via Exinity Ltd

    4.3 / 5
    4 / 5
    3.8 / 5
    4 / 5
    2.8 / 5
    3.8 / 5
    3.8 / 5
    3.5 / 5
    4.8 / 5
    4.4 / 5

    0.01 Lots
    Forex, CFDs, Indices, Commodities, Stocks
    FXTM App, MT4, MT5
    Neteller, Skrill, Visa, WebMoney, Perfect Money, Western Union, Credit Card, Google Wallet, PayRedeem, Maestro, GlobePay
  4. 4
    Referral Codes

    2.5 / 5
    3.8 / 5
    4 / 5
    3.5 / 5
    3.3 / 5
    2.8 / 5
    2.8 / 5
    3 / 5
    4 / 5
    3.5 / 5

    Web Platform
    Wire Transfer, Bitcoin Payments, Credit Card, Debit Card, UnionPay, Visa, Mastercard, Simplex, Ethereum Payments, Volet, Payoneer, PayPal, Perfect Money, Skrill, Western Union, TransferWise

Here is a summary of why we recommend these brokers:

  1. LiteForex Europe - LiteForex Europe is a CFD broker established in 2008 and authorized by the CySEC. The brokerage offers forex, commodities and indices via the MT4 and MT5 platforms. Spreads are ultra tight on ECN accounts and leverage is available up to 1:30 in line with EU regulations. LiteForex also offers a rich education centre for new day traders and social trading capabilities.
  2. Grand Capital - Grand Capital is a MetaTrader broker with welcome bonuses, trading competitions and an intuitive copy trading service. Several account types and 400+ assets provide trading opportunities for various types of investors and strategies. New users can also open an account and start trading in a matter of minutes.
  3. FXTM - FXTM is a top-rated forex and CFD broker established in 2011 and operating across 4 continents. The company is secure and regulated by leading authorities, including the FCA and CySEC. Offering 1000+ day trading markets and three account types, they cater to all levels of trader.
  4. Bitfinex - Established in 2012, Hong Kong-based Bitfinex is a formidable player in the crypto industry. It boasts a powerful proprietary platform, 180 cryptocurrencies and more than 430 market pairs available for spot or perpetual swaps derivatives trading. With new payment methods, lower entry barriers and fresh products like crypto futures, Bitfinex is attracting a wider range of active crypto traders.

Western Union Brokers Comparison

Western Union Brokers Comparison
Broker Minimum Deposit Instruments Platforms Leverage
LiteForex Europe logo $50 CFDs, Forex, Indices, Commodities MT4, MT5 1:30
Grand Capital logo $10 CFDs, Forex, Indices, Shares, Energies, Metals, Cryptocurrencies, Binary Options MT4, MT5 1:500
FXTM logo $200 Forex, CFDs, Indices, Commodities, Stocks FXTM App, MT4, MT5 1:2000
Bitfinex logo $0 Cryptocurrencies Web Platform -

LiteForex Europe

"LiteForex is a good option for active day traders with variable spreads from 0.0 pips, daily analysis and high-quality training guides. The forex copy system also lets you duplicate the positions of experienced traders."

William Berg, Reviewer

LiteForex Europe Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Indices, Commodities
PlatformsMT4, MT5
Minimum Deposit$50
Minimum Trade0.01 Lots
Account CurrenciesUSD, EUR, GBP, CHF


  • A proprietary copy trading system is available which allows you to copy other trading patterns
  • The broker offers a VPS server for experience day traders looking to run their auto strategies continuously
  • Fast ECN execution model with low spreads from 0.0 pips


  • There are limited funding methods compared to other brands
  • Cryptocurrency trading is not offered
  • The range of day trading markets is limited compared to alternatives, with no share CFDs offered

Grand Capital

"Grand Capital is a good broker for traders familiar with MetaTrader plus passive investors interested in copy trading and LAMM solutions. On the downside, the broker's regulatory credentials lag behind competitors."

William Berg, Reviewer

Grand Capital Quick Facts

Bonus Offer40% deposit bonus
Demo AccountYes
InstrumentsCFDs, Forex, Indices, Shares, Energies, Metals, Cryptocurrencies, Binary Options
PlatformsMT4, MT5
Minimum Deposit$10
Minimum Trade0.01 Lots
Account CurrenciesUSD, EUR, GBP, JPY, CHF, RUB


  • Full range of investments including dedicated GC Option brand for binaries
  • GC Invest platform for copy trading
  • Accessible minimum deposit starting from $10


  • High spreads on some assets
  • Basic education and market research
  • Limited regulatory oversight


"FXTM is a good pick for day traders seeking low forex commissions on the MetaTrader 4 platform. That said, the range of other assets is not extensive for those looking to diversify, especially stocks and cryptocurrencies."

Tobias Robinson, Reviewer

FXTM Quick Facts

Bonus Offer30% up to $100 via Exinity Ltd
Demo AccountYes
InstrumentsForex, CFDs, Indices, Commodities, Stocks
PlatformsFXTM App, MT4, MT5
Minimum Deposit$200
Minimum Trade0.01 Lots
Account CurrenciesUSD, EUR, GBP


  • Customer support is reliable and available in 30+ languages, making FXTM a top choice among global traders
  • The broker delivers an excellent charting environment for day traders, with over 30 technical tools offered in the MT4 platform, plus a range of additional platform indicators for monitoring spreads, orders, pivot levels and more
  • Beginners can access a strong range of free educational materials and short-term market insights, including a podcast hosted by the brand’s expert team


  • Withdrawal fees apply, including a 30 EUR fee on bank wire withdrawals
  • It’s a shame that ETFs and bond products are not available, and the selection of stocks is not extensive compared to competitors like AvaTrade
  • Spreads are mediocre in the commission-free accounts, with typical EUR/USD spreads around 1.9 pips - the industry average is around 1.2 pips


"With its growing token selection, advanced charting tools and volume-based fee structure, Bitfinex is a compelling choice for frequent crypto traders. However, testing reveals a daunting platform for newer day traders, hit-and-miss education and regulatory fines that raise safety concerns."

Christian Harris, Reviewer

Bitfinex Quick Facts

Bonus OfferReferral Codes
Demo AccountYes
PlatformsWeb Platform
Minimum Deposit$0
Minimum Trade$10
Account CurrenciesUSD, EUR, GBP, JPY, TRY


  • After bolstering its roster, Bitfinex now offers access to over 180 cryptocurrencies, from Bitcoin and Ethereum to emerging altcoins with high levels of volatility that may appeal to day traders.
  • Despite a steep learning curve, the Bitfinex trading platform delivers for experienced traders, featuring a comprehensive charting package with 12 timeframes, plus margin trading and various order types.
  • Bitfinex boasts excellent liquidity across its crypto trading pairs, reducing the likelihood of slippage and ensuring efficient order execution, particularly for large volume trades, making it reliable for frequent traders.


  • Despite enhancing its security measures with two-factor authentication, Bitfinex still hasn’t escaped its dogged history of major security breaches and regulatory fines.
  • Testing reveals inadequate support, especially for active traders, with response times of 12 hours via email and a frustrating user experience with no live chat integrated into the trading platform.
  • Like many crypto exchanges, Bitfinex operates in a regulatory grey area, which may pose risks for traders, especially compared to trusted crypto trading platforms like eToro.

How Did We Choose The Best Western Union Brokers?

To find the top Western Union brokers, we:

  • Searched our directory of 500 online trading platforms, pinpointing all those that accept Western Union payments
  • Verified that they support Western Union deposits and withdrawals for online trading
  • Listed them by their total score, based on 100+ data entries and our own evaluations

Western Union Headlines

The firm’s rich history began in 1851, starting life as a telegram transmission service. As the company modernized, it moved away from telegrams and into international money transfers. Devin McGranahan, who was previously the president of Global Business Solutions at Fiserv Inc, was appointed CEO of Western Union in December 2021.

The company completes more than 200 million transactions a year across multiple channels online and in person. The firm essentially enables money transfer and exchange for those who do not have a bank account or would prefer to send or receive cash.

There are several ways to make a deposit using Western Union:

Western Union 1941

Pros Of Trading With Western Union

Cash Transfers

Western Union is useful if you do not hold a bank account or prefer to pay in cash. The service enables you to bring your money into the Western Union store and deposit it directly into the broker’s account via wire transfer.

However, some brokers only allow withdrawals via the same method as deposit, so check that the broker allows withdrawals to Western Union locations before depositing.

Quick To Pay In

Using the ‘Money in Minutes’ service, Western Union is almost instant. However, it does rely on your broker being quick to accept the payment on their end, so check with customer service if this is possible beforehand.


The firm often has vouchers and discount/promo codes for zero transfer fees, which could make it cheaper than a wire transfer. They also offer a ‘refer a friend’ scheme in which you can earn up to £50.

Payment Methods

The firm has introduced Klarna financing to their deposit methods meaning you can break down payments into instalments and spread the cost. You can also use Klarna to send and receive payments directly from your bank account.

Cons Of Trading With Western Union

Limited Scope With Brokers

Western Union is not a popular deposit option at trading brokerages. As financial institutions, regulated brokers are required to perform anti-money laundering checks. Western Union has limited identity checks, so a wire transfer is often preferred as banks are obligated to ‘know their customer’.


Western Union Global Pay charges fees for transferring money which vary by location. It also makes money through currency exchange rates. The exchange rate offered can change daily. Unsurprisingly, high fees can cut into trading capital and potential profit margins.


If you have a branch nearby and want to transfer money to an individual, the firm offers one of the fastest ways to move cash across borders. In fact, you could move your cash from the USA to the UK in minutes.

However, for traders looking to deposit with online brokers, the service is likely to be no quicker than a bank wire transfer. Plus, you are limited to retail store opening times. You can, of course, transfer online or using the app at any hour, but since the broker will need to make a deposit to their bank account, this has limited benefits above a credit or debit card payment.


Western Union is not available as a deposit or withdrawal option with most regulated brokers because of the security risks associated.

Many trading firms are subject to stringent anti-money laundering checks, meaning that they must ‘know their customer’. Since the firm’s selling point is that it enables cash transactions for those who do not have bank accounts, it performs limited identity checks. This makes it difficult for forex brokers to do their due diligence to ensure that the funds have come from a legitimate source.

But in contrast, some reviews suggest that Western Union has sometimes blocked legitimate transactions due to recipients not being able to verify their identity.

In the past, the firm has also been criticized because it has been utilized by fraudsters who take advantage of the fact that money cannot be withdrawn or refunded once it has been transferred. While credit card and bank transfers can be charged back, once the money has moved to the new location, this cannot be reversed.

Nevertheless, Western Union is a safe way to deposit money if you are confident in the broker’s credentials.

How To Deposit & Withdraw Using Western Union

There are very few regulated brokers who offer Western Union as a deposit and withdrawal method because of the security issues highlighted above. Therefore, before depositing you should check that you are happy with the trading platform’s payment details and credentials.


To deposit funds with a broker such as LiteForex Europe using Western Union, you can visit a retail location or go online. You will need to fill in a short form that will ask for the broker’s BIC and IBAN numbers. You can usually find these on the brokerage’s website under the bank wire transfer option. You will not need the four-digit postal code as you will be transferring to a bank account. Check with customer service if the broker accepts Western Union as a deposit method before doing this.

Once the transfer is complete, you will receive a Money Transfer Control Number (MTCN). Pass this number to customer support at the broker’s end who will then be able to receive your deposit.

The maximum transfer depends on your region. For example, in the UK, France, Germany, Australia, Hong Kong and the US, you can transfer up to 50,000 USD/EUR. In most other countries, the limit is 5000 USD/EUR.

If you would like to deposit values higher than that, Western Union will need to verify your identity first. There may be yearly limits on how much you can send depending on your location.


To withdraw profits, you will need to submit a withdrawal request with your broker who will then provide you with an MTCN. You can then go online or into a branch with the number to receive your money.

There are some useful videos from Western Union on YouTube with further details on how to move money using the service. Alternatively, see the company website for the contact telephone helpline number in your area.


The cost varies per transaction. There is a table of fees depending on the amount of money transferred and the recipient country available on their website.

The company also makes money through currency conversions. They will buy the currency you own at a slightly lower exchange rate and sell the new currency to you at a higher rate just as most bureau de changes in countries like the UK do. You can find out the charges that apply to each transaction by using the transfer fees calculator available on their website. This service also includes a currency converter.

This can sometimes make Western Union an expensive option compared to alternatives such as Transferwise and MoneyGram depending on the exchange rate offered on the day. It is also worth taking into account that some online brokers charge for deposits and withdrawals.

Is Western Union Good For Day Trading?

Western Union may be a good choice for traders who prefer to pay in cash. However, most regulated brokers will not accept the payment option because they cannot complete anti-money laundering checks. Fees can also be pricey. And since you will need to deposit to a bank account on the broker’s end, if you hold a bank account, it may be best to explore alternative deposit methods.

Alternatively, see our list of brokers that accept Western Union deposits here.


Can You Transfer Money To A Trading Account Using Western Union Online?

Yes, if you would like to transfer from an existing bank account, you can use the Western Union website or mobile app. However, brokers will require you to transfer to their bank account, so you may prefer to cut out the middleman and complete a bank wire transfer instead. Check the fees for wire transfers vs Western Union to see which is better value.

Can You Transfer Money Using Western Union To A Broker’s Bank Account?

Yes, and this is the method you will use when depositing with a trading broker. You will need to obtain the brokerage’s bank details (BIC and IBAN numbers) to do this.

Are Western Union Deposits To A Trading Account Instant?

Western Union usually takes around 1 – 3 days to process transfers. However, money can be moved on the same day using the ‘move money in minutes’ service. This is a good option for investors looking to make instant deposits to trading platforms.