Demo Account Guide
Demo Account Guide
R

Forex Brokers That Accept WebMoney Payment Method for Deposit and Withdrawal

HOME / PAYMENT / WEBMONEY

WebMoney was developed by WM Transfer Ltd, a company based in Moscow, Russia, and was launched in 1998. WebMoney serves as an electronic wallet, enabling individuals and businesses to store and transfer funds in various currencies, including traditional currencies like the US dollar, euro, and Russian ruble, as well as digital currencies such as Bitcoin and Ethereum. Users can create different "purses" within their WebMoney account to hold funds in different currencies.


Scroll for more details

Score Broker Payment Country Min Deposit Max Leverage

WebMoney is an online payment system that allows users to make secure financial transactions and manage their funds on the internet. One of the main features of WebMoney is its peer-to-peer transfer system, which allows users to send and receive money to and from other WebMoney users. Transactions can be initiated through the WebMoney website or using specialized software applications.

WebMoney also offers additional services such as online shopping, payment for various goods and services, and integration with other financial systems. Users can link their WebMoney accounts to their bank accounts or credit cards to facilitate deposits and withdrawals.

To enhance security, WebMoney employs a multifactor authentication system, including password protection, SMS verification, and optional hardware tokens. The system also includes dispute resolution mechanisms to help resolve conflicts between users.

It's important to note that while WebMoney is widely used, particularly in Russia and some other countries, it may not be as well-known or commonly accepted internationally compared to other payment systems like PayPal or credit cards.

To use WebMoney in forex brokers, you typically need to follow these general steps:

Deposit:

  1. If you don't have a WebMoney account, you'll need to create one first
  2. Within your forex trading account, locate the section for depositing or funding your account. This area may be called "Deposit," "Funds," or similar.
  3. From the available payment options, choose WebMoney as your preferred payment method for depositing funds into your trading account.
  4. Provide your WebMoney account number or email address associated with your WebMoney account. The forex broker will use this information to process the transaction.
  5. Enter the amount of money you wish to deposit into your trading account.
  6. Ensure that you have sufficient funds in your WebMoney account to cover the desired deposit amount.
  7. Review the deposit details and confirm the transaction.
  8. The forex broker may redirect you to the WebMoney website or provide further instructions to complete the payment. Follow the provided steps to authorize and complete the transaction.
  9. Once the transaction is processed, wait for confirmation from both the forex broker and WebMoney. This confirmation may be displayed on the broker's website or sent to you via email.
  10. With your trading account funded, you can now use the deposited funds to start trading in the forex market.

Withdraw:

  1. Log in to your forex trading account.
  2. Navigate to the withdrawal or funds withdrawal section of your trading account.
  3. Enter the amount of funds you wish to withdraw.
  4. Select WebMoney as your withdrawal method.
  5. Follow the specific steps provided by the broker to initiate the withdrawal to your WebMoney account.

It's important to note that the exact steps and user interface may vary slightly among different forex brokers. Therefore, it's recommended to refer to the specific instructions and guidance provided by your chosen forex broker to ensure smooth and successful use of WebMoney for deposits and withdrawals.

The fees associated with WebMoney transactions on forex brokers can vary depending on several factors, including the specific broker and the type of transaction being performed.

For instance, Tickmill doesn't apply any fees on WebMoney deposits and withdrawals, but other brokers might. It's important to note that forex brokers themselves may charge additional fees or have their own fee structure, separate from the fees imposed by WebMoney.

Here are some common fees that traders may encounter when using WebMoney on forex brokers:

  • Some forex brokers may charge a fee for depositing funds into a trading account using WebMoney. These fees can vary among brokers and are typically a percentage of the deposited amount or a fixed fee.
    For example, FXOpen charges a 4% fee on WebMoney deposits.
  • When traders withdraw funds from their forex trading account using WebMoney, they may incur withdrawal fees imposed by both the forex broker and WebMoney.
    These fees can vary depending on the broker's policies and the specific withdrawal amount. In this case, FXOpen applies a smaller fee for WebMoney withdrawals, which is 0.8%.
  • If traders need to convert funds between different currencies within the WebMoney platform, currency conversion fees may apply. These fees can be a percentage of the converted amount or a fixed fee and are in addition to any exchange rate differences.
  • Some forex brokers allow traders to transfer funds internally between different trading accounts or wallets within their platform. If WebMoney is used for such transactions, the broker may charge a fee for internal transfer.
  • WebMoney may impose certain service fees for specific transactions or services, such as currency exchanges or account maintenance. These fees can vary depending on the nature of the service and the specific terms of use for WebMoney.

It's important for forex traders to review the fee structures of both the forex broker and WebMoney when considering the use of WebMoney as a payment method.

Traders should carefully read the terms and conditions, fee schedules, and any other relevant documentation provided by the broker and WebMoney to understand the specific fees that may apply to their transactions.

WebMoney can provide several benefits to forex traders:
  1. WebMoney offers a secure platform for financial transactions, making it a reliable option for forex traders.
  2. WebMoney supports various currencies, including major fiat currencies and digital currencies like Bitcoin and Ethereum. 
  3. WebMoney is widely available in many countries, making it accessible to forex traders around the world. 
  4. WebMoney's peer-to-peer transfer system allows for fast and seamless fund transfers between forex traders.
  5. Many forex brokers accept WebMoney as a payment method, allowing traders to directly deposit funds into their trading accounts.
  6. WebMoney employs various security measures, such as password protection, SMS verification, and optional hardware tokens, to ensure the safety of user accounts and transactions. 
  7. In the event of disputes or issues between forex traders and brokers, WebMoney provides dispute resolution mechanisms to help resolve conflicts
  8. WebMoney allows forex traders to conduct transactions without revealing their financial or personal information to the recipient, enhancing privacy and confidentiality during the trading process.

While WebMoney offers several advantages for forex traders, there are also some potential disadvantages to consider:

  1. WebMoney may not be as widely accepted by forex brokers compared to other payment methods such as credit cards or wire transfers.
  2. Traders may incur additional costs or face less favorable exchange rates when converting funds between different currencies, potentially impacting their trading profitability.
  3. WebMoney operates independently of traditional banking systems and may have limited regulatory oversight compared to regulated financial institutions
  4. While WebMoney offers certain services for free, such as creating an account and receiving funds, it does charge fees for certain transactions, such as currency exchanges or withdrawals
  5. Converting funds between different currencies within the WebMoney platform may involve some processing time.
  6. WebMoney's customer support may not be as extensive or readily available compared to traditional financial institutions. 
  7. As an online payment system, WebMoney requires a stable internet connection for traders to access their accounts and perform transactions. 
  8. While WebMoney has been operating for many years and has a significant user base, it may not have the same level of trust or reputation as more widely recognized e-payment systems like PayPal.

It's important for forex traders to weigh these potential disadvantages against the benefits and consider their specific needs and preferences when deciding whether to use WebMoney as a payment method for their trading activities.


Additional FAQ

Before you get too excited, there are a few things you should know if you're actually thinking about making a same-day withdrawal from your forex trading account. The first is that it may not be the best idea. You see, you just never know what could happen with the market.

What if you withdraw your capital and the market suddenly goes against your favor? You would need funds to help support your remaining positions in your account. You also need to know that same-day withdrawals may take more than a day to process, depending on the chosen method of withdrawal.

Continue Reading at Is it Possible to Have Same-day Withdrawal in Forex?

With a fixed exchange rate, traders can avoid constantly calculating deposit and withdrawal amounts based on fluctuating exchange rates. For example, if a broker offers a fixed rate of 1.35 USD per AUD, depositing AUD100 will consistently require USD135, regardless of the current exchange rate. 

Continue Reading at 3 Reasons Why Broker's Fixed Rate is Good for You

That will make you more focused on your trades.

Instead of fighting your way to fulfill the required transaction size to withdraw the bonus, focus on your trades so you can earn some market profits from the provided bonus.

After all, deposit bonus is actually an additional margin for you to have more "power" in opening positions

Continue Reading at Forex Deposit Bonus: 5 Things Every Trader Should Know

Although the withdrawal process is generally the same in most brokers, certain things are different from one broker to another, such as payment methods, fees, or limits.

This is why it's not exactly wise to withdraw randomly. Instead, there are withdrawal planning strategies that you might want to check out to get the best condition.

Those include:

  1. Only withdraw after you reach a certain percentage of points.
  2. You can withdraw once you reach the desired account size.
  3. Set the withdrawal period every month or week, depending on your target.

Continue Reading at Best Withdrawal Techniques For Your Trading Strategy