If you have already found a Forex trading platform, but you have never used WebMoney before, you should first head over to the official website of the company. Before being able to make use of the payment system, you will be required to establish an account. First off, you will need to pick your country of residence and provide your phone number. The next thing traders need to do is to enter their date of birth, their email, address, and pick a security question.
Then, you will be prompted to provide the confirmation code that was sent to you on the phone number you have provided. The last step is to come up with a password and create a purse by picking one of the supported currencies. Since you will not have any funds in the balance of your wallet at this point, you will need to pick a way of funneling some funds to it.
Users of the payment method can do so via bank transfer, their credit card, prepaid card, or to use electronic money, among others. Topping up your Forex trading account will now be easy as first, you need to enter the amount you would like to upload. Once you have picked WebMoney, you will be redirected to the website of the payment provider where you will be asked to log into your account in order to authorize the transaction.
You will also be asked to decide whether you prefer to receive your confirmation code via SMS or email. As soon as the funds are deducted from the balance of your WebMoney wallet, they will be available on the Forex trading platform within a few minutes. Thankfully, a large number of brokers facilitate banking through WebMoney in both directions, which makes for greater convenience.
So as to request a cashout, traders will need to navigate to the section that is reserved for payments, enter the amount they wish to be deducted from their balance, and pick WebMoney as their preferred cashout method. Then, they will be asked to enter the ID of their WebMoney wallet and click on request a payout.
As soon as traders are notified that their request is approved, they will be able to use their money for whatever purposes they like. Once traders have retrieved their profit back to their WebMoney wallet, they will be presented with several means to lay their hands on their money. The options they have when they want to withdraw their money from the respective purse include bank transfer, electronic money, to get them in cash, or to transfer their funds to their card.
Please keep in mind that the fees you need to pay if you decide to move your funds to the balance of your debit card or bank account will be the highest. It is only natural that most people want to be satisfied with the efficiency and reliability of the payment method they are about to use, especially when it comes to Forex trading. One of the biggest positives of paying through WebMoney is that your funds will always be in safe hands.
The company has ensured that the service it offers is in line with all industry standards for online money transfers. What helps strengthen the safety of their transactions is that they will be sent unique codes via SMS or take advantage of single-use passwords, which should give you extra confidence that your funds will be heavily safeguarded.
Another great thing about this payment processor is that no matter whether you are making a deposit or you want to cash out your profit, you will not be asked to expose any of your banking details. Deposits will be wrapped up by logging into your WebMoney account, while a cashout can be handled by providing the ID of your pursue. Speaking of the positives of the banking solution, we should mention that WebMoney users will have plenty of options to pick from when it comes to the payment methods they can employ to fund their WebMoney purse.
What many of you might also appreciate is that they can set up purses in a profusion of currencies and even in cryptocurrencies the likes of Bitcoin and Litecoin. Forex traders will have the chance to handle all their banking with great ease as the payment method is available for deposits and cashouts. This means that traders are likely to have fewer concerns when carrying out their payments as they will not be required to remember extra login credentials or make use of payment processors they are uncomfortable with.
Establishing a WebMoney account takes almost no time and is cost-free. Overall, transactions through WebMoney will not cost the earth, which is not a benefit that should be underrated. Finally, it is a multi-purpose banking solution as you will not only be allowed to use it when speculating on Forex, but also to pay for various services and purchase goods. Despite the advantages we enumerated, WebMoney has several downsides traders should not undervalue if they are yet to determine whether it will be the right means to handle their deposits and cashouts.
First and foremost, when you take a closer look at the fees you need to pay when using WebMoney, it will hit you that certain charges are applied to almost all services. There are fees when funding your purse and when withdrawing funds from it. Although they might not turn out to be that substantial, they are worth paying heed to.
Another thing some WebMoney users might not be comfortable with is that some of the information on the website of the company is in Russian. This might pose as a major issue, especially if you are not fluent in that language. The ForexBrokers. With over 50, words of research across the site, we spend hundreds of hours testing forex brokers each year. Here's how we test. WebMoney Transfer is a global settlement firm that was started in and ever since has grown to be among the top global settlement systems with over 32 million customers worldwide.
Webmoney provides reliable services that allow clients to keep track of their funds, resolve disputes, attract funding, as well as make secure transactions. It is a perfect for online shops, internet-based platforms and online billing services. You can also register via popular social networks. You will then be required to enter your personal details by filling out a form; ensure that you input correct personal data since you will need verification to fully access the account.
After that, you will need to confirm your email address and phone number after which you will set up a secure password. As a new user, there are limits to the total amount you can transact and you need to get a certificate to lift limits. Webmoney has been a beneficial and a recommendable payment system for the following reasons: Instant Transfers- Both deposits and withdrawals are conducted in a fast and smooth manner that ensures that your money arrives in your account quickly.
Protection and Privacy- WebMoney state they will never give customer credit card information to any third party. WebMoney charges the user per every transaction they make. The fee is set at a rate of 8 percent of the money being transacted.
However, the fee should not be less than 0. There are many deposit methods which users can use to top up cash into their account including: Online Bank Cards Visa and Mastercard , Internet banking, cash-in terminals, electronic money, prepaid vouchers and cards, bank branch, bank wire, Money transfer systems and WebMoney exchange offices. Users can withdraw money from their accounts using: Bank cards, cash, money transfer systems, bank wire and electronic money. Deposits to a WebMoney account are mostly instant except for money transfer systems and bank wire which take 1 day.
Deposits to a WebMoney account are mostly instant except for money transfer systems and bank wire which take 1 day. It takes typically 3 days for you to withdraw money from WebMoney to a bank card, 2 days by money transfer, 3 days by bank wire and 1 day via cash into stock exchange. However, withdrawal to WebMoney card, webmoney offices, electronic money and cash via a bank are instant. WebMoney is among the most secure payment systems.
Users can secure their purses against unauthorised transactions and intrusions by:. There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more. Advertiser Disclosure. May 09, Last modified May 23, Overall Rating 9. Trust Score Trust Score is a numerical rating from 1 - 99 that represents a broker's overall trust. Trust Score Low Risk. Saxo Bank. CMC Markets. Interactive Brokers.
TD Ameritrade. Sponsored Sponsored. Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients. FXTM Review. Introduction: What is WebMoney? Benefits of Choosing a Broker that Accepts WebMoney Here are benefits to choosing a broker that accepts WebMoney: Provides a secure way of depositing and withdrawing funds from a forex trading account with fast turnaround times.
WebMoney boasts of some of the most advanced methods of user authentication, providing added security for accounts. The WebMoney network has recently been integrated with the Bitcoin network. Low transaction costs. WebMoney charges 0. The WebMoney wallet is also easy to fund. Top Brokers. Best Brokers. Best Forex Brokers. Best Forex Platforms. Best CFD Brokers. Best Spread Betting Company. Best Crypto Trading Brokers. By Country. New Zealand. South Africa. Kuwait Brokers. Hong Kong. United Arab Emirates.
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