Best WebMoney Brokers 2024

WebMoney is an online settlement system and e-wallet that investors can use to fund their trading accounts. The service is offered by a number of top forex brokers including eToro and AvaTrade. WebMoney is supported in many countries including the UK. This review covers how the system works, the WM Keeper software and how WebMoney compares to other services like PayPal.

What Is WebMoney?

WebMoney was founded in 1998 in Russia, where it has become one of the most widely used payment systems in the country. In 2015, the firm acquired a Financial Conduct Authority (FCA) license, allowing it to issue e-money to countries within the European Economic Area and the UK.

Traders interested in WebMoney can sign up for an account on the official website. After login, clients will need to install the WebMoney Keeper (WM Keeper) software, an application that gives customers access to their assets through an electronic purse. Different programs and apps are available depending on the trader’s operating system:

• WM Keeper Standard (Mini) – browser application
• WM Keeper Win Pro – software for devices running Windows 10
• WM Keeper Web Pro – browser app compatible with the majority of systems
• WM Keeper Mobile – app for smartphones, available on iOS and as an APK download for Android

WebMoney clients open different purses for different types of assets. The service offers more than ten types of purses, including a P-wallet for Russian rubles, an E-wallet for euros, a G-wallet for gold, and an X-wallet for bitcoin. Assets in the system are measured in WM units. Purses can be funded in a variety of ways, including by prepaid card.

Fees

Clients using WebMoney can open a new account and use electronic purses without having to meet a minimum deposit. However, there are limits imposed on the total amount of funds in a client’s purse and their expenditure per day and week. These financial restrictions depend on what type of WM Keeper software is enabled, and which ‘passport’ the client has – the WM passport will be covered later in more detail.

Customers are charged 0.8% for each transaction, up to a certain limit that depends on the trader’s purse type. For example, this is 50 WM units for the E-wallet and 5 units for the X-wallet.

Brokers tend not to charge additional fees for deposits via WebMoney, but it does vary between firms.

Note that investors using WebMoney may also choose to make use of the WM loans service – verified clients can access instant funds.

Speed

Deposits via WebMoney are rapid and can be instant, but depend on the brokerage processing the funds. AvaTrade states that e-payments are credited to the trading account within 24 hours and that withdrawals using the same route are processed in 24-48 hours. In general, traders can expect to receive withdrawn funds within a few business days.

Security

WebMoney customers can be sure that their assets are safe, as the service uses several enhanced security features. This includes encouraging users to download a dedicated system for storing secure files – clients can only use the service on a public computer if this is installed. WebMoney also offers two-factor authentication via phone, SMS confirmation of transactions, and IP blocking.

Overall WebMoney is secure, especially compared to similar services such as QIWI which offers fewer features.

How To Make WebMoney Deposits & Withdrawals

1. Register an account with WebMoney and open a purse in your chosen currency, such as GBP, for example
2. Receive a WM passport and transfer funds into your purse, according to the limits of the wallet type and your verification level
3. Create an account with a brokerage that offers deposits and withdrawal via WebMoney
4. On your broker’s website, find the deposit page and select the WebMoney logo
5. Input how much you would like to deposit, taking into account your broker’s limits, then use the secure payment link to fund your trading account
6. To take profits from your trading account, put in a withdrawal request on your broker’s website. Include details of the WM purse you wish the funds to be transferred to, and complete any additional verification steps like producing identifying documents

Pros Of Using WebMoney For Traders

WebMoney Passport

The WM passport is an identifying document that includes the user’s personal data like contact details and signature. Higher passport levels, conferring more trust from other WM users and greater transaction/funding limits, can be reached by providing more personal information and verification methods. Many traders may find this security feature useful for confirming the legitimacy of brokers and improving transaction safety.

WebMoney Support

The payment solution is notable for its excellent customer support. Clients can submit a ticket requesting technical or financial support or use the arbitration service. They can also contact the provider by telephone for refund queries, though support is limited for UK traders.

Secure Storage

WebMoney users can hold various fiat currencies, cryptocurrencies, gold, and other assets. This offering is key for many traders that are looking to expand their investment portfolio.

Cons Of Using WebMoney For Traders

Availability

WebMoney is less commonly used versus similar services such as PayPal. As such it has not been adopted by all UK brokers as standard, and major firms such as Interactive Brokers and IG do not accept this payment method.

Complex Fee Structure

Traders using WebMoney can expect fees for deposits and withdrawals from their WM purses plus transaction charges, on top of any payments levied by their broker. For investors that make many smaller transfers these charges could quickly add up and eat into profits.

Extensive Verification Steps

The WM system is structured to give higher limits to clients that have provided more personal data and methods to verify their identity. Although this enhances security, many traders may be uncomfortable providing so much private information to a payment provider.

Final Word On WebMoney Brokers

WebMoney is a payment service similar to PayPal offered by many forex brokers. Using this system is a safe and fast method for funding your trading account, as it uses dedicated WM Keeper software to perform secure transfers. Although this payment system does involve charges for each transaction, it is still a popular choice for traders looking for fast deposits.

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