Best Yandex Money Brokers 2024

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Tobias Robinson

Tobias is a UK director and partner at Investing.co.uk. He provides commentary on the financial markets in the UK and supports the testing team with first-hand observations from over two decades of active trading.

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William Berg

William is an experienced investment writer with a history in forex trading software localization and IPO consultancy. He contributes as an author and fact-checker for established financial websites.

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Updated

Jul 30, 2024

Yandex Money is a popular e-wallet that can be used for shopping, paying bills, and online trading. This tutorial explains how to fund trading accounts at Yandex Money brokers, from transaction speeds and fees to the pros and cons of the payment method for UK traders. Our experts have also reviewed and ranked the top brokers that accept Yandex Money deposits in 2024.

How Yandex Money Works

Yandex Money, also known as YooMoney, was created in 2002 by the Russian search engine Yandex and Sberbank, the largest bank in Eastern Europe. The headquarters of the company are located in Moscow, and today, more than 100 million accounts have been opened globally, and the number is growing at a rate of over 12,000 per day.

Brokers can offer Yandex Money as a payment method for traders to deposit and withdraw money into and out of their online investing accounts – this is usually known as Yandex Money Checkout. In fact, many of the top UK brokers now accept deposits with Yandex, including FXOpen and XM.

Trading Times

E-wallets are among the fastest payment methods for online trading. Yandex Money itself is able to process any payment instantly, which means that in theory, you should have funds in your trading account within seconds, just as you would with PayPal or Skrill.

However, not all Yandex Money brokers facilitate instant transactions. It is worth checking what your broker states as the timeline for Yandex payments, as it can be up to several working days. For instance, FXTM can guarantee a 1 working day transaction time for Yandex as opposed to an instant transaction.

Payment Fees

When it comes to the fees charged by Yandex, they are placed upon the broker that facilitates the transaction rather than the trader directly. This means that the broker you are using can either choose to absorb the fees that they are charged, or pass them on to the trader.

Most UK brokers that accept Yandex Money deposits opt to absorb the fees to give traders a better deal, thus making their services more attractive, but this is not always the case. FXOpen, for instance, has previously run campaigns where it covers deposit fees made through Yandex. Some brokers may also only charge fees in certain circumstances, such as XM, which charges when the withdrawal is less than $200.

Note, transactions may also be subject to exchange rates depending on the currency you are using for trading. Nowadays, Yandex allows more flexibility and wider currency support, including for GBP, but other base currencies may still incur fees.

Security

Yandex Money is a secure payment method just like other well-known e-wallets like PayPal. The official website has guidance on how to avoid fraud and tips for staying safe when using Yandex in any capacity. There is also good customer support that is available 24/7, so if something goes wrong with one of your trading payments then a team member will be available to help you.

The platform also offers two-factor authentication on all accounts to keep them secure as well as letting users set their own transaction limits for set periods. This means that Yandex can be a good payment method to use for online trading, which can result in large losses without a sensible approach to managing finances.

We also recommend that traders sign up with Yandex Money brokers which are regulated by the UK Financial Conduct Authority (FCA). This is a good sign that the trading firm is reputable and that they will have measures in place to safeguard retail investors, such as segregated accounts.

Pros Of Yandex Money For UK Traders

• Safe & Reliable – Yandex is an e-wallet that provides traders with a safe and secure way of transferring money into and out of their trading accounts. E-wallets are a favourite among traders for this reason, providing a service that is easy to use as well as trustworthy.
• Currency Support – When Yandex was first developed, the only currency that it supported was the Russian Ruble. This meant that traders from elsewhere in the world, including the UK, were charged conversion fees when changing from their base trading currency into the Ruble. Although there is no universal currency support from the payment provider, they expanded their currencies in 2019 to include British Pounds, US Dollars, Euros, Japanese Yen, Chinese Yuan, Swiss Francs, Czech Korunas, Polish Zloty, Belarusian Rubles and Kazakhstani Tenges. It is also possible to use digital currency, including Bitcoin.
• Bonuses – Yandex offers traders rewards such as cashback and bonuses which can help you make the most out of your money. Brokers that accept Yandex Money deposits may also run promotions to cover payment fees, including FXOpen.
• Easy Money Transfer – The mobile application for Yandex makes it easy to deposit and withdraw funds from your account while on the go. This means that you can easily track the money that you are using for trading as well as the money you make from trading.

Cons Of Yandex Money For UK Traders

• Verification Required – If you want to access all of the features that Yandex has to offer such as support for multiple currencies and higher transfer limits, you need to become a verified user. This process takes a long time and has multiple steps, which could be a drawback for UK traders looking to get started right away.
• Balance Limit – If your wallet isn’t authorised then you are only permitted to hold a maximum of 15,000 Rubles (approximately £175), which is why many investors choose to verify their wallet when they are using Yandex Money for trading, as this increases the balance limit to 60,000 Rubles. However, when converted to GBP this balance still comes to under £700, even with verification, and this may not be enough for active traders.

How To Make Trading Deposits & Withdrawals With Yandex

To make deposits and withdrawals to your trading account, you first need to create a Yandex account. You then need to choose between trading brokers that accept Yandex Money deposits and select the payment method as your desired option in the firm’s cashier portal. You will then be able to deposit money for online trading from any card that is linked to your Yandex profile, or from your account balance.

Limits on how much you can deposit and withdraw will depend on the broker that you have selected. It will also depend on whether your Yandex account is verified or not.

Should Traders Use Yandex Money?

Yandex Money is a safe and reliable way of transferring money in and out of your trading account, with low fees and fast transaction times. At the majority of Yandex Money brokers, you will be able to access your funds instantly after depositing them, but it is worthwhile ensuring that the brokerage absorbs the transfer fees and is also regulated by a trusted financial agency, such as the UK’s FCA.

Use our ranking of the best brokers that accept Yandex Money deposits to get started.

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