WebMoney Forex Brokers are FX brokers that allow their clients to deposit and withdraw money using the WebMoney payment system.

WebMoney is considered as one of the most popular electronic payment systems available online. Its platform allows its users to withdraw and deposit funds from bank accounts and other online payment systems, like credit and debit cards, that increase the spread and flow of internet transactions. Most of the top and well established Forex brokers are integrated with this popular e-wallet and allow their clients to use it for managing their trading funds. Other similar payment methods are Neteller and Skrill e-wallets.

What is WebMoney?

WebMoney is an electronic payment exchange, more commonly known as an e-wallet. It was established in Russia in 1998, by the WM Transfer LTD. WebMoney offers a safe and stable method of transactions to and from Forex trading account with more than one layer of identification authenticity. The currency of WebMoney is known as WMZ, where traders exchange their WMZ for cash funds by using any WebMoney exchange converter that is found in several countries located around the world. Another option is transferring WMZ units into digital currencies, such as BitCoin or LiteCoin, through currency exchange portals. There is also a debit MasterCard that provides the option for WMZ units to be converted into traditional currencies.

List of the Top WebMoney Forex Brokers

One of the best WebMoney Forex brokers would be eToro, and Plus500. eToro is a leading social trading broker with more than a few features that give them a new edge.

Broker
Description
Trade Now
Octafx
OctaFX
Regulation: CySec
Min. Deposit: $/€/£ 5
Leverage: 1:500
Spreads: Low as 0.4 pips

Review


FP Markets
FP Markets

Regulation: ASIC, CySEC
Min. Deposit: $/€/£ 100
Leverage: 1:500
Spreads: Ultra Tight from 0.0 pips

Review


NSBroker
NSBroker
Regulation: MSFA, BaFin, FCA,
Min. Deposit: $250
Leverage: 1:100
Spreads: Low as 1.2 pips

Review
XM
XM
Regulation: CySEC,FCA,ASIC
Min. Deposit: $/€/£ 5
Leverage: 1:500
Spreads: Low as 0.1 pips

Review
Avatrade
Avatrade
Regulation: ASIC,JFSA,FSCA
Min. Deposit: $/€/£ 250
Leverage: 1:400
Spreads: Floating from 1 pip

Review


IC Markets
IC Markets
Regulation: ASIC
Min. Deposit: $/€/£ 200
Leverage: 1:500
Spreads: Low as 0.0 pips

Review


Etoro
Etoro
Regulation: CySEC,FCA,ASIC
Min. Deposit: $/€/£ 200
Leverage: 1:30
Spreads: Variable

Review

XTB
XTB
Regulation: FCA
Min. Deposit: $/€/£ 250
Leverage: 1:30
Spreads: Low as 0.1 pips

Review


IQOption
IQOption


Regulation: CySec
Min. Deposit: $/€/£ 10
Leverage: 1:1000
Spreads: Floating from 1 pip

Review


OlympTrade
OlympTrade
Regulation: IFC
Min. Deposit: $/€/£ 10
Leverage: 1:500
Spreads: Low as 0.0 pips

Review
Globex360
GlobeX360
Regulation: FSCA
Min. Deposit: No min Deposit
Leverage: 1:500
Spreads: Low as 1.6 pips

Review

 Advantages of WebMoney FX Brokers

With WebMoney, it offers many users the option to access deposits and withdrawals from their FX trading account on the same day, and it is a very safe environment. This online payment system offers various methods of identification verification; one of the methods of authentication is through a user’s digital signature. By doing so, it is considered almost digitally impossible for any fraudulent transactions to take place on a user’s Forex trading account, with all of the unique data of the user stored away for authentication purposes. As an electronic payment system that is based in Russia, it still manages to handle all clients and users from all over the world. WebMoney also provides users with a method of transaction that does not require a card, which can also be used while making payments for retail accounts.

There are many benefits to choosing a WebMoney Forex broker. Firstly, they offer a safe and stable method of withdrawing funds and depositing funds to a Forex trading account, with record-breaking time. Secondly, they are globally acclaimed for the fact that they have some of the most advanced and highly-developed forms of user authentication, which emphasizes the additional security they apply on user accounts. WebMoney is a platform that provides more than a few currencies; it supports transactions in Yen, Dollars, Euros, Rubles, and Dong. It has also been recently delving into the BitCoin network, and attempting to join the cryptocurrency world. With WebMoney, there are low transaction costs, which mean that users won’t have to pay so much when it comes to withdrawing and depositing funds; they require a 0.8% minimum on deposit transactions and withdrawals are free of charge.

Disadvantages of WebMoney FX Brokers

There is only one major drawback when it comes to the WebMoney payment method, and that is protection. Once a WM unit transaction is taking place, there is no turning back. This discourages buyers of WM units because it means that if the buyer purchases something and it is not received, it cannot be retrieved. Also, it is almost impossible to seek legal help, unless there is a legally binding agreement between both parties of the transaction. Overall, this makes international transaction very risky for the buyer, or the sender of funds.