Western Union Forex brokers are FX brokers that allow their clients to deposit and withdraw funds using the Western Union payment system.

What is Western Union?

Western Union is a money transfer service that is used for personal dealings in more than 200 countries and in over 130 currencies. It is an innovative payment services that allows cash money payments to be transferred throughout the world. Its users can transfer money online or in person any time of the day or week. Western Union allows transfers from many known sources. You can send money from a credit card, debit card, bank account, or cash transfer. Also, the transaction can be executed and received through a mobile phone, prepaid credit card, bank account, or one of the many physical agent locations worldwide.

Despite being an established payment service with many users cross the world, Western Union has faced lot of issues with money laundering charges. Tracking the source of cash transactions can be very difficult, and this is a challenge that the payment solution has managed to face and overcome. Other similar payment methods are bank wire transfers and e-wallets like Skrill and Neteller.

A List of Western Union Forex Brokers

The list consists of all of the best Western Union Forex brokers, which include brokers like: XM Group, AvaTrade, and easyMarkets.

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 Western Union FX Brokers

There are various advantages and benefits for traders who choose to invest with Forex brokers who provide the option of Western Union. The first advantage is that they offer tracking transactions, which defines the level of transparency with Western Union. Traders have the option to track their transactions, and they can be able to look at all that takes place in the account that are tracking. This is also means that when you send money through Western Union into an FX broker account, you will be able to know when it reaches the receiving account. The second benefit is the rapid pace of Western Union and the FX brokers that use the online payment service. Although the processes may differ in speed, there are two choices for traders. Traders can send and receive funds in minutes, or in the matter of two days.

The third advantage is that Western Union is globally reputable for its security, since it is one of the leading online payment systems when it comes to security standards. Western Union consists of upgraded security standards to ensure its clients from all forms of protection, and take all security measures to prevent any type of fraudulent activity. In addition, the security standards of Western Union are in accordance with the EU regulations and aid with the verification of a user’s identity.

 

Disadvantages of Western Union FX Brokers

With Western Union Forex brokers, the WU payment service is not a trendy FX payment method because of its legal limitations; the legal limitations mean that it cannot be used with every broker. Using Western Union as an option in Forex brokers are very limited and cannot be found everywhere. Another drawback is that the online payment method charges higher fees on transactions, than other online payment methods. The charges are applied to deposits and withdrawals, which can cost more than using a credit card.

It is advised that as a trader, you should calculate the fees while depositing or withdrawing funds into a trading account. There also might be additional costs to exchange rates, considering that WU gains profit from currency exchanges.

How to Find the Right Western Union FX Brokers

Western Union is not a typical form of payment for FX brokers, since it is not considered a priority for both companies. WU have created their business over a long period of time and have grown into entering the Forex brokerage industry. Forex brokers still provide Western Union as an online payment method, but there are many limitations for this particular option. This does not mean that Forex brokers do not prefer Western Union, but it is considered to be an elite form of online payment.

The Forex brokers that are mentioned above offer Western Union, but there are ways to choose which one of them is the right FX broker for you. The criteria you should look thoroughly through is: its licenses, withdrawal and deposits options, trading fees and conditions, trading accounts, and the type of trading platform it operates with.