Any good broker accepts funds in a variety of different ways. The easier the broker makes it for the traders to place deposits and withdrawals, the more desirable that broker is to the trader. This is a multifaceted area where speed of withdrawals and fees charged by the broker are also as important as the types of payment methods that the broker accepts. More and more brokers are accepting funds from ewallets in addition to wire transfer, credit and debit cards. Ewallets or electronic wallets make moving money as simple as a click of the mouse. Many ewallets are in fact cheaper to use than the classic methods of wiring or transferring funds. This is why ewallets are such a popular way for brokers to accept funds. You will find most brokers accept a variety of ewallets including WebMoney, Payza, Paypal, Neteller, Payoneer and others besides.
In this article we will look at the benefits of using WebMoney and also take a look at the brokers that accept this payment method.
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The Benefits of Electronic Payments
In many parts of the world people cannot make international deposits or are limited in the ways that they can remit and transfer funds. This is where e-wallets come in as a simple and fast way to transfer funds. The beauty of using electronic payment methods such as WebMoney is that you never have to release your private bank details or credit card details to any broker or company. Look at this way, you wouldn’t show a man you meet on the street your bank details, so why then should you send them to a company you really know nothing about? Regulated binary options brokers are safe and secure in many ways, as they are obliged to implement layers of security to protect you, however a company is only as safe as the employees that work there.
How WebMoney Works
WebMoney has two main streams, one is for personal use and the other for business. Opening an account for business differs than opening an account for personal use. This is because businesses must prove that they are paying tax at the source, they also need to send a VAT and business number to prove that they are a registered business. In the UK all businesses are registered with Companies House. When you open a company you are giving a personal identification number for your company. This must then be sent to WebMoney. As a business using WebMoney you can accept payments, make payments, use the system to manage your budget and use it as a work management tool. Payments are fully secure which should users minds at rest.
Opening an Account with WebMoney
WebMoney has a variety of different wallet types available. The type you choose depends on the currency you are using to deposit and withdraw.
If you open a WebMoney account as an individual, the process is much easier. You will of course have to verify the bank account which the funds will be taken from and moved to. This is a simple process and you can be up and running within a matter of a few days. With the personal account you Top-up your credit on WebMoney, which in effect turns it into a debit card. This means no money will ever be taken from your bank or credit card but will be taken directly from the debited funds in your WebMoney account. You can use WebMoney to pay for bills like TV license, gas bills and of course to fund your binary options account with specific brokers. You can withdraw funds from WebMoney to your bank or credit card. WebMoney also give loans to users that request them, after credit checks and also have a function which allows you to raise funds for charities or events.
WebMoney was set up in 1998 and since then they have been used by over 32 million across the globe. The website has an excellent feature showing the statistics of users that have joined and used the system over the years. The image below shows the number of transactions conducted in 2017 alone.
On the day of writing this article, over 103,000 transactions have been processed. This shows that WebMoney is a very serious payment provider and one that is clearly trusted by many.
How to deposit with WebMoney
When depositing funds from your bank with WebMoney you will not be charged by the system, although you may be charged by your payment provider. This usually takes 1-2 working days for the payment to be processed. Additionally WebMoney has set up agreements with various money exchange or cambio shops, whereby you can exchange cash money for a top up to your account. There is a fee charged by the exchange point but not by WebMoney. In some countries you can deposit funds through the local cash machine. Deposits can be made a variety of currencies including EUR, USD, RUR (Rubles).
How to Withdraw with WebMoney
When it comes to withdrawing funds from WebMoney there will also be charges by the agent responsible for the processing that means either the bank or exchange point. Withdrawing funds using WebMoney is simple, just select WebMoney as your payment method on the withdrawal page of your brokers website.
WebMoney Compared To Other Deposit Methods
There are many options for ewallets and WebMoney is slightly different to them in the way that you use it as a top up card so you can only use funds which you have moved into your WebMoney account. For that reason WebMoney is cheaper to use than other payment providers, including Paypal.
Depositing and withdrawing to you broker’s account is simple using WebMoney. It is almost instant to open an account and once you do you can start trading straight away.
- What are the brokers accepting WebMoney?
Some of the leading binary options brokers that accept WebMoney include:
- Is it safe to use WebMoney?
Yes. WebMoney has various layers of security that can protect your login and personal details including secret keys and passwords.
- Are there any limits using WebMoney?
No. You can use it as much as you want if you have the funds available in your WebMoney account