Want to Fund Your Trading Account from Almost Anywhere on the Planet? You Need the Best Western Union Forex Brokers.

Western Union logoWhat sort of qualities are you looking for in a Forex broker? A user-friendly trading platform, regulation, spreads, bonuses, charges, and payment methods supported are likely to be factors that feature in the list. We will be discussing all of these and more in the Forex Academy, but here we’ve decided to concentrate on a payment method that is recognised the world over, and to help you find the best Western Union Forex brokers.

Western Union – A company with more than a century of history

Many of you reading this will already recognise the name Western Union. There are, after all, countless offices located in towns and cities around the world. Globally, there are more than 500,000 agents, and 100,000 ATMs, with the potential to reach more than 1 billion bank accounts. The company itself was founded in 1851, with its first stock traded on the New York Stock Exchange in 1865.

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So what does Western Union do today? It is an independent firm that enables cash transfers to take place between one party and another, whether they be individuals or businesses. With the help of Western Union, people are able to move money seamlessly in a way that is convenient for them. Whether that is walking into a retail agent, visiting its website, or taking advantage of the Western Union app, money can be transferred in minutes, to almost anywhere in the world.

Are there many Forex brokers that accept Western Union payments?

It is not as popular a method of making payments as some others are, such as credit cards, debit cards, and bank transfers. There are, nevertheless, a few Forex brokers accepting Western Union payments, which means you should have a reasonable choice. So are there any benefits to choosing a Western Union Forex broker instead of another type? There happen to be quite a few, including the following:

“That’s all well and good,” we hear you cry. Are there any disadvantages to worry about? Unfortunately, there are a few, some of which are going to put a number of you off:

How easy is it to find a Western Union Forex broker?

The choice of Western Union Forex brokers is slightly limited when compared with other payment methods. This is because many regulated Forex brokers tend to shy away from Western Union because it is difficult to adhere to the money-laundering rules enforced by their regulatory body. Some, however, have found a way to get around the rules by choosing to set up in a location that has very few restrictions when it comes to receiving payments from traders. This means you should always tread carefully before choosing Western Union as a method of payment. So how can you steer clear of non-regulated and unsafe Forex brokers? Here are a few tips you can follow:

Now you appreciate the pros and cons of using the service, let’s see if we can answer some of the other questions you’re probably dying to ask.

Western Union FAQs

Q: Will I need to register to make payments?
A: Registration is a requirement for most Western Union services. Once the registration process has been completed, sending money takes just a few minutes, as all the information is pre-filled on the payments page, thereby saving time and effort.

Q: Will it cost me anything to register?
A: Registration is completely free.

Q: What options are there for sending money online?
A: It is possible to send money to a Western Union location, where it can be picked up in cash; or directly to a recipient’s bank account, as in the case of a Western Union Forex broker. Another alternative is to send the money to a recipient’s mobile phone. Which option is available will depend on the destination.

Q: Are there any transaction limits?
A: Within a 12-month period it is possible to send up to EUR1,000 without the need for verifying your details. Once your identity has been verified your limit will increase to EUR5,000 per transaction.

Q: What is the verification process?
A: If you have reached the EUR1,000 limit, or plan to send money on a regular basis, your identity has to be verified. This is a very simple process that has to be started via your account profile. A letter will be sent which includes a confirmation form, which has to be completed and sent together with a copy of your photo ID. This can all be done via email.

Q: How do I pay for the service?
A: Payment options vary from country to country, but it is possible to pay with a Visa or Mastercard credit card from any location. Some card issuers charge an additional fee. You will have to contact your card issuer for more details.

Q: How can I receive money?
A: It is possible to receive money in cash at an agent’s location, with proof of identity.

Q: How long does it take to make a payment?
A: Payments can be made in minutes, but may take slightly longer if money is being transferred to a bank account.

So there you have it: all the information you need to know to make an informed decision regarding Western Union Forex brokers and whether they are right for you. Consider all your other options, while also weighing up the other qualities a broker offers. Do this and you should be able to pick the best one for the job.