What are you looking for in an online payment provider? Security, safety, reliability, universal acceptance and a good choice of Forex brokers accepting such a method probably feature at the top of the list of qualities. You can get this and more by choosing WebMoney. There are a number of online payment providers including Skrill, Neteller, and Western Union. But today we’ve decided to take a closer look at WebMoney and see if we can provide enough information to help you make a decision about which one to choose. We’ll first provide a little bit of background information and explain how it works. And then we’ll try and help you find some WebMoney forex brokers.
Some background information on WebMoney
WebMoney came into existence in 1998 and is a global settlement system with more than 31 million customers. It was originally aimed at clients in Russia and the former Soviet Union but is now recognized worldwide. It uses something called WebMoney Transfer Technology that provides all users with interfaces that allow the operation and control of individual property rights for assets stored with specialized entities known as the Guarantors. The special system allows for safe transactions in real time using WebMoney units (WM-units). No bank account or credit card details are required to operate a WebMoney account and more than 100,000 online shops and services accept this form of payment. The WebMoney Transfer System is owned by WM Transfer Ltd.
Welcome Bonus
100%
Min Deposit: $100
Profit Split: up to 90%
Accounts: $25k-$200k
Challenge: 2-phase, no time limit
Welcome Bonus
10% up to $5,000
Min Deposit: $100
Welcome Bonus
$25
Min Deposit: $100
Welcome Bonus
100% Deposit Bonus
Min Deposit: €10
Welcome Bonus
100%
Min Deposit: $0
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$30
Min Deposit: $5
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NONE
Min Deposit: $100
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$50 Free
Min Deposit: $500
* T&C’s apply to each of the offers. Click “Trade” for more details
WebMoney also allows customers to apply for loans, exchange currencies and a range of other types of financial transactions. It also issues Visa and Mastercard debit cards and offers a WebMoney e-Wallet that can be charged with funds and used for making online payments to a Forex broker or other service.
The benefits of using WebMoney for Forex payments
There are a number of reasons to choose WebMoney and trade with WebMoney Forex brokers. These include:
- Enjoy instant transfers – With a WebMoney Forex broker transfers are instant. Making a deposit or withdrawing from a trading account is quick and easy.
- Privacy and convenience guaranteed – Using WebMoney means traders can enjoy an extra layer of privacy and convenience as there is no need to share credit or debit card information.
- Low transfer fees – Receiving money (WM-units) into a WebMoney account is free. Sending money incurs a 0.8% fee.
There is inevitably a downside which includes the complexity of using the system, and the fact that a lot of personal information is required in order to set up an account. That being said, it is still a good way to cover making payments online, when other methods are accepted.
How does WebMoney work?
The first step is, of course, to open up an account online. You will be asked for a few personal details including a mobile phone number that is used for verification. Then comes the choice of currency for the e-Wallet that can be either Euros, Dollars, Russian Rubles or a selection of others. You will then be given a 12 digit number, not unlike a bank account number, that is your WebMoney ID and allows users to log into the system and begin to make payments, as well as take advantage of a number of other features. The WebMoney account has to then be funded which can be done in a variety of ways, including bank transfer, debit or credit cards, prepaid cards, and vouchers.
Are WebMoney Forex brokers a secure option for payments?
Because WebMoney transactions do not use a credit card or bank account they can be considered very secure. However, we should point out that unlike PayPal, transactions are final and cannot be retracted. The security offered is on a system level, because transactions are always either in the wallet of the sender or the wallet of the receiver, and not held somewhere in between in limbo. Therefore, it is virtually impossible to lose WebMoney funds. There are three methods of authentication for a WebMoney account. These are the login and password, files with secret keys, and personal digital certificates. There are also two additional methods which are an SMS verification code and an internal service that generates single-use passwords.
If you like the sound of WebMoney but are still a little unsure about using the services of a WebMoney Forex broker let’s see if we can help with the answers to the most common questions about the service.
WebMoney FAQs
A replenishment limit applies. The total amount in a WebMoney purse must not exceed the equivalent of 15,000 Russian rubles. There is also a daily spending limit or 15,000 Russian rubles daily, 45,000 weekly, or 90,000 monthly.
Customers are able to manage their spending with the help of a money management system. A standard customer is able to use WebMoney Keeper Standard. This will enable you to check the balance of your purse, add and transfer funds, issue and pay invoices, see any recent transactions and a range of other useful options. There are also other variations to suit different types and levels of WebMoney customer.
A WM-passport is a digital identity document which is certified by a handwritten signature analogue of the account holder. It contains vital information such as full name, passport details, and relevant contact information. There are different types of passport issued, but all serve to provide additional opportunities to use WebMoney services. As soon as a user logs into the system they are given an Alias passport. A Formal passport is issued as soon as the personal data section of the registration has been completed. Once this data has been verified the Formal passport becomes verified. There are two other types of passport that can be issued after the payment of a fee. An Initial passport and a Personal passport.
WebMoney account holders are able to create a selection of different wallet types, depending on their needs. Each different wallet has its own selection of replenishment options but as a general idea, the following are available. Bank transfer, payment terminals, and ATMs, internet banking, money transfers, exchange points and by prepaid WebMoney card.
WebMoney is kind enough to explain the complexities of the system via an extensive help section. You should be able to find the answers to most of your questions in there. All in all the website is very informative, but it will take some time to find all the relevant information you need.
Conclusion
So should you consider WebMoney Forex brokers as a sensible choice? It really depends on what else you might be looking for. As the range of Forex brokers accepting WebMoney payments is pretty vast. Opening an account, and managing it is a little more complicated than some of the other payment methods available. But once you’ve got your head around the intricacies, making payments should be seamless and secure. There are WebMoney Forex brokers located in many different countries and any traders conducting their business with one of them can be sure of the utmost security.
