The convenience of making deposits and withdrawals is key in choosing a broker, which is why forex brokers continue to upgrade their payment methods. The variety ranges from widely used methods such as wire transfers and credit cards to online payment systems like WebMoney.

Operated by WM Transfer Ltd., WebMoney is an e-payment originating from Russia. It has been roaming the world of online payments since 2008.

Because of its brilliant reputation and performance, WebMoney has managed to attract 38 million users and counting. In simple terms, WebMoney is a virtual bank where we can store a certain amount of funds and use them for online transactions. Several distinguished features from WebMoney include:

1. Unique currency terms and Purse systems
   For example, USD funds are placed in a Z-purse with the currency code WMZ. Apart from that, there are also R-purse for WMR (Russian Ruble), E-Purse for WME (Euro currency), B-Purse for WMB (Belarusian Ruble), G-Purse for WMG (Gold), V-Purse for WMV ( Vietnamese Dong), as well as several cryptocurrencies such as WMX (Bitcoin), WMH (Bitcoin Cash ), and L-Purse (Litecoin).
2. The Keeper app
   To increase user convenience, WebMoney's Purse can be managed in 1 container (Keeper) with a certain registration number. Some types of WebMoney Keepers are known as Keeper Standard (Mini account), Keeper WebPro (Light account), Keeper WinPro (Classic account), Keeper Mobile (for smartphone users), and Keeper for Social Networks (connected to social media like Facebook).
3. Multiple security protocols
   WebMoney provides a fairly tight security system to ensure the confidentiality of client data and secure transactions. The e-payment offers Secret Keys, Personal Certificates to generate advanced authorization, verification codes via SMS, and E-Num tools to validate transactions.

With such advantages and its inherent quality as an e-payment, it is no surprise that many forex traders choose to deposit via Webmoney. On the other side, many brokers partner with WebMoney to provide it as one of their recommended payment methods.

Below is a list of forex brokers that accept deposits via WebMoney:

1. AvaTrade

AvaTrade presents various deposit methods from various groups of payment methods, including WebMoney. This e-payment can be selected by all clients except EU and Australian clients. When using WebMoney, funds will be credited to the account within 24 hours. To initiate a deposit, clients must log in to their AvaTrade account, navigate to the 'Deposit' section, and select the WebMoney deposit method.

2. FXTM

At FXTM broker, deposits via WebMoney are only accepted from Formal WM-Passport holders or higher. While there is no transfer limit per transaction, restrictions apply based on the user's WM passport type and transaction confirmation method. Accepted account currency types are USD, EUR, and RUR. No additional commission fees are charged, and the deposit process takes place instantly.

Meanwhile, WebMoney withdrawals in FXTM are usually processed within one business day and credited to the WebMoney account within the same period. Although there is a 2% commission on the withdrawal amount, there is no transfer limit per transaction. Delays in withdrawing funds may occur if further verification is required.

3. FIBO

Clients who use WebMoney for deposits and withdrawals at FIBO will be charged a 0.8% commission, with a maximum commission of 50 USD/EUR for withdrawals. Deposits are processed once payment is complete, while withdrawals are usually processed within 2 business days. Clients should note that WebMoney withdrawals can only be made in the same currency as the initial deposit.

4. Tickmill

At Tickmill, clients can deposit funds using WebMoney in USD or EUR. The minimum deposit amount is $100, while the minimum withdrawal is $25. Tickmill does not charge a commission for WebMoney deposits or withdrawals.

Deposits are processed instantly, while withdrawals usually take no longer than 1 working day. It is important to note that withdrawals will be processed in the base currency of the client's wallet.

5. easyMarkets

easyMarkets allows deposits and withdrawals from client accounts via various payment methods, including WebMoney. WebMoney deposit processing time at this broker is one working day without additional fees. When withdrawing funds to WebMoney, there is no minimum withdrawal amount to pay attention to. However, withdrawals to a bank account require a minimum transaction of $50.

6. FreshForex

At FreshForex, clients can deposit funds via WebMoney instantly with a minimum amount of $10 and 15% commission. Interestingly, the commission deducted from deposits would be refunded to the account as a withdrawal bonus. For withdrawals, there is a 0.8% fee with instant processing time upon request.

7. FXGlory

FXGlory provides various methods for deposits, one of which is via WebMoney which offers a fast and efficient process. To start a deposit, traders can log in to the Client Cabinet and navigate to the “Deposit” tab. After determining the deposit amount and confirming the payment, traders will receive the payment details. For WebMoney users, the minimum deposit is $1 and there are no deposit fees. Withdrawals can be requested with a minimum amount of $5. However, withdrawals of less than $50 would be charged a $3 fee.

Bottom Line

Many brokers nowadays have included WebMoney in their payment methods. Before deciding to deposit via WebMoney, don't forget to pay attention to the processing time, withdrawal and deposit fees, minimum deposit amount, and the accepted currencies. WebMoney deposits are relatively safe because of the layered security provided. But, keep in mind that there are transfer limits on the mini account. Therefore, deposits via WebMoney are more suitable for small transactions.

Apart from WebMoney, forex brokers also provide many payment methods to choose from. Still in the e-payment category, here is a list of brokers that accept deposits via Neteller.