Best MoneyGram Brokers 2024
MoneyGram is a leading global transfer platform, offering secure transactions and reliable customer service. The payment provider has established worldwide brands to serve users in its walk-in-business and direct-to-consumer online solution. This review focuses on using the payment option for trading, including account opening benefits, login security, and any fees. We also list the best brokers that accept MoneyGram deposits in 2024.
Best MoneyGram Brokers
Our evaluations have uncovered the following 3 top brokers with MoneyGram payments:
MoneyGram Brokers Comparison
| Broker | Minimum Deposit | Instruments | Platforms | Leverage | Visit |
|---|---|---|---|---|---|
|
- | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting | WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade | 1:30 (Retail) 1:400 (Pro) | Visit |
|
$10 | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures | R StocksTrader, MT4, MT5, TradingView | 1:2000 | Visit |
|
$10 | CFD, Forex, Crypto, Stocks, Digital Options | Own | 1:500 | Visit |
#1 - AvaTrade
Why We Chose AvaTrade
AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support.
"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting
- Regulator: ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM
- Platforms: WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
- Minimum Trade: 0.01 Lots
- Leverage: 1:30 (Retail) 1:400 (Pro)
Pros
- WebTrader is well-suited to beginners and features a strong suite of technical analysis tools and market research for day traders
- Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools
- There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill
Cons
- It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here
- There is no ECN account with raw spreads
- Traders from the US are not accepted
#2 - RoboForex
Why We Chose RoboForex
RoboForex is an online broker, established in 2009 and registered with the IFSC in Belize. Traders can choose from five accounts (Prime, ECN, R StocksTrader, ProCent, Pro) catering to different needs with trades from 0.01 lots and spreads from 0 pips. RoboForex has also enhanced its offering over the years, adding CFD instruments and launching its stock trading platform, plus the CopyFX system.
"RoboForex is great if you want a vast range of 12,000+ day trading markets with ECN accounts, powerful charting and loyalty promotions. It also stands out for stock traders with its user-friendly R StocksTrader platform, featuring 3,000+ shares, fees from $0.01 and sophisticated watchlists."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures
- Regulator: IFSC
- Platforms: R StocksTrader, MT4, MT5, TradingView
- Minimum Deposit: $10
- Minimum Trade: 0.01 Lots
- Leverage: 1:2000
Pros
- The broker offers two commission-free withdrawals each month in the Free Funds Withdrawal program, helping day traders to minimize transaction costs.
- The R Stocks Trader platform rivals leading solutions like MT4, with netting and hedging capabilities, comprehensive backtesting, Level II pricing, and a flexible workspace.
- RoboForex offers over 12,000 instruments, providing more short-term trading opportunities than the vast majority of online brokers, with forex, stocks, indices, ETFs, commodities, and futures.
Cons
- Despite 15+ years in the industry and registering with the Financial Commission, RoboForex is authorized by one ‘Red-Tier’ regulator – the IFSC in Belize, lowering the level of regulatory protections for traders.
- RoboForex provides a variety of account types, which, while offering flexibility, can be overwhelming for newer traders trying to choose the most suitable option for their trading style. Alternatives, notably eToro, provide a smoother entry into online trading with one retail account.
- While RoboForex offers competitive spreads, some of its account types come with high trading commissions up to $20 per lot, trailing the cheapest brokers, such as IC Markets.
#3 - IQ Option
Why We Chose IQ Option
IQ Option is a trusted broker with multi-asset trading on its user-friendly proprietary platform. The broker provides trading on forex, stocks, cryptos, indices, commodities and ETFs with competitive fees and a good suite of extra features and educational content. You can also open an account with just $10.
"IQ Option is a good broker for beginners with a slick platform and low minimum investment. New users can also open an account in three easy steps."
- DayTrading Review Team
- Instruments: CFD, Forex, Crypto, Stocks, Digital Options
- Platforms: Own
- Minimum Deposit: $10
- Minimum Trade: 0.001 Lots
- Leverage: 1:500
Pros
- User-friendly platform for beginners
- iOS & Android compatible app
- Access to IQ Option community
Cons
- €10 inactivity fee after 90 days
- No MetaTrader 4 integration
MoneyGram Overview
Founded in 1940 under the name ‘Travelers Express’, the MoneyGram brand was established in 2004 after merging with ‘Integrated Payment Systems’. MoneyGram’s consumer-focused capabilities have grown the business as a global leader for online money transfers.
In 2014, it became the second-largest money transfer provider in the world after Western Union and can now be found in more than 200 countries and 176,000 international agent locations. It has also become an increasingly popular deposit and withdrawal option at many top trading brokers and platforms.
MoneyGram is licensed by the New York State Department of Financial Services and is authorized in all 50 US states. The UK affiliate is regulated by the FCA, with its head office in London at Senator House, 85 Queen Victoria Street, EC4V 4AB.
Pros Of Trading With MoneyGram
Customer Support
MoneyGram offers 24/7 support via the contact form for email, as well as through live chat and a detailed FAQ section. A UK-based customer service telephone number is also available at 0800 026 0535. Customer reviews report a responsive support team that can help with payment issues and questions about refunds.
Note, most trading brokers also offer 24/5 customer support and can support with funding queries.
Mobile App
The mobile app and wallet is a convenient way to send money, deposit funds, pay bills, and more. With over 1 million downloads, the app enables transfers to be made on the move. It also comes with a transfer tracker so you can see the latest news and payment updates.
The mobile solution is available on iOS and Android devices and will supplement other trading apps, such as MetaTrader 4 (MT4).
Worldwide Access
You can send or deposit money to more than 200 countries in 48 currencies with MoneyGram, including the UK, Japan, and Dubai. This makes it a good option for traders registering with brokers in other jurisdictions. It also means you can use the payment service for more than just online trading deposits.
Broker Integration
MoneyGram is widely available as a trusted payment method with forex trading brokers, including CityIndex, XTB, and FP Markets. Minimum deposits, payment times, plus processing fees vary between providers. It is worth checking our broker reviews or with the brand’s customer support team before making a payment.
Cons Of Trading With MoneyGram
Limited Outside USA
Outside of the USA and Canada, you can only deposit money with a debit/credit card or in cash at an agent location. Bank account transfers are solely for US residents. This does reduce payment flexibility for traders in other jurisdictions.
Fluctuating Rates
Higher exchange rate margins are charged by MoneyGram so international transfers vs other payment options such as TransferWise may not seem as competitive. As a global brand, MoneyGram is subject to poorer exchange rates than specialized online providers. This may be reflected through higher deposit fees charged to traders by brokers.
Speed
Deposits made with MoneyGram are completed within a few hours but receipting times are dependent on the destination country. Examples include:
- UK – next day
- Canada – around 1 hour
- China – around 1 hour
- Netherlands – next day
Cash can be ready for pick-up in as little as 10 minutes, but this is dependent on the availability at your merchant as many prefer online and bank transfers only.
Brokers may also have their own processing times which can cause a delay in funds reaching your trading account. Some platforms may need to verify ID before crediting an account, which may delay funding. With that said, the best brokers offer near-instant deposits.
Security
Fraud prevention is a key pillar of security assurance for MoneyGram, a founding member of a scams awareness organization. Topics covered on the website include how to safely send and receive money online and a contact phone number for suspected frauds. Online payments are covered with Strong Customer Authentication (SCA) and authorized for payment services throughout the EEA.
Note, you may be blacklisted if you do not operate within MoneyGram’s terms and conditions.
How To Deposit Using MoneyGram
You can pay for online transfers using a US bank account or credit/debit cards (Visa or Mastercard), most of which are completed within a few hours. MoneyGram highlights several factors impacting deposit timings, including local regulations and banking hours.
Consult the respective broker’s website to see how this may impact funding before you sign up for a trading account. It could also be worth checking with the broker’s customer support team what the maximum sending and transfer limits are.
Fees
Fees vary depending on transfer amount, location, and receiving country, but are typically lowest when sending from a US bank account. An easy-to-use fee calculator and money converter are available on the official website without having to login, however, these may not reflect the fees charged by your investing platform. Speak to your trading broker for a quote or estimate when using a money order, for example.
Is MoneyGram Good For Day Trading?
MoneyGram is a leading global brand for safe and simple international payments. The online service is extensive, with a range of deposit methods available, though bank account transfer accessibility is only available to US residents. Traders should be mindful of exchange rates with sending money to certain countries, which may be reflected in the deposit charges on the broker’s end.
FAQ
Which Brokers Accept MoneyGram Deposits?
Several top-rated brokers offer MoneyGram payments, including AvaTrade and RoboForex. You can refer to our list of top MoneyGram brokers to find the best option for your requirements.
Is It Safe To Deposit To My Trading Account Using MoneyGram?
MoneyGram adheres to strict fraud prevention and customer authentication standards to protect clients. Top regulated brokers should also offer robust financial safeguarding measures, adding an extra layer of security.
Are MoneyGram Deposits To My Live Trading Account Free?
No, traders may have to pay exchange rates when using MoneyGram. Brokers will typically charge a small percentage commission to traders, though some brokers may offer to cover these fees themselves.