Best WebMoney Brokers 2024
WebMoney is a digital payment service utilized by online trading platforms. The number of brokers that accept WebMoney deposits is actually on the increase, largely on account of the security and speed offered by the transfer service. Other advantages of trading platforms that support WebMoney include the acceptance of most major currencies and the ability to handle large transactions with fees from 0.8%.
This review explains the pros and cons of trading with WebMoney. We also list the top WebMoney brokers in 2024.
Best WebMoney Brokers
Our tests have uncovered the following 5 top brokers that accept WebMoney payments:
WebMoney Brokers Comparison
| Broker | Minimum Deposit | Instruments | Platforms | Leverage | Visit |
|---|---|---|---|---|---|
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- | 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 |
|
$5 | CFDs, Multipliers, Forex, Stocks, Indices, Commodities | Deriv Trader, MT5 | 1:1000 | Visit |
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€100 | CFDs, Forex, Stocks, Cryptos, Commodities | MT4, MT5, TradingView | 1:30 | Visit |
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$50 | Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos | Web, MT4, MT5 | - | Visit |
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$10 | Forex, CFDs, indices, commodities, cryptos, stocks | MT4 | 1:1000 | Visit |
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$5 | Binary Options on Forex & Cryptos | Own | - | Visit |
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$10 | Forex, CFDs, Indices, Commodities, Stocks | FXTM App, MT4, MT5 | - | Visit |
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$10 | CFDs, Forex, Metals, Commodities, Stocks, Indices | MT4, MT5 | 1:1000 | Visit |
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$5 | Forex, Stocks, Cryptos | Own | - | Visit |
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- | Forex, CFDs, Indices, Commodities, Cryptocurrencies, ETFs, Shares | MT4, MT5, TradingView | 1:30 (EU), 1:500 (Global) | Visit |
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$10 | Options, Stocks, Commodities, Forex, Crypto, Futures, | Expert Option Web Platform | N/A | Visit |
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$50 | Forex, CFDs, indices, shares, commodities, cryptocurrencies | MT4, MT5 | 1:500 (Crypto 1:50) | Visit |
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$250 | CFDs, Forex, Stocks, Cryptos, Options, Commodities | 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
- Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools
- Day traders can access stable spreads and zero commissions with no hidden fees
- There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill
Cons
- Traders from the US are not accepted
- There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
- There is no ECN account with raw spreads
#2 - Deriv.com
Why We Chose Deriv.com
Deriv.com is a low cost, multi-asset broker with over 2.5 million global clients. With just a $5 minimum deposit, the firm offers CFDs, multipliers and more recently accumulators, alongside proprietary synthetic products which can't be found elsewhere. Deriv provides both its own in-house charting software and the hugely popular MetaTrader 5.
"Deriv.com will suit day traders looking to make fast-paced trades using CFDs and multipliers with high leverage up to 1:1000. The broker is also the industry leader in synthetic indices, which simulate real market movements and are available around the clock. "
- DayTrading Review Team
- Instruments: CFDs, Multipliers, Forex, Stocks, Indices, Commodities
- Regulator: MFSA, LFSA, VFSC, BFSC
- Platforms: Deriv Trader, MT5
- Minimum Deposit: $5
- Minimum Trade: 0.01 Lots
- Leverage: 1:1000
Pros
- There's a good range of fast deposit and withdrawal methods with zero payment fees and low minimum deposits
- The free demo account is ideal for practicing short-term trading strategies and no registration is required
- Beginners and experienced day traders can access a good range of 20+ technical indicators in Deriv Trader vs 30+ in MT5
Cons
- There's no loyalty program or rebate scheme for high volume traders
- The range of 100+ assets trails some competitors such as Quotex which offers 400+
- There are limited copy trading tools and analysis features compared to alternatives like IQ Cent
#3 - Easy Markets
Why We Chose Easy Markets
Founded in 2001, easyMarkets is a multi-regulated forex broker offering leveraged trading opportunities on forex, stocks, indices, commodities and crypto. With fixed spreads, an affordable initial deposit, regulation from several reputable bodies and a diverse selection of account currencies, this broker provides simple and straightforward trading solutions to a diverse range of traders.
"Casual traders who want a secure and straightforward trading environment will find a good broker in easyMarkets. The fixed spreads and upfront fees will also appeal to newer traders and cost-conscious investors."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Cryptos, Commodities
- Regulator: CySec, ASIC, BVI, FSCA
- Platforms: MT4, MT5, TradingView
- Minimum Deposit: €100
- Minimum Trade: Variable
- Leverage: 1:30
Pros
- The Bitcoin base currency account makes it easy to store and trade cryptos without the need for a fiat exchange
- High-quality day trading software is available including TradingView, with 100+ overlays and indicators, plus deep market insights
- There’s a wide range of free research tools and news feeds available in all the broker's platforms
Cons
- Spreads on the Standard account are fairly wide based on tests, starting from 1.7 pips for EUR/USD
- There is no VPS service for seasoned algo traders looking to run their automated strategies 24/7
- There's no copy trading service for beginners looking to follow successful strategies, or for experienced traders looking to sell their own strategies
#4 - Pocket Option
Why We Chose Pocket Option
Established in 2017, Pocket Option is a binary options broker offering high/low contracts on forex, stocks, indices, commodities and cryptocurrencies. With over 100,000 active users and a global reach, the platform continues to prove popular with budding traders.
"Pocket Option excels for its easy-to-use web platform which provides a best-in-class user experience for short-term binary traders. The $50 minimum deposit is also accessible for beginners while opening an account is really easy. Looking at the negatives, Pocket Option still trails alternatives in its market offering and regulatory credentials."
- DayTrading Review Team
- Instruments: Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos
- Regulator: MISA
- Platforms: Web, MT4, MT5
- Minimum Deposit: $50
- Minimum Trade: $1
Pros
- The range of payment methods beats the majority of rivals, providing fast, secure and convenient deposits for traders in most countries
- The web platform shines for its straightforward design and usability that will appeal to beginners looking to speculate on popular financial markets in a few clicks
- The MetaTrader platforms offer integrated analysis with helpful technical summaries for short-term traders
Cons
- The maximum binary contract length of 4 hours is restrictive for longer-term trading strategies. Alternatives like Videforex offer binaries up to 1 month
- You need to deposit $1000 to access the extended list of 250+ assets, otherwise just 130+ assets are available
- Despite offering competitive payouts up to 92%, binary brokers like IQCent offer higher returns up to 98% based on tests
#5 - NordFX
Why We Chose NordFX
Founded in 2008, NordFX is an offshore CFD broker offering forex, stock, commodities, indices and crypto trading to over 1.7 million clients in 190 countries. Traders access markets through the MetaTrader 4 platform and benefit from low commissions, spreads from zero and decent extra features. Minimum deposits start from just $10 and very high leverage is available up to 1:1000.
"NordFX's biggest advantages are available to upper-tier account holders, so this is a good option for experienced, higher volume traders looking for ECN, zero-spread trading. That said, the lack of regulation is a notable concern and the broker's market coverage is weak compared to alternatives."
- DayTrading Review Team
- Instruments: Forex, CFDs, indices, commodities, cryptos, stocks
- Platforms: MT4
- Minimum Deposit: $10
- Minimum Trade: $1
- Leverage: 1:1000
Pros
- The FIX and Pro accounts will serve beginners, with minimum deposits at $10 and $100, respectively
- NordFX continues to offer decent trading terms for seasoned day traders in the Zero ECN account, with a reasonable $500 barrier for entry
- There’s a good range of day trading tools available, including a VPS, calculators, live signals and an economic calendar
Cons
- The lack of strong regulatory oversight is a major concern as clients will receive limited safeguards
- With only around 100 instruments, NordFX’s market coverage is uncompetitive vs most alternatives
- Minimum spreads in the Standard account are 2 pips, which is wider than equivalent accounts at many competitors - Vantage, for example, offers minimum quotes from 1.1 pips
WebMoney Overview
WebMoney is an eWallet similar to PayPal. It boasts over 45 million users worldwide and is accepted by more than 100,000 online vendors.
The company was founded in Russia following the 1998 financial crash which led to an increasing need to transfer money in US Dollars. The firm now has subsidiaries around the world. WebMoney Europe LTD, for example, is located in Cambridge in the UK.
WebMoney was traditionally used for a variety of purposes, including making purchases, funding online casino accounts, transferring money abroad or simply as an alternative to traditional banking. The platform is available on desktop computers and dedicated mobile apps.
Importantly, trading with WebMoney is popular because of its low fees and regular promotional offers. And while it may not be as useful as PayPal for everyday transactions, the growing list of brokers that accept WebMoney deposits is helping its popularity.
Advantages
When comparing WebMoney vs Perfect Money, Skrill, Neteller, or MPesa, the payment service stands out for the following:
- Simple to use interface
- Cryptocurrency support
- Data encryption for increased security
- Adopted by online vendors worldwide
- Free to receive money and open an account
- Rapid transactions (unless via bank transfers)
- Low fees encourage regular transactions and forex trading
- Major brokers regularly offer promotions for funding via the platform
- Transfers can be made at zero mark-ups to accounts with the same ID
- Multiple debit/credit cards can be linked to a single WebMoney account
- Support for dozens of currencies including US Dollar, British Pound, Euro and Yen
WebMoney is also considered business-friendly and is largely focused on the B2B market. The official website has sections relating to specific business solutions, with everything from merchants and retailers to traders and institutional banks catered for.
This all helps make it a great choice for retail traders. Investors can expect a fast and secure service whether they are depositing or withdrawing funds.
Drawbacks
As a potential eWallet for online traders, it does have some drawbacks:
- Fees on every transaction
- Higher exchange rate commission compared to other eWallet providers
- Verification is required to increase maximum deposit/withdrawal amounts
- Unclear information on maximum and minimum deposit/withdrawal daily limits
- No fees calculator for exchange rates. If you need to buy dollars and want to know the dollar rate, for example, you will be quoted a price inclusive of fees
But perhaps the biggest complaint among its users is that transactions are final and cannot be reversed. This tends to put buyers on edge because if they pay for something and don’t receive it, there aren’t recourse options for retrieving funds. Unless the depositing party has a contract with the receiving party, there is little that can be done in terms of legal action to help recover funds. This exposes international transactions, in particular, to an increased risk of fraud.
Speed
Payments with WebMoney are generally rapid. Funds deposited into an account via a debit/credit card are usually available instantly. However, capital deposited via bank transfer can take up to five working days before it’s available.
Cards and accounts used to make deposits/withdrawals with WebMoney don’t have to be in the name of the account holder, although for security purposes the firm may ask for verification.
It is also possible to make instant deposits into your WebMoney account via the following currencies/platforms:
- Qiwi
- Klarna
- Trustly
- M-Pesa
- Neteller
- Rapid Transfer
- Ripple (XRP)
- Bitcoin (BTC)
- Tether (USDT)
- Litecoin (LTC)
- Monero (XMR)
- Ethereum (ETH)
- Bitcoin Gold (BTG)
Alternatively, you can buy prepaid virtual cards and top up your WebMoney (WMZ) account from anywhere in the world. For example, in Japan, you can use a PayPal gift card to deposit funds.
If you wish to make a transaction between WebMoney and Mastercard or Binance, use a small amount to test the system. Transfers through this payment provider are final – testing will ensure you don’t lose your all of your capital if there are mistakes.
Security
The firm follows safety measures to make sure each user is protected. All transaction information is secured with 128-bit encryption. The mobile app also features two-factor authentication. This means that users are required to enter a code sent to their mobile device via text in addition to entering their email address and password.
The company also makes use of a video identification method, known as VideoID. Here, users can verify themselves via a smartphone or webcam by displaying a national identity document. This verification method is swifter than visiting a notary or WebMoney verification center.
How To Deposit Using WebMoney
Depositing and withdrawing funds is straightforward. The firm operates a fee tariff of 0.8% of the transaction value. This means that regardless of whether you are depositing or withdrawing funds, you will have to pay 0.8% on top of the amount of funds you are moving.
However, the company does not charge a fee for transactions between accounts with the same WebMoney ID, allowing you to freely transfer funds from one account to another (such as a business account to a personal account).
Passports & Purses
WebMoney provides two categories of passport types: Basic (Alias, Formal, Initial, Personal) and Professional (Merchant, Capitaller, Transact Automation Tool, Developer, Registrar, Service, Guarantor, Operator). These help customers with their specific needs. For example, the Formal passport is primarily used by freelancers. Financial restrictions (limits) are dictated by the type of purse you choose.
The company also offers 11 different purses based on the currency deposited by the account holder. The purse management system is split further into three categories depending on the level of security: Mini, Classic and Light. The Classic purse, for example, requires a personal key (e-num) and is best suited to experienced traders.
Fees & Costs
Apart from the transaction fees for deposits and withdrawals listed above, there are no additional charges with WebMoney. There is no monthly or annual membership fee.
On the downside, you may find that daily use can rack up a reasonable amount in transfer fees. Some brokers also apply a fixed charge per withdrawal. See our reviews for details before opening an account.
Inactivity Fee
Unlike other eWallet providers, WebMoney does not charge an inactivity fee. However, if your account goes unused for over a year, the WebMoney team may suspend your account.
If you wish to reactivate your account, you may be required to go through the verification process again.
Money Transfer
The firm offers a service known as WebMoney Transfer, which can be used for peer-to-peer payments. It is a trustworthy solution that even includes its own escrow system. Transactions incur the standard 0.8% fee, up to a maximum of $50.
Interestingly, there is also an online exchange. It can be used to trade derivative securities, known as Notes, which are backed by assets such as the shares of public companies. It is also possible to trade cryptocurrencies like Bitcoin, Ether, Ripple, Dash and Monero via the INDX online exchange.
Is WebMoney Good For Day Trading?
WebMoney is used by many individuals to fund online trading accounts. With that said, there are no VIP levels, which may put high-volume traders off, though advanced security purses are available for professional use. The fact that a 0.8% transaction fee applies to all transfers may also be enough to send traders to other services.
Still, Russian and European traders may find that WebMoney offers more convenience than other platforms, regardless of the fees involved. Use our list of trading brokers that accept WebMoney deposits to get started.
FAQ
Are WebMoney Trading Deposits As Secure As PayPal?
Many eWallet services encounter issues of fraud and hacks from time to time. And while recouping funds via WebMoney might be more difficult than getting your money back after a rogue PayPal transaction, the brand is a legitimate company with secure encryption protocols.
Why Don’t All Brokers Allow WebMoney?
The payment brand is not as well-known as PayPal, Neteller or Skrill. However, WebMoney is growing in popularity, meaning the list of brokers that accept deposits and withdrawals using the payment solution is likely to increase. Check out the top supporting brands here.
Are WebMoney’s Fees Considered High?
At just 0.8%, transaction fees are among the lowest in the digital payments industry. Having a fixed rate attracts users who don’t want to be stung by hidden charges, and those who want upfront visibility of costs before making a transaction.
Why Should I Use WebMoney To Deposit With A Broker?
The payment system is convenient and also provides an added layer of privacy. You won’t have to share your credit or debit card information with your broker. Instead, you can deposit directly from your WebMoney account.
What Are The WebMoney Supported Countries?
You can sign up in Nigeria, Kenya, Venezuela, or the UAE. The payment system is also available in many other countries, including Lebanon, Moldova, Namibia, Myanmar, Malaysia, Vietnam, Venezuela, Zambia, Pakistan, South Africa, Nepal, Hong Kong, Uganda, Ukraine, Sri Lanka, Colombia, Brunei, Iran, Iraq, Zimbabwe, Ghana, Georgia, Jordan, Jamaica, Bahrain, Cambodia, Tanzania, Rwanda, Israel, Morocco, and Qatar. You won’t be able to use WebMoney in the United States, as this is one of the restricted countries.