Webmoney Forex Brokers 2017

Webmoney Forex Brokers

webmoneyWebmoney Forex brokers are those that provide their traders with the ability to deposit trading capital and also withdraw any profits which have been made using the Webmoney financial system. Not many people understand how Webmoney works. In a nutshell, Webmoney can be described as a settlement system setup in 1998 as a global money transfer operation. It presently boasts of over 26 million people from all over the world. Users of the Webmoney system such as binary options traders open accounts on the Webmoney interface known purses, and are assigned a WMID registration number.

Webmoney uses a digital identification document known as the WM passport. In order to get a WM Passport, binary options traders must supply a signature sample along with their personal data. A verification process is carried out to confirm that the applicant is a real person. Various WM-Passport types are available, with higher WM-Passports having more security features.

Best Forex Brokers that Accept WebMoney Deposits and Withdrawals:

Rank
Broker
Special Offer
Min Deposit
Spreads From
Rating
Max Leverage
Regulations
Support
Start Trading
1
EUR/USD from 0.5 pips
$200
0.5 PIPs
30:1
FCA, CySEC, ASIC, AMF
1
Spreads From 0.5 PIPs
Max Leverage 30:1
Min Deposit $200
Register now

How the Webmoney System Works on a Forex Platform

Many authorities have likened the way that Webmoney works to that of PayPal, especially in terms of the levels of security that Webmoney has implemented with its WM Passport system. This level of security and verification of the identity of the users of the Webmoney system has made it one of the most sought after methods of funding and withdrawals by forex brokers.

To become a Webmoney forex broker, such a broker must sign up to have the API code integrated into their payment page. This provides secure integration to the Webmoney system. The integration process that paves the way for payment acceptance for a Webmoney binary options broker is the Web Merchant Interface. The Web Merchant Interface is integrated with several other services such as Capitaller and WebMoney Processing.

To receive payment by this method on the website, it is necessary to place a button clicking on which will start the payment process. If you cannot create such a button on your own, we recommend taking advantage of setup wizard, which will allow you to create the necessary button and its code in a few clicks.

Using this interface allows “shifting” the entire payment process to our system. To make a payment, a user will be transferred to our website for authorization and confirmation of payment. After completion of the process of payment, the interface will take the user back to your website and notify your script on the made payments wth certain parameters.

Payment using the widget

Setup wizard allowing creation of not only a button to pay but also a small widget that will interact with our system in the background, and you do not need to transfer the buyer to our website to make a payment. After paying our server will notify you about the payment.

For traders to be able to use Webmoney forex brokers, it is expected that they should own a Webmoney account. You therefore have to open an account with Webmoney and acquire a WM Passport in order to transact with a Webmoney forex broker. Once you have acquired a Webmoney Passport, you can operate one of the 5 different types of purses available. It is from these purses that traders who hold accounts with Webmoney forex brokers can transfer money in and out of their accounts.

The process of deposits or withdrawals starts with logging into the trading account using the client login details. This is a secure process, as it takes the trader straight to the interface of the Webmoney forex broker which has been integrated to the WM transfer system using an API code. Deposits are concluded within minutes. Withdrawals from the trading account take slightly longer.

When the trader wants to withdraw money from the Webmoney account, there is a process of verification which uses the WM Passport system to identify the true faces behind each purse. When this verification is complete, withdrawals can be made seamlessly.

What Brokers Use the Webmoney Payment System?

Webmoney forex brokers come from various parts of the world: Belize, UK, Cyprus, Russia, etc. Webmoney is a predominantly Russian company which has branches in several countries.

Examples of brokers that use the Webmoney are:

  1. Liteforex
  2. IV Brokers
  3. Ava Trade Ltd (formerly Avafx)
  4. CLM Forex (Core Liquidity Markets)
  5. Iron FX
  6. Just Forex
  7. Solforex (New Zealand)
  8. Olofx
  9. SABrokers
  10. iForex

There are many other Webmoney forex brokers and many of these brokers come from other jurisdictions outside Russia.

Future of Webmoney Forex Brokers

After the closure of Liberty Reserve, the spotlight was turned firmly on the alternative payment processors and the question that was being asked was: Was Webmoney going to head the way of Liberty Reserve?

The answer is a categorical NO. Webmoney unlike Liberty Reserve, has an extensive identity verification system which Liberty Reserve did not have. This has discouraged shady characters from opening accounts on Webmoney, thus preserving the integrity of the WM Transfer System. This has also made it compliant with the KYC rules which regulators require of forex brokers. Thus traders who hold accounts with Webmoney forex brokers can be sure that their business is secure and that their funds will not disappear into the long arms of law enforcement agencies.

Adam

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Adam is an experienced financial trader who writes about Forex trading, binary options, technical analysis and more.

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