Yandex Money Forex Brokers

Yandex Money Forex Brokers 2017

yandex moneyYandex Money FX brokers are forex brokers that provide their traders with the ability to deposit trading capital and also withdraw any profits which have been made using the Yandex Money e-payment system.

Yandex Money is the largest online payment platform in Russia. Considering that Russia is a large country, and has a large investment-hungry population, Yandex Money has come in to fill the gap in the forex transactions market in Russia. Russian traders can therefore operate their Russian forex accounts by the use of Yandex Money accounts. The number of Yandex Money forex brokers is increasing as brokers try to corner this largely untapped segment of the market.

Forex Brokers that Accept Yandex Money Funds:

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

Yandex Money is to Russian clients what Skrill is to UK clients. Yandex Money allows users to operate a mobile e-wallet and an online account. Traders can also have their money sent to them from their Yandex Money forex brokers straight to their bank accounts and also to their bank cards, though the last option is exclusively for Russian citizens.

Yandex Money forex brokers operate by linking their platforms to Yandex Money by the use of specific API software. This provides for seamless integration so that deposits or withdrawals can be done on the platform interface, only requiring the user to enter the trading account number and the password. This API allows Yandex Money forex brokers to accept funding via Yandex Money as well as process withdrawals to:

  1. Any Visa, MasterCard, or Maestro bank cards.
  2. Cash via payment terminals and mobile service shops.
  3. Money mobile or online accounts.

yandex

For traders who are allowed to transact with their cards on the platforms of the Yandex Money FX brokers, there are measures in place to ensure that the security of the card users is assured. Some of these are:

  1. Cardholder’s name and forex trading account name must be similar and belong to the same person.
  2. No third party card transactions are allowed.
  3. Cardholder’s details must be verified by sending a scanned copy of front and back of card (with sections of card number blocked off), containing the expiry date, cardholder’s name and security code.

How the Yandex Money Works on a Forex Platform

To be able to use Yandex Money forex brokers, it is expected that you should own a Yandex Money wallet account. You can apply for this account from the Yandex Money website. You fill an account opening form and perform some verification processes, after which your Yandex Money account is created.

Yandex Money integrates with several other payment systems including Skrill. So it is possible to use your credit cards and Skrill accounts to transfer money to your Yandex Money account. You can then complete the transfer of funds to your Yandex Money forex broker account. The same process also works in reverse for withdrawals. You can withdraw funds from your Yandex Money forex broker platform straight back to your wallet, or to any of the other compliant payment platforms that integrate with Yandex Money such as the Skrill account or credit cards.

Use of a Yandex Money forex broker account involves verification, which is accomplished by submitting the following documents:

  1. A form of government-issued identity card. This includes a copy of a valid passport or other official government ID such as a driver’s license, national identity card, international passport, etc. The ID must be valid (i.e. not expired) and should contain the trader’s full name, expiry date of the ID card, the client’s place and date of birth, the client’s signature, as well as a recent photograph.
  2. There must be a document proving your place of residence. These include a recent utility bill (e.g. electricity, gas, water or phone bill) or bank statement not exceeding the last 3 months.
  3. A copy of the back & front of each card with certain data blocked out to protect the security of the card while being able to match the card to the user. Specifically, you may be asked to block out the first or last 4 digits of your card number on the front of your card, as well the 3 digits security code on the back of the card.

List of Yandex Money Forex Brokers

Yandex Money forex brokers are mostly Russian in origin. However, a few other brokers also use Yandex Money as a preferred payment platform.

Examples of brokers that use the Yandex Money are:

  1. Cesartrade
  2. NordFX
  3. Miki Forex
  4. Bforex
  5. Olo Forex
  6. FXTrade Web
  7. Grand Capital Group
  8. Forex Metal Inc
  9. Instaforex
  10. Forex4you

Latest News for Yandex Money Forex Brokers

Skrill has completed a full integration with Yandex Money. This has expanded the scope of Skrill into the Russian forex market, as well as opened up a homegrown solution to the millions of Russians who live in other countries serviced by Skrill. This means that Yandex Money forex brokers now have an enhanced geographical spread which sees them gain a presence in many countries. Currently, Yandex Money is reaching more than 230 countries, and Yandex Money forex brokers now have access to these countries as a result of collaborations such as the one with Skrill.

Conclusion

Many Yandex Money forex brokers allow traders to make deposits in Russian Roubles in addition to the conventional USD platform. This makes them more accessible to those living in Russia and surrounding CIS countries. There are some countries which are locked out of other payment platforms such as Skrill. For these ones, the use of Yandex Money is a viable alternative. So if you are averse to entering sensitive information when creating a forex account, you can use Yandex Money forex brokers as they provide you with a secure way of depositing and withdrawing funds from your forex account.

 

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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