WebMoney
WebMoney is an online payment service accepted in many countries around the world. An increasing number of stock, forex and crypto brokers also support the deposit solution. This review will cover everything you need to know about the payment brand, from how to open an account to safety measures and transfer limits.
Brokers in United States with WebMoney
How WebMoney Works
WebMoney is a payment settlement system established in Russia. It was developed in response to the country’s 1998 financial crisis, which led many Russians to start using the US Dollar. In November 2015, WebMoney Europe Ltd was granted a license from the Financial Conduct Authority, allowing it to issue virtual cards and currency within the European Economic Area.
Today, WebMoney is one of the largest electronic payment processors in Russia, with over 41 million registered accounts. The firm also has 300,000 active weekly users. The majority of its transactions take place in Russia (76%) and Ukraine (17%).
Customers can access the payment platform on their desktop PC or through the mobile app. WebMoney Keeper is available to download on Steam as well as the Google Play Store (APK). The solution can be used for different purposes, including the transfer of funds to other e-wallets or bank accounts, purchasing goods and services online, and sending money abroad. Importantly, the firm offers low fees, reliable support, plus the opportunity to earn vouchers through promotions. WebMoney can also be used on popular shopping websites like AliExpress and to purchase Xbox gift cards. In addition, freelancers and small businesses frequently use the service, particularly in Russia.
Even though it is not as well known as PayPal, WebMoney is held in high regard by online brokers and traders for its robust safety track record.
WebMoney Keeper
WebMoney Keeper is a simple and convenient way to access your account, also known as a digital purse. It is available following sign up and registration. After the account login process, users can check their wallet balance, transfer funds and access various other features. The Light and Pro versions, as well as standard, are available to download on desktop (Windows 10, 7 and Mac), plus mobile devices.
WebMoney Passport
Company users receive a formal passport following the submission of all relevant data and the completion of the verification process. The passport allows users to top-up purses, withdraw funds and access several other solutions. Note, passport types have different daily limits.
Currencies
Customers can add WMZ and WMR funds to their account via credit and debit card, bank transfer, plus various online payment providers. Most major currencies like the Pound Sterling, US Dollar and Japanese Yen are accepted. In addition, customers can buy a prepaid card and deposit funds.
A range of cryptocurrencies are also supported:
- Binance Coin (BNB)
- Bitcoin Gold (BTG)
- Bitcoin (BTC)
- Ripple (XRP)
- Ether (ETH)
Note, the dollar exchange rate for each cryptocurrency is updated regularly.
Transaction Times
WebMoney is a quick payment solution, with transfers usually processed instantly. The main exception to this relates to funds deposited via bank transfer, which can take up to five working days to clear. At many trading brokers, deposits are also instant.
Withdrawals are slightly different. They tend to take longer and vary between trading platforms, though 24 hours to three business days is average. AvaTrade, for example, aims to process payments within 24 – 48 hours.
Pricing Review
WebMoney charges a transfer fee of 0.8% per transaction up to a maximum of 50 Euros. Users can also access a fee calculator online to see how much they will pay. Importantly, the firm does not charge an inactivity fee and is generally upfront with pricing, meaning you shouldn’t be hit with surprise charges.
Deposit and withdrawal fees at brokers vary, just as commissions and minimum deposits do. And remember, the 0.8% transfer fee will usually apply on top of any broker specific fees. The good news is that most brokerages offer fee-free deposits using the payment solution.
Security
WebMoney takes security seriously. The mobile app utilises two-factor authentication (2FA). This requires traders to enter a code received via text or email when signing into their account, reducing the risk of hackers accessing personal details. The company also uses video identification, coined VideoID, which allows clients to sign in using their webcam or phone.
Note, all WebMoney transactions are secured using 128-bit encryption. This ensures that all transaction and client information is suitably protected.
Customer Support
Should you need help, the firm’s customer support team is on hand. Whether you want to delete your account, are the subject of a hack, or have simply forgotten your password, the team is available to support you. Customer service is also available in different countries and various languages – visit the website to find the most suitable option for you.
Accepted Countries
Outside Russia, WebMoney is supported in over 90 countries where users are free to sign up and create a new account. It is available in the UK, Nigeria, Lebanon, Moldova, Namibia, Myanmar, Malaysia, Vietnam, Venezuela, Zambia, South Africa, Uganda, Ukraine, Sri Lanka, Colombia, Brunei, Pakistan, Nepal, Hong Kong, Iran, Iraq, the UAE, Japan, Ghana, Zimbabwe, Kenya, Georgia, Jordan, Jamaica, Israel, Bahrain, Cambodia, Tanzania, Rwanda, Morocco, and Qatar, among others.
In these countries, customers can transfer WMZ, transfer to PayPal and other wallets, buy gift cards and use the WM Exchanger. It should be noted, however, that there may be restrictions on the use of a WME Purse in some regions.
Compared to PayPal, Visa, Mastercard, UnionPay, Skrill and Neteller, WebMoney is available in fewer countries. With that said, the company is still well supported. It is also more widely available than competitors like JazzCash, YooMoney, MPesa, GCash and Perfect Money.
Note, traders from the United States (USA) cannot use the WebMoney service.
Pros of WebMoney for Traders
Advantages of trading with WebMoney include:
- Various supported currencies including cryptos
- Hassle-free joining process
- Available at major brokers
- Near-instant deposits
- Secure Enum system
- Quick withdrawals
- Low transfer fees
- Fees calculator
Cons of WebMoney for Traders
Our review also highlighted some downsides of trading with WebMoney:
- Various restricted countries, including the US
- Fees applied to most transactions
- Withdrawal limits are unclear
- Currency conversion fees
How to Make WebMoney Deposits & Withdrawals
Making deposits and withdrawals at online brokers using WebMoney is straightforward:
- First, sign in to WebMoney and deposit funds to your account. This can be done using other payment services like PayPal, Skrill, bank transfers, credit and debit cards, or via crypto wallets
- Open your trading account and select deposit or withdraw funds
- Select the brand’s logo from the list of available methods
- If redirected, enter your WebMoney login details on the new page
- Enter the amount you wish to deposit or withdraw and select pay
- The funds will either be added to your trading account or sent to your WebMoney account
Verdict
WebMoney is a popular payment method. It is safe, fast and accepted by a range of leading trading brokers. It is also available in over 90 countries and comes with a string of perks and incentives. If you are trading online, the near-instant deposits are a notable advantage. Follow our guide to start trading with the payment solution.
FAQ
Is WebMoney Legit?
Yes, the brand is a legitimate payment company. The firm has been operating since 1998 and implements various security features to protect users.
What Is E-Num In WebMoney?
E-num is an authorization system used by the payment platform. It ensures its services are accessed via a secret key stored in a user’s mobile or tablet device.
Is WebMoney Licensed In Europe?
Yes, WebMoney holds an operating license in Europe. In 2015, the firm obtained a license from the Financial Conduct Authority (FCA) in the UK. This allows it to issue digital money within the European Economic Area.
Is WebMoney Safe?
WebMoney is a relatively secure and reliable payment solution. While all e-wallet services are at risk of being hacked, the firm implements various security features to protect sensitive personal data.
Can I Use WebMoney In The US?
No, you cannot use WebMoney in the United States. The service is still available to residents in over 90 other countries, however.