WebMoney brokers

Broker

Status

Vote Rating

Year

Reviews

Reliability Rating

XCritical

41%

59%

2015

Orbex

ITI Capital

Brokers by Type

Latest Reviews

Evgeniy Shestakov

I started trading with them with a minimum amount. They assigned me a manager who helped me with trading. My stock has already doubled in one day. The mentor began to say that I could earn even more, but I needed to increase the amount on deposit. I wanted to try to get the part out first, and told my mentor about it. After that I was unable to log into my account.

Arthur

I tried to trade here. Nothing worked out; for some reason, promising deals went into the red as soon as we tried to close them. The terminal could ignore orders for several minutes until the price of the asset changed for the worse.

Arthur

I really didn’t like that they called me several times a day after I registered my account. I didn’t even have time to top up the deposit when calls started coming in asking me to deposit as much money as possible and invest it all in an incredibly profitable deal. Such recommendations contradict any rules of money management. And that's why I refused to work with them. And then for another two weeks I blocked the left numbers from which they called.

Max

I met on VK girl from somewhere in the EU and corresponded with her for a couple of weeks and evenby videocommunicated. And then she started asking about my work and said that she herself is engaged in trading and lives well on the income from it and offered to introduce me to a person who has a good broker. Like a fool, I agreed and gave my contacts, and within a day they called me and started telling me tales about huge incomes and pointing out some graphs and reports. A day later I transferred money to the account to scrape $300 according to mystockpiles and tried it at the merchant. My trading almost immediately went negative. I realized that it was not mine and wanted to withdraw the money, but I was thrown out of my personal account and was not allowed back.

Egor

Rakuten Trade clearly does not look like a normal broker. Too many jambs. It is very difficult to open an account with him; it is impossible to trade normally. Any transaction becomes unprofitable due to direct and hidden commissions.

Matvey

I fell for the promises of the bitprojectinvests manager like a horse. And now I can’t even withdraw my money.

All reviews

WebMoney Brokers: What You Need to Know to Succeed

On paper, WebMoney (WM) is an international payment system. However, its actual registration location remains uncertain. The information found on its official website is from a legal firm in Lithuania. It’s important to note that, according to Russian legislation, “WebMoney” is not considered an electronic payment system. Its international recognition is also limited, with most usage in Russia and Eastern Europe. Within the European Union, WebMoney is not highly popular, although it is licensed by the FCA as a payment method.

Target Audience and Broker Orientation

“WebMoney” brokers cater mainly to Russians. Otherwise, there would be no point in supporting this specific payment system. As of February 2022, ruble-denominated WebMoney wallets are no longer serviced due to the withdrawal of the license from the bank guarantor, AO “Bank ‘KKB.” Russians can still use dollar-denominated wallets, but ruble wallets present issues. Finding a forex broker supporting “WebMoney” with Russian registration is challenging. The four legitimate brokers in Russia accept only cards or bank transfers, indicating that Russian payment methods are mainly supported by foreign platforms.

WebMoney Forex Broker and Trust

Imagine a mediator who heavily focuses on Russian traders to the extent that it allows funding through a less commonly used electronic payment method outside of Russia. However, this broker lacks a license as a dealer in the Russian Federation. This stems from its unwillingness to take responsibility for its actions while desiring to offer prohibited trading conditions within the country. Brokers supporting WebMoney typically register offshore where local regulators have simpler requirements, including the payment systems through which the broker can receive deposits.

Why Legitimate Forex Brokers Support Specific Payment Methods

Major, legitimate forex brokers primarily support payment methods like cards, bank transfers, and PayPal due to anti-money laundering regulations. Smaller companies might establish themselves offshore to circumvent these rules. WebMoney enforces strict identity verification, making it challenging to determine the source of capital through its platform. Not all brokers supporting “WebMoney” possess licenses. Some may hide behind fictitious financial regulators like the Financial Commission, lacking mechanisms to penalize violators.

Understanding WebMoney Broker Characteristics

All “WebMoney” brokers, from small to large, essentially operate as market makers, executing traders’ transactions using internal reserves. While this approach has its merits, it’s effective only under stringent financial regulation. If you’re seeking a broker that supports WebMoney, it’s crucial to ensure they are honest, safe, and capable of fulfilling their obligations.

Suitability of WebMoney-Supporting Brokers for Traders

A “WebMoney” broker is well-suited for small traders with limited capital. Entrusting significant amounts to a firm hiding offshore is a significant mistake. A WebMoney broker is suitable for those who want to calculate and remit income taxes themselves. Utilizing this payment method can be convenient.

WebMoney Broker Rankings

We have compiled a list of intermediaries, dealers, and platforms supporting WebMoney. This list is updated daily, simplifying the selection process. Learn about your potential partners, generate profits, and withdraw funds.

Choosing a Broker with WebMoney Support

When searching for a “WebMoney”-supporting broker, the first thing to consider is whether they are licensed. This is a significant advantage. Then, verify that the license has been issued by a reliable regulator such as ASIC, FCA, or CySEC. Some brokers hold multiple licenses, with one or two being issued by reputable regulators, while others are from offshore jurisdictions.

Caution with Offshore Entities

Brokers operating through offshore subsidiaries may offer high leverage and accept “WebMoney” transfers. However, exercising caution is essential. In cases of fraud, disputes will be resolved not in Cyprus or the UK but in the offshore jurisdiction that issued the license.

Evaluating Trading Conditions

Once the regulatory aspect is clear, it’s necessary to study the trading conditions. This includes the range of instruments available for trading, spreads, commissions, leverage (especially considering risks), swaps, margin call and stop-out levels, and the usability of the trading platform.

Nature of WebMoney Brokers

All “WebMoney” brokers, without exception, function as market makers. They are not permitted to offer managed accounts, trading signals, or analytics due to conflicts of interest. Such arrangements can lead to unfavorable trading outcomes.