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WebMoney brokers

Broker
Status
Vote Rating
Year
Reviews
Reliability Rating
icon
41%
59%
2015
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Latest Reviews

Yura

My brothers, I’m unlucky, I always end up scammed like this. What doesn’t save me is the fact that they are tailor-made. Don't do like me or you won't make any money. Don't mess with Smart rVid.

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Arkady

I was an idiot and thought that this was a normal broker with whom I could make good money if I didn’t take too much risk, plus they promised me consultations so that I would feel confident. Therefore, I opened an account with $1000 at once to get wider leverage and better conditions. It turned out that there is nothing good there; the spreads are very wide, and at the moment of transactions there are hidden commissions that turn the profit into dust. In the end, I got tired and I submitted a withdrawal; it turned out that they were not going to give me the money until I paid the insurance of $500. Of course, I refused and they immediately gave me a ban.

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Vladislav

This is a very bad broker and you can’t trust him, he lures you in, I know from experience. He started calling me about a week ago and actively forced me to open an account with him, and this continued for 2 days until I agreed. They immediately demanded insurance fees from me, I refused to pay them and received an account ban, that is, the scammers simply stole my money for themselves and did not give anything back. I already contacted the prosecutor’s office and they said that these swindlers are sitting somewhere in another country.

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Grisha

The last time I trust a broker from the Internet is simply no good anymore. If others were simply cutting off my profit, this particular idiot didn’t even want to return the deposit. Not only did he constantly put a spoke in the wheels with his jumps in spreads, but then he also canceled withdrawal requests one after another without explaining the reasons. I tried to contact them in different ways, but apparently they no longer need what they have, they have already gotten through the roof.

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Andrey

I was seduced by registration in three countries and a solid website, everything at first glance looks very convincing. Therefore, I topped up the deposit. I was hoping to make good money, but it turned out that I donated my earned money to the afirists. When he received the first thousand from me, he immediately wanted more and began persuading me to give him more, without giving any objective reasons. They just demanded and that’s all, I naturally refused and put everything on the line, but I failed to take anything away.

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Arthur

I never managed to register even though I was really excited about it. I was very interested in what this swindler was offering there. As I understand it, the promo code is given only to those who are definitely ready for a replenishment. I just spilled it and lost my memory.

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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.