Top 10 MoneyGram Forex Brokers for 2021

logomark Filippo Ucchino calendar Last Updated: November 2021 timer 12 min read
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At InvestinGoal, we adhere to strict standards to ensure an unbiased review process. We conduct our reviews by examining each broker’s offering and performance across 4 key categories. A final rating is produced for each forex broker based on a total of 187 data points. Learn more about our review process and methodology.

If you are in search of the best MoneyGram forex brokers you will find them here.

MoneyGram, however, is not always offered by all forex brokers, given that the best forex brokers in the world usually stick with traditional payment methods such as Wire Transfers and Credit Cards. All the forex brokers listed below are great but each has something unique to offer traders. For instance, some have low minimum deposit limits while others have no minimum deposit amount.

No matter which MoneyGram forex broker you pick, you can be assured that they will help you get started on your journey to earn an income through forex trading. Not only will you be able to trade in the forex market, but you will also have access to the crypto and stock markets via the purchase of CFDs. At some of the brokers listed below, you can even trade on the real assets.

Table of contents

Top 10 best MoneyGram forex brokers

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67% of retail CFD accounts lose money

1. City Index

City Index is a global FX and CFD broker. It is one of the leading UK CFD brokers and it has been around since 1983. The broker is part of GAIN Capital, which is listed on the NYSE. Today, tier one financial regulators regulate City Index. These regulators include the UK Financial Conduct Authority, the Monetary Authority of Singapore (MAS), and the Australian Securities and Investments Commission (ASIC).

City Index has been around for decades and it has a long track record of safety. Leading software and security experts secure all deposits and withdrawals on the platform. On the platform, the minimum deposit amount is 100 USD and there is no maximum limit. The broker accepts deposits in GBP, EUR, and USD. There is no deposit fee and all withdrawals are free. Deposits can be made via credit and debit card, bank transfers, and PayPal.

City Index offers traders proprietary platforms known as ATP pro, which is a desktop platform, and Web Trade, which can be accessed via a browser. These platforms offer traders access to an array of advanced trading tools and integrated research.

78
Rated: Excellent
Security 94
Cost 58
Trading 77
Education 69

Platforms: Proprietary Desktop Platform, Proprietary Web Platform Regulations: MAS, FCA, MIFID-ESMA, ASIC Minimum Deposit: 50
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73% of retail investor accounts lose money

2. XTB

XTB was founded in 2002 as the first leveraged forex brokerage house in Poland. It was listed on the Warsaw Stock Exchange in 2016 under the XTB sticker symbol. The platform has steadily made inroads into the competitive and ever-changing online brokerage industry. It currently offers users access to markets such as shares, indices, forex, metals, commodities and crypto.

XTB is regulated in the UK by the FCA and in the EU by the KNF and CySEC. US traders are not allowed on the platform. Its flagship platform is a web-based platform that is called xSTation 5.

It is a great platform for beginner traders, thanks to the extensive trading courses. The minimum deposit is set at $0. On XTB, traders can trade using EUR, USD, GBP, and HUF. There is no deposit fee. However, there is a 2% fee for those using Skrill and PayPal. For withdrawals, there is a small fee if the withdrawal is below a certain limit. For instance, those using the USD will pay a 20 USD fee for any withdrawal that is below 100 USD. The deposit methods supported on the platform are Credit and debit cards, bank transfers, Skrill, and PayPal.

82
Rated: Excellent
Security 95
Cost 76
Trading 75
Education 72

Platforms: Mirror Trader, Proprietary Desktop Platform, Proprietary Web Platform, MAC Platforms Regulations: FCA, MIFID-ESMA, FSCA, CYSEC, Offshore Minimum Deposit: 0
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74-89% of retail CFD accounts lose money

3. FP Markets

FP Markets was launched in 2005. The Australian Securities and Investments Commission (ASIC) regulates the broker. Some of its notable features are the segregation of client funds and high levels of liquidity.

On FP Markets, traders have access to over 13,000 financial instruments in CFDs, Forex, metals, commodities, indices, and crypto CFDs. Users have access to various accounts that include the Standard Account, which is a commission-free account, and Raw Account, which is a commission-based account.

The platform supports the well-known MT4 and MT5 platforms on desktop, web, and mobile. There is also the Iress active trader platform. Traders have access to a wide range of tools such as MAM/PAMM accounts, VPS services, MT$ Trader Toolbox, and Forex Calculators.

On the FP Markets platform, the minimum deposit is 100 USD. All deposits are free and can be made in EUR, USD, and GBP. There is no withdrawal fee for most withdrawal options except Neteller, which comes with a 1% withdrawal fee that is capped at 30 USD. Additionally, there is a 1% fee for using Skrill to withdraw funds plus the county fee. The deposit methods supported on the platform are Credit and debit cards, bank transfers, Neteller, Skrill, PayPal, and many others.

85
Rated: Excellent
Security 93
Cost 64
Trading 100
Education 47

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, Proprietary Desktop Platform, MAC Platforms Regulations: ASIC Minimum Deposit: 100
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74-89% of retail investor accounts lose money when trading CFDs

4. Pepperstone

Pepperstone is considered the best ECN broker in the UK. It is an Australian-based forex broker, which offers traders CFDs. The platform was launched in 2010 and opened its London office in 2015 to serve European clients better. It is a safe platform that is regulated by the UK’s FCA and the Australian ASIC.

On Pepperstone, the minimum deposit amount is 200 USD. It supports numerous currencies including the EUR, USD, AUD, GBP, SGD, NZD, CAD, JPY, HKD, and CHF. All deposits and withdrawals on the platform are free. The supported deposit methods are credit and debit cards, bank transfers, Neteller, Skrill, PayPal, and many others.

90
Rated: Excellent
Security 94
Cost 75
Trading 100
Education 71

Platforms: cTrader desktop, cTrader web, ZuluTrade, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: FCA, MIFID-ESMA, ASIC, DFSA, CYSEC, Offshore Minimum Deposit: 0
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79% of retail investor accounts lose money

5. AvaTrade

AvaTrade is an Irish broker that is great for fixed spreads trading. Its services are available to traders globally. On the platform, traders have access to a wide array of trading options. AvaTrade has been around since 2006. It is regulated by three tier-1 regulators and three tier-2 regulators.

The minimum deposit amount on the platform is 100 USD. Withdrawals and deposits on the platform are free. On AvaTrade, the supported deposit methods are bank transfers, credit and debit cards, Skrill, PayPal, Neteller, and many others. Thus far, the platform supports deposits in USD, EUR, AUD, and GBP.

82
Rated: Excellent
Security 94
Cost 78
Trading 75
Education 72

Platforms: Mirror Trader, ZuluTrade, MT4 Web, MT5 Web, Proprietary Web Platform, MAC Platforms Regulations: FSA, MIFID-ESMA, ASIC, IIROC, FSCA, Offshore, FSC (British) Minimum Deposit: 100
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76% of retail CFD accounts lose money

6. IG Markets

IG is a huge broker that offers traders access to up to 17,000 assets. It was established in 1976. Today, it is regulated in several jurisdictions globally including the UK FCA and the German BaFin. The broker is listed on the London Stock Exchange.

On the platform, there is a minimum deposit limit of 300 USD. It offers support for the USD, GBP, and EUR. All withdrawals and deposits on IG are free. The supported deposit methods include credit and debit cards, bank transfers, and PayPal.

90
Rated: Excellent
Security 98
Cost 62
Trading 100
Education 84

Platforms: Proprietary Web Platform, MAC Platforms Regulations: FSA, MAS, FINMA, FCA, CFTC, MIFID-ESMA, ASIC, FMA, FSCA, DFSA Minimum Deposit: 300
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73% of retail investor accounts lose money

7. Forex.com

Forex.com is considered the best US-based forex broker. The platform was established in 2001 and it is listed on the NYSE. Leading regulators such as the UK FCA, and the US CFTC regulate it.

There is a minimum deposit amount of 50 USD. The platform offers support for USD, GBP, EUR, CAD, and many others. There are no deposit and withdrawal fees on the platform. The deposit methods supported on the platform include debit and credit card, bank transfers, PayPal, and more.

81
Rated: Excellent
Security 95
Cost 69
Trading 75
Education 82

Platforms: MT4 Dekstop, MT4 Web, Proprietary Desktop Platform, Proprietary Web Platform Regulations: FSA, FCA, CFTC, MIFID-ESMA, IIROC, SFC, CYSEC, Offshore Minimum Deposit: 100
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72% of retail investor accounts lose money

8. Plus500

Plus500 is a global CFD provider that is listed on the London Stock Exchange. It was founded in 2008 in Israel. Today, several leading regulators globally in the world including the UK FCA and the Australian ASIC regulate it.

Plus500 is considered the leading CFD provider in the UK. Its minimum deposit limit is set at 100 USD. On the platform, several currencies are accepted including EUR, USD, GBP, AUD, and many others. There are no deposit and withdrawal fees on the platform. On Plus500, various deposit methods are supported including bank transfers, credit and debit cards, Skrill, and PayPal.

74
Rated: Excellent
Security 96
Cost 70
Trading 66
Education 37

Platforms: Proprietary Web Platform Regulations: MAS, FCA, MIFID-ESMA, ASIC, FMA, CYSEC, ISA, Offshore Minimum Deposit: 100
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61.41% of retail CFD accounts lose money

9. Roboforex

RoboForex is a broker that has been around since 2009. Today, it is an Official Partners of BMW M Motorsport. The International Financial Services Commission regulates the broker in Belize.

On RoboForex, traders have access to eight asset classes that include Forex ECN, CFDs on Stocks, Indices, ETFs, crypto, and commodities. The broker gives traders from any part of the world to invest in American companies, which ensures that there are over 12,000 tradable assets on the platform.

There is a minimum deposit amount of 10 USD on RoboForex. The platform accepts deposits in EUR, USD, CNY, GBP, and more. Deposits and withdrawals on the platform are free. ON the platform, various deposit methods are supported such as credit and debit cards, bank transfers, Skrill, Neteller, and many others.

84
Rated: Excellent
Security 93
Cost 92
Trading 74
Education 75

Platforms: cTrader desktop, cTrader web, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, Proprietary Web Platform, MAC Platforms Regulations: MIFID-ESMA, CYSEC, Offshore Minimum Deposit: 10
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81% of retail investor accounts lose money

10. FXTM

FXTM is a broker founded in 2011. It allows traders to trade in FX and CFDs. Various leading regulators such as the UK FCA and the Cypriot CySEC regulate the broker. The minimum deposit amount on the platform is 100 USD. On FXTM various currencies are supported including the EUR, USD, GBP, and many others. Withdrawals and deposits on the platform are free. The platform supports various deposit methods such as debit and credit cards, bank transfers, Neteller, Skrill, and many others.

80
Rated: Excellent
Security 94
Cost 71
Trading 71
Education 80

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, Proprietary Web Platform Regulations: FCA, MIFID-ESMA, FSCA, CYSEC, FSC (Mauritius) Minimum Deposit: 10

Round-up of the best Moneygram forex brokers

WARNING

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Between 74-89% of retail investor accounts lose money when trading CFDs.
You should consider whether you can afford to take the high risk of losing your money

Min. Deposit MoneyGram Visa MoneyGram Mastercard MoneyGram Wire Transfer
City Index 100 USD Yes Yes Yes
XTB 0 USD Yes Yes Yes
FP Markets 100 USD Yes Yes Yes
Pepperstone 200 USD Yes Yes Yes
AvaTrade 100 USD Yes Yes Yes
IG Markets 300 USD Yes Yes Yes
Forex.com 50 USD Yes Yes Yes
Plus500 100 USD Yes Yes Yes
RoboForex 10 USD Yes Yes Yes
FXTM 10 USD Yes Yes Yes

How to pick a MoneyGram broker

To pick a broker, you need to pay attention to their regulator. If you are unhappy about their regulation status, do not use their services. Besides that, you must ensure you pick a broker that matches your trading style. Another important consideration is the fees and commission charged by the broker. Ensure that the broker you pick has a MoneyGram Visa approved in your country. However, MoneyGram Visa is approved in most countries and that is unlikely to be an issue.

What is Moneygram?

Moneygram is an international payment services provider. It has been around since 1940 when two companies merged. The two firms were Travelers Express and Integrated Payment Systems Inc. Today, there are over 300,000 agents, who are located in over 200 towns and cities around the world. The company offers its users a wide range of financial services. Their primary service is the MoneyGram Money Transfer service. It is in high demand, and the second biggest international money transfer service by volume.

How does MoneyGram work

To use MoneyGram, you only need to link your credit card or bank account to the MoneyGram account. After that, there is a short waiting period. Once approved you can make deposits as you please.

Processing Times

 With the account, you can send money to almost any part of the world instantaneously. MoneyGram agents around the world will process transactions and complete them ready for collection at a new MoneyGram location. In general, transactions take minutes to process.

Commissions and Fees

The fees charged by MoneyGram will vary from nation to nation. It also depends on the amount to be sent. The bank transfer commissions usually begin from 0 USD. For credit and debit cards, the commissions start at 3 USD. In some cases, a conversion fee will apply.

Benefits of using moneygram

Anti-fraud

MoneyGram uses state of the start security protocols that include Strong Customer Authentication (SCA). It helps to ensure that all online payments are secure. Besides that, they actively educate users on how to avoid scammers and fraud.

Tracking

You can log in and money the transaction history via your online account. There is also the option to look up the transactions using the authorization number. Finally, you can use the reference number, which is given when you make a payment.

Easy to use

The platform is designed to be beginner friendly. All you need to do is register and link your card. Additionally, payments are quick and customer support is available when needed.


About the Author

Filippo Ucchino

Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of InvestinGoal.com. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.

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Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Your capital is at risk. The present page is intended for teaching purposes only. It shall not be intended as operational advice for investments, nor as an invitation to public savings raising. Any real or simulated result shall represent no warranty as to possible future performances. The speculative activity in forex market, as well as in other markets, implies considerable economic risks; anyone who carries out speculative activity does it on its own responsibility.
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