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There are many ways to fund your account with the best forex brokers. One of the longest-standing methods is through using Western Union.
If you are considering this method, then we have selected some of the best Western Union forex brokers for you. Here we will detail not only these top brokers but also go in-depth on using Western Union to get started and fund your account.
Let’s get started.
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|Western Union Forex Brokers||FXTM||RoboForex||NAGA Trader|
|Time of process||up to 5 days||up to 1 day||Instant|
Table of contents
Best Forex Brokers Accepting Western Union
Here is a closer look at the best brokers we have found who accept Western Union.
Western Union Alternatives
As you can see from above, there are not too many brokers who actually offer Western Union as a funding method. Even some of those we have chosen in our best forex brokers selection don’t accept it.
Much of the reasoning behind this comes from the fact it is difficult for the broker to follow AML regulations from their regulator with Western Union as cash transfers can be difficult to monitor.
An excellent alternative is PayPal which many traders like, and brokers permit. You should check our PayPal forex brokers top ten for more.
What is Western Union?
Western Union is one of the most well-known and longstanding payment methods around the world. For the last number of years since 2000, the service has moved increasingly online to where you can now send money around the world online using your credit or debit card.
Why some traders choose Western Union as a deposit method
There are a number of situations in which a trader may choose the fund in this way. Firstly, if they do not have a credit or debit card, it can be easy to transfer cash from a Western Union office location.
Then, there may also be traders who do not want to give their card information to brokers. This is OK but it is also important to note that all of the top brokers offer very secure trading environments to protect your funds.
This means the use of segregated accounts at top-tier banks as well as negative balance protection from most brokers with top regulation in place. In most cases like in the UK under the FCA, or the EU under ESMA, there will be a compensation insurance fund in place too. For EU traders, this is generally €20,000 while for UK traders it is £85,000.
Furthermore, brokers engage some of the most protective encryption methods like SSL and network security to ensure complete protection of your data during transactions and beyond.
Money transfer with Western Union
Using Western Union is an easy process overall. If you visit in person you will need the BIC and IBAN number of the receiver. Once sent you will get a Money Transfer Control Number (or MTCN) which should be sent to the broker support system to collect the funds.
If you are transferring via their website or mobile app, you will first need to register or download the app from the App Store or Play Store. You can then transfer online from your bank account or also arrange for a cash transfer. In this way, the process is quite similar to a wire transfer.
Security and Fees when Funding Brokers via Western Union
The security when making a Western Union transfer is excellent as long as you are sending to a reputable and regulated broker as above. Your transaction is very safe and protected by SSL encryption technology on both sides.
When it comes to fees, those from Western Union are considered to be quite high. In that case, it is good to find a broker who may cover these fees on your behalf. You will also want to make sure you don’t incur a conversion fee if you are sending a non-base currency. This can be checked with your broker first.
Pros and cons of Trading with Western Union Brokers
- Western Union is recognized as a secure and reliable service
- The transfer time is relatively fast
- You can make a transfer 24/7 through the app and online
- Cash transfers from a physical location are available
- Fees are quite high depending on your location
- Not too many brokers support Western Union funding
- It may not be available in certain countries
- There is no chargeback option available
Western Union Forex Brokers | FAQs
Can you transfer money using Western Union online?
Yes, if you would like to transfer from an existing bank account, you can use the Western Union website or mobile app. However, brokers require you to transfer to their bank account, so it may be better to complete a bank wire transfer instead.
Is Western Union a valid choice as a payment option?
Yes, Western Union overall is a good choice. However, most regulated brokers do not allow this payment method because they are unable to verify their anti-money laundering activity.
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