Best Western Union Forex Brokers

logomark Filippo Ucchino calendar Last Updated: November 2021 timer 7 min read
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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.

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

Western Union Forex Brokers FXTM RoboForex NAGA Trader
Deposit Yes Yes Yes
Withdrawals No No No
Fees Free 0% 0
Conversion Fees No Yes No
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.

Visit Broker
81% of retail investor accounts lose money

1. FXTM

FXTM is our first choice. They are an extremely well-known and regulated CFD broker with both instant and market execution, offering services around the world. They provide Western Union Quick Pay as a method for you to deposit, but not withdraw.

The first point to note would be that this service is not available in all countries where FXTM offers services, but, where it is, you will need to provide them a scanned color copy of your payment confirmation. There are no commissions from the broker side and the processing time is from 24 hours up to a maximum of 5 business days. The maximum deposit is $5,000.

You can deposit using USD via this method while the broker supports USD, GBP, EUR, and other base currencies like NGN with no conversion fees. You can open an ECN or non-ECN account at FXTM and the minimum deposit starts from just $10 for the FXTM Cent Account and the spread from 0 pips depending on the account type.

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
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61.41% of retail CFD accounts lose money

2. Roboforex

Roboforex is the next top broker that also accepts deposits via Western Union. They are an increasingly popular ECN broker with trusted service around the world. While Western Union is available to make your deposit, it is not available for withdrawals, and only in select countries.

If you want to use Western Union to make a Roboforex deposit, then you will be glad to note that there are no fees, and the processing time is just around 1 day. USD is accepted making your transfer, while the broker supports USD, EUR, and CNY base currencies. They do however charge a small conversion fee if needed.

Using Western Union, you can deposit anything from $10 up to $500 to Roboforex. The minimum deposit in general with the broker is $10, and the spreads start from 0 pips while you will have an excellent range of assets to trade in, and several top trading platforms available.

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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76.69% of retail investor accounts lose money

3. NAGA Trader

The third broker we have selected that also offers Western Union is Naga Trader. Again, this will depend on your country of residence. The minimum deposit using this method with Naga Trader is $250. The broker also supports a range of base currencies including the EUR, GBP, USD, PLN, and CHF. Outside of those, you will need to pay a small conversion fee.

The deposit time with this method and broker should be instant, though it could take up to a few business days to process from the Western Union side. Once deposited, you will have access to a great range of proprietary services and assets. This market maker broker is also a popular choice for copy trading.

78
Rated: Excellent
Security 93
Cost 79
Trading 68
Education 55

Platforms: Proprietary Web Platform Regulations: FCA, MIFID-ESMA, CYSEC Minimum Deposit: 0

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

Pros

  • 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

Cons

  • 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.


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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