Some years back to date, WebMoney has become a serious eWallet option to services like Paypal. It now boasts over 40 million users worldwide and is accepted by over 100,000 different online vendors.
The service was founded in Russia as an online money transfer system for US dollars after the 1998 Russian financial crash led to increased use of dollars in the country.
The platform is available on desktop computers and dedicated mobile apps. It has traditionally been used for a variety of purposes, including making purchases, funding online casino accounts, transferring money abroad, or simply as an alternative to banking.
Nowadays, trading with WebMoney is becoming more popular on accounts of its low fees, regular promotional offers, and other benefits.
Choice for Traders
WebMoney is a common money transfer method for thousands of traders around the world. Whether it is the right choice for you will depend on the currency you are trading in, and how much money you intend to trade.
If you are trading large amounts, it may not be the best choice on account of its transaction fees. However, if you are trading little and often, it might be a strong contender as your forex digital wallet of choice.
There are no attainable VIP levels with WebMoney, which may put large-scale traders off. The fact that a 0.8% transaction fee applies to all transactions may also be enough to send traders to other services.
However, Russian and European traders may find that WebMoney offers more convenience than other platforms, regardless of the fees involved.
WebMoney takes lots of security measures to make sure each user is protected. All transaction information is secured with 128-bit encryption which is protected to the highest possible standards.
The mobile app also features two-factor authentication. This means that users are required to enter a code sent to their mobile device via text in addition to entering their email address and password.
In 2019, the firm also introduced a new video identification method, known as VideoID. With VideoID, users can verify themselves via a smartphone or webcam by displaying a national identity document. This verification method is swifter than visiting a notary or WebMoney verification center.
Deposits And Withdrawals
Depositing and withdrawing funds from a WebMoney account is incredibly simple. The firm operates a simple fee tariff of 0.8% of the payment amount for every transaction.
This means that regardless of whether you are depositing or withdrawing funds, you will have to pay 0.8% on top of the amount of funds you are moving.
However, WebMoney does not charge a fee for transactions between accounts with the same WebMoney ID, allowing you to freely transfer funds from one account to another, such as a business account used for trading, to a personal account used for making purchases.
It’s also worth noting that WebMoney offers different account types, known as “purses”, based on the reason for use and the currency used by the account holder.
Certain accounts, such as a D-purse (used for issuing loans), come with lower transaction fees. If you regularly use WebMoney, it may be worthwhile consulting the firm’s customer service team to see if you could switch your account to a more suitable purse to try and save money on transfer fees.
WebMoney Fees Or Costs
Apart from transaction fees for deposits and withdrawals, there are no additional charges with WebMoney.
You won’t be unexpectedly charged for inactivity, and there is no monthly or annual membership fee. However, you may find that daily use could mean that you rack up a reasonable amount in transaction fees without realizing it.
This is an issue that affects all traders, regardless of how much money they are moving from one account to another.
Unlike other eWallet providers, WebMoney does not charge an inactivity fee. However, if your account goes unused for over a year, the WebMoney team may consider suspending your account.
If you wish to reactivate your account, you may be required to go through the verification process once again.
As a potential eWallet for forex traders, WebMoney does have some drawbacks, including:
- Higher currency conversion fees than other leading eWallet providers
- Fees on every transaction
- Verification required to increase maximum deposit/withdrawal amounts
- Unclear information on specific deposit/withdrawal limits
Perhaps the biggest bone of contention among WebMoney users is that once funds have been transacted, the transaction is final and cannot be reversed.
This tends to put buyers on edge because if they pay for something and don’t receive it, it means there is little recourse for retrieving funds.
Unless the depositing party has a contract with the receiving party, there is little that can be done in terms of legal action to help recover funds. This exposes international transactions in particular to an increased risk of fraud.
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