CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
How to get started with Web Money
Registration in WebMoney system includes a four-step process.
As a new user, you will need to go to www.wmtransfer.com and click on the sign-up button.
You will then enter your mobile number, including an international code.
You will receive a verification code anytime you initiate a transaction for safety purposes.
You can also register via popular social networks. You will then be required to enter your personal details by filling out a form; ensure that you input correct personal data since you will need verification to fully access the account.
After that, you will need to confirm your email address and phone number after which you will set up a secure password. As a new user, there are limits to the total amount you can transact and you need to get a certificate to lift limits.
Advantages of Webmoney
Webmoney has been a beneficial and a recommendable payment system for the following reasons:
Instant Transfers- Both deposits and withdrawals are conducted in a fast and smooth manner that ensures that your money arrives in your account quickly.
Multiple Currencies- WebMoney supports multiple currencies, six to be exact, including Euro, USD, Belarusian ruble, Rur, Japanese yen among others.
Protection and Privacy- WebMoney state they will never give customer credit card information to any third party.
Using Webmoney
Fees
WebMoney charges the user per every transaction they make. The fee is set at a rate of 8 percent of the money being transacted. However, the fee should not be less than 0.01 WM or higher than 50 WM either.
Purse Types
Purse types are laid out depending on the currencies. The purses include:
WMZ-a purse of type Z holds funds in US dollars.
WMX type — funds in BTC
WMR-a purse R type holds funds in Russian dollars
WMU- The U purse holds funds in Ukranian hryvnias.
WME- The E purse holds funds in the Euro
WMK type — funds in Kazakh Tenge
WMG type — funds equivalent to gold
Deposit methods
There are many deposit methods which users can use to top up cash into their account including:
Online Bank Cards (Visa and Mastercard), Internet banking, cash-in terminals, electronic money, prepaid vouchers and cards, bank branch, bank wire, Money transfer systems and WebMoney exchange offices.
Withdrawal Methods
Users can withdraw money from their accounts using:
Bank cards, cash, money transfer systems, bank wire and electronic money.
Processing Time
Deposits to a WebMoney account are mostly instant except for money transfer systems and bank wire which take 1 day. It takes typically 3 days for you to withdraw money from WebMoney to a bank card, 2 days by money transfer, 3 days by bank wire and 1 day via cash into stock exchange. However, withdrawal to WebMoney card, webmoney offices, electronic money and cash via a bank are instant.
How Secure is it?
WebMoney is among the most secure payment systems. Users can secure their purses against unauthorised transactions and intrusions by:
- Setting a list of IP addresses to access the system
- Confirming any transaction via phone
- Enabling or disabling pay via sms option
- Authorising transactions with E-num
Some of the most popular funding methods include:
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At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.
Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.
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Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).
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There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.
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Founded in 2014 and acquired in 2021, BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. With over 60 brokers reviewed, our editorial team has published thousands of words of research to help our readers make informed choices.
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