Best Western Union Forex Brokers
Western Union History
While money transfers are a large part of Western Union's business, the American company also provides financial and communications services for businesses and was previously the biggest telegram exchange in the U.S.A. before discontinuing that service in 2006.
In the late 1970's Western Union was losing money in their largely communications based business and took advantage of new regulations to re-invent itself as a money transfer company and quickly established itself as the major player in this new field of commerce by offering "person to person" money transfers and money orders.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% 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.Best Western Union Forex Brokers
Here are the best Western Union forex brokers.
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IG
- Saxo Bank - 9.7/10 Overall
- CMC Markets - 9.6/10 Overall
- Interactive Brokers - 9.7/10 Overall
- TD Ameritrade - 9.5/10 Overall
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FOREX.com
- XTB - 9/10 Overall
- City Index - 9.2/10 Overall
Overall Rating
Minimum Deposit
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
Average Spread EUR/USD - Standard | 0.86 |
All-in Cost EUR/USD - Active | 0.5957 |
PayPal (Deposit/Withdraw) | Yes |
Skrill (Deposit/Withdraw) | No |
Visa/Mastercard (Credit/Debit) | Yes |
Year Founded | 1974 |
Publicly Traded (Listed) | Yes |
Bank | Yes |
Tier-1 Licenses | 7 |
Tier-2 Licenses | 2 |
Forex Trading (Spot or CFDs) | Yes |
Mobile Trading - Forex or CFDs | Yes |
Tradeable Symbols (Total) | 19537 |
Forex Pairs (Total) | 100 |
Bitcoin | Yes |
Virtual Trading (Demo) | Yes |
MetaTrader 4 (MT4) | Yes |
MetaTrader 5 (MT5) | No |
Proprietary Platform | Yes |
Social Trading / Copy Trading | Yes |
Charting - Indicators / Studies (Total) | 33 |
Android App | |
Apple iOS App | Yes |
Education (Forex or CFDs) | Yes |
Daily Market Commentary | Yes |
Forex News (Top-Tier Sources) | Yes |
Economic Calendar | Yes |

Overall Rating
Minimum Deposit
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
Average Spread EUR/USD - Standard | 0.9 |
All-in Cost EUR/USD - Active | 0.7 |
PayPal (Deposit/Withdraw) | No |
Skrill (Deposit/Withdraw) | No |
Visa/Mastercard (Credit/Debit) | Yes |
Year Founded | 1992 |
Publicly Traded (Listed) | No |
Bank | Yes |
Tier-1 Licenses | 6 |
Tier-2 Licenses | 1 |
Forex Trading (Spot or CFDs) | Yes |
Mobile Trading - Forex or CFDs | Yes |
Tradeable Symbols (Total) | 60000 |
Forex Pairs (Total) | 190 |
Bitcoin | Yes |
Virtual Trading (Demo) | Yes |
MetaTrader 4 (MT4) | No |
MetaTrader 5 (MT5) | No |
Proprietary Platform | Yes |
Social Trading / Copy Trading | Yes |
Charting - Indicators / Studies (Total) | 62 |
Android App | |
Apple iOS App | Yes |
Education (Forex or CFDs) | Yes |
Daily Market Commentary | Yes |
Forex News (Top-Tier Sources) | Yes |
Economic Calendar | Yes |

Overall Rating
Minimum Deposit
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
Average Spread EUR/USD - Standard | 0.51 |
All-in Cost EUR/USD - Active | 0.51 |
PayPal (Deposit/Withdraw) | Yes |
Skrill (Deposit/Withdraw) | No |
Visa/Mastercard (Credit/Debit) | Yes |
Year Founded | 1989 |
Publicly Traded (Listed) | Yes |
Bank | No |
Tier-1 Licenses | 5 |
Tier-2 Licenses | 1 |
Forex Trading (Spot or CFDs) | Yes |
Mobile Trading - Forex or CFDs | Yes |
Tradeable Symbols (Total) | 12377 |
Forex Pairs (Total) | 158 |
Bitcoin | Yes |
Virtual Trading (Demo) | Yes |
MetaTrader 4 (MT4) | Yes |
MetaTrader 5 (MT5) | No |
Proprietary Platform | Yes |
Social Trading / Copy Trading | Yes |
Charting - Indicators / Studies (Total) | 84 |
Android App | |
Apple iOS App | Yes |
Education (Forex or CFDs) | Yes |
Daily Market Commentary | Yes |
Forex News (Top-Tier Sources) | Yes |
Economic Calendar | Yes |

Overall Rating
Minimum Deposit
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
Average Spread EUR/USD - Standard | 0.6 |
All-in Cost EUR/USD - Active | 0.6 |
PayPal (Deposit/Withdraw) | No |
Skrill (Deposit/Withdraw) | No |
Visa/Mastercard (Credit/Debit) | No |
Year Founded | 1977 |
Publicly Traded (Listed) | Yes |
Bank | No |
Tier-1 Licenses | 8 |
Tier-2 Licenses | 1 |
Forex Trading (Spot or CFDs) | Yes |
Mobile Trading - Forex or CFDs | Yes |
Tradeable Symbols (Total) | 8500 |
Forex Pairs (Total) | 90 |
Bitcoin | Yes |
Virtual Trading (Demo) | Yes |
MetaTrader 4 (MT4) | No |
MetaTrader 5 (MT5) | No |
Proprietary Platform | Yes |
Social Trading / Copy Trading | No |
Charting - Indicators / Studies (Total) | 128 |
Android App | |
Apple iOS App | Yes |
Education (Forex or CFDs) | Yes |
Daily Market Commentary | Yes |
Forex News (Top-Tier Sources) | Yes |
Economic Calendar | Yes |

Overall Rating
Minimum Deposit
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
Average Spread EUR/USD - Standard | 1.25 |
All-in Cost EUR/USD - Active | 1.25 |
PayPal (Deposit/Withdraw) | No |
Skrill (Deposit/Withdraw) | No |
Visa/Mastercard (Credit/Debit) | No |
Year Founded | 1955 |
Publicly Traded (Listed) | Yes |
Bank | Yes |
Tier-1 Licenses | 4 |
Tier-2 Licenses | 0 |
Forex Trading (Spot or CFDs) | Yes |
Mobile Trading - Forex or CFDs | Yes |
Tradeable Symbols (Total) | 0 |
Forex Pairs (Total) | 73 |
Bitcoin | Yes |
Virtual Trading (Demo) | Yes |
MetaTrader 4 (MT4) | No |
MetaTrader 5 (MT5) | No |
Proprietary Platform | Yes |
Social Trading / Copy Trading | No |
Charting - Indicators / Studies (Total) | 360 |
Android App | |
Apple iOS App | Yes |
Education (Forex or CFDs) | Yes |
Daily Market Commentary | Yes |
Forex News (Top-Tier Sources) | Yes |
Economic Calendar | Yes |
Overall Rating
Minimum Deposit
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
Average Spread EUR/USD - Standard | 1.0 |
All-in Cost EUR/USD - Active | 1.0 |
PayPal (Deposit/Withdraw) | Yes |
Skrill (Deposit/Withdraw) | No |
Visa/Mastercard (Credit/Debit) | Yes |
Year Founded | 1999 |
Publicly Traded (Listed) | Yes |
Bank | No |
Tier-1 Licenses | 4 |
Tier-2 Licenses | 2 |
Forex Trading (Spot or CFDs) | Yes |
Mobile Trading - Forex or CFDs | Yes |
Tradeable Symbols (Total) | 5500 |
Forex Pairs (Total) | 91 |
Bitcoin | Yes |
Virtual Trading (Demo) | Yes |
MetaTrader 4 (MT4) | Yes |
MetaTrader 5 (MT5) | Yes |
Proprietary Platform | Yes |
Social Trading / Copy Trading | No |
Charting - Indicators / Studies (Total) | 203 |
Android App | |
Apple iOS App | Yes |
Education (Forex or CFDs) | Yes |
Daily Market Commentary | Yes |
Forex News (Top-Tier Sources) | Yes |
Economic Calendar | Yes |

Overall Rating
Minimum Deposit
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
Average Spread EUR/USD - Standard | 1.07 |
All-in Cost EUR/USD - Active | 1.04 |
PayPal (Deposit/Withdraw) | Yes |
Skrill (Deposit/Withdraw) | Yes |
Visa/Mastercard (Credit/Debit) | Yes |
Year Founded | 2002 |
Publicly Traded (Listed) | Yes |
Bank | No |
Tier-1 Licenses | 1 |
Tier-2 Licenses | 3 |
Forex Trading (Spot or CFDs) | Yes |
Mobile Trading - Forex or CFDs | Yes |
Tradeable Symbols (Total) | 12000 |
Forex Pairs (Total) | 57 |
Bitcoin | Yes |
Virtual Trading (Demo) | Yes |
MetaTrader 4 (MT4) | Yes |
MetaTrader 5 (MT5) | No |
Proprietary Platform | Yes |
Social Trading / Copy Trading | Yes |
Charting - Indicators / Studies (Total) | 39 |
Android App | |
Apple iOS App | Yes |
Education (Forex or CFDs) | Yes |
Daily Market Commentary | Yes |
Forex News (Top-Tier Sources) | Yes |
Economic Calendar | Yes |

Overall Rating
Minimum Deposit
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
Average Spread EUR/USD - Standard | 1.0 |
All-in Cost EUR/USD - Active | 1.0 |
PayPal (Deposit/Withdraw) | Yes |
Skrill (Deposit/Withdraw) | No |
Visa/Mastercard (Credit/Debit) | Yes |
Year Founded | 1983 |
Publicly Traded (Listed) | Yes |
Bank | No |
Tier-1 Licenses | 3 |
Tier-2 Licenses | 2 |
Forex Trading (Spot or CFDs) | Yes |
Mobile Trading - Forex or CFDs | Yes |
Tradeable Symbols (Total) | 13500 |
Forex Pairs (Total) | 84 |
Bitcoin | Yes |
Virtual Trading (Demo) | Yes |
MetaTrader 4 (MT4) | Yes |
MetaTrader 5 (MT5) | No |
Proprietary Platform | Yes |
Social Trading / Copy Trading | Yes |
Charting - Indicators / Studies (Total) | 88 |
Android App | |
Apple iOS App | Yes |
Education (Forex or CFDs) | Yes |
Daily Market Commentary | Yes |
Forex News (Top-Tier Sources) | Yes |
Economic Calendar | Yes |
Transferring Money With Western Union
Whether it is just a small sum to a friend on vacation or paying off a large bill, using Western Union to transfer the funds is a quick and simple solution. There are several ways to transfer money and for it to be collected by the recipient and each has its own advantages or drawbacks.
- Person to Person: Call into one of Western Union's 500,000 worldwide locations and opt for either the "Money in Minutes" or "Next Day" service. Your name, address and identification (usually a passport or driving license) will be required as well as the recipient's details and the Western Union branch to which the funds will be sent. Pay the required amount to cover the transfer and fees incurred. You will receive a Money Transfer Control Number (or MTCN) which should be forwarded to the recipient. Usually the recipient will be paid in cash after providing ID and the MTCN but it can be a cheque for larger amounts.
- Bank Transfer: Money can also be transferred into a bank account but you will need all of the recipient's banking details (BIC and IBAN) and possibly further information for some countries.
- Mobile Phone: Money can be transferred via Western Union's mobile app but you must register first to access this service as you will need an e-wallet, as will the recipient.
- Western Union Website: If you have a Western Union account (registration is free) you can send money via the web by clicking on the "Send Money" link. Payment is through your debit/credit card or bank account and the money can be collected in cash or lodged to a bank account.
Receiving Money With Western Union
As is the case with Western Union money transfers there are also a few methods for receiving payment.
- In Person: Present the MTCN and photo ID at the designated Western Union branch for payment in cash or cheque.
- Bank Deposit: This should be pre-arranged with the sender who should be provided with the necessary banking details to transfer directly into your account. This facility is not available in certain countries.
- Mobile Phone: Not available everywhere but some countries now allow funds to be transferred directly via mobile phone. A Western Union account is required to set up a mobile or e-wallet.
- Prepaid Card: Funds received can be transferred onto a Western Union prepaid card. Input the MTCN on your online account and the money can be switched onto the card which can then be used like a debit card. This can also be done by phone.
Western Union Advantages
- Fast: Transferred funds can be collected within minutes of being sent if required.
- Accessible: Available in 200 countries and over 130 currencies.
- Convenient: Money can be sent or collected in person, via a bank account or mobile phone.
Western Union Disadvantages
- Fees: Commission is charged on all transactions and can mount up depending on how and where you are transferring the money
- Availability: Not every town has a Western Union branch and opening hours are dependent upon the business hours of the premises in which they are located.
- Low Transfer Limit: Although the maximum transfer limit is usually up to US$2,500 it can be as low as $300 which can be inconvenient.
Security Issues
Although Western Union transfers are secure for the most part, the company itself warns clients not to use the service for internet purchases. Western Union has had problems in the past with internet fraud which have now been largely resolved although eBay still refuse payments through Western Union. That one issue aside, Western Union is otherwise a safe and secure way for sending small amounts of money that need to be processed quickly.
Top Western Union Alternatives
Popular alternatives to Western Union include:
BrokerNotes.co 2023 Overall Rankings
To recap, here are our top forex brokers for 2023, sorted by Overall ranking.
Company | Overall Rating | Minimum Deposit | Average Spread EUR/USD - Standard | Trust Score | Tradeable Symbols (Total) | Read Review | Visit Site |
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9.9 | £250.00 | 0.86 | 99 | 19537 | IG Review |
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9.7 | €2,000 | 0.9 | 99 | 60000 | Saxo Bank Review | |
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9.7 | $0 | 0.6 | 99 | 8500 | Interactive Brokers Review | |
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9.6 | $0 | 0.51 | 99 | 12377 | CMC Markets Review | |
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9.5 | $0 | 1.25 | 99 | 0 | TD Ameritrade Review | |
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9.3 | $100 | 1.0 | 99 | 5500 | FOREX.com Review |
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9.2 | £100.00 | 1.0 | 99 | 13500 | City Index Review | |
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9 | $0 | 1.07 | 95 | 12000 | XTB Group Review | |
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8.8 | $10-$10,000 | 1 | 93 | 3458 | eToro Review | |
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8.7 | $1000 | N/A | 99 | 466 | Swissquote Review | |
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8.6 | $100 | 0.92 | 93 | 1260 | AvaTrade Review | |
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8.5 | Starts from $50 | 1.38 | 96 | 440 | FXCM Review |
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8.5 | €100 | 0.8 | 98 | 2800 | Plus500 Review | |
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8.4 | $20 | 0.65 | 85 | 3152 | Capital.com Review | |
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8.4 | $5 | 1.6 | 90 | 1429 | XM Group Review | |
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8.4 | $200 | 0.77 | 93 | 2342 | Pepperstone Review | |
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8.4 | $0 | 1.26 | 92 | 124 | OANDA Review | |
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8.3 | $100 | 0.8 | 88 | 6942 | Admiral Markets Review | |
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8.3 | $100 AUD | 1.2 | 86 | 10000 | FP Markets Review | |
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8.2 | $200 | 0.62 | 86 | 3583 | IC Markets Review | |
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8.2 | $100 | 1.9 | 98 | 2179 | Markets.com Review | |
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8.1 | $100 | 1.51 | 90 | 2249 | FxPro Review | |
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8.0 | $100 | 0.51 | 82 | 725 | Tickmill Review | |
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8.0 | $0 | N/A | 92 | 126 | Fineco Bank Review | |
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7.9 | $0 | 0.827 | 74 | 26000 | BlackBull Markets Review | |
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7.8 | $100 | N/A | 84 | 10000 | DooPrime Review | |
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7.8 | $50 | 1.30 | 89 | 1000 | Vantage Review | |
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7.8 | $100-$5000 | 1.6 | 83 | 1081 | BDSwiss Review | |
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7.8 | $100 | 0.96 | 79 | 12000 | TMGM Review | |
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7.8 | $0 | 1.2 | 85 | 3500 | HFM Review | |
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7.7 | $0.00 | N/A | 77 | 408600 | FlowBank Review | |
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7.7 | $100 | 0.6 | 86 | 362 | HYCM Review | |
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7.6 | EUR 10 | N/A | 77 | 1785 | Trading 212 Review | |
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7.6 | $100 | 1.0 | 87 | 736 | Eightcap Review | |
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7.5 | $0 | 0.6 | 83 | 601 | Trade Nation Review | |
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7.5 | $50 | 1.27 | 71 | 965 | Moneta Markets Review | |
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7.4 | $250.00 | N/A | 86 | 1674 | ThinkMarkets Review | |
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7.4 | $200 | 1.2 | 71 | 168 | VT Markets Review | |
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7.4 | $50 | 1.2 | 75 | 1600 | ACY Securities Review | |
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7.3 | $100 | 0.9 | 84 | 199 | a href="/reviews/easymarkets">easyMarkets Review | |
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7.3 | $100 | 1.4 | 69 | 12000 | Roboforex (RoboMarkets) Review | |
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7.2 | $50 | 1.2 | 84 | 340 | IronFX Review | |
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7.2 | $1 | 0.9 | 74 | 112 | Exness Review | |
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7.2 | $0 | N/A | 70 | 2000 | Spreadex Review | |
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7.1 | $250 | N/A | 75 | 1062 | Trade360 Review | |
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7.1 | 0 | N/A | 83 | 175 | Axitrader Review | |
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7.1 | $0 | N/A | 66 | 354 | GKFX Review | |
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7.1 | -1 | N/A | 79 | 750 | Vestle Review | |
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7 | $25 | 0.9 | 69 | 229 | OctaFX Review | |
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7 | $100 | N/A | 80 | 87 | FXOpen Review | |
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7 | $100 | N/A | 67 | 500 | Teletrade Review | |
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6.9 | $100 | N/A | 69 | 140 | FXPrimus Review |
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6.9 | $0 | N/A | 62 | 150 | Forex4you Review | |
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6.9 | $500 | N/A | 66 | 425 | LegacyFX Review | |
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6.8 | $500 | N/A | 69 | 500 | GBE Brokers Review | |
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6.8 | $20 | N/A | 67 | 105 | Alpari Review | |
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6.7 | Depends on payment method | N/A | 67 | 655 | TopFX Review | |
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6.7 | $10 | N/A | 72 | 300 | Libertex Review | |
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6.6 | $500 | N/A | 70 | 150 | ATFX Review | |
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6.6 | $100 | 3 | 67 | 619 | UFX Review | |
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6.5 | $250 | N/A | 80 | 142 | Xtrade Review | |
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6.4 | $200 | N/A | 67 | 256 | Tradeo Review |
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Forex Risk Disclaimer
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.