Western Union Forex Brokers 2019
Western union is a money transfer service used for personal endeavours, and small to large business transactions. It is a leading global payment services provider that allows money to be transferred throughout the world to over 200 countries and in over 130 currencies. You can transfer money online or in person, and transfers can be sent 24 hours a day. Western Union allows transfers from many sources. For example, you can send money from your credit card, debit card, bank account, or cash. Also, you can conveniently receive this money through a mobile phone, prepaid credit card, bank account, or one of the many worldwide agent locations.
Why Use Western Union as Your Deposit/Withdrawal Method?
There are many benefits to using Western Union as your deposit and withdrawal method. After all, it is the world’s largest money transfer company.
- A big reason for using it is the simplicity. You don’t even need a bank account for Western Union, thus allowing almost anyone in the world to use it.
- The sheer speed of transfers. Within a few seconds of the transfer, the money is in control of the receiver.
- It’s one of the safest ways to transfer money. Each payment has a unique money transfer control number (MTCN), meaning the payment can be traced at any time.
- It is one of the most reputable and experienced money transfer companies with a very high quality of customer service.
- Almost all European forex brokers allow you to make deposits and withdrawals through Western Union, meaning there will not be any difficulties.
Benefits of Choosing a Broker that Accepts Western Union
Not every forex broker accepts Western Union, but the ones that do are some of the most popular forex brokers in the market. So, what are some benefits? Brokers who accepts Western Union are reputable and allow the most experienced company to deal with money transfers- Western Union has over a century worth of experience. Also, a broker who offers more options to suit their clients’ needs is always a good thing. That being said, a broker who allows deposits and withdrawals via Western Union is generally a reliable broker. However, there are precautions to be made when choosing such a broker.
How To Pick A Decent Broker With Western Union?
Western Union forex brokers are not the most common, in fact there are very few of them. This is because Western Union makes it difficult to follow the strict ant-money laundering laws enforced by their regulatory authorities. You want to be sure you choose a reputable broker when using Western Union.
- You should always research the broker and understand their regulations.
- Contact the broker and inquire about the period required for carrying out a Western Union payment.
- Pay attention to their withdrawal policies. Some brokers may allow you to fund the account via Western Union, but not withdraw.
- Understand the fees involved. Some brokers will cover the fees Western Union imposes, others will not.
- Finally, read customer reviews and do your research.
Western Union Chargeback on Broker Account
A major thing Western Union is often criticized about is that there are no chargeback options, like there are with many other payment transfers such as credit card, PayPal, or wire transfers. Once the money is sent, the receiver has full control, and it’s next to impossible to track what happens from there. So, if there is any misuse of the funds by the brokerage, it will be very difficult to take legal action.
Check out our list of the very best forex brokers that offer reliable service and an excellent product and that accept Western Union deposits to fund trading accounts.