Western Union has enjoyed a consistently successful run for a major part of two centuries, making it one of the oldest forms of payments in the financial markets. The company has been experiencing the shifts in the payments industry ever since the world started witnessing innovative changes to payments and currency transactions, and Western Union has been keeping abreast of all the changes to be still relevant for the modern user. Although Western Union does not seem to enjoy the once high penetration among global retail traders, Western Union is still adopted by a considerable amount of the general public for sending money to different parts of the globe.
Why Use My Western Union Account to Deposit With a Forex Broker
Western Union has set up its offices in more than countries around the world and has a prominent presence in most major cities. Western Union still adopts the basic transaction principles that were adopted during the early days of its operations, which included sending money through telegrams for international payment settlements.
In the modern era, Western Union uses online technologies and international partnerships with major financial companies for meeting international payments and debt settlements. Western Union acts as an intermediary to payments between a sender and a receiver, which works as a means to receive money from a sender from one part of the world and transmit it to the receiver at another part of the globe. Traditionally, Western Union had dedicated offices that required users to approach a local office to send and receive payments , which also enabled traders to send money to bank accounts.
Today, Western Union facilitates payments and online transactions through its web portal, which operates in conjunction with its numerous subsidiaries and affiliate partners located across the world.
Western Union Forex Brokers - Pros and Cons in
For that very reason, Forex brokers purposefully discourage its clients from depositing or withdrawing funds using Western Union, or some brokers simply choose to ignore Western Union altogether. Western Union transfers also include a high cost of transactions, which not only includes high fees for initiating a transfer but may also include currency exchange fees and unfavorable rates. In comparison, online payment processors such as Skrill and PayPal have very competitive fees for online transactions, which will not only ensure lower transaction costs but also facilitates faster processing that guarantees to fund a trading account within seconds.
Most online payment processors also enable its customers to deposit or withdraw funds through other popular means of payments, which further improves the flexibility aspect of using the popular payment methods. Whilst the speed does vary, they do offer two options when it comes to speed; Money in minutes or Money available in up to 2 days. Both have their uses, but should you want to transfer money quickly then you have the option to do so. This means that depositing into a trading account is as safe as it can be, by EU regulations that is.
It has grown organically and gained a loyal and trusted customer base. One of the big reasons user stick with Western Union is the fact you can track your payments, and should there be any issues, more often than not, Western Union will resolve the issue with all your funds intact. Western Union is not a common payment method for forex brokers, the simple reason is that it is not a priority for either company.
Binary Options brokers - WESTERN UNION
Western Union has built its business over a long period, growing with the times and are yet to really push the forex broker avenue. Some Forex brokers still offer Western Union but not a huge amount do. There are brokers that do offer it and you can find those in the table above.
We use a thorough process to identify brokers we feel are acceptable and then pass those on to you to test out. Some of the criteria we look for are as follows:. Western union is certainly a reputable brand that will offer secure payments across borders and given its reputation the security is likely to be very high.
Western Union Forex brokers, Which FX brokers accept Western Union
The issue when it comes to depositing into forex broker accounts is that not a huge number of brokers accept Western Union. Still, we have pulled the best of those that do offer them as a payment method. Western Union has a long history of being a secure company, and even now with the emergence of the internet and social media platforms, it still continues to keep up its secure reputation. Western Unions fees are low when compared to competitors, ranging between No fees are charged by the broker when using Western Union, but that is also the case with pretty much every other electronic payment system.
Western Union is an up to date company and does use state of the art security protocols, these include Strong Customer Authentication SCA to ensure that online payments are secure. Any payments will be tracked and shown at the start of the transaction, offering transparency and trust to the user. Western Union is a reputable company with a proven track record. A Western Union broker is a brokerage firm that trades forex and accepts transactions from the business Western Union.
Skrill Forex Brokers.