{"id":823,"date":"2016-11-21T08:35:35","date_gmt":"2016-11-21T08:35:35","guid":{"rendered":"http:\/\/www.makemoneytradingreviews.com\/?page_id=823"},"modified":"2020-09-21T06:36:43","modified_gmt":"2020-09-21T06:36:43","slug":"western-union","status":"publish","type":"page","link":"https:\/\/www.makemoneytradingreviews.com\/western-union\/","title":{"rendered":"Western Union Forex Brokers"},"content":{"rendered":"Forex brokers are aware of the advantages they gain when they accept popular e-wallets for payments. Namely, brokers increase their chances for a bigger customer-base with the inclusion of more payment methods. Many traders already have their favorite electronic payment system and do not want to sign with another one. To avoid complicated arrangements for money transfers and to make it easier on traders, the majority of Forex brokers include multiple e-wallets and other payment systems in their standard service package.<\/p>\n
The Western Union and Forex<\/h2>\n
One of the most popular payment methods used around the world is definitely the Western Union. It is an independent agency which facilitates the process of making international payments. The agency has also obtained a Forex license from Brazil and enabled traders to deposit and withdraw via Western Union. Still, Western Union is not common with Forex brokers, as for example Neteller, because it is not completely harmonized with the Anti-Money Laundering regulations. This does not mean that Western Union supports or engages in money laundering activities, but simply that it is harder to track sources where the money comes from. Also, some countries are excluded from signing with Western Union because of certain international financial limitations. Some other countries, on the other hand, have a receiver status which entitles them to receive money via Western Union but not to send or deposit from that account. Regardless of the limitations, Western Union is still active in the Forex business, and some of the top Forex brokers list Western Union as a payment method.<\/p>\n
Western Union Pros<\/h3>\n
Western Union is available on all continents. Traders do not need to disclose personal bank data to their brokers. Privacy, as with many other e-wallets, is guaranteed. Western Union has year-long experience, and many traders speak highly of the agency and the fast service.<\/p>\n
Western Union Cons<\/h3>\n
As said above, Western Union is not a mainstream Forex payment method due to legal restrictions, and it cannot be used with every broker. Rather, the number of Western Union brokers is limited. Another shortcoming of Western Union is that the agency charges fees on transactions. The rule applies to both, deposits and withdrawals. The fees can be significant, and sometimes cost more than using a credit card. Traders are advised to calculate them in when depositing into a Forex account. Also, the exchange rates can account for additional fees. Given that Western Union makes money from currency exchange, it is advised (even on the agency\u2019s website) to compare transfer fees and exchange rates (which can vary).<\/p>\n
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