You need to consider the fees and limits when using Western Union to trade Forex. Since Western Union may be different from other platforms, you also need to know the chargeback on a Forex Account.
Fees and Limits When Using Western Union to Trade Forex
If you plan to use Western Union to finance your Forex account, you should be mindful of the fees that may be paid during the process of payment.
You will be charged a conversion fee every time you make the payment in a currency other than that used in your jurisdiction. The average amount to be paid as a conversion fee by citizens of most countries is 6%. However, this form of surcharge does not apply to your Western Union payments if you are located in a country which is part of the Eurozone.
There is also the option of transfers through Western Union for Money in Minutes. Of course, since this is a service that allows quicker transactions, higher fees would also be imposed.
This form of service will require a specific fee size that will depend on the country you are residing in. If you live in Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, Sri Lanka and the Philippines.
Western Union Chargeback on a Forex Account
When selecting a Forex broker where you can trade, it’s very important to choose one properly. Always check the authority is responsible for controlling the operator. If you find some troubles with your money, that will be necessary for asking help.
If you find that the funds have been deducted from your Forex account without your knowledge, or if you have requested a withdrawal but have not earned your money within the appropriate time, you may request a chargeback. This is of course only possible if the Forex broker is not much and you are in touch with the regulator.
To be able to request a chargeback, you’ll need to send a transaction history to the broker’s regulator. It will enable you to explain some kind of confusion. If you have done this, everything goes to the regulator’s hand.
Unfortunately, one of Western Union’s downsides is that the way payments are handled won’t make you chargebacks. After you’ve sent money to your favorite Forex broker through Western Union, there’s no chance to get them back. Therefore, you should be careful when selecting a broker for your Forex trading.
