WebMoney transactions can not be reversed why they are favored by Binary Options Brokers as a transaction tool. Let us have a look at WebMoney. WebMoney or WebMoney Transfer (WMT) is a global online payment services provider. It was founded in 1998 in Belize and it has over 22 million users Central America alone. The payment system was initially set up to care for clients in the former Soviet Republic and Russia. Over the years its usage has expanded to care for Clients all over the world.
Besides from being establised in Russia and countries in the Commonwealth of Independent States (CIS) WebMoney is also used in the U.S and Vietnam. In addition to providing a means of transferring funds online WebMoney also offered other online services like internet based trading platforms, merchant services, online billing systems and P2P payment solutions.
With WebMoney you can have multiple accounts in different types of currencies such as the Euro or U.S Dollar. Each of these accounts are known as “purse” and are denominated in WebMoney equivalents such as euro-equivalents (WME), US Dollar-equivalents (WMZ) and ruble-equivalents (WMR) are based on our example above. Money which is received or sent through a WebMoney account is known as “WM Units". Although it is free to receive money, sending WM units to other accounts will incur a little transaction fee.
To deposit funds into a WebMoney account you can use traditional methods of fund transfers such as bank wire transfer, money order, cash payment at authorized exchange offices or converted from other forms of e-money. Account holders can also purchase WebMoney cards (WM Cards) in amounts of $10 to $100 to top up their WebMoney account.
WebMoney has offices all around the world in different countries like France, Greece, Japan, Spain, the Netherlands, UAE, U.S and some more. For transactions in rubles they are underwritten by the Moscow office WMR LLC. Amstar Holdings Limited which is based in Panama and underwrites transactions that are in Euros and U.S dollars.
WebMoney transactions do not require any credit card or banks Details so they are relatively secured online and is said to be immune to certain scams. Unlike transactions made through PayPal or credit cards WebMoney transactions can not be reversed. This is perhaps one of the main priority reasons why people choose to use WebMoney to get payments. The same reason could also possibly be applicable why some Binary Options Brokers prefer WebMoney over PayPal.