Compare the 3 best forex brokers that accept Moneygram in 2023

This guide explains how to find the best Moneygram forex brokers. Follow our simple walkthrough to make your first deposit.
By:
Updated: Jan 31, 2023
Listen to this article

Get started in minutes with our preferred broker, eToro.

10/10

79% of retail CFD accounts lose money

Visit site

What you’ll learn:

  • The best Moneygram forex broker for your budget
  • How to sign up and link Moneygram to your forex account
  • How much Moneygram deposits cost and how safe each broker is

What are the best Moneygram forex brokers?

The best forex broker that accepts Moneygram is InstaForex .

Here are some more Moneygram forex brokers with low fees, top security, and fast execution speeds:

1
Min. Deposit
-
Promotion
User Score
9.5
Forex Demo Account
Trading accounts in EUR, USD, PLN, CZK, GBP
MT4 and MT5 platforms
Start Trading
Payment Methods:
BPAY, Bank Wire, Bitcoin, Boleto, CartaSi, Carte Bleue, China UnionPay, Credit Card, Dankort, Debit Card, Giropay, Ideal, MoneyGram, POLi, Paxum, PayCo, Przelewy24, Sofort, Trustly, Western Union, ePay bg, ePayments Transfer, neteller, postepay, skrill
Full Regulations:

How to trade currencies with a Moneygram forex broker

It takes about 10 minutes to sign up for an account with a forex broker. Moneygram is a simple way to deposit the money to fund a trading account. Here’s how to get started. 

Step 1. Sign up with InstaForex

We recommend InstaForex as the best Moneygram forex broker.

Create an account by supplying your email address, along with some contact details, and ID verification.

1
Min. Deposit
Promotion
User Score
9.5
Forex Demo Account
Trading accounts in EUR, USD, PLN, CZK, GBP
MT4 and MT5 platforms
Start Trading
Payment Methods:
BPAY, Bank Wire, Bitcoin, Boleto, CartaSi, Carte Bleue, China UnionPay, Credit Card, Dankort, Debit Card, Giropay, Ideal, MoneyGram, POLi, Paxum, PayCo, Przelewy24, Sofort, Trustly, Western Union, ePay bg, ePayments Transfer, neteller, postepay, skrill
Full Regulations:

Step 2. Go to the payment page on your broker’s website or app

This is normally situated in the menu bar or sidebar navigation. Look for a ‘deposit’ or ‘bank’ button.

Step 3. Select Moneygram as your preferred payment method

Find Moneygram from the drop down list of ways to transfer money. Select it to set Moneygram as your default deposit and withdrawal method.

Step 4. Enter the amount you want to deposit into your forex trading account

Decide how much you want to start with. You may be asked to log in or approve the transaction by Moneygram before it goes through.

Step 5. Trade your first currency

Search for a currency pair, such as USD/GBP or GBP/EUR, enter how much you want to spend, and execute the trade.

Quick answers to key questions

What is a Moneygram forex broker?

A forex broker lets you trade one foreign currency for another to take advantage of price movements of different currencies. A Moneygram forex broker is a trading platform that lets you make deposits and fund your account with Moneygram. 

What are the fees and commissions when using Moneygram brokers?

It depends on the broker. The difference between a broker’s buy and sell price for each currency is the main cost of trading. This cost (known as the ‘spread’) is the same regardless of how you decide to fund your account.

There may be additional fees for depositing or withdrawing funds to your Moneygram account. Moneygram fees can vary and are likely to be higher than using a direct bank transfer.

Spend some time researching online brokers to avoid any surprising hidden costs.

Is it safe to trade forex with Moneygram?

As long as you pick the right platform, yes. Regulated brokers provide investor protection in accordance with local financial regulations. All of our recommended brokers are regulated, but you can check by searching for its registration number with the local regulator.

The best Moneygram forex brokers also offer robust encryption features that protect your data and keep forex traders secure. 

Do I need to provide ID when trading forex with a Moneygram broker?

Yes, you will need to provide identification when using a forex broker that accepts Moneygram. A verification process is standard procedure for all the best brokers, as they have to comply with KYC financial regulations.

The verification process may include anything from some basic financial and personal information to a photo ID. 

Can I use MetaTrader 4 with forex brokers that accept Moneygram?

Yes. MT4 is a piece of trading software that’s popular with forex traders and available with most brokers. You can download the MetaTrader software and link it to any of your broker accounts.

The same applies to MetaTrader 5, which is simply the latest version of the software.

Do many forex brokers accept Moneygram?

Very few accept Moneygram deposits. However, you can easily get around this by using Moneygram to send money to a digital wallet, bank account, or debit card, then using that to make a deposit with your forex broker.

Pros and cons of using Moneygram to deposit funds

When deciding if you should start trading forex with a Moneygram broker, consider these potential benefits and drawbacks:

Pros

  • Very easy to set up a Moneygram account and send money
  • It’s a convenient way to fund your forex trading
  • Can send money from Moneygram to a bank account or card payment to fund your forex trades

Cons

What to look for when trading forex with Moneygram brokers

Once you’ve established that the forex brokers you’re considering accept Moneygram, the next step is to narrow your search. Consider these factors when choosing a Moneygram forex broker:  

  • Low fees. Some forex brokers allow you to use Moneygram, but at a cost that can eat into your potential trading profits. Look for a Moneygram forex broker that offers low trading fees, low withdrawal fees, and free deposits.
  • Variety of forex trading options. Many forex brokers offer multiple trading options at their disposal, including spread betting, futures, and contracts for difference (CFDs). If variety is an important factor for you, seek out a forex broker that offers a variety of different trading options. 
  • Number of currency pairs. Some of the most commonly traded currencies on forex exchanges are the British Pound (GBP), US Dollar (USD), and Euro (EUR). However, if you want to trade less common minor or exotic pairs, consider the range of pairs on offer when choosing a broker.
  • Security. A high level of security is essential when choosing a Moneygram forex broker to handle your trades. You’re trusting this platform with your money, so you want to make sure it’s secure.
  • Great customer service. The best Moneygram forex brokers will offer fast, helpful, and highly responsive customer service options in the event you require assistance.

FAQs

How does Moneygram fund your account?
Is it free to use Moneygram?
Are Moneygram accounts secure?
Is Moneygram a fast way to fund your forex account?
Are there other ways to fund my forex account?
What currencies can I trade with Moneygram?
Who regulates Moneygram forex brokers in the UK?
Who regulates Moneygram forex brokers in the United States?
Who regulates Moneygram forex brokers in the rest of the world?
Is trading forex with Moneygram recommended for beginners?

Sources & references
Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

James Knight
Editor of Education
James is a lead content editor for Invezz. He's an avid trader and golfer, who spends an inordinate amount of time watching Leicester City and the… read more.