Yandex Money / YooMoney is the biggest electronic payment system in Russia. The company was founded in 2002 when top search engine company Yandex was bought out by Russia’s largest bank Sberbank. Now the payments service is well known in the nation and has 60 million customer wallets. The article will discuss Virtual plastic card fees, Account deposit methods, recommended brokers, and registering and login protection. The best Yandex Money trading deposit/withdrawal brokers are eToro, FXTM and XM. 

How Yandex money works  

For merchants (trading brokers), payment services can be integrated as a deposit and withdrawal service through CMS modules. These function through a business-to-business system called Yandex Money Checkout. Yandex Checkout integrates with 60 content management APIs so enterprises don’t have to think about integration and code. 

The brand has a headquarters in Moscow, Russia. It’s the second-largest payment provider in Russia (34%) More than 75,000 online stores and services are already running the payment platform. Customers retail merchants, etc. can make payments easily after logging in. Just deposit in your Yandex Money account to pay for transactions online. 

Transaction times  

Yandex Money deposit into a swing trading account is fairly fast. Subject to verification, all payments are made immediately by the company. The similarity to WebMoney, Qiwi, and PayPal. Brokers of course have their timelines and it can take time for funds to appear on your trading account. The same for withdrawals, which depend on your broker processing time. The good news is that payments tend to be accepted in a few days. FXTM, for instance, guarantees one one-day withdrawal period for payments made with Yandex Money. 

Pricing review  

Successful payment commission to merchants. There are business commission rates from 2.8% per payment based on customer choice of method, and monthly turnover of business. 

Usually, swing trading brokers absorb the fees and don’t refund them to the trader. XM for instance refunds all transfer fees via the solution except withdrawals under $200. 

Yandex money has no signup and monthly service fee for merchants. Note, however, that the exchange rate might vary based on your account base currency. Fortunately, the new multi-currency service lets you hold and pay in any of 10 currencies without fees. 

A service fee for wallets inactive for more than 2 years must also be aware of by traders. It’s charged at 270 Rubles per month. 

Security  

Yandex Money is a highly secure payment method and trading for traders is quick and simple. Any order is signed by email. You can even add text message notifications for 50 Rubles per month. Furthermore, anti-fraud tips for protection can be accessed on the website. They have 24/7 customer service if you believe your account was hacked. 

Also important, any wallet can have custom transaction caps so you control daily, weekly or monthly spending. : Two-factor authentication (2FA) can be also applied to accounts as an extra security feature. 

Advantages of Yandex money for traders 

Here are some of the advantages of trading on Yandex Money: 

Cashback & points

Earn cashback and points for registered users: The customer can carry over promo points and make purchases at the partner’s partners with the help of a gift card. Coupons and details of rewards are listed on the website. 

Mobile app

You can download the Yandex Money mobile app to your iOS and Android (APK) devices on the Apple App Store and Google Play. Pays can be done directly in the app and wallets can be integrated with Apple Pay and Google Pay. You can also use the app to see where your deposits and withdrawals are located. 

Electronic wallet/purse- Electronic wallet and purse

Secure storage is a must. Its interface is equally simple and allows you to automate payments (great for fund swing trading accounts). 

Multi-Currency: Now instead of the original Russian Ruble-only account, the multi-currency account is available with the payment service. Thus, traders can get a free Yandex Money account in 10+ international currencies including Euro (EUR), US Dollar (USD) and Great British Pound (GBP). Saving on the exchange rate. There are also options to pay with a focus on cryptocurrencies such as Bitcoin (BTC). 

virtual debit card (VCC) is also offered for free and instantly redeemed after account opening. An alternative plastic card is 99 Rubles for 3 years and gives up to 5% cashback in bonus points. The company also recently introduced easy transfers to Uzcards. 

Aside from Yandex Money for Traders Cons. 

The negative side of Yandex money trading

They consist of:

One currency

For non-certified account holders, services are in Russian Rubles only. It takes a long time to be verified to upgrade accounts but after that, you can send multi-currency payments and enjoy bigger transfer caps. 

Time of registration

Users need to open a Yandex money account to pay. If you are a foreign trader, also be aware that the application takes up to one week to be processed. (Identification checks and enrolment paperwork are involved).

You may also find these articles helpful

Trading with Aave – full guide

Trading with EOS – full guide

Advantages and disadvantages of Axie Infinity