WM Transfer Ltd. became one of the first Russian companies to introduce cryptocurrency transfers. Users of this system can not only store Bitcoin on WebMoney wallets, but also transfer them to any Bitcoin-addresses, as well as earn on the difference in exchange rates. But using WebMoney for cryptocurrency trading has peculiarities. They should be taken into account by novice traders.
Creating a bitcoin wallet WMX on WebMoney
Bitcoin on WebMoney is stored on separate wallets, which can be used by a member of the system who has received formal attestation. They are labeled as WMX. To create a bitcoin wallet in the WebMoney system, you need to:
- Register on the company’s website and fill out the questionnaire.
- Add documents (passport scans) and send them for verification.
- Create the necessary wallets – fiat (in rubles, dollars, euros) and/or cryptocurrency (WMX).
Registration
Opening an account begins with the indication of the user’s phone number. Each authorization on the WM site occurs with the mandatory entry of a code from SMS or by calling the number, so it must be valid.
The next step of the new client is to fill in the profile. Formal attestation means that the user specified his full profile data. Any mistake in the name, passport number, residence address can indicate fraud and cause suspicion of the security service. In case of WMID blocking, the client is temporarily deprived of the ability to withdraw and send funds to other participants. Therefore, you should enter the data in the questionnaire carefully.
The last stage of registration on the site is the uploading of identity documents. The system offers several options for verifying the data. A new client only needs to upload a scan of his passport. A simpler way is available to citizens of Russia who have a profile on the site Gosuslugi. They only need to log in to their account and authorize in the system through the online cabinet.
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WMX currency and its requirements
In Webmani Bitcoin is designated as WMX. One WMX is equal to 0.001 BTC. Each account has two unique addresses:
- Blockchain for receiving funds from any bitcoin wallet.
- Digital for transfers within the network.
How to deposit fiat money to the wallet
Replenishment of WMR (ruble, for non-residents), WMP (ruble for residents of the Russian Federation) and WMZ (dollar) accounts is available in several ways:
- Through online exchangers.
- In bank branches and terminals.
- By transfer from other electronic payment systems (UMoneu and others).
- By credit card or through banking.
To send fiat money to Webmani, you need to specify the number of the corresponding wallet. A common mistake of beginners is an attempt to transfer funds to WMID (account code). In this case, the money will hang in the system and the support service will have to credit them to the user’s account.
The easiest way to get bitcoin to your Webmani account is through electronic money exchange services. You can choose a mediator at BestChange. The exchange office with the most favorable rate and a good reputation is best.
It should be remembered that fraud is common in this area. Therefore, do not respond to offers to buy title units at low prices or in suspicious points.
Buying Bitcoin on WebMoney
WebMoney users can change BTC to fiat money and vice versa on the principle of a cryptocurrency exchange. If there is an urgent need to get the necessary electronic amount, they simply confirm the requests already left by other participants. If the priority is a favorable rate, it is necessary to create a new one and wait until the system will appear willing to buy in the system WebMoney Bitcoin at the proposed price.
How the exchange occurs
To convert WMX to fiat money in the system WebMoney created a service exchanger.money, which works on the principle of P2P. To use the services of the exchange of title signs, the participants of the transaction need to perform 4 actions:
- Authorization on the site. The page with exchange requests will be available only after confirming the phone number to which the account is bound.
- Studying the current offers. In the left part of the page, the list of requests for sale is displayed. In the right part, the client sees counter offers for purchase.
- Creating a new or approving an existing request. If the rate does not suit the buyer, he can offer his price conditions. The easiest way to make an exchange is to accept a bid already placed by another participant. In this case the rate may be unfavorable, but the buyer and the seller exchange funds at once.
- Fulfillment of the order conditions. Each participant has a button to transfer funds to the account specified by the other party. Transactions are confirmed in one click and executed automatically.
Exchange terms
The commission for each transaction in the WebMoney system is 0.8% of the transaction amount. All exchange transactions within the network are safe, since the writing off and crediting of signs occurs in automatic mode. For different types of wallets and attestats there are limits on the total volume of transfers per day, week or month. Before creating a new application, you should check if this level is not exceeded and if there are no other restrictions (blocking).
Advantages and disadvantages
In periods of growing demand for cryptocurrencies, the interest of WebMoney system participants in WMX-accounts usually increases, although many users are objectively more convenient to buy Bitcoin on third-party sites:
| Advantages | Disadvantages |
|---|---|
| Automatic execution of requests. | The only available cryptocurrency on WebMoney is bitcoin. |
| A wide choice of ways to replenish the wallet and convenient withdrawal of money. | Significant difference between the buying and selling rates. |
| The possibility of using title signs to pay for services in online services. | Small (compared to cryptocurrency exchanges) trading volumes. |
| Convenient and intuitive interface, Russian-language site support. | To use the service, you need to pass authorization and send scans of your passport. |
Bitcoin transfer to a wallet
WMX title units can be transferred to any BTC-purses. To do this, you need to:
- Authorize on the WebMoney website.
- In the system menu, select the section “Withdrawal of funds – Bitcoin withdrawal”.
- After moving to a new page, you should specify the number of title units to be sent, the recipient and the transfer fee.
Crediting Bitcoin to WebMoney wallets of other users does not require specifying the blockchain-address. It is enough to know the recipient’s WMX account number. The transaction is completed after 6 confirmations. The transaction is made in a chain of blocks and does not differ from standard operations with cryptocurrency.
An important feature of transfers within the site is the need to specify the purpose of each transaction. This comment cannot be less than 5 characters and must not violate the law or arouse suspicion of the security service.
Withdrawal of BTC from the wallet
All title units belonging to the user (WMR, WMZ) can be exchanged for Bitcoin at any time and transferred to a regular cryptocurrency wallet. An important disadvantage today is the limitation of the minimum transaction size – a client can withdraw and withdraw no less than 0.001 BTC. For example, if a person has 0.1 WMX, then for the transfer of funds will have to first buy fiat money, and already then – Bitcoin in a third-party service.
Other ways to buy and sell
WebMoney is used more as a payment system, not as an exchange for transactions with cryptocurrency. Therefore, the service may not be of interest to those users who want to invest in Bitcoin or earn on changes in its quotes. For these purposes, online exchanges that allow you to build a portfolio of cryptocurrency assets are better suited.
Frequently Asked Questions
✅ Can non-residents of the Russian Federation use WMX?
Today there are no restrictions for registration of foreign citizens in the Webmoney system. The ban applies only to some fiat title units, first of all – to WMP.
❓ What is the size of the commission when withdrawing Bitcoin through Webmoney site?
The minimum commission is 0.00003 and the maximum is 0.001 BTC.
❌ Can I work in the system without verification?
Anonymous attestation does not give the user the right to use a cryptocurrency wallet. Only a formal account with verified documents is suitable for this purpose.
👛 How fast is the replenishment of wallets with fiat money?
The transfer time ranges from a few seconds to 2-3 business days.
❔ Why can I be blocked in WebMoney system?
The most common reasons for blocking are fraudulent transactions and unreliable data in the profile.
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Author: Saifedean Ammous, expert in cryptocurrency economics.
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