QIWI

QIWI is a Russian e-wallet and payment platform used as a deposit and withdrawal method by many traders. It is designed for fast transactions and secure processing. This review will explain how QIWI works, including money transfer times, fees and security. It will also cover how the wallet links with broker deposits and withdrawals.

Update: Russian’s central bank has revoked the operating license of Qiwi Bank following multiple violations and high-risk transactions. Consequently, Russians may be unable to use for Qiwi for swing trading. See our list of alternative payment methods.

How QIWI Works

QIWI was founded in Moscow in 2007, though it is now based in Cyprus. But while by no means a newcomer to the e-wallet industry, it is not as established as the payment platform, WebMoney, founded in 1998.

The services offered by QIWI were initially confined to Russia and Eastern Europe, but it has now expanded to other countries. A wallet can be opened with phone numbers from Armenia, Ukraine, Latvia, Moldova, Israel, India, the UK and elsewhere. Restricted countries include Romania, Canada, the US, Kenya, Egypt, Australia and Indonesia.

The QIWI group has 27 million customers and offers payment services in 185 countries. The company is also listed on the Nasdaq stock exchange with annual revenues in 2020 topping £561m.

The main purpose of QIWI is to offer an alternative payment service to traditional solutions, such as paying directly from a bank card or bank account. The brand operates in a similar way to other e-wallet providers like PayPal, Yandex, Skrill and Neteller – customers pay money from a bank account, debit card, phone balance or loan into their QIWI Wallet. Traders can then use the money in their wallet to deposit funds to their brokerage account. This helps protect card and bank details. Investors can also withdraw money from their trading account back to their QIWI balance.

Note, the Wallet API allows for the automation of receipt of information.

Transaction Times

QIWI is a fast method for deposits and withdrawals, especially when compared to bank wire transfers, which can take several business days. E-wallet providers often provide instant processing times when making deposits. Withdrawals, on the other hand, can take longer – one to two business days is common.

Pricing Review

The firm charges fees for making deposits to your QIWI Wallet. Deposits up to 2,000 Rubles using a bank card are charged at 1%, with payments over this value free of charge. Note, your bank account/card issuer may impose fees too.

Money can also be transferred from other banks to your QIWI Wallet free from commission, providing it is done by Faster Payment Systems (SBP).

Importantly, deposits are usually free at many brokers. However, this is not always the case and it varies from broker to broker. Also, keep an eye on minimum deposits and limits on withdrawals imposed by your trading platform.

Security

QIWI is a reputable and trustworthy company. It is listed on a major stock exchange, with a market cap of $452.62m and has a customer base that spans millions. As a result, we’re comfortable the online payment platform is legitimate and not a scam.

In addition, QIWI uses various security measures to keep customer money safe. For example, it will block accounts where it believes a third party has gained access, with the customer then having to go through a verification process and submit identification proof (a photo of them holding their passport). Once verified, the account will be unblocked.

The firm also uses multiple pieces of authentication data, including username, password, PIN code and confirmation code, to help prevent fraud. It’s worth pointing out that fraudulent activity can be reported to the brand using the feedback form on their website.

It’s not just the payment provider that you need to check the security of though. Always check the trustworthiness of the broker you are depositing funds to. We always recommend signing up with reputable trading platforms.

Mobile App

QIWI has a mobile app available on iOS and Android. Once downloaded, traders can manage their e-wallet and top up their balance on the go. You can also download the QIWI Wallet to your PC on Windows 7, 8 and 10.

Pros of QIWI for Traders

Benefits of trading with QIWI include:

Low commission – The brand charges no commission on deposits above 2,000 Rubles (around 26 USD) to your wallet from a bank card. Just 1% is charged on bank card deposits under 2,000 Rubles (RUB). Gift cards are also offered to reduce fees.
Easy to set up an account and wallet – Although it can feel like more work having to set up an e-wallet, the process is simple and can be done quickly, however identification can be time-consuming. Mastercard and Visa virtual cards are also available.
More secure than traditional methods – Using an e-wallet provider like QIWI means that your card and bank details will not be seen by your broker. Still, you should always choose regulated and reputable brokers. 3D Secure is also available.
Deposits are often instant – Unlike methods such as bank wire transfer, deposit times are often instant, meaning you don’t have to wait for your money to arrive before you can start trading.

Cons of QIWI for Traders

Downsides to investing with QIWI include:

Limited supported countries – Although QIWI has expanded its services to more countries across the world, it is still not a universally available platform.
Limited supporting brokers – Traders may find that the choice of e-wallet provider for many brokers is Skrill, PayPal or Neteller, rather than QIWI.
Website in Russian – The official website is in Russian, which means traders wanting to read instructions in English, for example, will need to use their browser’s translation/change of language functionality.
More work for traders – Although the sign-up process is simple, having to deposit to your e-wallet and then deposit into your broker account can feel long-winded, especially when compared to depositing from a credit or debit card. The identification process can also be an additional burden and needs to be completed before you can buy some goods and services.

QIWI education and developers

How to Make QIWI Deposits & Withdrawals

So, how do you make deposits and withdrawals with a broker using QIWI? Firstly, let’s look at what you need. Traders will require their e-wallet number, as well as access to their mobile phone and/or wallet password.

Check that your chosen broker offers QIWI
Enter your wallet number, which should be the mobile phone number you used to register with
Confirm your e-wallet password or enter the one-time code you receive via SMS
If you used your password, a one-time code, received via SMS, will need to be entered to confirm the payment

For those that do not yet have an e-wallet or account, the sign-up process is simple and the login process can be completed through the mobile app or in the QIWI Terminal. You simply need to enter the number of a mobile phone that belongs to you. An SMS will then be sent to the phone with a password. This password is needed to enter the wallet.

It’s that easy – although you will need to complete the identification process to perform certain functions, including replenishing your wallet.

Verdict

QIWI offers a fast and secure method of depositing and withdrawing money to your trading account. The cost of using the method also compares favourably to other payment gateways. However, many e-wallets, such as PayPal and Neteller, offer equally fast, secure and low-cost account funding while also being more widely supported by top brokers.

FAQ

Is QIWI Secure?

QIWI is a reputable company that uses various security precautions to protect card and banking details when paying for third-party services like swing trading.

Is QIWI Better Than PayPal?

PayPal is better known to US and UK traders. However, QIWI is big in Russia and offers a secure e-wallet service. Ultimately, it will come down to your chosen broker and which e-wallet providers they have partnered with.

How Do You Create A QIWI Wallet And Account?

Creating a QIWI account and wallet is fairly straightforward. Although the identification process can take longer, actually creating an account and registering your phone number is simple. Follow the registration instructions on the official website.

Does QIWI Have An English Site?

QIWI does not have a separate English website. The official website is written in Russian, though many computers can translate the content and wording into English.

Does It Cost To Transfer Money From A Bank Card To Your QIWI Wallet?

No commission is charged for deposits to your wallet from a bank card if the transaction value is over 2,000 Rubles. A 1% charge is applied to transactions under this amount.