QIWI Binary Options Brokers

QIWI was a Russian-based electronic wallet that could be used to fund binary options accounts. However, the Russian central bank withdrew the operating license of Qiwi Bank in 2024 due to repeated infractions and engaging in risky transactions. As a result, we do not recommend that anyone uses QIWI to deposit to a binary broker.

A number of binary firms still advertise that they support QIWI, including ExpertOption. We will keep this page live to help warn traders about the risks of using it. We have also contacted brokers still listing QIWI – asking them to update their payment solutions to safer alternatives.

If you are looking for a way to fund your account, see our list of the best payment methods for binary trading.

The information below is provided for historical purposes.

How QIWI Worked

QIWI was an electronic payment method primarily used in Russia and Commonwealth of Independent States (CIS) nations. The service would hold the user’s existing debit and credit cards, as well as specifically issued QIWI cards.

The firm was created in 2007 and based in Nicosia, Cyprus alongside a base in Moscow, Russia. The payment solution was first used for push transactions at Russian checkouts, but expanded worldwide when the brand released its Visa card.

QIWI created thousands of self-service payment systems in Russia that enabled users to deposit and withdraw money from their cards.

Money could also be deposited and moved online via digital wallets, credit and debit cards, phone transfers, and wire transfers. This made made it popular with some binary brokers and traders.

The brand also offered a mobile application that enabled binary options traders to conduct transactions directly from their QIWI wallet using mobile devices such as iPhones, iPads, tablets, and Android.

After Qiwi Bank fell foul with Russia’s authorities, the firm became a technology partner of Qplus. This provides an electronic wallet for storing funds, making fast transfers, and paying for Russian and foreign services. This means it could potentially be used to load binary accounts.

However, given the firm’s history we do not recommend traders use it as a deposit option. We are monitoring binary firms to see if they start supporting Qplus, and will continue to warn traders against it.

Transaction Times

QIWI was a fairly fast payment method, that provided near-instant deposits. This made it attractive for those interested in trading short-term binary options.

However, not all binary brokers that accepted QIWI supported instant withdrawals. This was primarily due to know your customer checks. Binary options traders sometimes had to wait up to five days to receive money.

Pricing Review

It was free to open a QIWI account, and it was also free to transfer money in some cases.

That said, withdrawal fees varied between QIWI binary brokers. Some firms we evaluated charged a fixed commission or a percentage of the payment amount.

It’s also worth noting that payments made in a different currency to the trader’s account currency could incur a foreign exchange charge.

Safety

QIWI is not safe to use for binary trading.

Although a 3D Secure check was sometimes performed by QIWI when you made a payment, its repeated issues that led to Russia’s central bank removing its banking license demonstrate that it cannot be considered secure.

It lost its license as a result of systematic violations of anti‑money‑laundering and counter‑terrorist‑financing requirements. There were also concerns about “high‑risk operations”, including payments linked to black‑market activity, crypto exchanges, and illegal gambling.​

Russian authorities also said that suspicious clients migrated from QIWI to other banks after a crackdown, demonstrating that the platform had become associated with higher‑risk money flows rather than routine consumer payments.

Additionally, in 2022, QIWI was reportedly hacked and the details of millions credit cards were released, though QIWI denied the hack.

As a result, it turned into a high-risk payment method that cannot be considered secure for binary traders looking to deposit and withdraw funds.

How To Make QIWI Deposits & Withdrawals To Binary Accounts

Deposits and withdrawals could be made in USD, EUR, and RUB.

Deposits

Traders could deposit money into their QIWI wallets via online banking systems, credit cards, mobile devices, and ATMs. Once money has been deposited into their e-wallet from another source, the money would be quickly available to deposit into binary trading accounts.

When sending money to binary brokers that accepted QIWI deposits, you would be taken to a verified payment portal where you could enter your account number and password alongside a unique code sent via SMS.

Note, QIWI binary brokers still often had their own deposit limits in place.

Withdrawals

To withdraw money from a binary options trading account using QIWI you generally had several options: bank account, bank card, or a money transfer system.

Money transfer systems varied between countries. In some jurisdictions, you could transfer money from your QIWI wallet to other e-payment systems.

Most QIWI binary brokers would not allow you to withdraw more than what you deposited using a given payment method.

Bottom Line

QIWI should not be used to fund binary trading accounts. Security and operational concerns, an alleged large data hack, and the revocation of its banking license by Russia’s central bank in 2024 make it unsafe.

Although some brokers still advertise the payment method and may support its new technology venture via Qplus – we would avoid it. Instead, see our list of alternative funding options for binary trading.

FAQ