Skrill is one of the most common electronic payments and digital wallet providers. It has operated in more than 120 countries worldwide since 2001. Skrill services are offered in 40 different currencies and the platform supports numerous payment options including cards, bank transfers, and alternative online payment solutions. The company holds several licenses and operates under PaySafe Payment Solutions Limited. The financial regulators authorizing the payment system provider are the Central Bank of Ireland (CBI) and the Financial Conduct Authority in the United Kingdom (FCA).
Skrill has different payment costs for different countries and currencies. On average the commission rate applicable on transactions starts at 2.90% plus 0.29 US dollars fixed fee. The chargeback fee with Skrill is 20 US dollars. The United States residents have to cover a 2.9% fee if depositing through Visa/Mastercard cards and a 7.50% fee to deposit using a Paysafecard prepaid card. The withdrawal fee is 5.50 US dollars and user-to-user transactions are charged with a 1.9% transaction fee (maximum charge of 20 US dollars).
Even though Skrill is a widely used online payment method for Forex brokers, it still has several drawbacks. Notably, Skrill users have often reported issues regarding customer support efficiency. For instance, in contrast to one of its major competitors – PayPal, Skrill does not provide live chat support. It means that the clients have to wait a bit more for their inquiries to be addressed. Also, Skrill does not operate in most Asian and African countries.
Trade with the Skrill’s favorite broker – XM
Nowadays, you will hardly manage to find a decent brokerage company operating in the Forex industry that does not offer multiple payment options. When going through the individual Forex brokers you will also notice that many of them offer similar payment solutions that range from Visa/Mastercard payment methods to payment systems like PayPal, M-Pesa, or Skrill. Skrill has become an indistinguishable part of the Forex brokers’ platforms lately and there is a good reason for that, which we will cover later in the article. Below is the list of the best Forex brokers that accept Skrill.
5$
CySEC, FCA, ASIC
30$, 50%+20%
30:1
2009
MT4, MT5, WebTrader
$100
CySEC, CBI, FSA, FFAJ, BVI FSC, FSCA, FSRA
1:400
2006
MT4, MT5, WebTrader, AvaTradeGO
USD 5,000
FINMA, FCA, ASIC, FSA, MAS, AFM
N/A
1:30
1992
SaxoTraderGo, SaxoTraderPro
$5
SVGFSA, FCA, DFSA, FSCA, FSA
From 30% to 100%
1:1000
2010
MT4, MT5
15
CySEC
30%
1:500
2015
MT4, WebTrader
$250
FSCA
1:200
2012
MT4, WebTrader
100$
FCA
N/A
30:1
2008
Custom
$10
Risk Warning: YOUR CAPITAL MIGHT BE AT RISK
N/A
1:1000
2013
Proprietary
10 USD
FCA, CySEC, FSA
N/A
1:Unlimited
2008
MT4, MT5, WebTerminal
$10
N/A
N/A
1:500
2019
MT4, custom
$10
1:500
MT4
250$
FCA, NFA
N/A
200:1
1999
MT4
$25
ASIC, CySEC, FSA, BVI
50%
1:400
2001
WebTrader, MT4, TradingView
100
FCA, CySEC, DIFC, CIMA
N/A
500:1
1977
MT4, MT5
$100 AUD
ASIC
N/A
500:1
2005
WebTrader, MT4, MT5, IRESS
AUD$200
ASIC, SCB, CMA, CySEC, FCA, BaFin and DFSA
N/A
1:400
2010
MT4, MT5, cTrader, TradingView
$50
N/A
N/A
1:500
2015
MT4
1 USD
ASIC, FCA
10 USD
1:500
2005
MT4, MT5, WebTrader
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Skrill payment system was established in 2001 in the United Kingdom under the different name – Moneybookers. The company took a nice start and in only two years, it attracted around 2 million loyal customers. The company is regulated by the local Financial Conduct Authority. Nowadays, it is a globally accepted payment system that managed transactional operations of more than 200 FX brokers that accept Skrill. Apart from offering payment handling on the Forex market, Skrill enables users to pay for a wide range of products and services like gambling, sports betting, and goods from leading e-commerce stores. The company is currently owned by one of the market giants – PaySafe, a huge conglomerate that gathers all of the online operating corporations on the territory of the United Kingdom. That, together with many other factors, speaks in favor of the company and justifies its huge success across the world.
Interestingly enough, due to the connection between the company and gaming/gambling industries, the company was banned in a number of countries back in the day.
The company’s motos are convenience, confidence, and instant transactions. Skrill navigates transactions in over 200 countries and offers those in around 40 different currencies. In Africa, Skrill is available in Tanzania, South Africa, Nigeria, Kenya, Ghana, and Uganda. In Asia, Skrill works in Thailand, Pakistan, Sri Lanka, Saudi Arabia, and the United Arab Emirates. European countries, as well as the United Kingdom, are also accepting Skrill payment methods. Skrill NZ and Skrill Australia are also available for Forex traders. Canada has recently joined the list of the Skrill-approving countries, too. Just like PayPal, Skrill highly cares about the safety of customers’ bank account information. Moreover, as the company is regulated by the governmental body, they are operating under strict policies and work for their reputation. All of that might ensure you that Forex brokers allowing paying with Skrill are the ones you can trust your funds with.
You can fund your Skrill account in many ways – through bank transfers, credit or debit cards, and so on. Thus, the company itself justifies its promise to provide the highest level of convenience for its users. However, there is one thing you need to know first. There are certain fees charged for transferring funds from one Skrill account to another, or to your banking account. The fees vary from country to country and you shall check up on that with the service provider itself. But, on the bright side, you do not have to pay anything for charging your Forex account with money from the Skrill account.
The main reason the Forex broker would go with one payment system or another would be the benefits the one is providing. It might rather be low commissions, high-security level, or maybe the speed of transactions. Therefore, we have decided to explain what might be the advantages of trading with one of the brokers from the Skrill Forex brokers list.
When you are signing up with a broker that is working in cooperation with the payment system like Skrill, you are ensuring the guarantee of your funds’ safety. Because the Forex brokers that are offering the services of such a high-ranked e-wallet company can definitely boast of their reliability and trustworthiness. Overwise, Skrill would simply refuse to work with them, as it cares about its reputation too much. Therefore, as a result, you are protected by both the broker and the Skrill payment system.
The main target of the company is to provide its users with the highest level of operations transparency possible. That means that you will be offered to get weekly and monthly reports about all of your transactions. Thus, you can easily trace the profitability of your Forex trading and understand if you are losing more than you are gaining.
When it comes to Forex brokers allowing Skrill withdrawal, you can expect withdrawal, as well as a deposit of your funds to your trading account to be managed much faster than it would be with a simple bank account. The deposit of funds happens almost immediately. While the withdrawal might take up to several hours, 24 hours max.
When trading with CFD brokers accepting Skrill, you are actually saving your money. The thing is that you do not actually need to pay for your transaction on the Forex trading account that is managed by Skrill. No matter what is the number of those per month or per year. You only need to pay the service fee that is not that high anyway. Moreover, with any banking account, you need to do the same. And if there will be any fees charged for the transactions, it will only be 1%, which is much less than other payment systems charge.
If you are signing up with one of those brokers, you are guaranteed to be provided with the bonuses other traders won’t be able to obtain. When the broker is signing the contract with the companies like Skrill, it automatically established certain bonus offers it then delegated to its traders. Meaning that this, in fact, is beneficial for both the payment system and broker, as more and more traders seeking for bonuses start to operate with those. Thus, spend money and overly promoting that broker. Therefore, that is a win-win situation for everyone. For instance, traders that are using Skrill services, are often provided with a $1,000-bonus. That is quite a bargain, isn’t it?
Even though Skrill is truly one of the leaders on the market, it still has some shortcomings that need to be mentioned.
Skrill is operating not only in the banking and Forex industries. As we have already mentioned, the company does also provides payment services in the gambling and gaming sectors. Therefore, traders can be easily restricted to trade with that payment system by local authorities if they will notice that investments were made in shady industries like gambling. Moreover, sometimes you may find out that Skrill is working with the non-regulated Forex brokers as well. Which itself might not be a bad thing, but there were often cases when those brokerages turned out to be scams.
At the moment, Skrill is not available in every corner of the world but is expected to. The countries where Skrill does not operate include Afghanistan, Angola, Belize, The Central African Republic, Chad, Congo, Iran, Iraq, Japan, Mali, Niger, Saint Vincent, and the Grenadines, Seychelles, Sudan (North and South), Turkey, Venezuela, and Zimbabwe.
Once you have decided to go with one of the Forex brokers with Skrill, you will be asked to provide the company with several documents. The purpose of the verification is to make sure that you are a real trader who has no bad intentions rather than trade on the Forex market fairly. Furthermore, the verification prevents crimes related to identity theft and money laundering. Below is the list of the official documents that will be required during the verification stage.
Skrill has developed in various industries like gaming, gambling, and investments. That makes it qualified and professional enough to offer superior services to traders and brokers around the globe. Moreover, when it comes to requirements and policies, Skrill allows brokers to sign up with them quite quickly and easily. Unlike other payment systems like PayPal, it does not put forward the crazy hard requirements to face for the brokers. We provide a detailed guide on how to register with Skrill and make a deposit using the payment method with one of the best Forex brokers – XM.
While you are waiting for Skrill to send a verification code to your mobile number, use your moment to sign-up with the leading brokerage company partnering with Skrill – XM Group.
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