Skrill is a digital wallet accepted by many cryptocurrency platforms and online forex brokers.
The number of Skrill brokers is increasing thanks to its speed and security in managing deposits and withdrawals. The forex brokers that accept Skrill also accept all major currencies with the ability to handle large deposits.
Skrill forex trading also benefits traders due to its ease of use and lower commissions when trading large amounts of currency.
For their part, Skrill trading platform actively encourages daily trading with a variety of bonuses and promotions.
In this article, we will take a look in more detail at the forex brokers that accept Skrill, as well as the pros and cons of using Skrill trading platform.
Skrill trading platform - how it works
Skrill is an eWallet alternative to Paypal that has over 40 million users. Skrill was founded in 2001 as Moneybookers. It is now part the Paysafe group, which also owns Neteller, Skrill's former rival.
Skrill is available on both desktop and mobile. It can be used to deposit and withdraw funds at online casinos.
Skrill's many promotions, offers and VIP benefits make trading more attractive.
Although not as ubiquitous or useful as Paypal for daily transactions, Skrill is an acceptable payment method by many brokers who offer online brokerage services.
Pros and cons of Skrill trading platform
Skrill trading has many benefits:
- Register easily and for free
- Forex trading is easy and safe
- It offers many promotions on the platforms, including those for the most famous names
- Receive money free of charge
- Fast transactions (except if it's a bank transfer).
- Skrill accounts can be linked to up to ten credit/debit cards
- Skrill Money Transfer offers zero mark-up FX transfers to non-Skrill clients
- High security (card and bank details not revealed, data encrypted).
- Platforms are increasingly accepting payment methods
- Transaction fees are lower for those who spend more money.
- Skrill supports forex traders in 38 currencies, including US dollars, Euros and GBP.
Skrill, like all digital wallets for traders has its flaws.
- Requirements for withdrawing funds
- Conversion fees and handling fees are high.
- Inactivity fees and charges for accounts that are not used
- Uncertain website regarding withdrawal and deposit limits
- To increase withdrawal and deposit limits, verification is required
Speed of Skrill payments
Skrill payments are generally fast. Skrill allows you to instantly load funds into your credit or debit card account. Bank transfers can take up to five working days.
Skrill accounts and cards that you use to deposit or withdraw funds must be under your name.
With the following, you can also make instant deposits to your Skrill account:
- Fast Bank Transfer
- Paysafe Cash
- Rapid Transfer
Skrill has many security measures in place to protect its users.
Secure transaction information is protected with 128-bit encryption. All transactions are secured to the highest standards under the payment card industry data security standard.
Skrill's mobile app has two-tier access.
Users must also enter their password and email address to receive a code on their mobile devices.
Skrill deposits and withdrawals
Skrill customers have the ability to deposit and withdraw funds.
Skrill has a different approach to withdrawing or depositing money than Paypal. It doesn't charge money to send money but charges a fee to withdraw money from your bank account.
Traders can avoid paying this fee by making enough transactions with Skrill so that they become a Silver, Gold, or Diamond VIP member. At which point withdrawals will be free.
All users are subject to a 1% charge for loading funds to their Skrill accounts. This fee can be adjusted depending on the method of payment used (up to $20,000).
Skrill fees and costs
Skrill accounts can be set up for free. However, you will need to verify your identity in order to increase your withdrawal and deposit limits.
Skrill trading can be expensive, as we have already mentioned.
The withdrawal fee is the main problem. It currently stands at $5.50 per transaction or 7.5% if Skrill is used to withdraw funds from a credit card.
These fees are not applicable to traders who transact $15,000 per quarter or more. This is primarily for traders who want to make smaller withdrawals.
Skrill Mastercard cards are a great way to get low commissions. They allow you to withdraw at ATMs and then spend in any store online.
Skrill Money Transfer is a service offered by Skrill that allows traders to send money to anyone, including themselves. It converts it into any supported currency at "zero markup" and uses the Reuters exchange rate.
It is important to remember that this is an additional service for Skrill accounts.
Transfers or payments made from Skrill wallets that require currency conversion are subjected to a 3.99% fee.
VIP offers lower rates
The commission for traders who transact $6,000 each quarter is reduced to 3.9%, but can rise as high as 1.99%.
Skrill also mentions that sending money involves a 1.45% fee (with an initial minimum of $0.50).
This applies only if you send funds to another digital wallet or similar service.
Skrill allows you to send money to any bank account in any country.
This fee is eliminated after a certain number of transactions.
Skrill will apply a $5 per month charge to your Skrill account if it is inactive for 12 months.
Skrill traders have good news: closing your account is easy and free. However, remember that just logging in to your Skrill account does not count as activity.
Is Skrill a good choice for a CFD and cryptocurrency forex trader?
Skrill is a popular payment method for traders. It all depends on how much you trade with your account.
Skrill crypto trading is a great option if you want to have a digital wallet.
You can reach four VIP levels each quarter if your previous quarter's threshold is met.
- Bronze: Transaction over $6000 per quarter
- Silver: Transaction over $15,000 per quarter
- Gold: Transaction over $45,000 per quarter
- Diamond: Transaction over $90000 per quarter.
Trading with Skrill crypto trading is profitable once you become a Silver VIP member.
Additionally, you can open other accounts in foreign currencies to avoid paying commissions on CFDs or cryptocurrencies.
Skrill's only drawback is the 1% upload charge.
Only single uploads of $20,000 or greater (or equivalent) will be exempt from this fee.
It is important to note that this amount is net after any FX fees have been applied to the deposit.
Are there any Skrill bonuses?
Skrill encourages cryptocurrency CFD trader to use them as Skrill brokers.
There are many exclusive forex promotions on their website, including refunds for skrill traders, demo accounts, and zero commissions.
Skrill offers financial rewards for friends who recommend Skrill and get them to sign up in the wallet.
Skrill brokers: brokers that accept skrill
Below is the list of forex brokers that accept deposits with Skrill:
|Forex brokers||Benefits||License||Minimum deposit|
|Demo account + bitcoin wallet||Cysec||$200|
|trading on dozens of altcoins with 100% bonus||IFMRRC||$50|
|Crypto and digital||Cysec||€10|
|free demo and professional account with personalized leverage||Bank of Ireland, CONSOB||€250|