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 trading platform is a serious eWallet alternative to Paypal, with over 40 million users worldwide.
Founded in 2001 as Moneybookers, Skrill is now part of the Paysafe group which also owns Skrill's former rival Neteller.
Available on desktop and as a mobile app, Skrill has traditionally been used by online casino players to deposit funds and withdraw winnings (when depositing funds, users are in fact asked if they want to use the deposit for gambling).
However, trading with Skrill is becoming more and more important due to its many offers, promotions and VIP benefits.
While not as useful or ubiquitous as Paypal for day-to-day transactions, the number of brokers that accept Skrill make it worth considering when using online brokerage businesses.
Pros and cons of Skrill trading platform
Trading with Skrill has many advantages:
- Easy to use and free registration
- Easy and secure for forex trading
- It offers many promotions with the platforms - including the biggest names
- Free to receive money
- Fast transactions (unless it is a bank transfer)
- Link up to ten debit/credit cards to your Skrill account
- Skrill Money Transfer allows zero mark-up FX transfers, including non-Skrill clients
- High security (card or bank details are not disclosed, data is encrypted)
- Payment method increasingly common for platforms
- The more money you use in transactions, the lower the fees will be
- For forex traders, Skrill supports 38 currencies (including US dollars, Euros, GBP, and Yen).
Like all digital wallets for traders, Skrill has its drawbacks:
- Fees for withdrawing funds
- High currency conversion fees, plus handling fees
- Charges for unused accounts * dormant accounts, inactivity fees
- Unclear website on specific deposit and withdrawal limits
- Verification required to increase deposit and withdrawal limits
Speed of Skrill payments
Paying with Skrill is generally very fast. Funds loaded into your debit or credit card account are instant; for bank transfers, it is necessary to wait up to 5 working days.
All cards and accounts used for deposits and withdrawals with Skrill must be in your name.
You can also make instant deposits into your Skrill account with the following:
- Fast Bank Transfer
- Paysafe Cash
- Rapid Transfer
Skrill takes many security measures to ensure that its users are protected.
All sensitive transaction information is secured with 128-bit encryption and secured to the highest standard under the payment card industry data security standards.
The Skrill mobile app also has two-tier access.
This means that even by entering their email address and password, users must enter a code sent to their mobile device.
Skrill deposits and withdrawals
All Skrill customers can deposit and withdraw funds from their accounts.
When it comes to depositing and withdrawing money, Skrill is the opposite of Paypal in that it never charges money to receive money, but does charge a fee for withdrawing money to your bank account or credit card.
The only way for traders to avoid this fee is to make enough transactions with Skrill to qualify as a Silver, Gold or Diamond VIP member, at which point withdrawals are always free.
For all users, regardless of status, there is a 1% fee for loading funds into your Skrill account, depending on the payment method used (up to $20,000).
Skrill fees and costs
Skrill accounts are free and easy to set up, although you need to verify your ID if you want to increase your deposit and withdrawal limits.
On top of that, as noted above, trading with Skrill can potentially get expensive.
The main annoyance is the withdrawal fee which currently stands at $5.50 per transaction, or 7.5% if you withdraw from Skrill to a credit card.
As traders transacting $15,000 or more per quarter are not required to pay these fees, this primarily affects traders who wish to make a series of smaller withdrawals.
The trick to paying low commissions is to order the Skrill Mastercard card which allows you to both withdraw at the ATM and spend in all stores both online and around the world.
Skrill offers a service called Skrill Money Transfer which offers traders the ability to send money to anyone (including themselves), converting it into any of its supported currencies in the process, at "zero mark-up" and using the exchange rate of Reuters.
However, it is important to note that this is a separate service for a Skrill account.
Transfers and payments from your Skrill wallet that require a currency conversion are subject to a 3.99% fee.
The VIP program offers lower rates.
For traders who transact for $6,000 per quarter, the commission is reduced to 3.79% and can go as high as 1.99%.
The Skrill website also notes that sending money carries a 1.45% fee (with a minimum charge of $0.50).
However, this only applies if you are sending funds to another digital wallet service or similar.
Sending money to a bank account, in any of the countries supported by Skrill, is free.
Again, this fee disappears above a certain level of transactions.
If your Skrill account is inactive for a period of 12 months, Skrill also begins to apply a monthly charge of $5 (or equivalent) per month.
The good news for Skrill traders is that closing your account is simple and free; just keep in mind that simply logging into your Skrill account counts as activity.
Is Skrill a good choice for a CFD and cryptocurrency forex trader?
Skrill is a common payment method for traders; whether it is right for you depends on how much money you trade with your account.
If you are into Skrill crypto trading, especially in large amounts at a time, then Skrill is your best bet as your digital wallet.
There are four VIP levels that you can reach each quarter if you reach a certain threshold in the previous quarter.
- 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.
Once you are a Silver VIP member or above, trading with Skrill crypto trading becomes profitable in terms of commission removal or reduction.
You can also start opening other accounts in different currencies, helping you avoid commissions on CFDs and cryptocurrencies.
The only problem with using Skrill for trading is the 1% upload fee.
This fee only disappears on single upload transactions of $20,000 or more (or equivalent).
It is worth pointing out that this is the net amount after applying any FX fees to the deposit.
Are there any Skrill bonuses?
Skrill encourages cryptocurrency CFD traders to use them like Skrill brokers do.
Their website reveals a number of exclusive forex promotions from big name brokers, offering refunds to skrill traders, free demo accounts and zero commissions.
Skrill also offers potential financial rewards if you recommend friends and get them to register 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|