Skrill Brokers 2022 - Which Brokers Accept Skrill?

Skrill is a digital wallet accepted by many online brokers. The number of users is constantly increasing due to its speed, simplicity and security. Other advantages include its acceptance of all major currencies and its ability to handle large deposits. Trading with Skrill brokers also benefits forex traders because of its low fees when transferring large amounts of currency. Alternatively, crypto investors can use the platform to move digital currencies, including Bitcoin.

In this guide, we list the top brokers that accept Skrill deposits in 2022. We also run through the pros and cons of the payment solution, from fees and support to customer security.

Skrill Overview

Skrill is a leading eWallet and a popular alternative to PayPal. Founded in 2001 as Moneybookers, Skrill is now part of the Paysafe Group which also owns former rival, Neteller. The payment platform has over 40 million users worldwide.

Available on desktop devices and as a mobile app, the transfer gateway was traditionally used by online casino players for depositing funds and withdrawing winnings. However, investors are also increasingly using the brand to fund online trading accounts, capitalizing on the firm’s multiple offers, promotions and VIP benefits. And while not as ubiquitous as PayPal for everyday transactions, the number of online brokers accepting Skrill makes it a serious contender.

Pros Of Skrill Brokers

Benefits of trading with brokers that accept Skrill deposits and withdrawals include:

• Free to receive money
• Easy to use and register
• Actively encourages forex trading
• Common deposit method at online brokers
• Link up to ten debit/credit cards to your account
• The more money you transact, the lower the fees
• Fast transactions (unless involving wire transfer)
• A multitude of promotions and welcome offers, including referral schemes
• Strong security (card or bank details are not revealed and data is encrypted)
• For forex traders, Skrill supports 38 currencies (including Euro, British Pound, US Dollar and Yen)

Cons Of Skrill Brokers

As a potential digital wallet for traders, there are also some drawbacks:

• Fees to withdraw funds
• Charged for unused account
• High currency conversion fees, plus handling fee
• Website unclear on specific deposit and withdrawal limits
• Verification needed to increase deposit/withdrawal limits and decrease fees

Speed Of Payments

Making deposits with Skrill is usually fast. Funds uploaded to your account with debit or credit cards are instant; for wire transfers, you should allow up to five working days. All cards and accounts used for trading deposits and withdrawals have to be in your name.

You can also make instant deposits with the following:

• Boku
• Klarna
• Bitcoin
• Trustly
• Neteller
• Paysafe Cash
• Rapid Transfer
• Fast Bank Transfer
• Over 100 local payment methods including iDEAL in the Netherlands, Alipay in China and Giropay in Germany

Security

The corporation takes a multitude of security measures to ensure that its users are protected. All sensitive transaction information is safeguarded with a 128-bit encryption and protected according to the Payment Card Industry Data Security Standards.

The mobile app also has a two-tier login. This means that as well as entering their email address and password, users have to enter a code sent to their mobile device. But while Skrill is a secure payment solution, investors should still sign up with trusted and reliable trading brokers.

Deposits & Withdrawals

User accounts are free and easy to set up, although you will need to verify your ID if you want to increase your deposit and withdrawal limits. You can deposit for free if you utilize a debit/credit card or a bank transfer.

Skrill is the opposite of PayPal in that it never charges to receive money. However, it takes a fee to withdraw to your eWallet or credit card. The only way for traders to avoid this fee is to use the bank transfer option, which has 0% fees.

Fees & Costs

Trading with this payment method can get costly. The main sting is the withdrawal fee which currently works out at:

• 49% for Neteller
• 2% for cryptocurrencies
• £4.66 for Swift wire transfers
• 99% for Visa and Mastercard

The firm also offers a service called Skrill Money Transfer which gives traders the ability to send money to anyone (including themselves), converting it into any of its supported currencies using the Reuters exchange rate.

It’s free to receive funds, but to send it costs between 1-5% depending on your chosen method. Transfers between accounts incur a fee of 2.99%. If you verify your identity and become a True Skriller, this drops to 1.45%. For international payments, sending money to a bank account, in any of the countries the platform supports, is free.

Note that higher VIP levels can help reduce FX rates.

VIP

There are three VIP levels that you can attain for each quarter if you hit a certain threshold within the preceding quarter:

• Silver: Transact over €15,000 per quarter
• Gold: Transact over €45,000 per quarter
• Diamond: Transact over €90,000 per quarter

Once you’re a Silver VIP member or above, trading with Skrill becomes beneficial in terms of removing or reducing fees. You can also begin opening other accounts in different currencies, helping you to avoid FX fees.

Inactivity Fee

If your account is inactive for a period of six months, Skrill begins applying a monthly charge of €5 (or equivalent). The good news for Skrill traders is that closing your account is free and easy. Alternatively, simply logging in to your Skrill account counts as activity.

Is Skrill A Good Choice For Traders?

Skrill is a popular payment method with investors. But whether it’s right for you depends on how much you trade and whether you make deposits and withdrawals via offshore brokers. If you are transferring in large amounts and qualify for a VIP level, then it could be a cost-effective digital wallet to support your online trading activity.

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