Best Skrill Brokers 2024

Skrill is a popular money transfer service. It can be used to deposit and withdraw funds with some of the best brokers on the market. In this review, we discuss the services Skrill offers and the fees charged. We’ll also touch on the pros and cons of the money transfer solution, including how safe the service is and the speed of withdrawals. Additionally, we list the best Skrill brokers in the UK.

Skrill Brokers

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    AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for trading, from CFDs to AvaOptions and now AvaFutures, alongside a comprehensive education center and multilingual customer support.

  2. XTB

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    Founded in 2002 in Poland, XTB now serves more than 935,000 clients. The forex and CFD broker combines a heavily regulated trading environment with an extensive selection of 5,600+ assets and a commitment to trader satisfaction, featuring an intuitive in-house platform with superb tools to support aspiring traders.

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    Eightcap is an award-winning, FCA-regulated broker offering industry-low trading fees. They are also the highest-rated brand by TradingView’s 50 million-strong users, who can trade directly on the platform. UK traders can sign up for a live account with an accessible £100 minimum deposit.

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    FXCC is an established broker that’s been offering low-cost online trading since 2010. Registered in Nevis and regulated by the CySEC, it stands out for its ECN trading conditions, no minimum deposit and smooth account opening that takes less than 5 minutes.

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    IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.

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    Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for traders at all levels.

  7. XM

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    XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC.

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    RoboForex is an online broker, established in 2009 and registered with the IFSC in Belize. Traders can choose from five accounts (Prime, ECN, R StocksTrader, ProCent, Pro) catering to different needs with trades from 0.01 lots and spreads from 0 pips. RoboForex has also enhanced its offering over the years, adding CFD instruments and launching its stock trading platform, plus the CopyFX system.

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    DNA Markets is a forex and CFD broker established in 2020. The broker operates two entities in Australia and the offshore jurisdiction, St Vincent and the Grenadines. Traders can access 800+ markets, with a Standard account for beginners and a Raw account for experienced traders. The reliable MetaTrader 4 and MetaTrader 5 platforms are available, alongside Signal Start.

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    Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.

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    eToro is a top-rated multi-asset platform which offers trading services in thousands of CFDs, stocks and cryptoassets. Launched in 2007, the brand has millions of active traders globally and is authorized by tier one regulators, including the FCA and CySEC. The brand is particularly popular for its comprehensive social trading platform. Cryptoasset investing is highly volatile and unregulated in the UK and some EU countries. No consumer protection. Tax on profits may apply. 51% of retail CFD accounts lose money.

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    InstaForex is a forex and CFD broker founded in 2007. The broker offers diverse market coverage to millions of clients, spanning traditional assets like currencies and shares, as well as other interesting opportunities such as IPOs.

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    OANDA is an award-winning global broker, established in 1996. The hugely respected brand offers competitive trading accounts and serves clients from 196 countries. It remains a popular option with both beginners and experienced traders thanks to its user-friendly and sophisticated web platform, no minimum deposit and premium currency products and services. The company is also overseen by reputable regulators, including the FCA, ASIC and CIRO.

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    Trade Nation is a top FX and CFD broker regulated in multiple jurisdictions including the UK and Australia. The firm offers low-cost fixed and variable spreads on 1000+ assets with robust trading platforms and training materials. The Signal Centre can also be used for trade ideas.

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    BlackBull is a New Zealand-based CFD broker with trading opportunities on forex, stocks, indices, commodities and cryptos. The broker supports the MetaTrader 4 and 5 platforms as well as TradingView, cTrader and a proprietary mobile app. Clients can trade with high leverage and tight spreads from 0 pips on the broker's ECN accounts.

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    Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.

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    Founded in 2006, FxPro is an established forex, CFD and spread betting broker offering 2100+ assets to over 2 million clients worldwide. The broker is regulated in 4 jurisdictions and offers reliable 24/5 customer support, earning it a high trust and safety score. FxPro has also picked up more than 100 industry accolades for its competitive trading conditions, including fast execution and deep liquidity.

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    Established in 2008 and headquartered in Israel, Plus500 is a prominent brokerage that boasts over 25 million registered traders in over 50 countries. Specializing in CFD trading, the company offers an intuitive, proprietary platform and mobile app. It maintains competitive spreads and does not charge commissions or deposit or withdrawal fees. Plus500 also continues to shine as one of the most trusted brokers with licenses from reputable regulators, including the FCA, ASIC and CySEC.

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    Fusion Markets is an online broker established in 2017 and regulated by the ASIC, VFSC and FSA. It is best known for its low-cost forex and CFD trading, although its multiple account types and copy trading solutions cater to a range of traders. New clients can sign up and start trading in 3 easy steps.

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    GO Markets is an established forex and CFD broker with multiple industry awards and accolades. The ECN/STP broker is popular with budding traders, offering competitive accounts in multiple base currencies and a range of flexible payment methods. With top-tier regulation from CySEC and ASIC, GO Markets is a trusted broker.

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    Founded in 2008, NordFX is an offshore CFD broker offering forex, stock, commodities, indices and crypto trading to over 1.7 million clients in 190 countries. Traders access markets through the MT4 and MT5 platforms and benefit from low commissions, spreads from zero and decent extra features. Minimum deposits start from just $10 and very high leverage is available up to 1:1000.

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    Markets.com is a respected broker, offering multi-asset trading opportunities through CFDs or spread betting (UK only). Established in 2008, the brand has an impressive 4.3 million registered customers and is overseen by trusted regulators, including the FCA, ASIC and CySEC. 79.1% of retail accounts lose money.

  23. Axi

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    Axi is a global forex and CFD trading firm, founded in 2007 in Sydney, Australia. Highly leveraged trading opportunities plus a $0 minimum deposit make it a popular choice among 60,000+ traders worldwide. Axi also stands out for its resources, including copy trading and Autochartist.

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    Founded in 2015, VT Markets maintains its position as a top Australian multi-asset CFD broker. With 1000+ tradeable instruments and support for the MetaTrader 4 and MetaTrader 5 platforms, this broker delivers a wide range of trading opportunities to over 200,000 clients worldwide. VT Markets is regulated by the ASIC, FSCA, and SVGFSA.

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    Tradeview is an offshore forex and CFD broker based in the Cayman Islands and regulated by CIMA. Traders can access over 5000 instruments with a minimum deposit of $100. There are several third-party platforms on offer, including MetaTrader 4 (MT4) and cTrader.

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    FXDD is an established forex and CFD broker founded in 2002. Regulated in Malta, Mauritius, Peru and Malaysia, the broker provides secure trading platforms, competitive ECN spreads and reliable 24/7 customer support. Competitive pricing and ultra-low latency is also offered via the broker's Direct Market Access execution model and tier 1 aggregated liquidity.

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    M4Markets is an award-winning broker regulated by the CySEC, FSA and DFSA. Although relatively new, the broker continues to improve its offering with a range of innovative tools, platforms and accounts. Beginners can start with just $5, whilst experienced investors can access leverage up to 1:5000.

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    Founded in 2010, ThinkMarkets is a reputable CFD and forex broker with regulation from several top-tier bodies including the FCA and ASIC. The broker provides services to over 450,000 accounts from 11 global offices. Traders can use a bespoke platform, MT4 or MT5 to access a wide variety of assets including 3500+ stocks and ETFs, 46 forex pairs and over 20 cryptocurrencies.

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    Trade.com is a trustworthy online broker with a global presence. The broker offers 2,100+ CFDs in major markets, as well as futures, options and more. The broker offers best-in-class platforms and superior analysis tools for experienced traders. The broker is also regulated by top-tier authorities including the FCA and CySEC.

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    IronFX is a multi-regulated forex and CFD broker founded in 2010. This award-winning firm offers 500+ markets to over 1.5 million clients across 180 countries. Traders can access various account types with competitive pricing on the MT4 platform, as well as 24/5 customer support in 30 languages.

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    Ingot Brokers is a multi-regulated brokerage established in 2006. The broker offers CFD trading opportunities on 1000+ instruments including forex, stocks, indices, commodities and cryptocurrencies. The broker supports the MetaTrader 4 and MetaTrader 5 platforms and offers both raw spreads and commission-free account options.

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    FinPros is an offshore broker that provides CFD trading on 400+ instruments with high leverage up to 1:500. This is a reliable bet for traders seeking offshore options, with strong security measures, negative balance protection and segregated client funds. The extra features including trading tools and commission-free stocks make this a good choice for beginners, and experienced traders will appreciate tight spreads.

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    Scope Markets offers trading and investing in multiple spot and CFD instruments. The group of brokers is regulated in several locations, including Belize, Kenya and South Africa. Users get competitive trading conditions, a range of payment methods, strong support and can get started in a few straightforward steps.

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    4xCube is an online forex and CFD broker registered and licensed in the Cook Islands. Clients can trade on popular financial markets and choose between three accounts based on their capital and trading strategy.

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    Dukascopy is an online broker operated by a Swiss-regulated banking group. It offers a good selection of 500+ markets, with forex, stocks, gold, ETFs, indices, bonds and cryptocurrencies available. It also offers flexible trading opportunities through the choice of CFDs or binary options. Traders will use MetaTrader 4 or a proprietary platform that is well-suited to automated trading.

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    Launched in 2017, Videforex offers access to stock, index, crypto, forex and commodities markets via binary options and CFDs. The proprietary platform, mobile app and integrated copy trading are user-friendly and will suit new and casual traders, and the market analysis tools and trading contests provide good ways to improve your trading skills.

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    FXTM is a top-rated forex and CFD broker established in 2011 and operating across 4 continents. The company is secure and regulated by leading authorities, including the FCA and CySEC. Offering 1000+ trading markets and three account types, they cater to all levels of trader.

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    xChief is a foreign exchange and CFD broker, established in 2014. The company is based offshore and registered with the VFSC and FMA. Users can choose between a wide selection of accounts and base currencies, making ForexChief accessible to global traders. The brand also stands out for its no deposit bonus and fee rebates for high-volume traders.

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    Axofa is a forex and CFD broker registered in St Vincent and the Grenadines. The broker offers three account types with access to forex, commodities and indices. With ECN processing, low minimum deposits and no commissions, Axofa remains an attractive option, although the broker does not hold a reputable license.

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    Errante is a Cyprus-based and regulated forex and CFD broker with leveraged trading on multiple assets, tiered accounts including a zero-spread option, and copy trading support. The broker offers leveraged trading up to 1:30 under its CySEC-regulated branch and 1:500 from an offshore branch, and supports the MetaTrader 4 and MetaTrader 5 platforms. Errante's asset list is relatively limited but it does offer fast execution and low latency, and it is a trustworthy brand.

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    TMGM is an ASIC-regulated forex and CFD broker with a vast range of tradeable assets covering forex, stock, index, crypto and commodity markets. The account types on offer provide a flexible choice between no commission or zero spreads, with competitive pricing all-round.

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    Anzo Capital is an offshore broker that offers leveraged CFDs on 100+ instruments including forex, stocks, indices and metals. The MetaTrader 4 and MetaTrader 5 platforms are supported, and traders can choose between an STP account with spreads starting from 1.4 pips and zero commission, or an ECN account with a $4 round-turn commission and spreads from zero. A decent range of payment methods are accepted, including crypto deposits.

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    Switch Markets is a multi-asset CFD brokerage, regulated by ASIC and SVGFSA. The new brand offers trading on the MT4 and MT5 platforms and leverage up to 1:500. The broker boasts over 2000+ instruments, with some additional tools including copy trading services and free VPS hosting.

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    Kucoin is a crypto exchange that offers trading on 1000+ tokens as well as leveraged trading opportunities via futures and perpetual swaps. This exchange has a slick trading platform that supports robots, allowing traders to implement automated strategies. Other attractive features include a demo account, flexible funding methods and DeFi features like staking and mining.

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    AdroFx is an offshore ECN/STP broker that has offered CFD trading since 2018. The firm supports 100+ tradable assets on the popular MetaTrader 4 platform as well as a web trader, Allpips. Eight live accounts are available with no restrictions on trading strategies.

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    RoboMarkets is a Cyprus-based forex, CFD and stock broker aimed at traders from Europe. The broker offers thousands of instruments across six asset classes and provides access to four leading platforms, including MetaTrader 4. With ECN pricing, Cent accounts and algorithmic trading tools, RoboMarkets caters to a range of trading strategies and investing styles.

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    Established in 2012, Hong Kong-based Bitfinex is a formidable player in the crypto industry. It boasts a powerful proprietary platform, 180 cryptocurrencies and more than 430 market pairs available for spot or perpetual swaps derivatives trading. With new payment methods, lower entry barriers and fresh products like crypto futures, Bitfinex is attracting a wider range of active crypto traders.

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    MultiBank FX is an established broker offering forex and CFD products since 2005. With 20,000+ instruments, plenty of local payment methods and 24/7 multilingual customer support, the broker is a popular choice among traders globally. New clients can also access a variety of bonus offers and access the hugely popular MT4 and MT5 trading platforms.

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    Global Prime is a multi-regulated trading broker offering 150+ markets. Traders can get started with a $200 minimum deposit and trade with leverage up to 1:100. The firm also has a high trust score and a good reputation with a license from the ASIC.

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    ActivTrades is a UK-headquartered CFD and forex broker established in 2001. The brokerage is heavily regulated with licenses from the FCA, SCB, CSSF, BACEN & CVM and CMVM. Over 1000 CFDs are available spanning 7 asset classes. Over 93.60% of orders are executed at the requested price. ActivTraders also offers a selection of leading trading platforms, including MT4, MT5, TradingView and ActivTrader platforms.

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    SimpleFX is an online broker specializing in CFD and cryptocurrency trading, with multi-currency accounts, STP execution, low pricing and no minimum deposit. Bringing innovation and gaining recognition at numerous industry events since 2014, SimpleFX now caters to retail traders from over 190 countries, boasting a client base exceeding 200,000 active users.

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    EZ Invest is a CySEC-licensed broker, launched in 2008, that offers trading on popular financial markets through leveraged CFDs. Traders can choose between multiple respected platforms, including MetaTrader software and a user-friendly in-house app. The reliable multilingual customer support team are also on-hand to support new users.

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    Fortrade is a multi-asset, multi-regulated broker with branches regulated by the FCA, CySEC and ASIC among others. The brand offers trading opportunities on a wide range of instruments including stocks, bonds, commodities, forex, indices, cryptocurrencies and ETFs, with competitive fees and support for MetaTrader 4 and a proprietary platform.

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    Established in 2005 in Australia, FP Markets is an ASIC- and CySEC-regulated broker boasting an extensive suite of tradable assets. Its Standard and Raw accounts cater to traders at every level, while it packs a punch in the tooling department, from the MetaTrader suite and intuitive TradingView to actionable trading ideas from Trading Central and AutoChartist.

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    Admirals is a multi-regulated broker with an excellent range of leveraged instruments, including forex, stocks, indices, ETFs, commodities, cryptos and more. The broker supports the MetaTrader 4, MetaTrader 5 and TradingCentral platforms. With both spread betting and CFDs available and thousands of instruments, this broker provides more flexibility than most rivals.

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    Libertex is a well-known broker, established in 2012. The regulated brand has served numerous clients and is regulated by the Cyprus Securities and Exchange Commission with license number 164/12. Libertex offers CFD trading on 250+ underlying assets, including through an innovative and user-friendly proprietary web trader platform. Choose between CFDs on forex, cryptocurrencies, commodities, stocks, indices and ETFs, which are available with tight spreads and low commissions.

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    HYCM is an online broker with authorization from four international bodies including the FCA and CySEC. The broker offers short-term CFD trading on forex, shares, commodities, indices, ETFs and Bitcoin, and supports the MT4 and MT5 platforms, as well as Trading Central analysis.

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    FXOpen is a multi-asset broker with regulation from several trustworthy bodies including the UK's FCA. The broker offers CFD trading on forex, stocks, commodities, indices, cryptocurrencies and ETFs via the MetaTrader 4 & 5 and TradingView platforms.

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    Infinox is a UK-based and FCA-regulated broker that offers diverse trading products thanks to its STP and ECN account types and support for MetaTrader 4, MetaTrader 5 and a proprietary platform. Clients can also benefit from a free VPS that can support automated strategies and a social trading platform, catering to both beginner and seasoned traders.

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    Hantec Markets was established in Hong Kong in 1990. Initially, the company concentrated solely on the Chinese and Taiwanese markets. In 2008, the broker rebranded and expanded its presence in the UK, Australia, Japan, and various other countries, before enhancing its footprint in Latin America in 2022. Hantec now stands as a multinational brokerage with 18 offices across Europe and Asia.

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    Established in 2013, SuperForex is an offshore CFD and forex broker offering highly leveraged trades on 400+ instruments via the popular MetaTrader 4 platform. The broker has gained clients in over 150 countries and is regulated by the Belize IFSC. With a range of STP/ECN account types, including swap-free, micro and zero spread, this broker continues to suit traders with different styles and setups. SuperForex also offers a range of welcome bonuses and trading contests.

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    Just2Trade is a reliable multi-regulated broker registered with FINRA, NFA and CySEC. The company has 155,000 clients from 130 countries and stands out for its huge suite of instruments and additional features, including a social network, robo advisors and a funded trader programme.

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    BinaryCent is an unregulated binary options broker that offers 24/7 trading on forex, cryptos and stocks with payouts up to 95%. Despite its lack of regulation, this broker takes client security seriously and stores client funds in European banks. The broker also offers CFDs with very high leverage up to 1:500.

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    FXPrimus is an award-winning CySEC-regulated brokerage offering CFD trading on 200+ instruments via the MetaTrader 4, MetaTrader 5 and cTrader platforms. The choice between a competitive commission-free account and two affordable raw spread options make this an accessible broker for anyone seeking forex, stocks, indices and commodities with high leverage.

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    RaceOption is a binary options broker operating from the Marshall Islands. With over 1,500 clients, the broker aims to offer fast funding, low fees and a secure trading environment. Traders can access over 100 binary options and CFDs, plus copy trading and weekly prizes.

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    Trading 212 is a European and UK-regulated CFD broker that also offers stock investing and ISAs. It’s best known for its commission-free trading model and beginner-friendly app, which has helped it attract 2.5 million users and £3.5 billion in client assets.

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    LegacyFX is a multi-asset broker offering an MT5 download & free signals.

What Is Skrill?

Skrill is an online international money transfer service. It is available in 120 countries, including the UK, enabling users to move money across the world and store funds in a digital wallet. Account holders can deposit into Skrill using numerous payment methods, such as debit/credit card or instant bank transfer, and send money to friends and family using just an email address. The recipient can spend the funds anywhere online where Skrill is accepted, or withdraw to their own bank account.

Brokers that accept Skrill

Skrill was founded in the UK in 2001 and was originally named MoneyBookers. In 2015, PaySafe (the parent company of Neteller and a competitor of Skrill) purchased the firm for €1.1 billion. In 2018, it launched its cryptocurrency function, which enabled users to buy, sell and store coins such as Bitcoin, Ethereum and Litecoin. This move gave Skrill an edge over competitors such as PayPal, driving its popularity today.

Nowadays, Skrill has a net worth in the billions of dollars. It offers a number of services, including a pre-paid Mastercards, virtual gift cards, VIP loyalty programmes and accounts for businesses.

Fees

Skrill is widely regarded as one of the cheapest money transfers services on the market. However, whilst the transfer rate is low, making it appear cheap on comparison sites, Skrill makes its revenue through charging fees in other areas. These are listed below.

Broker Fees

Deposits at the most popular brokers, such as eToro, Plus500 and Fondex, are free of charge. Most withdrawals are also free. However, Fondex does charge a 1.5% fee for withdrawal to a Skrill account. Therefore, you should check your individual broker’s payment gateway page to find out whether you’ll be charged.

Deposit & Withdrawal Fees To Skrill Accounts From A Bank Account

Unfortunately, deposits to your Skrill account are charged. This is usually 1% of the amount, depending on the deposit method. Withdrawals from your Skrill account to your bank account are also charged at £4.74 per transaction. You can avoid these fees by using Skrill to purchase goods and services using your Skrill wallet, rather than transferring the money out of your account.

Currency Conversion Fees

Transactions that involve currency conversions will incur a fee. Skrill charges 3.99% on top of the wholesale exchange rate and will do so without notification to you as a user. For example, if you’re holding GBP in your Skrill account today and want to open a forex trading account with USD as the base currency, you’ll be charged.

Crypto Fees

If you’re purchasing cryptocurrency from a Skrill account that uses anything other than Euros, you’ll be charged a 1.5% currency exchange fee.

Skrill does not charge fees for the following transactions:

  • Sending money to an international bank account using Skrill Money Transfer
  • Paying a merchant directly from your Skrill wallet
  • Receiving money to a Skrill account

Speed

Getting started on Skrill is fast. Using the Skrill Rapid Transfer function, you can load your account and start spending in an instant.

When making a broker deposit, Skrill payments will leave your account almost immediately. However, it depends on how fast your broker can process the transaction. Some brokers, such as eToro, note that withdrawals to e-wallets, can take up to 7 days. In general, most will take only 24-48 hours to process.

Skrill has no defined opening hours, so you can make a transfer, load your account, and spend with merchants 24 hours a day.

Security

Skrill is a safe and reputable business. It is regulated by the Financial Conduct Authority (FCA) in the UK and therefore offers a satisfactory level of customer security. It uses a number of safety features to keep your account secure. This includes a 2-factor authentication code to prevent hackers from accessing your account. Plus, transactions using your Skrill Prepaid Mastercard can be authenticated using their 3D Secure system. This involves receiving a one-time passcode via text which you can use to confirm your payment.

Complaints about Skrill in the past have usually centred around its identity verification process. However, ‘know your customer’ (KYC) checks are a requirement of legitimate financial services.

Like any money transfer service, there are fraudsters out there that target customers. These scams are unrelated to Skrill and its safety measures, but customers should be wary. Never reveal your password and be aware of phishing emails that request you to make a transaction.

Support

If you need support from Skrill, start by clicking the ‘Help’ button on the website’s homepage. This will take you to the FAQ page. You can browse popular topics or type your question into the search bar. There are hundreds of common queries answered here, including what to do if you have login problems, need a refund, or if your account is restricted or just not working. If the issue persists, use the live chat function or call their contact phone number for help. The UK helpline is open Monday – Friday 8 am – 5 pm.

How To Make Skrill Deposits & Withdrawals

It’s easy to join Skrill and begin making deposits with your broker. You’ll first need to sign up to an account using your email address. Once you’ve created your Skrill account, you can then make a bank transfer or directly link a Visa or debit Mastercard to deposit funds.

Sign in to your trading broker account and click deposit funds. Sometimes you’ll have to visit the trading area to find this. With most brokers, you’ll need to withdraw through the same method you deposit. To receive money to your Skrill account, you’ll just need to enter your email address.

Note that Skrill has a minimum and maximum withdrawal limit on transfers from your account to your Visa/Mastercard. The lowest amount you can withdraw in one transaction is 10 USD and the most is 10,000 USD.

Pros Of Using Skrill For Traders

Skrill is known to have slightly reduced fees vs money transfer alternatives such as PayPal, Wise (previously Transferwise) or Neteller. But it does have some additional benefits that we’ve listed below:

  • Fiat to crypto withdrawal – Skrill recently announced that they will now be accepting instant withdrawal to their cryptocurrency e-wallet. The new feature allows traders to convert and store trade profits in either Bitcoin (BTC) or Ethereum (ETH), as opposed to a fiat base currency. It is currently only live in the European Economic Area but will launch in the UK soon.
  • VIP – If you’re a professional crypto investor, you can access the Skrill VIP club. Membership gives you access to lower fees and higher limits, 24/7 account support and access to tickets for invite-only basketball, football and cricket games. To meet the threshold, you’ll need to transact the equivalent of €15,000 or more during a quarter.
  • Promo codes – Skrill has been known to run a UK referral programme that earns you £10 in Skrill account credit per person you sign up. When you join, you’ll receive a referral code that you can give to your friends and family. If they complete a qualifying transaction using your code, both you and the referee will receive a voucher for account credit. This joining bonus is only available to new customers you refer and is subject to terms and conditions.
  • Mobile app – The Skrill app is available on iOs and Android. It enables you to pay and transfer on-the-go, as well as access Skrill other services such as the cryptocurrency e-wallet and payment services.
  • News – Skrill provides numerous articles on forex trading through its Skrill news channel. These include beginners guides, how to use indicators and market analysis.

Cons Of Using Skrill For Traders

In general, Skrill is a useful payment method, but there are a few downsides.

  • Complex fee structure – It can be difficult to work out exactly how much a transaction will cost due to Skrill’s complex fee structure. Whilst a transaction may be classed as free, for example, sending money to an international bank account, you will be charged an exchange rate fee if the currencies vary. Often, the charge is not clear until the transaction has been completed.
  • Withdrawal, deposit and transfer limits – Unverified Skrill accounts are limited in the amount you can withdraw, deposit or send. Skrill does not make its limits clear and reserves the right to amend the threshold. You will be notified immediately if you reach these limits.

Final Word On Skrill Brokers

In conclusion, Skrill is a fast, safe and secure payment method. Depositing with your broker is free of charge and should be a smooth process. Skrill also offers the ability to store and pay with cryptocurrencies, making it a popular choice for traders. However, the fee structure is complex. There are charges for depositing funds into your Skrill account from your banks and withdrawing from it too. Despite this, the money transfer service is a popular method for traders.

FAQs

How Long Does It Take To Verify Your Skrill Account?

It only takes 5 minutes to verify your Skrill account. The company is required by law to verify customers’ identities to protect against fraudulent activities and money laundering. Verifying your account is easy. You’ll just need to submit a copy of your passport, ID or driver’s licence and a proof of address (e.g a utility statement) issued in the last 3 months.

How Long Does It Take To Withdraw Money Using Skrill?

Withdrawal times will vary by broker. eToro states that withdrawal to e-wallets can take up to 7 working days. However, most brokers can process withdrawals in 24-48 hours.

Does Skrill Charge Fees?

Yes, Skrill does charge fees for its services. The fee structure is complex and depends on whether you’re sending or receiving money and the location it is going to (e.g Skrill account, bank account, broker). Importantly, however, paying merchants is free using Skrill – including brokers. However, if your trading account uses a foreign currency, you’ll be charged a currency exchange fee.

Is Skrill Safer Than PayPal?

Both PayPal and Skrill are equally safe methods of depositing and withdrawing funds with your broker. Both are regulated by the FCA and implement sufficient anti-hacker and anti-fraud practices.

How Do I Send Money To A Broker Using Skrill?

To use Skrill to deposit with your broker, you’ll need to have a Skrill account with existing funds or one linked to your credit or debit card. Go to the trading area on your broker’s website and follow the instructions to deposit. You’ll have the option to select Skrill as a deposit method if this is facilitated by your broker.