Skrill Brokers 2023 - Which Brokers Accept Skrill?

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, alongside a comprehensive education center and multilingual customer support.

  2. XTB

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    XTB is one of the largest stock exchange-listed forex and CFD brokers in the world, offering access to over 5800 instruments on their xStation platform. They boast 700,000 active traders, 20 years experience and authorization from tier-one regulators, including the UK's FCA.

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    FXCC is a trustworthy trading broker regulated by the CySEC. The brokerage offers ECN trading executions, spreads from zero pips and no commissions. The brand is also well-known for its welcome bonuses and trading deals, including a free VPS.

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    Pepperstone is a leading online broker with over 400,000 clients in more than 175 countries. The top-rated brokerage offers excellent market access, industry-leading platforms in MT4, MT5, TradingView and cTrader, plus low fees with no hidden charges. Pepperstone is also heavily regulated with a high trust score, holding licenses with reputable bodies, including the FCA, ASIC, DFSA, and CySEC.

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    IC Markets is a respected multi-asset broker offering premium trading technology, highly competitive pricing and 24/7 customer support. The broker provides various social trading features for beginners whilst experienced traders can enjoy advanced charting and analysis tools. Over 180,000 clients from more than 200 countries have signed up with the heavily regulated and trustworthy brand.

  6. 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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    Eightcap is a forex and CFD broker founded in Australia in 2009. The brand is popular for its raw spreads on 1000+ instruments and advanced MetaTrader platforms. With five global offices and ASIC regulation, Eightcap has built a strong reputation. New traders can also sign up for a live account in just a few minutes.

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    Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.

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    RoboForex is a global broker launched in 2009. The firm offers more than 12,000 instruments spanning 9 asset classes with trades from 0.01 lots and spreads from 0 pips. The broker's advanced copy trading tool is also home to thousands of active traders.

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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 has proven 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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    eToro is a top-rated multi-asset platform which offers both investing in 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. Cryptoasset investing is highly volatile and unregulated in the UK and some EU countries. No consumer protection. Tax on profits may apply. 76% of retail CFD accounts lose money.

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    FxPro is an award-winning forex, CFD and spread betting broker with over 2 million clients worldwide. The broker is regulated in 4 jurisdictions and offers 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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    Plus500 is a leading brokerage, listed on the London Stock Exchange with 25+ million registered traders. The firm specializes in CFD trading on its intuitive, in-house platform and mobile app. Spreads are low and there are no deposit or withdrawal fees. Plus500 also has a high trust score with licenses from reputable regulators, including the FCA, ASIC and CySEC.

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    Fusion Markets is an Australian headquartered and regulated broker that offers low-cost forex and CFD trading. Copy trading, 1:500 leverage plus multiple account types are also available, catering to traders of different experience levels and budgets. New clients can sign up and start trading in three straightforward steps.

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

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    easyMarkets is a multi-regulated forex broker offering leveraged trading opportunities on forex, stocks, indices, commodities and crypto. With fixed spreads, an affordable initial deposit, regulation from several reputable bodies and a diverse selection of account currencies, this broker provides simple and straightforward trading solutions to a diverse range of traders.

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    Founded in 2017, Pocket Option is a binary options broker offering up/down contracts on forex, stocks and cryptocurrencies. With over 100,000 active users and a global reach, the brand has proven popular with budding traders. Pocket Option also supports dozens of payment methods and has a low minimum trade of just $1.

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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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    NordFX is an offshore CFD broker offering forex, stock, commodities, indices and crypto trading with leverage up to 1:1000. Traders access markets through the MetaTrader 4 platform and benefit from low commissions, spreads from zero and decent extra features. Minimum deposits start from just $10, which will appeal to newer traders.

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    FXChoice is a Belize-based broker established in 2010 and registered with the Financial Services Commission (FSC). The brand offers a wide selection of markets including crypto, plus the familiar MT4 and MT5 platforms. FXChoice stands out for its extra tools and perks, from LearnFx EAs to a VPS and Myfxbook's AutoTrade. New users can also claim a welcome bonus upon sign-up.

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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, trusted by investors around the world. Highly leveraged trading opportunities plus a $0 minimum deposit make it a popular broker with beginners and seasoned traders. Axi also stands out for its resources, including copy trading and Myfxbook.

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    Founded in 2009, Vantage offers trading on 1000+ 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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    VT Markets is an Australian multi-asset CFD broker regulated by the ASIC, FSCA, and SVGFSA. With 1000+ tradeable instruments, support for the MetaTrader 4 and MetaTrader 5 platforms, plus powerful charts from TradingView, this broker provides traders with an intuitive way to access diverse markets. Spreads start from 0.0 on the ECN account with very competitive commissions on some instruments, and the commission-free account also has fairly tight spreads starting from 1.2 pips on the EUR/USD pair.

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    Trading 212 is a European-regulated CFD, stock and ETF broker that also offers ISA accounts. Traders can access markets through a proprietary trading platform and speculate on the movements of 1800+ tradeable instruments including forex, stocks, ETFs and commodities.

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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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    InstaForex is a CFD broker providing access to forex, stocks, cryptocurrencies, commodities, energies, indices, and more. With competitive fees and a huge range of available assets, the brand offers safe and reliable trading. Millions of traders have opened an account with the firm which offers a suite of active trading and investment opportunities.

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    ThinkMarkets is a reputable CFD and forex broker with regulation from several top-tier bodies including the FCA and ASIC. 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. Fees are competitive, particularly for the ThinkZero account with spreads starting at zero.

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    M4Markets is an award-winning broker regulated by the CySEC, FSA and DFSA. Clients can speculate on popular financial markets with ultra-tight spreads from 0.0 pips and very high leverage up to 1:5000. There are no hidden fees and funds are held in segregated accounts alongside negative balance protection.

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    SuperForex is an offshore CFD and forex broker that offers highly leveraged trades on a wide selection of forex pairs plus commodities, indices, cryptos and stocks using the popular MetaTrader 4 platform. With a range of account types, including swap-free, micro and zero spread, this broker will suit traders with different styles and setups. SuperForex is also based in Europe and offers welcome bonuses and trading contests.

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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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    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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    IronFX is a multi-regulated broker offering CFD trading on forex, stocks, indices and commodities through the MetaTrader 4 platform. The broker offers various account types with competitive pricing, including spreads from zero on STP/ECN accounts. Leverage varies by regulator between 1:30 and 1:1000.

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    Ingot Brokers is a multi-regulated brokerage offering 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 with competitive pricing and fast execution. It also has copy trading functionality and a decent suite of extras including educational content and calculators.

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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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    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 day traders will appreciate tight spreads.

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    ForexChief 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 could be an attractive option, although the broker does not hold a reputable license.

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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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    Scope Markets offers day 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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    SimpleFX is an offshore forex, CFD and cryptocurrency broker with over 200,000 clients globally. The broker offers a proprietary trading solution, as well as the reputable MT4 platform. Traders can access a vast selection of digital assets with crypto deposits and multi currency accounts.

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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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    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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    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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    FP Markets is an ASIC- and CySEC-regulated broker that offers forex and CFD trading on a broad range of assets through the MT4, MT5 and IRESS platforms. With trading available through standard and raw spread accounts on thousands of international stocks, forex, indices, commodities, cryptocurrencies, bonds and ETFs, this broker has some of the most comprehensive market coverage available. FP Markets also offers a full range of additional features, including educational resources and access to powerful software such as Autochartist.

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    AdroFX is an online forex and CFD broker with a beginner-friendly copy trading platform, zero commissions and tight spreads. The mix of fiat and crypto deposit options will appeal to global traders while the choice of 8 accounts will suit different trading strategies and styles. Traders also benefit from 11.07 millisecond execution times with minimal slippage.

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    Core Spreads is an FCA-licensed broker offering CFD and spread betting opportunities on a proprietary platform or MetaTrader 4. Traders can access more than 1000 instruments, including company shares, commodities, indices and forex. Spread bets have fixed spreads that start from 0.4 with no commission, while CFDs start from 1 pip plus a $1.50 charge per lot.

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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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    HYCM is an online broker with authorization from four international bodies including the FCA and CySEC. The broker offers 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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    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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    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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    Hantec Markets is a UK-based multi-regulated broker offering CFDs on a range of forex pairs, stocks and indices as well as cryptocurrencies, commodities and bullion. With support for MetaTrader 4 and ZuluTrade, this broker provides good market access for traders of all experience levels, with competitive spreads from 0.2 pips.

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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 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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    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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    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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    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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    Admirals is an FCA- and ASIC-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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    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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    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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    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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    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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    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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    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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    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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    Coinmama is a popular cryptocurrency exchange that aims to provide streamlined and user-friendly cryptocurrency trading options to the retail market. Traders can buy a range of tokens via a fiat on-ramp, store their tokens in a third-party wallet and earn loyalty bonuses for trading with Coinmama. Millions of clients from over 180 countries have signed up to the firm.

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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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    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.