Forex Brokers with Skrill
Skrill is popular with forex traders around the world, as you can quickly move money to and from your trading account when using a forex broker that supports Skrill. This leading online payment processor is accepted by some of the best forex brokers in the industry. Making a deposit with Skrill is one of the easiest ways to top up your forex balance and the whole process is simple and convenient. Once you have set up your Skrill account and loaded money onto it, you are free to transfer those funds as you see fit.
What is Skrill?
Skrill is a popular online payment provider that is partnered with globally-recognised forex brokers, providing forex traders with a fast, reliable, and secure way to transfer funds from a trading account to their bank accounts. They used to be known as “Moneybookers” and they have served individual users and businesses of all sizes with their payment services since 2001.
Skrill’s primary focus is on low cost international money transfers via the internet. It’s an online wallet where you can store funds, transfer funds, and use it as a payment method for a variety of services and websites, including forex trading accounts.
All your credit card and account details are stored with Skrill in one place, so the only information you need to make a transfer is your username and password which can be a lot less hassle. If you move enough funds around, you can become a Skrill VIP member to reap the benefits they offer, such as a security token, multiple currency accounts, and loyalty points.
What are Skrill forex brokers?
If it wasn’t already obvious from the name, forex brokers with Skrill allow you to make deposit and withdrawals using Skrill electronic wallets. This means that you can trade forex with funds from various different sources.
Any payment provider that integrates with Skrill must go through a rigorous compliance process, which means that Skrill forex brokers are usually some of the safest brokers you will find. You can opt for a regulated broker for additional reassurance.
Why use a forex broker with Skrill?
Skrill accounts allow you to quickly and safely moves funds between your account. You can choose from a range of convenient deposit options to your Skill account to trade forex online. They accept wire transfer, card payments, crypto and payments from other Skrill users.
Skrill can save you the hassle of needing to setup and verify a transfer with your bank. Not to mention, you might need to wait days for the funds to land in your trading account. This is not ideal if you want to try and capitalise on some market news and need to act fast. By the time a bank transfer is completed, you may have completely missed the opportunity.
When sending or receiving funds with Skrill, they keep all of your financial details private every time. You can enable two-factor authentication (2FA) on your account which is a specific type of multi-factor authentication (MFA) that strengthens access security by requiring two methods (also referred to as authentication factors) to verify your identity.
One of the main disadvantages of using a Skrill forex broker is that you will need to pay fees and they have strict limitation on the amount that you can trade with. This might not impact those of you who are using small position sizes, but high-volume traders may feel somewhat restricted.
There is also a shortage of forex brokers with Skrill so if it is something you are looking for then your options are limited.
Can I use Skrill for forex trading?
Yes, you can use your Skrill account for trading forex by transferring funds to your broker. With a Skrill account and supported broker, you are always ready to react to the forex market quickly. You can move funds instantly and efficiently to popular forex brokers and trade online.
How to choose a Skrill forex broker?
Well, first you need to establish that the broker accepts Skrill. Once you have done that, you might want to confirm that they are regulated by a top-tier financial regulator such as the FCA, ASIC or CySEC. Following on from that, some of the most important things to consider include the trading platforms, financial instruments, commission fees, spreads, account types, execution policy, educational content, trading tools, other funding options and customer support.
Who are the best forex brokers that accept Skrill?
We have reviewed and tested hundreds of forex brokers over the years, some better than others. Here you can see a list of our best forex brokers with Skrill payments as an option for depositing and withdrawing funds to and from your forex account. Just keep in mind that Skrill might not be supported in all counties and there may be some limitations on the amount that you can transfer.
Skrill pros & cons
Pros
- Quick and easy transactions
- Security measures in place
- Can be used in most countries
- Supports lots of currencies
Cons
- Limitations due to regulators
- Not many brokers support Skrill
- You will need a Skrill account
- Withdrawals to bank account can take time
- Transaction and conversion fees
Conclusion: do I need a Skrill forex broker?
You only really need a forex broker with Skrill if you want to trade forex with funds in your Skrill account. A Skrill wallet lets you transfer funds from bank accounts, cards or prepaid vouchers almost instantly. You can then use these funds to trade. I have found Skrill forex brokers to be quite limited when you consider how popular an online payment platform it is. That being said, there are some good options out there if you are set on trading forex with Skrill funds. You can also see our guides on PayPal brokers, Neteller brokers, WebMoney brokers, Perfect Money brokers and Payoneer brokers for other forex account funding methods.
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