Best Skrill Forex Brokers 2021
A brokerage is always looking for new ways to entice users to their platform. The common practice is now to offer various payment methods, so depositing into their account is quick and easy. Lots of brokers now offer the electronic payment system, Skrill, as a payment method. We have highlighted our favoured brokers that do offer Skrill as an option, see the table above for our current rankings.
What Is Skrill?
Skrill, formerly known as Moneybookers, is a popular online payment system, which allows making quick and convenient online payments.
Skrill acts as an online wallet where you can store your money and easily transfer directly to a bank account of your choice.
They have also added to their products and now offer a prepaid Mastercard as well as the option to buy and sell cryptocurrencies. The intention of Skrill is to be the singular place to store your money and make easy transactions.
Why use my Skrill account to deposit with a Forex broker
Skrill’s major unique selling point is the fact that you can do a huge amount from one account. You can send money, spend money, store money in various currencies (up to different 40), buy and sell cryptocurrencies and they have also launched a prepaid Mastercard.
Having all these features in one place means that you don’t need any other service to look after your money. When it comes to opening a Forex brokers account, it’s simply a case of using your Skrill app or online platform to send money to the brokerage account.
Multiple payment options
Your Skrill account splits payment options into two, one is ‘Sending’ money and the other is ‘Spending’ money. The payment options when spending money includes paying via online banking, paying on-demand with Skill 1-tap, or using their prepaid Mastercard which can be used online or in store.
You can send money to three different places; a bank account, a mobile wallet, or an email address. Sending money is free of charge and can be done in 40 different currencies.
A Forex broker will normally ask you to send money to a bank account which makes any deposit using Skrill free.
Deposit & Withdrawals
Like PayPal, Skrill also lets you make instant deposits into your Skrill account and again like PayPal it will only allow you to use a credit or debit card or via a bank transfer. Once you have added a payment method, you won’t need to add any more details as Skrill will keep this on your account unless you want to change the method. Sending money is also instant with Skrill meaning that once you have chosen your Skrill Forex broker, you can quickly deposit and start trading.
Sending money is free to bank accounts, so it is very easy to send any money you want to withdraw from your broker back to your bank account.
When you set up your Skrill account, you will add a payment method, credit card or bank details, this information is not shared with your Forex broker nor any other recipient of your money transfer.
How to pick a broker that accepts Skrill
Picking a broker that accepts Skrill is relatively easy because most of the well-established brokers now offer this service however it is not the size of PayPal and so not all big brokerages have jumped on the band wagon yet.
Skrill is a payment method and so is used by brokers as a feature that would attract prospective users to their brokerage for Forex trading purposes. Therefore, if you are an avid Skrill user then your best course of action it to find all the brokers that accept Skrill (as shown above in the broker table) and decide where you feel they fit your needs best.
The table above shows our preferred brokers that offer Skrill, however it is worth noting that this order may change based on any upgrades or downgrades brokers may make. The factors we consider when deciding our best Skrill Forex brokers are as follow;
- Are they regulated and by whom?
- The payment methods they offer.
- The fees they charge, this can be the spreads of any commission they add.
- Trading experience; speed of execution, slippage, gapping, pricing irregularities etc.
- Their customer support network.
- The different assets that can be traded.
- How user friendly their platforms are.
- Whether it offers any additional resources or help.
Skrill Vs PayPal
Skrill and PayPal are by far the biggest electronic payment systems on the market now, with PayPal still dwarfing Skrill in size. We look at how these two market leaders compare when it comes to depositing into a Forex broker account.
Below is a table with the criteria we feel is most important to users when deciding whether you should be using PayPal or Skrill to deposit to a Forex account.
|Currencies||40||20||Skrill. Dependant on the broker, the ability to deposit in multiple currencies makes life a lot easier.|
|Charges you for||Sending money||Receiving money||Skrill. In an ideal world, you would only send money once to a broker.|
|Deposit fee||0-7%||Free||PayPal. This means you are down before you have even sent money to a broker.|
|Languages||7||Practically all||PayPal. This means that you can deposit (assuming the broker uses that language) in any language.|
With Skrill continuing to grow in the market, it is now becoming relatively common for brokers to accept it as a viable payment method. It still isn’t however accepted on all the large brokerages, which is likely down to the brokers choice rather than anything else.
The bigger Skrill gets, the more likely you will see more and more brokers offering the payment method. Unlike PayPal, we wouldn’t consider brokers that don’t accept Skrill as lower tier, so if you are open to not using a broker who accepts Skrill, then there might be that could fit your needs more, namely some of the PayPal ones.
There are lots of different ways in which you can deposit into a brokers account and isn’t doesn’t (shouldn’t) affect how you trade but it is a sign that the Forex market continues to grow and that you should be aware of different brokers and the payment options they offer. If only to make sure you’re picking one that uses your preferred payment method.
Is Skrill more secure than PayPal?
Both companies practice the most up to date security measures and both would consider themselves as the safest on the market. After looking at multiple customer reviews, whilst there appears to be some negative feedback for both, there haven’t been any major security breaches to suggest that your funds are at risk.
What are Skrill’s fees?
Sending money to a bank account is free, so sending money to Forex broker would therefore be free because they will give you bank details to send to.
The regular Skrill fee is 1.45%, with a minimum of EUR 0.50, however this can rise to up to 5.5% in some circumstances. See Skrill’s fee’s section for more information.
How secure is my Skrill account?
As previously mentioned, Skrill practices up to date security processes, this includes two-factor authentication (2FA), which is now common occurrence on most websites that manage your money.
Why don’t all Forex brokers offer Skrill?
Despite Skrill being second only to PayPal, it still isn’t a household name and only a small percentage of users would deposit using Skrill. Therefore, this makes this payment method a lower priority for brokers to offer, with more users using other means of depositing, they are focused on those, however as Skrill grows this will undoubtably grow.
What is a Skrill Forex broker?
A Skrill Forex broker is a brokerage that allows you to buy, sell and trade currencies on its platform and accepts Skrill as a method of depositing into your personal account.
How can I deposit into my Skrill account?
You can deposit into your Skill account by two means; a paysafecard, which is normally a debit or credit card, and via bank transfer. Once you save your bank details to the platform, you don’t need to insert them anywhere when buying using Skrill.