Skrill Brokers – Which Brokers Accept Skrill Deposits

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Skrill Brokers 2020 – Which Brokers Accept Skrill Deposits in Russia?

Skrill is a digital wallet accepted by many online forex brokers. The number of Skrill brokers is increasing because of its speed and security. Other advantages for brokers that accept Skrill are its acceptance of all major currencies and its ability to handle large deposits.

Trading with Skrill brokers also benefits forex traders thanks to its ease of use and lower fees when trading large amounts of currency. For their part, Skrill actively encourage day trading through their platform with a range of bonuses and promotions.

Here, we’re going to look in more detail at trading platforms and brokers that accept Skrill, as well as the pros and cons of trading with Skrill.

Skrill Brokers in Russia

Overview

Skrill is a serious eWallet alternative to Paypal, having over 40 million users worldwide. Founded in 2001 as Moneybookers, Skrill is now part of the Paysafe Group which also owns Skrill’s former rival Neteller.

Available on desktop and as a mobile app, Skrill has traditionally been used by online casino players for depositing funds and withdrawing winnings (when depositing funds, users are asked if they want to use the deposit for gambling).

However, trading with Skrill is becoming more prominent due to its numerous offers, promotions and VIP benefits. Although not as useful or ubiquitous as Paypal for everyday transactions, the number of brokers accepting Skrill makes it worth serious consideration when using online brokerages.

Advantages

  • Trading with Skrill has plenty of advantages:
  • Easy to use and free to register
  • Actively encourages use for forex trading
  • Offers lots of promotions from brokerages – including major names
  • Free to receive money
  • Quick transactions (unless involving bank transfer)
  • Link up to ten debit/credit cards to Skrill account
  • Skrill Money Transfer allows FX transfers at zero mark-up – including to non-Skrill customers
  • Strong security (card or bank details are not revealed, data is encrypted)
  • Increasingly common payment method for brokers
  • The more money you transact, the lower the fees
  • For forex traders, Skrill supports 38 currencies (including GBP, Euros, US Dollar and Yen)

Drawbacks

As a potential digital wallet for traders, Skrill does have its drawbacks:

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

Speed of Skrill Payments

Paying with Skrill is generally very quick. Funds uploaded into your account with debit or credit cards are instant; for bank transfers, you should allow up to five working days. All cards and accounts used for deposits and withdrawals with Skrill have to be in your name. You can also make instant deposits into your Skrill account with the following:

Bitcoin
Boku
Fast Bank Transfer
Klarna
Neteller
Paysafe Cash
Rapid Transfer
Trustly

Security

Skrill take plenty of security measures to ensure that its users are protected. All sensitive transaction information is secured with 128-bit encryption and protected to the highest standard according to the Payment Card Industry Data Security Standards.

The Skrill mobile app also has a two-tier login. This means that as well entering their email address and password, users have to enter a code sent to their mobile device.

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Deposits and Withdrawals

All Skrill customers can deposit and withdraw funds from their accounts. When it comes to depositing and withdrawing money, Skrill is the opposite of Paypal in that it never charges to receive money, but charges a fee to withdraw money to your bank account or credit card.

The only way for traders to avoid this fee is to transact enough money with Skrill is to qualify as a Silver, Gold or Diamond VIP member, at which point withdrawals are free.

For all users, regardless of status, there is a 1% fee to upload funds into your Skrill account, whichever payment method you use (up to €20,000 – see below).

Skrill Fees or Costs

Skrill 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.

Beyond that, as noted above, trading with Skrill can potentially become costly. The main sting is the withdrawal fee which currently works out at £4.76 per transaction (€5.50), or 7.5% if you withdraw from Skrill to a credit card. As traders who transact €15,000 or more per quarter don’t have to pay these fees, it mostly affects traders who want to make a number of smaller withdrawals.

Money Transfer

Skrill offer a service called Skrill Money Transfer which offers traders the ability to send money to anyone (including themselves), converting it into any of its supported currencies in the process, at “zero mark-up” and using Reuters exchange rate.

However, it’s important to note that this is a separate service to a Skrill account. Transfers and payments from your Skrill wallet that require a currency conversion are subject to a 3.99% fee. The VIP programme offers lower fees. For traders who transact €6000 per quarter, the fee reduces to 3.79% and can go as low as 1.99%.

The Skrill website also notes that sending money incurs a 1.45% fee (with a minimum charge of £0.43 or €0.50). However, this only applies if you’re sending funds to another digital wallet service or similar. Sending money to a bank account, in any of the countries Skrill supports, is free. Again, this fee disappears above a certain level of funding.

Inactivity Fee

If your Skrill account is inactive for a period of 12 months, Skrill also begin applying a monthly charge of €5 (or equivalent) per month. 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 common payment method for traders; whether it’s right for you depends on how much money you trade with your account. If you’re trading in large amounts at a time, then it’s a strong contender to be your digital wallet for forex trading.

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

  • Bronze: Transact over €6000 per quarter
  • Silver: Transact over €15000 per quarter
  • Gold: Transact over €45000 per quarter
  • Diamond: Transact over €90000 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.

The one remaining problem with using Skrill for trading is the 1% upload fee. This fee only disappears on individual upload transactions of €20,000 or above (or equivalent). It’s worth pointing out that this is the net amount after any FX fees have been applied to the upload.

Are there any Skrill bonuses?

Skrill encourage forex traders to use them as do Skrill brokers. Their website reveals a raft of exclusive forex promotions from big name brokers, offering Skrill traders cashback, free demo accounts and zero commissions.

Skrill also offer potential financial rewards for recommending friends.

What countries can use Skrill?

Skrill is available in the majority of countries around the world, including the United Kingdom, EU member states and the United States. The only notable exception where Skrill is not available is Japan (although it does support Yen transactions).

Any GEO specific information?

The only GEO specific restrictions with Skrill are in the United States or related to US dollars:

You cannot deposit in US dollars; these are automatically converted to Euros and the 3.99% conversion rate is applied

You cannot withdraw US dollars to your bank account

Skrill Money Transfer transactions cannot be funded with US-issued debit or credit cards

Skrill Forex brokers

The Best Skrill Forex Brokers 2020 – Making Deposits & Withdrawals Quick & Easy

A brokerage is always looking for new ways to entice users to their platform. 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

Simplicity

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.

Security

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.

Skrill PayPal Winner
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.

Conclusion

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.

Additional Payment Methods Forex brokers

Do you know another Skrill Forex broker? Please suggest by adding a comment below.

Skrill Brokers

Skrill provide a very popular e-wallet option for online transactions. The provider is also popular in the binary industry. The majority of brokers accept Skrill deposits, and withdrawals. Below is a list of brokers that accept this payment method.

Many brokers insist on withdrawals being paid back to same payment method as the original transaction. This is worth keeping in mind if you do want to use an e-wallet to make your initial deposit.

Top Brokers Accepting Skrill

Review Min. Deposit Bonus Regulated Rating
£5 95%
Review
» Visit
£10 90%
Review
» Visit
£250 88%
Review
» Visit

What is Skrill?

Skrill is one of the biggest names in the e-wallet industry, offering customers a quick, convenient and safe way of conducting online transactions.

Formerly known as Moneybookers, the company was formed in the UK in 2001 – making it the UK’s very first authorised e-money issuer in the country. Skrill is authorised by the Financial Conduct Authority (FCA). It currently operates in over 200 countries. On an annual basis, the firm processes over 150 million online transactions with a combined value of almost EUR 13 billion.

Whereas Paypal is the market leader for routine e-commerce, Skrill has grown rapidly as the e-wallet service of choice in certain niche areas – one of which is online trading.

Reasons to use Skrill:

  • Speed. Traders require an up-to-date and accurate picture of their funds to help stay in control of their trading activity. With Skrill, traders can move funds between their account (which can be linked to their broker trading account) and their bank account in real time. Instant execution of transactions combined with the absence of a delay in displaying updated account information ensures traders get an accurate picture at all times.
  • Multiple ways to credit your account. As well as being able to fund your account via bank transfer or credit/debit card, Skrill also provides the option of a Prepaid MasterCard.
  • Convenience. Execute transactions via mobile, laptop or PC – and send money to almost 200 countries in a choice of over 40 currencies.
  • Fee structure. One of the biggest advantages of the firm is its competitive fee structure. Receiving money into your Skrill account is free – as is using your wallet to pay an online retailer that accepts this payment method.
    Depending on the method used, there may be a small charge for uploading funds to your account – although such fees are always clearly stated. Transferring money into another account or wallet attracts a 1.9% commission.
    All fees are capped at EUR 20 per transaction.
  • Security. FCA authorised status means that Skrill is required to abide by a long list of requirements to protect customers. This includes the obligation to maintain a minimum capital threshold and to hold sufficiently liquid assets to be able to redeem all e-money issued.

Regarding cyber security, the company is under a duty to minimise the risk of fraud and theft. Account details are never revealed to any retailer. Also, all information transmitted is encrypted to render it unreadable in the event of interception.
Linked to this, Skrill operates a two factor authentication (2FA) system. It means that alongside their email and password, customers logging on to their accounts are required to enter a verification code sent to their phone. It provides a vital additional layer of protection in the event that email and password information is compromised.

How to use an e-Wallet

Opening a Skrill account involves a straightforward signup process via the official website.

One you have weighed up your options and chosen a binary options broker that best fits your needs, it’s a matter of creating an account with that broker. On the broker platform, you will find a dedicated “Deposit funds” section.

Having already deposited funds into your e-wallet: if you select Skrill from the deposit options available, you will be invited to enter your account details. You will then be able to instantly transfer funds from your e-wallet to your binary trading account. Remember: with Skrill, your personal financial information is never revealed to the broker.

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