Skrill is one of the most popular payment options in the world. Find out which top brokers for stock trading that support deposit and withdrawal via Skrill.
Stock trading is arguably one of the most popular and effective ways of making money online these days. There are numerous different payment methods to choose from when trading online. Each broker support different sets of deposit and withdrawal system for its clients.
All payment methods also have their benefits and drawbacks, especially when it comes to fees, processing time, and limits. In this case, one of the top methods to buy stocks is with Skrill, which is one of the world's leading online payment services.
Skrill was founded in 2001, originally known as Moneybookers. It is a British online payment service company similar to PayPal. The company offers various services including payment options, digital wallets, and most importantly, smooth money transfers online. Not only that, Skrill also supports prepaid MasterCard.
Today, its service is available in most countries in the world with more than 20 million users worldwide. More than that, Skrill is now owned by Paysafe Group, which is also the parent company of one of Skrill's biggest competitors, Neteller.
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Is Skrill Safe to Use?
Yes, Skrill is just as secure as let's say, PayPal and credit cards. Skrill is regulated by the UK's FCA where it's also registered as Money Service Business. This means the company is authorized and audited by the British government, making it undoubtedly a legitimate and reliable money transfer operator.
FCA itself is widely known to be one of the most reputable regulatory bodies in the world, so we can be sure that Skrill is closely watched by reliable authority and the customers are well-protected.
Furthermore, being regulated by the FCA mean that Skrill is only allowed to partner up with other trusted companies and follow strict guidelines regarding money laundering. This is important because if Skrill gets caught doing business with scammers, they would risk losing their license and customers.
The Pros and Cons of Using Skrill
The Pros:
- Supports an impressive number of countries and currencies.
- Under the regulation of the FCA, Skrill is only obliged to partner up with other licensed and safe businesses.
- Easy to use. Skrill is fully online-based and the integration between its service and other services has been optimized to work smoothly. Once you've linked your Skrill account to your trading account, the process of buying stocks becomes simple and easy.
- All transactions are performed almost instantly in just a matter of minutes, while in comparison, using a credit card will take up at least 24 hours and bank transfers can take up to several business days.
The Cons:
Skrill is not universally accepted because there are still many brokers that don't support Skrill. That's why you should do some research and compare your findings to find the best one.
See also: Forex Brokers Accepting Skrill
How to Buy Stocks with Skrill
If you want to buy stocks with Skrill, it's important to know that you can't buy directly from an exchange. Instead, you have to use a broker that supports Skrill and buy from there.
The first thing that you must do is register yourself to Skrill. This part is easy because you only have to enter your private email address and then confirm your identity with pictures of your national ID document (passport or driver's license) and potentially a utility card too. Once the account has been registered and approved by Skrill, you can start using it. There are no hidden fees and further requirements needed.
After making an account in Skrill, you should also register with a broker and open a trading account. Each broker may have different requirements, so pay attention to the terms and conditions. Usually, the process is simple and doesn't take a long time, similar to what you did when first registering in Skrill.
As soon as you did that, you're basically good to go. You just have to make a transfer from your Skrill account to your trading account. Then you can start buying the stocks and other assets. To summarize the steps, there are at least four important things that you must do to buy stocks with Skrill:
- Open a Skrill account and deposit some money.
- Choose a broker for stock trading that you like, and make sure that they support Skrill as a payment method.
- Open a trading account in said broker.
- Fund your trading account using Skrill and start buying stocks.
List of Top Brokers that Support Skrill
As we have mentioned before, Skrill is quite picky when it comes to partnerships. However, Skrill has become one of the most popular payment methods now, so there are many top brokers supporting Skrill. Here's a list of top brokers for stock trading that support Skrill:
1. eToro
eToro is one of the biggest brokers in the world at the moment that supports Skrill. The company was established in 2007 and is regulated by some of the top-tier regulators such as FCA, MiFID, ASIC, and CySEC. Apart from providing stock trading with zero commission, eToro is known to offer such unique features like copy trading on its trading platform.
The feature is so popular among beginners and professional traders because it allows you to copy other traders so that you can benefit from their analytical work instead of having to do one yourself. Not only does it save cost and time, but it can also increase your potential profit rate. As a matter of fact, eToro has the highest number of successful traders compared to other brokers with copy trading platforms.
eToro established in early 2007, with a mission to make trading accessible to anyone, anywhere, and reduce dependency on traditional financial institutions. The company has head offices in the United Kingdom, Cyprus, USA, and Australia.
eToro (Europe) Ltd operates as a Financial Services Company authorized and regulated by the Cyprus Securities Exchange Commission (CySEC) under license no. #109/10. Meanwhile, eToro (UK) Ltd is authorized and regulated by the Financial Conduct Authority (FCA) under the license FRN 583263.
As for eToro AUS Capital Pty Ltd, the legal standing is acknowledged by the Australian Securities and Investments Commission (ASIC) to provide financial services under Australian Financial Services License 491139.
A broker that belongs to the 4-digit type, eToro offers both short-term options for day traders and long-term options for investors, such as their innovative Smart Portfolios, a fully managed thematic portfolio.
Since 2007, eToro has been at the forefront of the Fintech revolution. The most recent was launched in 2017, which is Smart Portfolios powered by Machine learning Al. Beyond developing Smart Portfolios, the company integrated Microsoft's machine learning technology into Momentum DD.
The new Smart Portfolios investment strategy uses artificial intelligence to find the steadiest traders who are most likely to generate a double-digit return and bundle traders into one fully-managed portfolio. eToro has hundreds of financial assets for trading across several categories including stocks, commodities, crypto assets, currencies, indices, and ETFs. Each asset class has characteristics and can be traded using a variety of investment strategies.
Some positions on eToro involve ownership of underlying assets, such as non-leveraged positions on stocks and cryptos. Employing CFDs will enable a variety of options, such as leveraged trades, short (sell) positions, fractional ownership, and more. For example, traders can invest as little as USD100 in gold, even if a single unit of gold cost USD1,000. Some of eToro's most popular CFD commodities include gold, oil, natural gas, silver, and platinum.
Currencies are traded on eToro only as CFDs. Also, CFDs enable Sell (short) positions and leveraged trade, even for assets that don't offer the option in traditional trading. Some of the popular currencies include EUR/USD, GBP/USD, AUD/USD, USD/JPY, and USD/CAD.
Furthermore, An Exchange-Traded Fund (ETF) is a financial instrument comprising several assets grouped to serve as one tradable fund. After opening an account in eToro, traders can invest as little as USD250 in an ETF that costs USD500. Some of the popular ETFs on eToro include SPY, VXXB, TLT, and HMMJ.
However, eToro also offers additional functions using CFD trading. All leveraged ETF positions in the UK are under FCA regulations. Meanwhile, all CFD positions executed by eToro Australia are under ASIC regulations.
The company has other advantages. In all financial assets that can be traded, eToro does not charge any deposit or trading frees other than spreads.
eToro charges a USD25 fee for withdrawals and the minimum withdrawal amount is USD50. Long (Buy), non-leveraged crypto, stock, and ETF positions are not executed as CFDs and do not incur any fees. eToro does charge overnight or weekend fees for CFDs positions, such as leveraged positions and short (sell) orders.
Fee updates always apply to open positions. Fees are subject to change at any given time and could change daily, without prior notice, depending on market conditions.
As a beginner, trader can use CopyTrading eToro. Different from the features of other brokers, traders can copy the strategies of professional traders without fee or profit-sharing. Therefore, 100% profit is fully owned by traders. For example, while trader A who is copied by trader B, produces a profit of 10% this month, then trader B also gets a profit of 10%.
The company is the world's leading social trading network. Since eToro operates in complete transparency, each trader has valuable information on their eToro profiles, so other traders that are interested to copy their trades can have assistance in creating their best portfolios.
Another feature that is unique to eToro is the personalized, social News Feed. Just like on any social media, traders can post their updates on feed, comment on other's posts, and gradually create a feed that is tailor-fitted to trader's trading and investing interests. On eToro social trading platform, traders will also get notifications when a trader writes a new post and many other important updates.
2. Plus500
The next broker is Plus500, which is an Israel-based CFD broker that is authorized by FCA (UK) and CySEC (Cyprus). The company is also listed on the London Stock Exchange. Over the years, Plus500 has obtained loads of awards as the best trading platform with a great selection of stocks from around the globe.
The broker is available in most parts of the world, including Europe, Asia, and Australia. The fees offered by Plus500 is considered low compared to other brokers. Moreover, the company is known to offer an excellent trading platform for both PC and smartphones. Before you decide to risk your money in trading, you can also try the demo account first.
Plus500 is a UK-based company with its main offices located in the city of London. The company is authorized and regulated by FCA. For traders who are looking for a broker with top-tier regulators, Plus500 can be the right choice.
Plus500 offers 2,000 instruments to over a million clients. List of instruments available for trading with their CFD service include forex currency pairs, indices, cryptocurrencies, commodities, shares, and ETFs. Traders can choose instruments suitable for their needs.
Regardless, beginners should be extremely cautious while choosing their assets, as it can get daunting, confusing, and inherently risky.
When traders open an account, Plus500 will hold traders' funds on a segregated basis, following FCA's client money rules. Traders do not need to worry about Plus500 using their funds for hedging, as it is strictly prohibited to use clients' funds for this purpose.
Other advantages when trading in Plus500 are tight spreads and no commissions. The company only offers a single type of account, but traders can update the account from Retail to Professional by following some standards.
To apply Professional Accounts, traders have to fulfill at least 2 of the following 3 criteria eligible, such as sufficient trading activity in the last 12 months, financial instrument portfolio of over 500,000 Euro, and relevant experience in the financial services sector.
Plus500 is well-regarded for its services through the market spread, leverage up to of 1:30 for Retail Accounts, and leverage up to of 1:300 for Professional Accounts. Plus500 tries to give a sensible choice of leverage, which not only controls the risk but also helps novice traders to exercise more control over their trading emotions.
Founded in 2008, Plus500 provides almost the same features to both Retail and Professional account, including clients' money protection, negative balance protection, best execution for orders, clear and transparent information, as well as financial services compensation scheme. Still, Professional account is more advanced as it has access to FOS.
Based on the statistics, 76.4% of Retail account owners in Plus500 lose money when trading CFDs. Because of that, Plus500 always warns traders to consider their understanding of how CFDs work and their affordability to take high risk of losing money, before starting a trade in Live Account.
Even so, Plus500 has gained the trust of traders throughout the world. They have around 39 million positions opened, 304,000 active customers, and billions of volume trading processed by their system.
Plus500 always tries to give the best services to their clients. One of the ways to reach their goals is by making clients feel confident in their trading activity. They have a simple and easy-to-use trading platform, with an especially well-designed mobile platform. Traders can access the Plus500 platform via web-trader, iPhone/iPad, and Mobile App.
In their platform, traders will get advanced tools such as stop limit, guaranteed stop, free email and push notifications on market events, and alerts on price movements. All of these tools can help traders to navigate the market with better understanding.
As for payment methods, Plus500 provides various choices like Visa or MasterCard, electronic wallets (PayPal and Skrill), and bank transfer (direct bank to bank funds transfer).
For any concerns, troubles, or trading issues, traders can contact Plus500's customer service that is available 24 hours a day and 7 days a week. The official website of Plus500 can be accessed in 24 languages.
Overall, Plus500 has some advantages and disadvantages. As it has a license from an elite regulator, traders can feel safe when trading in Plus500. It also provides a 24/7 support team to help traders. But, offering leverages up to 1:300 is not suitable for high-risk traders, such as scalpers, who indulge in high-frequency trading that holds positions in the market for a brief period and typically use high leverage.
3. IQ Option
IQ Option is a CFD broker in Europe as well as globally with no less than 6 million active users from more than 30 countries worldwide. The broker is regulated by CySEC. IQ Option is particularly popular among traders due to its incredible products. There is a wide range of tradable assets that you can choose from, including stocks, forex, and cryptocurrencies in CFDs.
Combine that with interesting innovations that are aimed to ease the process of trading, IQ Option is surely attractive to many traders. Even so, the company is constantly working on adding more features to its already impressive selection of offerings. IQ Option has also been supporting Skrill for years now, along with several other payment methods.
4. LongHorn
LongHorn is a widely known ECN STP broker with a good reputation for providing excellent services for traders with various levels of expertise. The broker claims that they always prioritize transparency, innovation, and efficiency in their services.
With a minimum deposit of only $10, LongHorn is a great choice for traders who want to start small first. In addition, the broker also offers a full-featured demo account that can be used to test your strategies as well as to try out the platform itself.
Conclusion
Opting to use Skrill surely has many benefits, most notably the speedy execution and security it offers. The process of buying stocks with Skrill is also simple enough to follow even for beginners.
That being said, the choice of broker should be your main concern here instead because not all brokers support Skrill. When choosing a broker, pay attention to the important things such as fees, customer support, safety, and speed. Always try a demo account first before you open a real trading account so you can get a grasp of the platform and its features first before you risk your money.
In addition to Skrill, there are several other ways to buy stocks that you can find when you register with a CFD broker, such as credit card, PayPal, etc. It's best to choose the one that suits you the most and most importantly, always make sure that the payment method is secured and fully licensed before you use it. For e-payment options, you may get more useful recommendations from 5 Top E-Payments for Deposit and Withdrawal.