Skrill was first founded in 2001 by Daniel Klein and Benjamin Kullmann in London. Initially named Moneybookers, it underwent rebranding as "Skrill" in 2011 until now. Since then, Skrill has been recognized as a secure online payment service that enables users to send money internationally with lower fees compared to traditional methods.
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Skrill is an online payment platform that enables individuals and businesses to conduct secure money transfers and transactions online. It offers a user-friendly solution for purchasing goods and services, as well as transferring funds globally.
Skrill supports diverse payment options, including credit cards, bank transfers, and alternative methods. By utilizing Skrill, users can establish a secure digital wallet to store their payment details, simplifying future transactions.
Additionally, Skrill provides a prepaid Mastercard, granting users the ability to withdraw funds from their Skrill account at ATMs or make purchases at establishments that accept Mastercard.
To use Skrill as a payment method with forex brokers, you can follow these general steps:
If you don't already have a Skrill account, visit the Skrill website and sign up for a new account.
Once your Skrill account is set up, you'll need to deposit funds into it.
Sign up for a trading account with the forex broker of your choice. Complete the registration process, provide any required identification documents, and agree to the terms and conditions.
Once your trading account is set up, navigate to the deposit or funding section within the broker's platform.
Choose Skrill as your preferred payment method.
Enter the amount you wish to deposit into your trading account. Some brokers may have minimum deposit requirements, so make sure to meet those criteria.
After confirming the deposit amount, you will be redirected to the Skrill payment gateway. Log in to your Skrill account to authorize the payment.
Follow the instructions provided by Skrill to complete the payment.
Once the transaction is successful, the funds should be credited to your trading account. The time it takes for the funds to appear in your account can vary depending on the broker and Skrill's processing times.
It's important to note that specific steps and procedures may differ among forex brokers. Always refer to the instructions provided by your chosen broker for the most accurate and up-to-date information on how to use Skrill as a payment method for forex trading.
Other references that traders can check out regarding Skrill payment can be found below:
The fees charged by Skrill can vary depending on several factors, including the specific type of transaction, the currency used, and your location. Here are some common fees associated with Skrill:
For deposit fees, Skrill charges 0.00% fees for all payment methods, including bank transfers, Paysafe, and credit cards.
Regarding funds withdrawal, there is a $5.50 fee for bank account withdrawals via ACH, with minimum and maximum limits applied.
Sending and receiving money does not incur any fees; it's entirely free. Receiving money is always free of charge unless a currency conversion is involved.
If a transaction requires currency conversion, Skrill will use its exchange rate at the time of the transaction. The Skrill exchange rate is a reference rate set by Skrill and continuously changes throughout the day. Additionally, a foreign exchange fee of up to 3.99% may apply.
Meanwhile, service fees for free Skrill accounts for personal use are waived as long as you log in or perform transactions at least once every 12 months. Failure to do so may result in an inactivity fee of $5.00 per month deducted from your account.
It's important to note that the fee structure and specific amounts can vary depending on your location and the currency involved. To get the most accurate and up-to-date information on Skrill's fees, it is recommended to visit the official Skrill website or consult their customer support.
Mostly, all forex brokers provide Skrill as an online payment service option. Fast, easy, and safe transactions are the main reasons why traders use this method. Traders can use Skrill to fund their trading accounts with either payment cards, bank wire transfers, or directly from a Skrill e-wallet account.
The service accepts transfers in several different currencies, supports conversion between currencies with no markup on the exchange rate, and is easy to use for people from all around the world.
In general, Skrill offers several advantages as an online payment platform:
Skrill provides a convenient way to make online transactions, allowing users to send and receive money with ease.
Skrill supports transactions in multiple currencies and facilitates cross-border payments.
It employs encryption technologies and anti-fraud tools to safeguard sensitive data, reducing the risk of unauthorized access and fraudulent activities.
Skrill allows users to create a digital wallet, which securely stores their payment information.
Skrill offers a prepaid Mastercard, allowing users to access their funds more conveniently. The card can be used to withdraw cash from ATMs worldwide or make purchases at physical stores and online merchants that accept Mastercard, offering flexibility and ease of use.
Skrill integrates with various online merchants and service providers, including the majority of forex brokers, making it widely accepted as a payment option.
Skrill offers a loyalty program called Skrill Knect, which rewards users for their transactions. Through Knect, users can earn points that can be redeemed for various benefits, such as discounts, cashback, or exclusive promotions.
Skrill provides a mobile app that allows users to manage their accounts, track transactions, and make payments conveniently from their smartphones.
It's worth noting that the specific advantages and features of Skrill may vary based on your location and the services available in your country. It's recommended to refer to the official Skrill website or contact their customer support for the most up-to-date and accurate information regarding the advantages of Skrill payment.
While Skrill offers numerous advantages as an online payment platform, it is essential to be aware of its disadvantages:
Skrill imposes various fees for transactions, such as depositing funds, withdrawing to a bank account, currency conversion, and inactivity fees.
Although Skrill is accepted by many online merchants and gaming platforms, it may not enjoy the same widespread acceptance as other payment methods like PayPal or credit cards. This limitation can restrict your options when making online purchases or payments.
To access certain features or services, Skrill may require users to undergo a verification process.
Skrill has received criticism regarding its customer support. Users have reported responses, limited availability of support representatives, and difficulties in promptly resolving account-related issues.
Some users have experienced sudden freezes or limitations on their accounts without clear explanations, causing inconvenience and potentially limiting access to funds.
Skrill applies fees for currency conversions when transacting in a different currency than your account's base currency. The rates offered may not always be the most favorable compared to other currency exchange options.
Considering these drawbacks, it is important to weigh them against the advantages of Skrill when deciding whether to utilize it as your preferred payment method.
No, it is not. While Skrill is available in many countries, there are certain regions or countries where its services may be restricted or not supported.
The availability of Skrill can change over time, so it's essential to refer to the official Skrill website or contact their customer support for the most up-to-date information. As of September 2021, some countries where Skrill may not be available or has limited services include:
Afghanistan
Cuba
Iran
Iraq
Libya
North Korea
South Sudan
Sudan
Syria
Yemen
Please note that this list may not be exhaustive, and there could be additional countries where Skrill services are limited or unavailable. It is always recommended to check with Skrill directly to determine if their services are accessible in your specific country or region.
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.
Highly recommended among its peers, Skrill is a secure and simple online payment system. It is a popular digital payment system previously known as Moneybookers.
Skrill is used by forex traders from many countries. Every trader, of course, needs a quick and safe transaction, especially if it deals with a big amount of money. Accommodating the need, Skrill is managed and operated by the best accounting specialists and financial leaders so it won't put you at high risk.
Very fast. Using Skrill won't take much time because every transaction is processed instantly.
Transparent. Skrill offers a transparent report that is published weekly or monthly.
Accepted by many brokers. It won't be difficult for you to find a decent broker that accepts deposits and withdrawals via Skrill.
Free service. No matter the amount or the time you make the transactions, there won't be any fees charged.
Special privileges. Many brokers have partnerships with Skrill and there are extra advantages that come with it. The rewards can be free credits, bonuses, or interesting trading features.
IC Markets: If you fund your capital using Skrill on IC Markets,it will be processed instantly, but they only accept AUD, USD, JPY, EUR, SGD, and GBP currencies.
FP Markets: In this broker, Skrill payments only accept USD, EUR, and GBP currencies.
FBS: Skrill deposits are free, but there's a 1% commission for withdrawals.
HF Markets: The minimum deposit is $10 and will be processed within 10 minutes with no fee.
OctaFX: If you keep your funds in your Skrill account in Euro, depositing the OctaFX Euro account requires no conversion.
Vantage: Payment using Skrill in this broker only accepts USD, EUR, GBP, and CAD currencies that will be processed within 24 business hours.