Skrill Forex Brokers

Skrill has been operating in the market as a payment gateway method since 2001. Then it was known as the Moneybookers. In 2011 they rebranded themselves in the name Skrill and emerged their payment processing network through the business entities worldwide. For their strict security policies, instant transaction, and flexible transfer condition, Skrill is considered one of the most trusted payment gateway services and supported by most of the regulated brokers.

Skrill Forex Brokers 2021 List

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With a wide range of offered currency and transparent cost structure, trading Forex with Skrill Forex Brokers allows more profit and convenience.

Let’s take a look at the forex brokers that supports Skrill and provide best trading condition following your requirements:

Best Skrill Forex Brokers

Skrill Forex Brokers

Is Skrill legit?

Skrill is regulated by the Financial Conduct Authority, a UK’s tier-1 regulatory organization. It operates worldwide through the European e-Money license that is provided by the national financial regulators from the European Union (EU) the Member States. E-Money license is considered an alternative to a banking license in the EU for the entities that provide financial services through electronic transactions.

In the US, they are licensed in all 50 states. The U.S. Department of Treasury oversees their business activities under the regulation of the Financial Crimes Enforcement Network (FinCEN).

Skrill is committed to providing you with the finest level of user security. Your login information and all other personal and transaction details are protected by the SSL protocol with a 128-bit encryption method authorized by VeriSign.

Skrill never shares your bank or card details with any third-party recipients. They maintain tough security requirements like most of the typical banking services.

Fees:

Skrill Deposit and Withdrawal

Skrill fees vary as per the region and the currency of your account. For the EU countries, they charge 1% of your transfer or payment amount on your deposits. If you are a US resident, you can enjoy your deposits free of charge.

Direct deposits to your bank accounts are free.

Skrill withdrawal fees are a bit higher. You will be charged 5.5 EUR for the EU countries and 5.5 USD in the US for the withdrawal from your bank account.

You can also use other payment gateway systems that are available for direct transactions on a Skrill account. Skrill Prepaid Mastercard lets you make a withdrawal through ATMs. Here are the fees you are charged for withdrawal with different gateways.

Crypto-wallet – 2.00%

Skrill Prepaid Mastercard – 1.75%

VIsa – 7.50 %

Neteller – 3.49 %

Mobile wallet – 1.45% (min. EUR 0.50 for EU countries)

Money Transfer Fees

Sending money Skrill money transfer service is free if you use the following medium for your transactions.

  • Debit card
  • Bank transfer (Manual, Sofort, Klarna)
  • PaysafeCash

In the case of International Transactions, sending money through the Credit costs a 2.99% fee. If the transaction is between different currencies, there will be an exchange rate mark-up of up to 4.99%. Even if the currency of the sender and recipient is the same, one of them will have to pay 4.99% of the amount to withdraw money.

In the US there is no cost for the Skrill to Skrill transactions. But their EU entities take 2.99% for the transfers between skrill accounts. Besides, they also charge 2 USD for transfers inside the same country which is completely free in the US

You only get charged if you are sending money from a Skrill account. There is no charge for the recipients (except your sender of an International Transaction has not paid the transfer fee from his account). Receiving money is free with skrill.

Skrill applies a 3.99% fee on their wholesale exchange rates for currency transactions. Your Cryptocurrency Transactions will be charged a foreign exchange fee of 1.5%. You are only free from this charge if the account denominated currency is Euro.

If your account does not perform a single transaction for 12 months, Skrill charges you a service fee of USD 5.00 (equivalent in other currency) for inactivity.

Forex Trading with Skrill

The key benefit of trading with Skrill is the instant transactions. You can ensure seamless funding and worldwide transfer within a very short time. With the typical Bank Wire Transfers, it takes around 3-5 business days. Skrill withdrawals are also quite fast. So, it allows the traders to be flexible with their fund transactions and make viable trading speculations.

Besides, most of the regulated and trusted brokers and trading platforms accept deposits through Skrill. There are many brokerages that run a lot of promotional programs and offers for Skrill account holders.

Although there are transfer limits as per the level of your account (Skriller, True Skriller, Vip Skriller), there is no limit for the transactions. This is a great advantage for handling your trading accounts with different brokers.

Skrill supports transactions in around 40 currencies. The charges applied on different services keep reducing as your account level gets higher with larger amounts of transactions with skrill.

Lastly, the security issues are very strict with skrill. They conserve your anonymity in all types of transactions and don’t share any information with any third party or banking institutions about their clients.

Verdict:

Though many users tend to complain about their complex fee structure and higher withdrawal fees, we found it necessary to be precise with the cost rather than the applied hidden costs.

Besides, they don’t charge for the account set up or security purposes like PayPal. So, a higher charge for the withdrawal and chargeback fee is also considerable.

But the 1% upload fee that is charged even without any transaction deserves attention to be worked out.

Skrill provides all the services you may need from an online payment service or digital wallet. They focus on providing you an effective transfer and transaction system rather than limiting you to minimize your cost.

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