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
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.
Why is Skrill Popular?
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.