If You’re Looking for a Licensed and Regulated Payment System Look no Further – Read our Skrill Payments Review
Previously known by the name Moneybookers, Skrill is a UK based money service business that is licensed and regulated by the FCA (Financial Conduct Authority) to operate within the EU. When you first decide you like the sound of Forex trading there are a number of considerations to bear in mind, and a number of choices you will be forced to make. The best Forex brokers all offer their own individual level service with a range of account types, trading platforms, tradeable instruments and of course a number of choices when it comes to making payments. Here on this page we’ll be concentrating on Skrill and Forex brokers who accept this method of payment. If you’d like to know more about other payment systems take a look at a few of our other pages.
|$ 5||$30 Non-Deposit Bonus||Review|
Skrill – What is it and How does it Work?
Skrill is an e-commerce company that provides a service enabling customers to make payments and money transfers via the internet. It started under a completely different name, back in 2001, when it was known as Moneybookers Ltd. In the first couple of years of operation nearly 2 millions users registered for a Moneybookers account. Skrill is a very popular method of payment, not just for Forex traders either. It also provides credit card processing services, instant bank transfers and other alternative payments. There are a number of Forex brokers accepting Skrill so you won’t find your options limited in any way if this is a preferred method of payment. Skrill is by no means as popular as other online payments methods such as PayPal, but there are still considerable benefits.
The benefits of using Skrill Forex brokers
Choosing Skrill as a method of payment for both making Forex trading deposits and withdrawals is a sensible choice to make, not just for traders. The best Skrill Forex brokers also benefit in a number of different ways. Here are just a few of them:
- Complete transparency – Traders are able to keep a close track of their spending as there are regular weekly or monthly reports available of all Skrill transactions made via Skrill accounts.
- Fast transaction speed – The problem with a number of other payment methods is that there can often be a delay in both making and receiving payments. This isn’t the case with Skrill as payments are much quicker. There is no need to wait for more than a day of two, and in some cases it can be instant, to top up an account or withdraw your profits.
- Skrill is free – There are no charges made by Skrill for opening and running an account and while there are certain other charges, Skrill is committed to keeping any fees as low as possible. For example, using a Skrill wallet for an online purchase is free. Receiving money into a Skrill account is also free. Uploading funds into a Skrill account is generally free but some options will incur a charge that will be clearly stated. If you want to send money to an email address or another Skrill wallet it will cost 1% of the amount sent, up to a maximum of $10.
- A good variety of Skrill Forex brokers – There are plenty of Forex brokers online who accept Skrill as a payment method. Which means you can take into account a number of your other preferences when picking the best Forex broker.
- Special privileges – There are a number of special bonuses awarded to traders who choose to use Skrill for Forex trading payments. And Skrill also runs special promotions and offers every now and again such as the one that was operating at the beginning of the year that provided a 1% cashback bonus when deposits were made with a selection of brokers.
- Increased security – Skrill uses a system known as 2-factor authentication (2FA to provide an extra layer of security for clients. It is also known as multi-factor authentication requiring not just a password and username but another piece of information that only the user will have access to. Using this extra piece of information will make it much more difficult for potential intruders to get access to and steal personal data or identity.
Now you appreciate the benefits, you may have a few pressing questions. Keep reading and we’ll see if we can answer them.
Frequently asked questions about Skrill
- Q: How can I make a deposit using a credit or debit card?
A: The first step is to get the card authenticated, which will also provide you with a card deposit limit. Once this has been done it’s a simple process that involves logging into your account, choosing the card you wish to make the payment with, inputting an amount and then completing the payment.
- Q: Can I fund my account any other way?
A: Personal checks and cash are not accepted. It is, however, possible to fund your Skrill account using a credit/debit card, bank account, paysafecard voucher or Neteller account.
- Q: How much will I be charged to send money?
A: Sending money to merchants is free. Sending money to other individuals will mean a fee of 1% of the amount sent, up to a maximum of 10 Euros. Conversion fees will apply if you send a currency that’s different from your account currency.
- Q: How is money received using Skrill?
A: All that’s needed is your registered email address. Nothing else is needed, thereby keeping your account details safe.
- Q: What types of Skrill account are available?
A: There are two main types of account – personal and business. Personal accounts can be used for sending money to friends and relatives, shopping online, making international payments. Business accounts can be used for accepting payments via a website, getting paid via Skrill, making payments to employees and suppliers, making international commercial payments. Clients are permitted one personal account but as many business accounts as you might need. Skrill VIP customers are able to open more than one personal account in a number of different currencies.
- Q: How long will it take to send money via Skrill?
A: Sending money is done instantly.
- Q: What is Skrill Direct?
A: It is an online payment method which makes use of the online banking of your own bank to instantly pay for goods and services online, with just a few clicks. This payment method is only available in a certain number of countries.
- Q: I’ve heard Skrill offer a 100% money-back guarantee. What is it?
A: If financial loss is suffered as the result of unauthorized access to your Skrill account 100% of the money lost will be reimbursed, provided all security responsibilities have been met.
As you can now appreciate Skrill is a very valid choice if you’re looking for a safe, secure and swift method of payment for Forex trading. There are a number of Forex brokers who accept Skrill for both making deposits and withdrawals. Skrill Forex brokers are a suitable option for many different types of Forex traders, and it is a method of payment that can be used in a number of different ways. Sign up for a Skrill account today. It really isn’t painful in any way.