Looking for a Regulated Payment Provider for Your Forex Trading Venture? Let us Introduce you to Skrill.
When it comes to choosing a Forex broker, our advice will generally be to pick one that is licensed and regulated. The same piece of advice works equally for a payment provider, and the good news is that there are a number to choose from. Here on this page, we will be concentrating on Skrill. We’re going to give you a brief introduction to the company, then explain how it works and whether choosing Skrill Forex brokers is the best move to make. There are a number of decisions and choices a trader has to make when embarking on a Forex trading venture. Obviously, picking the best Forex broker as a partner is the most vital, and this encompasses a number of other factors such as broker bonuses, spreads, costs, and trading platform. Payment options, of course, are another important choice to make.
Introducing Skrill – Previously known as Moneybookers
Just like PayPal, Skrill is an e-wallet method of making online payments. Skrill is actually a rebranding of Moneybookers, which was also an online payment system regulated by the Financial Conduct Authority (FCA). Today, Skrill has a vast following, but even in the beginning, Moneybookers had more than 2 million users registering for an account during the first couple of years of operation. Skrill provides a service that enables customers to make payments and make transfers online, and is a popular method of payment not just for individuals but for businesses as well. There shouldn’t be a problem finding a good selection of Forex brokers accepting Skrill, even though this payment method hasn’t yet reached the height of popularity that some other methods enjoy. It might not be as popular, but there are still a number of benefits Skrill customers can expect to enjoy.
Using Skrill as a payment method has plenty of advantages
Choosing to make an online payment with the help of Skrill is a sensible decision for Forex traders to make. This is for a number of different reasons:
- Speedy transactions – Generally, Skrill payment transactions are processed within a day or two, and in the case of some Skrill Forex brokers, the payment is instant. Being able to withdraw your profits or make payment quickly is an important consideration, and can greatly increase your trading efficiency.
- Opening a Skrill account is free – It is vital for a Forex trader to keep added costs to a minimum. Skrill makes no charge for opening and operating a Skrill account, and is committed to keeping any other fees as low as possible. Let’s spend a few minutes running through the charges you can expect to pay…
- Making an online purchase and paying with a Skrill wallet, and receiving money into the wallet, are all free.
- Uploading funds is usually free, but there are a couple of options that will incur a charge. Skrill will always inform customers of the charge before taking a payment.
- Sending money to another Skrill wallet or email address usually costs 1% of the amount being sent, but will never be more than $10.
- A Skrill account offers complete transparency – With a Skrill account traders are able to keep a close eye on spending, because there is online access to the account as well as regular weekly or monthly statements.
- Good level of security – Multi-factor authentication is an option to further increase a Skill account’s security. An extra piece of information is required, along with a password and username as an added layer of security, thereby making it more difficult for hackers to gain entry to an account and steal a person’s identity.
- Lots of Skrill Forex brokers to choose from – If you decide you want to have Skrill as a payment option there is a good selection of Forex brokers to choose from, making it far easier to take other factors into consideration when making the decision.
- Skrill customers get to enjoy special concessions – Many Forex brokers accepting Skrill give some additional bonuses to customers. Skrill also runs various promotions and special offers from time to time. At the time of writing, it is offering 0% commission and 250% bonus with InstaForex, as well as 60 free spins at Ladbrokes.
As you can see, there are a number of valid reasons to choose Skrill and pick a Forex broker that accepts this method of payment. You’re probably very tempted to start using a Skrill Forex broker, but still have a few questions you want answering; so let’s see if we can help with that…
Skrill Forex broker FAQs
Q: Do I need to register in order to send money?
A: It is possible to make one-off or multiple payments to certain merchants without opening an account. However, if the money is going to a friend, relative or bank account in another country, a Skrill Digital Wallet will have to be created.
Q: What details do I need to provide for someone to send me money?
A: All that is required is an email address, and this is how your account remains as secure as possible. Never give out your credit card or bank account details.
Q: Are there different types of Skrill account?
A: There are only two types, a personal and a business account. However, it is only possible to have one personal account. Another option is to become a Skrill VIP customer, which will entitle you to a number of added benefits.
Q: Does using Skrill require any special knowledge?
A: Skrill is intuitive and easy to use. No special skills are needed.
Q: How do I go about funding my Skrill account?
A: Funding a Skrill account is easy with a debit or credit card, or a bank account. Personal cheques and money orders are not accepted. It is, however, also possible to fund your account with a Paysafecard voucher or a Neteller account.
Q: What is needed to open a Skrill account?
A: All that is needed is an active email address.
Q: What is the verification procedure?
A: As with many other online payment methods there is a verification procedure to be followed. This is to ensure you are who you say you are and that your country of residence is as you say. This is required in order for Skrill to comply with regulations. When you first open an account it is possible to send and receive up to Є2,500 without any verification. Once this limit has been reached customers are requested to send additional documentation so that the details can be checked. This will only have to be done once unless any details are changed.
Q: How long does it take to send money using Skrill?
A: Payments made using Skrill are instant.
Q: How much does it cost to send money using Skrill?
A: Sending payments to a merchant is free. Sending money to other individual customers will incur a 1% fee, up to a maximum of Є10. Should you wish to send money in a different currency there will also be a conversion fee applied. However, Skrill will keep you informed of the charge prior to making the payment.
Hopefully, you now have enough information to decide whether Skrill is a good choice for you. If you want a swift, safe, and secure method of payment for your Forex trading account, Skrill is a wise choice to make. There are plenty of Forex brokers that accept Skrill, and opening an account is a piece of cake. So why not sign up and give it a try?