Skrill is an eWallet service that enjoys immense popularity online. Used by all different types of customers, Skrill is supported widely among the Forex trading industry. Available in hundreds of countries all over the globe, Skrill is one of the most convenient and accessible services out there. It allows for quick and easy transactions, without the hassle of traditional payment solutions. Moreover, it supports more than 40 currencies, allowing just about anyone to make good use of the services. Below, we will go into detail about how Skrill works with Forex trading platforms and give you a rough idea whether this payment solution is right for you.
How to Fund Forex Account with Skrill
Making a deposit with Skrill is one of the easiest ways to top up your Forex balance and the whole process is simple and convenient. Once you have set up your Skrill account and loaded money onto it, you are free to transfer those funds as you see fit. If your Forex broker supports Skrill, you will have no issues in topping up your balance.
Best Forex Brokers for United States
To do this, you simply need to head over to the payment options page and select Skrill from the list of supported services. Then, you will need to enter the amount you wish to deposit and confirm the payment. This will bring up a Skrill login prompt and you will have to enter your account information. From then on, the transfer will be made and the money will appear instantly in your Forex balance. There is practically no downtime
How to Withdraw from a Forex Account with Skrill
Withdrawing your balance is pretty much the same process as making a deposit. You open up the payment page and select the withdraw option. From all the supported services, you choose Skrill. Then, enter the amount you wish to take out and confirm the transaction. You may be required to log in to your Skrill account once again, in some cases.
Skrill withdrawals are some of the quickest on the Internet. Much like deposits, withdrawals clear almost as soon as they are issued. Of course, the withdrawal request will first have to be approved by the platform’s staff. This can take anywhere between 1 hour and two business days, depending on the website. As soon as this is done, the transaction will be issued. Something else to keep in mind is that you will have to be verified before a withdrawal request can be processed.
Benefits of Using Skrill for Forex Trading
Skrill is one of the most useful payment solutions that you will have access to on the Internet. Preferred by both Forex platforms and customers, it is incredibly popular and the number of users is constantly increasing. There are several reasons behind this and we will explore the best aspects of Skrill in this point.
The primary benefit of using Skrill is that this service allows you to conduct instant transactions with ease. Moreover, withdrawals via this payment method are the quickest that you will find anywhere. The transaction clears as soon as it is sent. Compare this to old-fashioned bank transfers, which can take anywhere between 1 and 5 business days to process. Skrill does away with that and affords you efficiency and convenience.
Another major point to consider is that Skrill is accepted almost universally. You will be hard-pressed to find a platform that does not accept payment via Skrill. The service works great for both brokers and traders, allowing them to make transactions with ease. This means that with Skrill, you will be able to access most, if not all, Forex platforms.
Last but not least, Skrill does an excellent job of protecting your anonymity online. The service is separate from your bank account and it does not require you to reveal your banking information to third parties. Those of you who are conscious about using your credit card online will no doubt appreciate this aspect of Skrill.
Disadvantages of Using Skrill for Forex Trading
Of course, no payment method is without downsides and Skrill is no exception. First and foremost, the service comes with several fees and charges which you will have no way of avoiding. Granted, the company deserves compensation but then there are also plenty of other options which are completely free of charge.
Another aspect to take into account is that Skrill is not available in all countries out there. Notably, customers residing in the United States and Japan are not allowed to open and hold Skrill balances. Such customers will have to rely on a different payment method for their Forex trading needs.
All in all, Skrill is quite solid by itself and does not have any ground-breaking drawbacks. There is a reason why this service is so popular online and it is not due to inherent issues. If there are any problems with Skrill, these are mostly on the surface, but nothing that would hurt you in the grand scheme of things.
Fees and Limits When Using Skrill to Trade Forex
Unlike many other services out there, Skrill is not free. In fact, it comes with a solid fee structure which you should get to know before you open an account. Fees with Skrill are unavoidable and you should definitely be aware of them.
Before you even make a transaction with Skrill, you first have to top up your Skrill balance. This will cost 1% of the total sum for each deposit that you make. Skrill supports a variety of different methods you can use to load your balance. Withdrawing money from your Skrill balance to your bank account will cost you either a flat fee or a percentage, depending on the method you choose.
After that, we also have to consider making payments with Skrill. Making International Transfers with Skrill does not cost a dime, however, Domestic Transfers are charged 2% each. Sending money to a Skrill wallet will cost you 1.45% of the total sum, but receiving funds from any source is free. If you make a payment is a foreign currency, Skrill will charge you a 3.99% exchange fee.
Skrill does have transaction limits, specifically hard ones on unverified customers. Once you have submitted the appropriate documents and have been verified, the limits will be increased significantly. From then on, the transfer limits will be dependent on your account level.
Skrill Chargeback on Forex Account
Chargebacks are possible with Skrill, though not common practice. Generally, chargebacks are a lost-resort action and the same goes for Skrill. If you are able to withdraw your Forex balance normally, you should take that route instead of going down the chargeback route. If that is not possible for whatever reason, reach out to the broker website’s customer support team. Only if they fail to give you a concise explanation, should you try to get your deposit back.
To request a chargeback, you would need to contact the Skrill support staff and explain the situation to them. It should be noted that money sent to personal Skrill accounts cannot be returned. This only applies to business accounts. Once you reach out to the support team, they will guide you into the process and will have the ultimate say on the matter.
Security When Trading Forex with Skrill
As far as security is concerned, Skrill is one of the best services you can use on the Internet to make payments. By its very nature, Skrill is designed to protect your privacy and your sensitive information. When making a payment via Skrill no bank account or credit card details are revealed to the other party. All of that is handled within the Skrill network and there is no need for it. On the recipient’s end of things, the transfer appears to be sent from Skrill account X. Naturally, your important information cannot be used by other people if they do not know it in the first place.
However, you will have to provide vital details about yourself to the service in order to use it effectively. This data will be stored safely and with the utmost care. Skrill abides by all the security procedures set out by the UK Financial Conduct Authority. Not only that, but the service also gives you the opportunity to use Two-Factor Authentication for further safety.
When all is said and done, Skrill is a great payment solution to support your Forex trading activities. It ranks among the top banking methods on the Internet and for good reason. It is easy to use, convenient, and safe. If you ever need to make online transactions look no further than Skrill.