Forex and cryptocurrency trading with Skrill
Skrill is an e-wallet that is used by many forex traders.
A worldwide payement solution, it supports many currencies and over 12 cryptos. Unlike traditional banking solutions, it offers fast and hassle-free money transfers.
It allows quick and easy transactions, without the hassle of traditional payment solutions.
In this article, we'll explain how Skrill works with currency brokers and list the various benefits of this payment option.
Transfering money from Skrill to your forex brokerage account
Skrill is an easy way to fund your forex trading account. Skrill is a bit like the no-longer-popular PayPal solution, you can send and receive money with a few easy clicks. If your forex broker accepts Skrill, you have an easy-to-use account funding method at your disposal.
Skrill is also great for withdrawing funds if you want to spend the funds you've earned on the markets. Deposits and withdrawals with Skrill are among the speediest you will find. Fund withdrawal requests can take between 2 hours and 1 full day, this depends on the forex broker you use.
The benefits of Skrill for forex traders
Skrill is currently on the rise and its user-base is booming. Its key benefit is zero-delay transactions. If you compare Skrill with your bank, you will find the latter to be extremely slow in terms of transferring your money: 2 to 4 business days for a basic transaction. Skrill allows you move fast when you feel a market opportunity is about to appear.
Another thing you need to remember is that Skrill is available worldwide. Although many forex brokers reject PayPal due to its dubious business practices, many of them welcome Skrill payments.
Also, Skrill is great for remaining anonymous. Skrill asks for no link to your bank account (unlike PayPal) so you don't have to disclose personali info.
Fees and limitations associated with Skrill use for funding forex accounts
Skrill is not a zero-cost solution, though.
Before using Skrill, you need to send money to your Skrill e-wallet. Also, withdrawals from this e-wallet will entail a small fee, either a percentage or a fixed charge depending on the method that is used.
International bank transfers are totally free (unlike PayPal). However, foreign currency transfers are subject to a 3.98% charge.
Cryptocurrency trading using Skrill
As of 2018, Skrill now makes it easy to trade cryptos (Bitcoin, etc.). Skrill's crypto-to-crypto trading service was launched the following year.
Skrill enables traders to buy and sell a multitude of cryptos: 0x, Bitcoin, EOS, XLM, Litecoin, Ethereum Classic, Ether, Bitcoin Cash, etc.
Trading fee structure:
- Trades up to 19.99€: 0.99€/trade
- Trades between 20€-99.99€: 1,99€/trade
- Trades over 100€: 1.50%/trade
- Crypto-to-Crypto: 0.50%/trade
Skrill's account fund security
Skrill is both a secure and confidential payment solution. No credit card, banking or personal details are revealed when you make a Skrill payment. Nevertheless, Skrill will require you to submit some basic info in order to process both your sending of funds and your withdrawals. This is in order to comply with the UK's FCA anti-money laundering requirements.
