Discover the best forex brokers that accept Skrill and how eWalletBooster can provide cashback on your deposits and a host of other bonuses!
October 11, 2022, London
Skrill is a favourite of forex brokers the world over. They offer incredibly competitive rates on their services and ensure that your funds are the safest they can be thanks to top-tier, state-of-the-art security and encryption.
While that’s all still true, there can be a few pain points when trying to find the best forex broker that accepts Skrill - which is why we’re here. Regardless of whether you’re a veteran or newbie to forex, Skrill offers too much to simply ignore.
Table of Contents:
First things first - what makes a forex site “good?”
Skrill is the world’s most widely accepted e-money transfer service. As such, they’re accepted by a broad range of reputable European forex brokers - but not all brokers are created equally.
We have a list of the best sites coming below, but first, let’s talk about how to pick one for yourself. You’ll need to keep an eye out for the following:
Skrill is already an excellent service; it offers incredibly reasonable rates on a number of handy features and boasts an excellent VIP service. (Check out our Skrill review for more details.)
But simply signing up means you’re missing out on quite a few awesome little hidden perks. We say this because eWalletBooster offers an extremely simple way for you to get more out of your Skrill account - we’re talking reduced fees, better service, higher limits, and more.
|Without eWalletBooster||With eWalletBooster|
|Low account limits for non-VIP accounts||Increased account limits and lowered fees|
|Verification is slow (up to 5 business days) + deposit||Free, instant verification|
|Higher FX fees||Reduced FX fees (2.89% vs. 3.99%)|
|Skrill prepaid MasterCard £10 fee||Free Skrill prepaid MasterCard|
|Extremely limited VIP rewards||Dedicated Skrill rewards programme via eWalletBooster|
Depositing with Skrill is an incredibly streamlined process, and for a good reason. They’re accepted at thousands of forex brokers and online merchants across the globe, meaning they can’t afford a complicated, time-consuming process.
It’s as simple as 1, 2, 3 (and then three more, technically):
Log in to your preferred broker’s site.
Your funds will generally show up within fifteen minutes or less, though they can take up to one hour to process. Be sure to wait until an hour has passed to reach out to Skrill customer service about the status of your transaction.
Luckily, the withdrawal process is nearly identical to that of depositing on a forex site. The differences are as follows:
Otherwise, simply follow the above steps, making sure to choose “Withdraw” rather than deposit. You’ll still need to enter your preferred currency and amount, and you’ll still need to enter your Skrill information on the secure payment gateway.
As usual, be sure to double-check all details before confirming.
This is one of those questions with both a “yes” and “no” answer. Assuming you’re using an authorized, licensed broker that’s regulated by the Financial Conduct Authority (FCA), then yes - it’s legal.
This requirement ensures all brokers are held to an extremely high standard, and keeps your funds where they should belong - with you.
You should always start by inspecting the FCA Financial Register Search and taking a peek at your prospective broker. You need to see what they offer, who they serve, and more. The most common investment offerings you’ll see include:
Skrill is an excellent choice for online forex trading, especially in the UK. They’re known for transparency, security, and very reasonable rates - and what more could you really need?
Skrill’s business model is based around security and fast transactions. This translates very well to forex, where seconds can make the difference between a profit and a loss. And considering that Skrill is the most widely accepted e-money transfer service in the world, it makes sense that forex brokers would flock to the platform.
In short, between over 120 global currencies, competitive fee structures, fast transactions, and top-tier security, there is no reason not to use Skrill for forex.
As mentioned above, Skrill is known for security, speed, and transparency. And (not so coincidentally), when you’re investing for a living, those are your most valued tenets!
In other words, forex brokers (and most people, for that matter) love having their money readily accessible and safe. Who would’ve thought?
Skrill’s limits do exist, but they’re incredibly lax for forex. More likely than not, you’ll need to worry more about tax season than Skrill’s restrictions - here’s why.
When creating a forex account with a new broker, you’ll have all profits ranked by the HMRC into one of three categories, depending on how much you make in profits:
|Self-Employed Traders||Private Investors:||Speculative Investors:|
|Those who make most of their annual income through self-employed trading are treated as any other self-employed tax bracket. The details of the UK self-employment tax guidelines are right here.||Private investors have all profits and losses taxed against the capital gains tax, whose details can be found here.||If you don’t make more than £12,300, which is the current (in 2022/23) capital gains (CG) tax allowance, you’re classed as a speculative trader. You do not pay CG taxes on forex, spread betting, or CFDs until meeting this threshold.|
Skrill requires all users (including those in the UK) to be at least eighteen (18) years of age to use their platform and its services, including forex.
UK citizens are able to invest in forex through Skrill without any major restrictions.
Established in 2001, Skrill has undergone multiple rebrandings. They were initially created as a solution to the insecure, slow payment methods of the time and have since branched out and improved their services.
They’re a UK-based company (headquarters in London) whose parent company (Paysafe Group) is located in the U.S. As such, they’re regulated by the FCA and its American sister agency, the Securities and Exchange Commission, meaning they’re held to a very, very high standard of security.
Ultimately, this means that your funds are incredibly safe with Skrill, and you can rest easy knowing they’re following the exact letter of the law. This earned them quite a bit of love from forex brokers for understandable reasons - I mean, who doesn’t love safe, near-instant forex trading?
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