Many Forex / CFD brokers can process deposits and withdrawals through Skrill. I have created a shortlist of the best below for your consideration. Please read on to learn more about these brokers and the criteria you should use to choose the best one for you.
High floating leverage + fast execution
Daily market research and Autochartist access
High level regulation in multiple jurisdictions
Impressive range of tradeable assets including vanilla options and gold options
Solid broker for scalping and hedging
Institutional-style trading opportunities for retail traders
Trade 1,000+ financial instruments
Experience low, competitive spreads
Multiple funding and swift withdrawal options
Top Skrill Forex Brokers 2021
- FXTM, Best all-around broker with high floating leverage and fast execution.
- FP Markets, ECN trading with leverage up to 1:500..
- AvaTrade, Highly regulated, choice of fixed or floating spreads.
- BlackBull Markets, Best ECN trading environment, with scalping and hedging.
- Eightcap, Competitive pricing + excellent daily videos.
5.0/5 in this category
Best all-around broker with high floating leverage and fast execution
FXTM ranks among the leading Skrill Forex brokers based on its competitive cost structure, placing it among the best-priced options for Forex traders. While a Micro Account is available from just $10 or a currency equivalent, it requires $500 to access the best trading conditions. It ranks among the highest minimum deposits, but the cost-savings make it worth the requirement.
Besides Skrill, FXTM offers 45+ alternative payment options, servicing its diverse trader-base with domestic payment solutions, many of which enable Skrill transactions. FXTM presents upgraded MT4/MT5 trading platforms, ensuring a competitive edge over most Forex brokers. It also developed its proprietary copy trading service FXTM Invest.
With dynamic leverage of 1:2000, commissions between $0.80 and $4.00 per 1.0 standard lot, and high-quality trade execution, FXTM can be an ideal Forex broker for scalpers and high-frequency traders.
Excellent commission-based Forex pricing environment and transparency
Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app
Quality market research and educational content for beginner traders
Proprietary copy trading platform, low minimum deposit, and high leverage
5.0/5 in this category
ECN trading with leverage up to 1:500.
fpmarkets is an ASIC-regulated Australian brokerage which launched in 2005. For most traders, the unique selling point of this broker is in the extremely wide range of tradable assets offered, providing the opportunity to trade over ten thousand individual stocks and shares including publicly quoted Hong Kong and Australian companies. Ffpmarkets also offers 60 Forex pairs and crosses, 11 equity indices, the major commodities, and 5 cryptocurrencies including Bitcoin. fpmarkets offers an unusual hybrid ECN/STP execution model, meaning their clients can choose between ECN style of execution giving a very high level of speed, and a “straight through processing” execution style which allows for more “natural” spreads.
FP Markets Pros & Cons
Choice of trading platforms and auxiliary trading tools
Very competitive cost structure and excellent asset selection
Low minimum deposit requirement and leverage of up to 1:500
Well-regulated and trustworthy
4.5/5 in this category
Highly regulated, choice of fixed or floating spreads
AvaTrade presents one of the best offers for beginner traders wishing to make payments using Skrill due to its SharpTrader trading academy, where 40+ lessons and 200+ videos create one of the most comprehensive educational sections industry wide. The success of SharpTrader resulted in a spin-out of the academy into a separate business unit.
Traders get a commission-free pricing environment from a well-regulated and trustworthy broker. Also excellent is the choice of trading platforms. Besides MT4/MT5, traders may use the AvaTrade WebTrader, the options trading platform Ava Options, the mobile app AvaTradeGO, and the social trading platform Ava Social. Competing services from MQL, DupliTrade, and ZuluTrade are also available.
The minimum deposit is $100 or a currency equivalent, higher than many Forex brokers but within a reasonable range. The well-balanced asset selection justifies the minimum deposit.
High-quality educational offering via SharpTrader
Excellent choice of trading platforms catering to various trading needs
Broad asset selection and cross-asset diversification opportunities
Well-regulated and trusted broker with oversight from a central bank
4.5/5 in this category
Best ECN trading environment, with scalping and hedging
BlackBull Markets was founded in 2014 in New Zealand. Like many antipodean Forex brokers, BlackBull Markets is an ECN broker, offering raw spreads and commissions. They are regulated in New Zealand by the Financial Services Providers Register (FSPR) and offer a maximum leverage on some Forex currency pairs as high as 500 to 1. In addition to their global headquarters in New Zealand, BlackBull Markets also has presences in the form of branch offices in New York and Malaysia. BlackBull Markets offers a relatively tight range of tradable assets: 27 Forex currency pairs and crosses, gold, silver, crude oil, natural gas, and 6 major equity indices. That should be sufficient for those traders with more focused strategies not requiring wide diversification.
BlackBull Markets Pros & Cons
ECN/NDD execution model with deep liquidity
Institution-grade pricing for retail traders via proprietary price aggregation
ZuluTrade and Myfxbook for social trading
Leverage of up to 1:500
4.5/5 in this category
Competitive pricing + excellent daily videos
Eightcap Pros & Cons
Low minimum deposit and high leverage of up to 1:500
Competitive cost structure
Excellent technology infrastructure and seasoned management team
Daily research and quality educational content
Skrill money brokers can offer a convenient payment provider, but Forex traders should consider more than just the ease of using Skrill. While deposits into the Skrill ecosystem remain swift, withdrawal can face obstacles, depending on the destination country.
Here are some things to consider when evaluating Skrill Forex brokers:
- Skrill serves European Economic Area (EEA) countries via PaySafe Payment Solutions Limited, where Forex traders get the best overall services. Skrill USA Inc. Caters to the US and its territories, while Skrill Limited handles all other countries where Skrill operates. Not all countries will receive the same service, a fact that deserves scrutiny and evaluation. So, think about where you are and how speedily Skrill tends to operate there.
- When looking at what countries can use Skrill, there are many, but services will vary. One of the most frustrating issues Forex traders may face is withdrawals. Skrill is known to suspend services, including bank wires, or ask for substantial minimum deposits. Therefore, reliability can become an issue for Forex traders in developing nations.
- It is worth noting that Skrill currently lists 114 countries as non-serviced countries. Skrill updates that list, often based on demand and potential profitability. Skrill fails to provide a detailed geo-specific list of which products or services apply where or which ones it canceled or modified.
- Skrill may offer bonuses to select users, often in partnership with its business clients. It can include promotion to deposit with Forex brokers, beneficial for traders at the promoted Skrill Forex brokers. Skrill also introduced its Knect loyalty program, which requires a separate sign-up. Almost every transaction qualifies for points, and users may exchange points for cash rewards or other bonuses.
- One of the benefits of using Skrill money brokers is the transaction speed, which in most cases is instant. It applies to making a deposit from Skrill and receiving withdrawal to Skrill, the latter dependent on when Skrill Forex brokers process the internal request. Depositing to Forex brokers that accept Skrill often results in an automated back-end process, displaying deposits in the trading account without delay.
The costs incurred by using Skrill can range from average to high, especially for bank wires and currency conversions, where Skrill remains one of the most expensive processors. Before using Skrill, it is worthwhile making sure that you fully understand the fees you will pay for it.
For example, the EUR/USD exchange rate at the time of this review was 1.1644, but Skrill offers it at 1.1311, per the app on its website. A currency conversion fee also applies, making the transaction one of the most expensive currency conversions industry wide.
Despite these potentially high costs, Skrill remains popular for its relative ease of use and as its availability as an effective payment option in areas that do not necessarily enjoy many better alternatives, so an argument can be made that Skrill are just charging a premium for the effective service they deliver.
Here are the most notable Skrill fees:
- Deposits via bank wires are free of charge, but other methods cost between 1.00% and 5.00% of the deposit amount.
- Withdrawals cost between 2.00% and 7.50% (the higher end applies to withdrawals to credit cards). When Skrill determines bank wires expensive, it disables the option and only honors credit cards, where it collects the most substantial fees.
- After numerous ownership changes, Skrill implemented an internal transfer fee of 2.99% for Skrill-to-Skrill transactions.
- A 4.49% currency conversion cost on top spreads at Skrill.
- Cryptocurrency fees for transactions above €100 are 1.90%, with crypto peer-to-peer transactions costing 0.50%. A flat fee of €0.99 applies to all cryptocurrency purchases below €20.00 and €1.99 above €20.00 but below €100.00.
- A monthly inactivity fee of €5.00 applies after six months of dormancy.
Today, Skrill does not serve all users equally, and the quality of Skrill’s service will depend upon geographic location and monthly turnover.
Here is an overview of Skrill over the past 20 years with notable changes to the quality of its products and services:
- On July 27th, 2001, Moneybookers launched as a digital wallet service. It grew into a Top 3 e-payment solution provider in Europe over six years. Forex brokers and online gaming companies implemented the easy-to-use service. Moneybookers swiftly became one of the favorite methods to deposit and withdraw money. Skrill Forex brokers onboarded global clients, and Moneybookers provided equal treatment to all users during its explosive growth phase.
- In 2007, Bahrain-based Investcorp purchased Moneybookers and in 2011 announced its campaign to rebrand as Skrill, completed in 2013. Skrill purchased prepaid payment provider paysafecard, based in Austria, in February 2013. The company offers vouchers with a 16-digit PIN code. It operates independent of bank account, credit card, or other personal information, allowing Skrill to expand into high-growth markets where many unbanked individuals seek access to financial services like Forex trading.
- Following the acquisition of paysafecard, Skrill introduced its Skrill Prepaid Mastercard. In August 2013, US-based CVC Capital Partners acquired Skrill. It resulted in eligibility limitations for the Skrill Prepaid Mastercard, the first notable step of unequal treatment of users for its products and services. The restrictions had nothing to do with regulatory obstacles and relied entirely on the Skrill management team and how they internally classified countries.
- Users from countries rejected for the Skrill Prepaid Mastercard or other services became eligible if they reached the VIP level. A customer service representative reached out once they transacted a minimum of $6,000 monthly for three months, offering the Skrill Prepaid Mastercard. It remains a valuable service for Forex traders as they can use their funds without costly withdrawals to their bank accounts.
- Neteller became the primary competitor of Skrill, and both providers battled for market share, including the lucrative Forex market. Neteller owner Optimal Payments acquired Skrill in 2015, eroding competitiveness in the sector, resulting in less favorable terms for users of both services. During the acquisition period, Skrill purchased UK-based Ukash, a competitor of paysafecard. Optimal Payments rebranded into PaySafe. Mass cancellations of Skrill Prepaid Mastercard followed, with entire geographic locations cut off.
- Customer service deteriorated during the period and became a ghost of its excellence implemented during the initial expansion phase of Moneybookers between 2001 and 2007. For example, Skrill refused to process payments if they disliked the registered email address, advising users to change it to Yahoo or G-mail, which would result in a successful transaction.
- In December 2017, a consortium of the Blackstone Group and CVC Capital Partners acquired PaySafe. Today it is a publicly listed company on the New York Stock Exchange under the ticker PSFE. It provides unequal treatment to Forex traders primarily based on geographic location and the monthly turnover of users.
This depends primarily on the location of the Forex trader and secondarily on the monthly turnover. For most, Skrill offers convenience for deposits and transactions, but the costs can be high. Withdrawals can result in unexpected issues, and the reliability of Skrill equally depends on the country of the Forex trader.
Advantages of using Skrill Forex brokers:
- Convenient financial transactions with instant or near-instant processing
- Wide network spanning 120+ countries and 20+ years’ experience
- Free deposits via bank wires
- Knect loyalty program
- Most Forex brokers offer Skrill as a payment processor with an automated process
- Skrill 1-tap allows traders to forego the login process at participating business clients and make speedy deposits ideal for recurring ones as part of a portfolio-building strategy
Disadvantages of using Skrill Forex brokers:
- High transaction costs, especially for credit card withdrawals and currency conversions
- Availability of products and services depends on geographic location and monthly turnover
- Skrill makes deposits swift and supports local bank wires for all countries it serves, but withdrawals can face frustrating obstacles
- Frequent changes to its services for select countries motivated by profitability at the expense of users
Forex brokers that accept Skrill should also provide traders with:
- Instant deposit processing and swift withdrawals
- Commission-free financial transactions
- Low minimum deposits and high leverage with negative balance protection
- 24/5 customer support, preferably with a dedicated finance department and a phone number
- Availability of MT4, which supports algorithmic and social trading
- Low-cost commission-based pricing environment with a volume-based cashback program
- Competitive spreads and swap rates on leveraged overnight positions
- Deep liquidity and superior order execution
The availability of Skrill should not be a deciding factor in selecting a Forex broker, but rather a value-added service if the advantages of using Skrill outweigh the disadvantages. Some Forex traders will benefit from Skrill, while others will find a better option elsewhere.
Forex brokers that accept Skrill may offer a beneficial service to Forex traders, but it highly depends on their location and monthly turnover. The VIP program requires €15,000 in quarterly transactions, but Skrill may adjust the total as they see fit. The convenience of using Skrill may come at a high cost for some, especially concerning withdrawals and currency conversions, which you should consider carefully before making Skrill your payment method of choice.
Can I use Skrill for Forex trading?
Skrill is one of the most used payment processors by Forex traders and Forex brokers alike.
How do I fund my Skrill trading account?
The back office of Skrill Forex brokers handles all financial transactions. It usually asks for a Skrill login and PIN to confirm all deposits.
What is the Skrill exchange rate?
The Skrill exchange rate is what Skrill uses for currency conversions in its transaction. It remains more disadvantageous than the spot Forex market, compared to which the EUR/USD is typically charged at a 300-pip disadvantage.