Best Skrill Forex Brokers

All forex traders desire speed and efficiency in all financial transactions they perform, especially in how they fund their trading accounts and withdraw from them. Fortunately, Skrill is one popular option for achieving this goal.

Skrill is a globally recognized e-wallet provider and, in recent years, has partnered with several forex brokers in the industry to offer traders low-cost, efficient, secure, and near-instant transactions.

With the plethora of brokers offering Skrill as a payment option, one might wonder which are the best to consider. This article will briefly cover five of the premier forex brokers accepting Skrill, their pros and cons, and other factors to think of before making a Skrill transaction.


Top 5 Forex Brokers That Accept Skrill


IC Markets

Founded: 2007

Location: Australia

Minimum Deposit: $200
Base Currencies: 10
Regulation: ASIC, FSA, CySEC
Trading Instruments: Forex, Crypto, Commodities, Indices, Bonds, Stocks, Futures
Deposit Methods: Wire Transfer, Credit Cards, Paypal, Skrill, Neteller, UnionPay, Bpay, E-Wallets
Trading Platforms: MetaTrader 4, MetaTrader 5, cTrader

Currency Pairs: 65

EURUSD Spread: 0.1 pips

Leverage: Up to 1:500

Demo trading:

IC Markets is a prominent CFD broker coming out of Australia, a region regarded as one of the world’s foreign exchange hubs. According to the Tokenist, IC Markets is one of the largest brokers globally in trading volume, with about $19 billion executed daily.

Started in 2007, IC Markets began with the mission of providing services previously only reserved for institutional clients to a broader market. One of these facilities offers even lower spreads than typical through their zero or ‘raw spread’ account. 

Using this type of account allows for reduced execution costs, all for a small commission per trade. This feature is beneficial for all users, but more so high-frequency traders, high-volume traders, and those utilizing expert advisors. 

Clients who’ve used IC Markets for some time can further benefit from other tradeable markets like stocks, cryptocurrencies, indices, etc.

All in all, IC Markets is a highly reputable name in brokers offering Skrill.

Pros

  • ASIC-regulated
  • Provides zero spread account
  • Wide selection of funding alternatives
  • Traders can open accounts in numerous currency denominations

Cons

  • No negative balance protection
  • No investor protection

Read more about IC Markets in this review


FXTM

Founded: 2011

Location: Cyprus

Minimum Deposit: $200
Base Currencies: 4
Regulation: FCA (UK), CySEC (Cyprus), and FSC (Mauritius)
Trading Instruments: Currencies, Precious Metals, Crypto, Stocks CFD’s, CFD, Indices, Commodities
Deposit Methods: Wire Transfer, Credit Cards, Skrill, Neteller, TC Pay, WebMoney, E-Wallets
Trading Platforms: MetaTrader 4, MetaTrader 5, FXTM Trader

Currency Pairs: 21

EURUSD Spread: 0 pips

Leverage: Up to 1:2000

Demo trading:

FXTM or Forextime specializes in forex brokerage services but is equally brilliant in other CFD-based instruments as well. Founded in 2011 and based primarily in Mauritius, FXTM now also offers an innovative copy trading platform for millions of non-trading investors.

Whether one is a serious trader or prefers to invest in their social trading platform, both will make the most of their tight spreads, state-of-the-art trading tools, low-latency execution, and risk protection. With FXTM, traders know what they benefit from the broker’s technology, cost-effectiveness, and conducive trading conditions.

Pros

  • Licensed by several regulators
  • Reasonable minimum deposit for most accounts
  • Several funding options aside from Skrill
  • Extensive range of forex pairs

Cons

  • High minimum deposit for zero spread account
  • Fess on some withdrawal options
  • Inactivity fee

Read more about FXTM in this review


Darwinex

Founded: 2012

Location: UK

Minimum Deposit: $500
Base Currencies: 3
Regulation: FCA
Trading Instruments: Forex, Indices, Commodities, Stocks
Deposit Methods: Wire Transfer, Credit Cards, Skrill, Trustly
Trading Platforms: MetaTrader 4, MetaTrader 5

Currency Pairs: 42

EURUSD Spread: 0.2 pips

Leverage: Up to 1:30

Demo trading:

Founded in 2012, Darwinex is a unique financial derivatives brokerage in the trading and investing sectors for retail and professional investors. 

Not only is the broker a capable provider of multiple trading products – namely forex, stocks, commodities, and indices – they also provide a sophisticated network for social trading where expert traders and investors meet.

One of the unique features of Darwinex is their utilization of an algorithm offering commission rebates every month based on a trader’s skill rather than volume. As a Darwinex trader, one will receive a supreme trading environment and future access to investors in their social trading network, making this broker a brilliant choice for anyone.

Pros

  • FCA-regulated
  • Offers several trading platforms 
  • One of the leading social trading platforms globally

Cons

  • Low maximum leverage due to UK regulations
  • Applies additional fees for Skrill deposits and withdrawals

Plus500

Founded: 2008

Location: Israel

Minimum Deposit: $100
Base Currencies: 16
Regulation: FCA, CySEC, ASIC, MAS
Trading Instruments: Forex, Crypto, Stocks, ETFs, Indices, Commodities, Options
Deposit Methods: Wire Transfer, Credit Cards, Paypal, Skrill
Trading Platforms: Plus500 (web, desktop, mobile)

Currency Pairs: 70

EURUSD Spread: 0.8 pips

Leverage: Up to 1:300

Demo trading:

Plus500 has boldly described itself as the ‘World’s Trading Machine’ since 2008. With formations and headquarters in Israel, one of the world’s fintech hubs, Plus500 is now a multi-licensed and publicly-listed entity on the London Stock Exchange and part of the elite FTSE-250 index.

For traders looking for a new experience, Plus500 offers their proprietary trading platform available in desktop and laptop versions, so users don’t miss any opportunities in the markets. 

More than 450 000 customers globally enjoy Plus500’s supreme trading conditions that include an offering of over 2000 financial instruments, industry-accepted spreads, countless payment options, near-instant execution, and 24/7 customer support. 

Pros

  • Multi-regulated and publicly-listed broker
  • Offers guaranteed stop loss
  • Large selection of forex pairs available
  • Traders can open accounts in numerous currency denominations
  • Reasonable minimum deposit

Cons

  • Restricted in many countries
  • Prohibits hedging, scalping, and expert advisors
  • Does not offer the MT4 platform
  • Charges inactivity fee

Read more about Plus500 in this review


FP Markets

Founded: 2005

Location: Australia

Minimum Deposit: $100
Base Currencies: 10
Regulation: ASIC (Australia)
Trading Instruments: Forex, Share CFDs, Indices, Commodities, Crypto
Deposit Methods: Wire Transfer, Credit/Debit Card, BPay, POLi, Paypal, Neteller, Skrill, E-Wallets
Trading Platforms: MetaTrader 4, MetaTrader 5, WebTrader, Iress

Currency Pairs: 60+

EURUSD Spread: 0.1 pips

Leverage: Up to 1:30

Demo trading:

FP or First Prudential Markets is one of the respected Australian forex brokers since 2005. The brokerage provides 24/5 access to forex, indices, metals, equities, and commodities through an ECN (electronics communication network) execution with cost-effective spreads and no re-quotes.

Some of their top-tier liquidity providers include globally-recognized banks like Barclays, Goldman Sachs, and HSBC, among many others. Funding a minimum of $100 through Skrill allows users all of these benefits and more.

Overall, FP Markets is a simple-to-use, no-fuss forex broker catering to all experience levels of forex traders in most countries in the world.

Pros

  • ASIC-regulated
  • Offers zero spread account
  • ECN broker
  • Flexible leverage
  • Large selection of forex pairs available

Cons

  • $25 withdrawal cost for bank wire transfers outside Australia
  • Does not offer negative balance protection

Advantages of using Skrill forex broker

Skrill, previously known as Moneybookers, is one of the staples in online payment processors globally since its 2001 inception. They now boast a substantial global footprint as they are supported in just over 130 countries. 

Skrill is regulated and authorized by the Financial Conduct Authority (FCA), the same regulator licensing some brokers on this list. Aside from being a commonly accepted worldwide payment service, what are the advantages of using a Skrill forex broker? 

It boils down to quickness, ease of use, and security. The complete sign-up and login process is fast. Skrill allows users to fund in several ways, namely using a card, bank wire transfers, and other substitute methods through their mobile device, laptop, or desktop. 

The company securely stores all payment information for future use to ensure fewer hassles when clients make transactions to merchants, allowing for a smooth experience. Any trader desires to use a funding facility with instantaneous reflection. 

Fortunately, most brokers worldwide should process Skrill transfers within 10-15 minutes, typically with zero fees. Another benefit of using Skrill is deposits and withdrawals can be minimal. 

Unlike bank wire transfers which require a bigger minimum withdrawal, some brokers allow their traders to withdraw as little as $5 at a relatively quick speed. Conversely, Skrill is flexible with deposits and withdrawals as well in the thousands of dollars.

Also, depending on the user’s region, Skrill’s wallet supports about 40 different currencies such as USD, EUR, GBP, JPY, and CAD. Moreover, some brokers may, from time to time, offer special discounts in partnership with Skrill’s VIP programs and benefits.

It is all these attributes why many avail Skrill for their clients’ funding and withdrawal purposes.


Things to consider before choosing Skrill to make transactions

After a trader has verified their wallet through Skrill, they will need to consider a few things before performing their first transaction. They must provide truthful information at this stage and act in accordance with Skrill’s policies.

Generally, it’s quicker and more cost-effective to fund the Skrill account with a VISA, Mastercard, JCB, Diners Club, or American Express credit card. The depositing cost here in most countries is 1% of the total deposit. 

Regarding the actual Skrill transfers, most brokers should accept the lowest possible amount. For instance, FXTM’s minimum is $10 on some of their accounts. Alternatively, Skrill fares well even for much larger deposits.

Other alternatives like bank transfers are also available but take much longer and might incur more fees. Secondly, traders may need to do a currency conversion. For instance, if the broker only accepts USD deposits but the user has deposited EUR, they will need to exchange to the former currency. 

Skrill applies a reasonable 3.99% charge for this facility. A user may instead choose a broker accepting multiple currencies to avoid this fee. Lastly, a quick check of any other requirements a broker might have for processing Skrill transfers will help.


How to choose the best forex broker accepting Skrill 

Although a broker may accept Skrill for payments and withdrawals, potential clients should still perform their due diligence. 

As with choosing any broker, traders need to select brokers licensed by tier-1 regulators such as the FCA (Financial Conduct Authority), CySEC (Cyprus Securities and Exchange Commission), and ASIC (Australian Securities and Investment Commission) and verify they have active licenses. 

They may also need to confirm if specific regulation policies might apply in their respective region. Prospective clients will want to view the selection of forex and even other instruments available with a Skrill-accepting broker as choice is essential for general trading and diversification needs.

Lastly, any trader needs a broker they can contact during operating hours to deal with urgent queries. Whichever provider one chooses should prioritize customer service by at least offering a functioning live chat facility on their website, as well as email and telephonic support.


Conclusion 

While Skrill does have some drawbacks like the conversion fee and slightly high fees for withdrawing, it provides enough advantages to justify millions of traders trusting the service to fund their trading accounts.

Regardless of a trader’s bankroll and experience, Skrill is worth using, and fortunately, many more brokers will likely continue accepting it.