- Binary Brokers with Skrill
- About Skrill
- How Skrill Works
- Transaction Times
- Pricing Review
- Benefits Of Skrill For Binary Options Traders
- Drawbacks Of Skrill For Binary Options Traders
- How To Make Skrill Deposits & Withdrawals To Binary Options Brokers
- Bottom Line
- Is Skrill A Good Deposit Method For Binary Options Traders?
- How Do You Use Skrill For Binary Options Trading?
- Is Skrill A Cheap Deposit Option For Binary Options Traders?
- Is Skrill A Safe Way To Deposit Funds With Binary Options Brokers?
- Is Skrill The Best Deposit Method For Binary Options Traders?
Skrill is an e-wallet and online payment system that provides binary options traders with fast money transfers, a cryptocurrency wallet that supports 40+ tokens, and a prepaid debit card. Importantly, it is a quick and reliable method for funding binary options trading accounts.
This guide will answer all your questions about Skrill, including how to make deposits and request withdrawals, security and legitimacy, transfer speeds and payment timelines.
We have also compiled a list of the best binary options brokers that accept Skrill deposits.
Binary Brokers with Skrill
The London-based Skrill began its life in 2001 as Moneybookers, a digital wallet provider. The payment service expanded in scope and functionality over the next few years, earning its place as one of Europe’s top three e-payment companies in 2007, before rebranding as Skrill in 2013.
In the following years, Skrill changed hands several times, with digital wallet Neteller’s parent company Optimal Payments acquiring it in a 1.1 billion euro deal in 2016.
As the payment company’s size and customer base continued to grow, it also expanded its range of services, launching its international money transfer service and cryptocurrency e-wallet in 2018.
Today, Skrill is available in 120 countries including the USA and UK. It supports a wide range of fiat currencies and cryptocurrencies, and offers an on-board currency conversion service, making it a good option for binary options traders who value flexibility in their transfers.
How Skrill Works
Skrill’s pricing and the services on offer depend on the account holder’s “level”.
This starts at the most basic Skriller when you sign up, upgrades to True Skriller once the account has been verified and a deposit made, and then moves to one of three VIP levels if a sufficient value of transactions goes through in a single quarter.
The higher account levels come with lower fees and more benefits, such as the chance to hold accounts in different currencies. The lowest VIP level, silver, requires 15,000 euros in transactions in one quarter.
Accounts can be funded in various ways, including bank transfers, with a debit or credit card, or through online payment services.
Each method has differing fees, starting from 0%, and the same is true of the different methods Skrill offers for making withdrawals and transfers. And, since the firm includes cryptocurrency support, you can also use the balance of your Bitcoin or other crypto wallets to fund your main wallet.
Finally, the company offers a prepaid Mastercard to account holders in the European Economic Area, and this can be loaded with funds and spent at will, including at binary options brokers that accept Skrill.
One of the main advantages of Skrill is its free international bank transfers. Particularly useful is that, as well as not charging any fee for making the transfer, the brand also offers currency conversion at a rate very close to mid-market.
This is a big advantage for traders who need to send money to Skrill binary brokers in this way.
At the same time, as a safe, reputable and established service, the company has gained a large customer base and, as a result, it is not difficult to find binary options brokers that accept Skrill deposits. BinaryCent, Pocket Option and IQ Option are among the well-known brands that support the payment solution.
Since Skrill account holders should be able to make zero-fee transfers to supported vendors, this is another advantage when it comes to funding your binary options trading account.
The firm offers rapid transfer times and with many Skrill binary options brokers, your transaction should go through instantly. Since the firm is an e-wallet in which payments are settled digitally, deposits should go through shortly after you complete the payment process on a broker’s website.
However, since it is common for binary options brokers that accept Skrill to have a longer period to approve withdrawals, these may take longer, and occasionally you will need to wait a week or longer to see the money in your account.
Note, you can check estimated transaction times by visiting your binary options broker’s website.
Thanks to its zero-fee international money transfer service, Skrill can be an affordable way to move money to and from a binary options broker. However, there are a number of other fees to consider, and these can add up if certain transaction methods are not available to you.
It costs nothing to deposit to your Skrill account using either a domestic bank transfer or a debit or credit card. However, deposits via other methods will incur varying charges:
- Fast Bank Transfer/Rapid Transfer: Up to 1%
- Trustly: Up to 1.25%
- Paysafe cash: Up to 2.5%
- Paysafe card: Up to 5%
Similarly, a withdrawal via bank transfer costs nothing, but Skrill charges varying fees for other withdrawal methods:
- Crypto Withdrawals: 2%
- Neteller: 3.49%
- Visa/Mastercard: Up to 3.99%
- Swift: £4.66 / €5.50
Other fees include a 2.99% Skrill-to-Skrill money transfer charge, which drops to 1.45% for verified accounts. The firm also charges a 1.5% foreign exchange fee for currency conversions made using a wallet that is not denominated in euros.
Another important fee to remember is a monthly 5-euro cost that will be charged to accounts which remain inactive for more than 6 months.
Skrill is an established company that has all the security features you would expect from a reputable financial services brand.
Account holders with registered and verified mobile phone numbers will receive authentication codes via SMS when making transactions, and binary options traders can also benefit from two-factor authentication.
Additionally, the company follows standard security measures to reduce the risk of phishing scams and will never send customers any communications asking for personal information.
Skrill is also a safe way to transfer money to registered merchants, as you can contact customer support to step in if a business fails to provide you with the goods or services you purchase. This means you can feel safe sending cash to binary options brokers that accept Skrill. However, since payments to personal accounts are final and irreversible, the firm will not be able to intervene if you have any complaints about such transactions, so you should be particularly careful about sending money in this manner.
The brand offers a range of customer support options, including an email contact that promises responses within 48 hours, a contact number that is available during working hours, and a chatbot. A 24/7 live chat support option may also be available to binary options traders who move a lot of money through Skrill and have signed up for the VIP service.
Benefits Of Skrill For Binary Options Traders
Pros of binary options brokers that accept Skrill include:
- Cheap currency conversion rate
- Accepted by a wide range of binary brokers
- Free to make certain transfers and to receive funds
- Most methods for funding Skrill accounts are low-cost
- Access to a large range of currencies and cryptocurrencies
- Can be used for a broad range of payments besides binary options trading
- Instant deposits with registered Skrill binary options brokers
- Reputable service with good security
Drawbacks Of Skrill For Binary Options Traders
There are also some downsides to Skrill binary brokers:
- Currency conversion fees for non-euro accounts
- Some funding methods such as Paysafecard are expensive
- Lacks reward bonuses such as free money vouchers or cashback
- Monthly inactivity fee for accounts that remain idle for 6 months
- A high volume of transactions is required to unlock the full features of VIP status
- It is often easier to use debit or credit cards than to find binary options brokers that accept Skrill
How To Make Skrill Deposits & Withdrawals To Binary Options Brokers
If your binary options broker is registered with Skrill, making deposits and withdrawals is a simple process. Most online brokers that accept this payment method will display the purple logo on their website.
To deposit money with Skrill binary options brokers, simply go to their “finance” or “cashier” tab and enter the amount of cash you want to send. You can also usually choose any deposit bonuses your binary options broker offers at this stage.
When you select Skrill as your payment type and click to deposit funds, you should be taken to a login page. Once you have input your sign-in details and accepted the transfer, the money should arrive in your binary options brokerage account nearly instantly.
Withdrawing funds follows a similar process, with traders first entering the amount they wish to withdraw on their binary options broker’s “cashier” or similar page, then selecting Skrill from the list. You may also need to input the email address registered with the payment brand.
Note that while deposits are usually instant, withdrawals can take several days to be approved by Skrill binary brokers.
Skrill is a payment option for binary options traders that is fast, affordable and secure, and it offers a range of other services besides money transfers. Account holders benefit from access to various currencies and cryptocurrencies through their membership, and in some cases, they can send and receive money for no fees and even convert currency at a good rate. Additionally, the brand’s popularity means it has been adopted widely, and you can find many binary options brokers that accept Skrill deposits.
See our list of the best Skrill binary options brokers to start trading today.
Is Skrill A Good Deposit Method For Binary Options Traders?
Skrill is a well-established and reputable payment method that works as a digital wallet, a currency conversion service and a cryptocurrency purchasing point.
Since the firm offers money transfers at a low cost and is secure, reliable and fast, it is worth considering when you need to fund your binary options brokerage account.
Moreover, the solution is widely used and has a good customer base and ample support from merchants, meaning there is a decent number of binary options brokers that accept Skrill deposits.
How Do You Use Skrill For Binary Options Trading?
The first step to funding your binary options account using Skrill is to make sure you have signed up for the payment method and deposited funds in your account.
The best way to load funds with Skrill is either through a bank transfer or using a debit or credit card, as you will not be charged for this. Additionally, it helps if you can fund your account using euros since this is the base currency the service uses.
Once you have a verified payment account with sufficient funds in it, make sure you are registered with binary options brokers that accept Skrill. If this is the case, you can easily make a deposit by going to the binary broker’s funding page and following the instructions. Withdrawals will follow a similar process.
Is Skrill A Cheap Deposit Option For Binary Options Traders?
There may be cheaper options for funding your binary options brokerage account than Skrill, but this can certainly be a low-cost solution if you use it correctly. You can avoid some currency conversion fees if you use euros as your base currency, and you can use bank transfers for free deposits and withdrawals. In some cases, Skrill may also offer promo codes when you sign up, and this can provide a nice one-off bonus if you are looking for a new payment method.
Bear in mind, though, that you will also need to factor in any costs associated with Skrill binary brokers, so check their terms and conditions before signing up.
Is Skrill A Safe Way To Deposit Funds With Binary Options Brokers?
As long as you are trading with a legitimate binary options broker that is properly registered with Skrill, this payment method is just as safe as most alternatives. Make sure your payment goes to a registered merchant, and not a personal email address, to ensure that you have a chance to claim a refund if there is a dispute.
Also, be vigilant about emails that ask for personal details, since these could be phishing scams and Skrill will not send any legitimate emails asking for this information.
Is Skrill The Best Deposit Method For Binary Options Traders?
There is no single best payment method – it all depends on where you are located, which binary options broker you use and what your specific needs are.
Skrill can certainly be a cheap deposit solution for certain traders, and often outperforms PayPal and other payment methods on the affordability front.
However, you will need to make sure you can find binary options brokers that accept Skrill deposits. Use our list of the top Skrill binary brokers to find a suitable platform.