Compare the best brokers to trade forex with Skrill
Skrill can be a fast and convenient way to trade forex, especially for people who already use Skrill to make everyday purchases. This guide will take you through the pros and cons, and let you know the best forex brokers that you can use to trade forex online with Skrill.
Here are the best forex brokers that accept Skrill
When searching for the best forex brokers that accept Skrill, consider multiple factors, such as ease of use, fees, and security. We’ve compiled a list of the top forex brokers that accept Skrill as a method of payment, along with the top qualities offered by each of these online Skrill forex brokers:
What is a Skrill forex broker?
A forex broker is a service that allows you to trade one foreign current for another. Skrill is an e-wallet platform that enables its users to make payments and money transfers online for a variety of goods and services, including forex trades. A Skrill forex broker is a broker that allows you to trade forex with Skrill.
Pros and cons of trading forex with Skrill
When deciding if you should trade forex online with Skrill, consider these benefits and drawbacks:
- Fast. Skrill forex purchases often happen within a matter of minutes. So if you already have a Skrill account, you can start trading forex online almost immediately.
- Easy to use. Once you’ve linked your Skrill account to your forex account, buying forex with Skrill becomes a simple process, requiring only a few quick steps.
- Low fees. Typically fees are relatively low when funding a forex trading account from your Skrill wallet.
- Not universally accepted. While a fair number of online forex brokers accept Skrill as a payment method, many forex brokers still won’t.
What are the fees and commissions when using Skrill to trade currencies?
The fees and commissions that come with trading forex with Skrill aren’t high, with transactions generally costing only a couple of pounds. But you may still have to pay up though, as Forex brokers take their biggest cut in the form of the spread offered between the bid and ask prices of the currency pair that you want to trade.
Make sure to look for forex brokers that offer smaller price spreads when trading forex online.
What to look for in an FX broker that accepts Skrill
If the forex brokers you’re considering accept Skrill, the next step is to make sure they offer great trading service. Consider these factors when choosing a broker that accepts Skrill for online forex trading.
- Reasonable price spreads. A Skrill forex broker that offers reasonable price spreads can save you a lot of money over time, especially if you trade forex online frequently.
- Variety of forex trading options. Some of the most popular forex trading options include spread betting, futures, and contracts for difference (CFDs). Look for a Skrill forex broker that offers numerous different trading options if that’s a priority for you.
- Number of currency pairs. Some of the most commonly traded currencies on forex exchanges are the British pound (GBP), US dollar (USD), and the euro (EUR). However, there are many more currencies that forex brokers can help you trade, so look for a Skrill forex broker that offers a large number of currencies and trading pairs.
- Security. A high level of security is essential when choosing a Skrill forex broker to handle your online forex trades. You do not want your financial or personal data to become vulnerable or compromised.
- Great customer service. The best Skrill forex brokers offer fast, helpful, and responsive customer service – sometimes even on a 24/7 basis. That’s a big plus for beginner forex traders who may have more questions about online forex trading.
Is forex trading with Skrill secure?
Trading forex with Skrill is usually secure. That said, do your research to ensure that the Skrill forex broker that you select offers the highest levels of security. Look for robust encryption features that protect your personal and financial data, and also check what bodies your selected broker is regulated by.
Our Skrill forex broker guides and reviews highlight some of the forex brokers that get the highest marks for security, and will help you make the right choice.
Do I need to provide ID when using a Skrill forex broker?
Most likely, yes. Forex brokers tend to follow KYC (Know Your Customer) guidelines. That means you may be asked to provide certain pieces of personal and financial information, as well as some form of identification.
How to fund your currency trading account with Skrill
Different forex brokers may have slightly different procedures for making trades, but most forex brokers follow a similar general framework of steps when it comes to the funding process. Once you’ve set up your Skrill account, you can start trading forex online with a Skrill broker by following these steps:
- Find the payments page on your forex broker’s website or app.
- Select Skrill as your preferred payment option.
- Enter your Skrill account information.
- Enter the amount you want to deposit into your forex trading account.
- Click confirm.
This depends on your choice of forex broker. British pounds, US dollars, and euros are the most popular foreign currencies on forex markets, and are offered by just about every Skrill forex broker. Japanese yen, Canadian dollars, and Australian dollars are also popular options offered by most online forex platforms. Some Forex brokers offer dozens more currency pairs that you can trade online in a variety of ways.
Yes, there often are limits on how much you can trade with Skrill, as different forex brokers may impose significantly different limits for both deposits and withdrawals. On the plus side, many forex brokers will let you increase your trading limits once you’ve executed a certain number of forex trades on a forex trading platform.
Our forex broker guides can narrow down your search for an ideal forex broker, using trade limit size as one of your search criteria.
Some of the other forex payment methods that you can use to trade forex online include:
- Credit card
- Debit card
- Bank transfers
- Apple Pay
- Google Pay
Forex trading is the act of exchanging the fiat currency of one country for the fiat currency of another, in what’s called a currency pair (for example USD/EUR). The goal is to correctly predict the trading direction (up or down) of one currency against another, resulting in a profit. Due to their large scope and reach, forex markets are the largest and most liquid in the world.
You can keep up with the foreign exchange market right here on this site. We publish a wide array of forex news updates and analysis, as well as forex trading guides that help you develop winning forex trading strategies.
Here are some of the currency pairs most commonly offered by Skrill forex brokers:
If you’re looking for a wide range of currency pairs, do your research to find out how many more currency pairs are offered by different forex brokers.
A typical charge for a currency exchange is around 1% of your trade amount. But currency exchange charges can sometimes vary, so choose an online forex trading platform that offers attractive rates.
Start here on Invezz. We offer a wide range of educational tools and how-to guides that will help you learn how to succeed at forex trading.
You should also consider trading forex on a practice basis using a free demo account. Some forex exchanges offer the ability to make practice trades in real time, without venturing any actual money. That way, you can learn the ropes before you can consider taking a real risk.
Skrill is an e-wallet platform that enables users to make payments and money transfers online for a variety of goods and services, including forex trades.
The Financial Conduct Authority (FCA) is the regulatory body responsible for monitoring the activities and integrity of the forex market in the UK. The FCA is funded by UK financial services companies, including forex brokers.
In the United States, the National Futures Association develops rules and services to ensure that the forex market runs smoothly, while also protecting against potential scams. The Commodity Futures Trading Commission (CFTC) serves a similar role.
That depends on where you want to trade forex. Different countries have different regulatory bodies that oversee forex trading. Do your research to see how robust the regulatory laws are where you live.
Trading forex with Skrill can be a good choice for beginners, especially those who are already comfortable with Skrill as a payment services option. But there’s no need to rush into anything. Consider venturing just a small amount of money to forex trading when you’re just starting out; you can always put up more once you’ve gained experience.
- 1. Compare the best brokers to trade forex with Skrill
- 2. Here are the best forex brokers that accept Skrill
- 3. What is a Skrill forex broker?
- 4. Pros and cons of trading forex with Skrill
- 5. What are the fees and commissions when using Skrill to trade currencies?
- 6. What to look for in an FX broker that accepts Skrill
- 7. Is forex trading with Skrill secure?
- 8. Do I need to provide ID when using a Skrill forex broker?
- 9. FAQs