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Skrill is a digital wallet provider and payment gateway that offers a wide range of online payment and money transfer services. Launched in 2001 under the name Moneybookers, Skrill has established itself as a popular platform for both personal and business transactions, enabling users to send and receive money, make online purchases, and access prepaid card services. Skrill is known for its accessibility in over 200 countries and in 40 different currencies, making it a favored choice for international transactions and for users looking to manage money in multiple currencies.
Skrill Binary Brokers
| Broker | Min. deposit | Min. trade | Regulated | Bonus | Demo | Mobile App | Visit |
|---|---|---|---|---|---|---|---|
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$10 | $1 | No | No bonus | Yes | Yes | » Visit |
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$5 | $1 | Yes | No bonus | Yes | Yes | » Visit |
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$10 | $1 | Yes | 50% deposit bonus | Yes | Yes | » Visit |
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$10 | $1 | No | 10% cashback | Yes | Yes | » Visit |
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$10 | $1 | Yes | 100% deposit bonus | Yes | Yes | » Visit |
(General risk warning: your capital can be at risk)
How Skrill Works
Skrill functions by allowing users to create a free account, to which they can add funds via bank transfer, credit or debit card, or other payment methods like Bitcoin. Once funded, the Skrill wallet can be used to make payments to any recipient who has an email address, pay for goods and services at merchants accepting Skrill, or transfer funds to other Skrill accounts and bank accounts globally. Users can also apply for a Skrill prepaid Mastercard, which can be used to withdraw funds at ATMs or make purchases in-store and online wherever Mastercard is accepted. Skrill emphasizes security with SSL technology and two-factor authentication to protect user data and transactions.
Transfer Processing Time
The time it takes to process transfers with Skrill varies depending on the type of transaction. Transfers between Skrill accounts are instantaneous, allowing users to send and receive money in real-time, which is particularly beneficial for urgent transactions. When withdrawing funds to a bank account or credit card, the processing time can take from a few hours up to several business days. The exact time can vary based on the recipient’s bank policies, the specific country, and the currency involved. Skrill strives to facilitate quick transactions, which is one of the features that makes it attractive to users who need to move money efficiently across borders.
Using Skrill to fund a binary options trading account offers a secure, efficient, and widely accepted payment method, especially beneficial for traders who appreciate quick financial transactions.
Pros and Cons of Using Skrill
Pros:
- Wide Acceptance: Skrill is widely accepted by binary options brokers globally, offering a convenient option for traders around the world.
- Instant Transfers: Provides instant deposit capabilities, crucial for traders who need to quickly fund their accounts to capitalize on market opportunities.
- Low Transaction Fees: Skrill typically offers lower transaction fees for deposits and withdrawals compared to other e-wallets and banking methods.
- High Security: Implements robust security measures, including encryption and two-factor authentication, to protect user accounts and transactions.
Cons:
- Withdrawal Fees: While deposit fees are competitive, withdrawal fees can be higher, particularly for non-VIP members.
- Account Verification Process: Skrill requires a detailed account verification process that can be time-consuming and requires substantial documentation.
- Currency Conversion Costs: Skrill charges fees for currency conversions, which can be significant depending on the amount and currencies involved.
- Restrictions in Some Countries: Skrill is not available in certain countries, and even in countries where it is available, some features may be limited.
How to Fund a Binary Option Trading Account with Skrill
Funding your binary options trading account with Skrill is straightforward and involves the following steps:
- Log Into Your Trading Account: Sign into your binary options trading platform and navigate to the deposit or cashier section.
- Select Skrill as Your Payment Method: Choose Skrill from the list of available payment options.
- Enter the Deposit Amount: Specify how much money you wish to deposit.
- Provide Your Skrill Account Details: Input your Skrill email address and confirm any additional authentication required by Skrill.
- Authorize the Transaction: Confirm the payment details and complete the transaction. You may need to log into your Skrill account to approve the transfer.
- Confirm Deposit and Start Trading: The funds should be credited to your trading account almost instantly, allowing you to start trading immediately.
FAQ
Is it safe to use Skrill for funding trading accounts?
Yes, Skrill uses advanced security technologies to ensure the safety of transactions and protect user data.
What fees are associated with using Skrill for deposits and withdrawals?
Skrill charges fees for transactions, which vary depending on the type of transaction and the user’s account status. It’s advisable to check the exact fees on Skrill’s official website.
How quickly can I access my funds after depositing with Skrill?
Deposits made through Skrill are usually instant, meaning you can access your funds and begin trading almost immediately.
Can I withdraw my trading profits to my Skrill account?
Yes, most binary options brokers that support Skrill for deposits also allow withdrawals through Skrill. Always check the withdrawal options and conditions with your broker.