If you are currently active in the forex trading community, it is very likely that you have heard of the phrase Skrill forex brokers. It’s also very likely that you have wondered what it is. Is it a new kind of forex trading strategy used by brokers these days? Is it a new trading platform that can maybe boost your chances of making profits in the forex market? Well, it might be a bit of an anticlimactic answer but it is actually just regular forex brokers that use Skrill as a means of online fund transfer.
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Skrill is an online payment system that allows for the fast, easy and convenient transfer of funds over the Internet, pretty much like PayPal. It was originally founded exactly 20 years ago in 2001 in the United Kingdom but its original name was Moneybookers. Back then, most of the transactions handled by the system were for the purposes of e-sports and online gambling.
In 2011, the company was rebranded as a more comprehensive digital wallet that you can use for the safe transfer of funds for just about any purpose. It was also at this time that it was given the new name of Skrill. You just need to create a Skrill account using your email address and a password, link your accounts, and easily cash in or withdraw funds as you need.
As mentioned, Skrill forex brokers are simply ordinary forex brokers that offer their subscribers the option of using Skrill as a method of funding their account. They are called such because Skrill is such a remarkable payment system compared to many of the other digital wallets out there. Brokers have realized that as a Skrill forex broker, it is much easier to attract new traders than if they just call themselves plain forex brokers.
So what is all the hoopla about Skrill forex brokers anyway? As a trader, why make the extra effort to look for one instead of just signing up with any brokerage firm? Here are some really good reasons why.
Many other online payment entities charge a transaction fee every time you make a deposit or withdrawal, which traders have to pay on top of the fees charged by the broker itself. Skrill charges no such fees regardless of how often or how much you are transferring. The only fee you need to worry about with Skrill forex brokers is the monthly maintenance fee, which is minimal at most.
There is virtually no waiting time when you transfer funds through Skrill. So if you are on the edge of a critical trade, you will be able to make the transaction with just a couple of clicks.
With Skrill, it is easy for traders to see all their transactions whenever they need to. With just a click of a button, all your past transfers can be viewed, allowing you to easily analyze your cash flow and trading strategy.
Skrill offers a multitude of privileges for their users that hold a VIP package. Skrill forex brokers make the most of this Skrill VIP package to pass on special rewards to their most active traders.
A growing number of brokers today are accepting Skrill, and here are the most highly recommended as of today.
With regulations from FCA, CySEC, IFSC and many other international entities, XTB is one of the most highly trusted Skrill forex brokers today. They have their own proprietary xStation 5 trading platform and also offer both an STP and Market Maker trading desk.
This broker was established in 2005 and is one of the leading brokers for forex and CFDs today. Their head office is in Australia and is regulated under both ASIC and CySEC. They offer extremely competitive spreads on currency pairs and have superior customer support.
IC Markets is an NDD broker, which allows for rapid trade executions at commission-free trading. Their trading platforms are topnotch both on the web and on mobiles. They are regulated by ASIC, CySEC and the Seychelles FSA. IC Markets also has an astounding collection of educational tools and resources for traders.
Spreads are very tight at Plus500. For the seasoned trader, the advanced tools for risk management are very useful. Plus500 is licensed under a long list of top-tier regulatory bodies including FCA, ASIC, CySEC, MAS, FSB and ISA.
Last but not least, FXTM rounds up our list of top 5 Skrill forex brokers because of their very competitive spreads, particularly in the foreign currency pairs. They offer more than 250 tradable investments, including more than 50 currency pairs. They also give up to 1000:1 leverage. Based in Cyprus, FXTM is controlled by CySEC, as well as the IFSC and the FSC.
When searching for a forex broker, one of the important considerations is the method of fund transfer that they allow. Skrill forex brokers make use of the Skrill online payment system, which comes with multiple benefits that traders can definitely enjoy.
It’s not very hard to learn about Skrill forex brokers and understand what makes them different from other brokers in the forex trading community. Here are some questions people are asking about them along with some quick and simple answers.
They are forex brokers that include the Skrill e-commerce payment system as one of the accepted methods of fund transfer.
Yes, some of these benefits include not having to pay transaction fees, experiencing very fast transfers and getting to use a platform with complete transparency.
In addition to the security measures enforced by the broker, Skrill also has its own ironclad security system, doubling the protection that traders can enjoy.
No, if you want to enjoy the benefits of using Skrill, you have to choose your broker very carefully because many of them actually do not yet accept this means of fund transfer.
Skrill can accommodate more than 40 currencies but for the purposes of funding your forex account, the currency will be permanently set to the currency that you use for your first transaction.