Binary Options Brokers that accept Skrill for deposits and withdrawals

Before we start, let’s start with a basic rundown of Skrill.

Skrill, like PayPal, is an online payment processor. Moneybookers was the name of the company when it was launched in the United Kingdom in 2001. 

Moneybookers had grown to a value of £365 million by 2009, and they declared that they would be providing services to all clients and businesses, not only those involved in gambling and e-sports.

The company stated in 2011 that they would be renaming as Skrill. There isn’t a solid reason why they changed their name.

Skrill, which had been rebranded, bought Paysafecard, an Australian prepaid card program, in 2013 and was later acquired by CVC Capital Partners. They joined with Neteller, one of their biggest competitors, in 2015.

Digital wallets are the quickest way to deposit/withdraw cash for binary options trading. Skrill, one of the most renowned e-wallet, has also been a part of this line for a long. But, what are the best binary options broker that accepts Skrill for deposits? Let’s find out below.

Benefits of using Skrill as a digital wallet for Binary Options

There are many benefits one can avail by using Skrill on any binary broker for deposits. Some of them are as follows:

#1 Apps with transaction support

You’ll adore Skrill if you’re an app developer.

An add-on feature for why you should use Skrill is its microtransactions on its app version.

This is especially common for gambling apps, but you may also utilize it for games, business apps, and any other app you’re working on.

This is a terrific approach for users who don’t have Skrill but have your app to make mobile payments.

#2 Seamless online retailer integration

Skrill is a payment option on many third-party platforms where you can build an online store.

Do you want to open an online store? Take a look at this!

This is yet another option for accepting payments from consumers who do not have a Skrill account.

#3 Checkout with a single click

Skrill is how convenient for your customers? It’s as simple as pressing a button.

Anyone who uses Skrill digital wallet can transfer funds to their binary options account with a single click.

This level of efficiency is critical in today’s fast-paced world for maintaining customers.

#4 Payments that recur

Skrill also supports recurring payments, which is a nice feature.

No, the phone provider or the power company will not take Skrill payments. However, gambling websites, as well as a large number of pornographic websites, will be affected.

Recurring payments are supported by most payment services, but no one else will allow you to deal with these types of organizations, to begin with.

#5 Payments in bulk

Skrill is beneficial if you send out large amounts of money on a regular basis.

Assume you need to send multiple identical payments to various recipients. Contractors, employees, or vendors could be involved.

Skrill allows you to make payments in batch, i.e., all at once. The platform also provides its users with the flexibility to make transactions one by one.

How many currencies does Skrill support?

Skrill presently accepts payments in over 40 different currencies around the world. We were also surprised to hear that they get cryptocurrency transactions.

You can use Skrill along with your other trading bank account. The facilities are so flexible that for deposit/withdrawal on any binary options, you can use Skrill cards in the following currencies:

  • US Dollars
  • Polish Zloty
  • British Pounds
  • Euros

Do you still wish to delve into the depths? Let’s keep going.

Is Skrill a reputable E-Wallet company?

Before we get into the features of Skrill, let me tell you about what we have learned about the company.

Skrill has been registered with the Financial Conduct Authority in the United Kingdom since its inception. The FTSE 250 index includes their stock.

They also hold a European e-Money license, allowing them to operate anywhere outside of the United States. 

This company is legally licensed in all of the 50 states of the USA.

Skrill is, in fact, a reputable company. But there’s still more to discover.

So, what are you supposed to be worried about?

Skrill’s reputation problems date back to when they were solely a casino payment processor. Gambling is a risky profession, and even the most trustworthy bookies will encounter disgruntled consumers.

We are willing to overlook any negative evaluations from their Moneybookers days.

Let’s take a peek at what their present consumers have to say about them.

Skrill has a lot of unfavorable ratings on trustworthy websites right now. They have a C rating from Cardpaymentoptions.com and a B rating from the Better Business Bureau.

However, most of the customer-authored Skrill evaluations we have read didn’t seem genuine and were poorly written, leading us to conclude that US and UK clients are generally satisfied with its service.’

What was the source of the dissatisfied customers’ dissatisfaction?

We’ll go into more detail about this when we discuss security, but we believe these issues stem from Skrill’s need to verify their clients’ identities.

This is easy to do in Western countries, which may be a significant source of trouble for its consumers.

While some consumers were dissatisfied with Skrill’s identification verification methods, we found them to be helpful. They protect their users by ensuring that persons are who they claim to be.

Skrill is, without a doubt, a legitimate company. However, before you sign up for Skrill, you should familiarize yourself with their fees.

How much do Skrill fees cost?

To start trading on Binary options, one has to make a proper account on Skrill, but another prevalent gripe is that Skrill’s fees are costly. But is this claim genuine? Let’s dive into facts.

Since Skrill is a big name in the digital wallet industry, anyone would think it off as a ridiculous complaint. Let’s say you receive money through your Skrill account. Your transaction cost will be 1.9 percent of the payment + €0.29 (about $0.33 at today’s exchange rates). This is similar to how PayPal works.

So, what’s the big deal? 

The chargeback fees are one of the primary reasons for dissatisfaction among users.

Skrill chargeback fees are €25 (about $28.36) as of February 2019. That’s a little more than PayPal’s $20 chargeback cost, but it’s not precisely extortionate. 

However, there is some relaxation too. Skrill doesn’t ask for any account setup fee, just like in Paypal.

So, where do these ostensibly hefty fees come from?

The charges are high for withdrawals which is a big complaint among Skrill users.

Withdrawals from Skrill cost $5.50 at the moment. If you’re withdrawing a tiny quantity of money, that’s a substantial fee. Even if you’re withdrawing huge sums, this is significantly more expensive than PayPal, with no withdrawal fees.

What about the international costs charged by Skrill?

As you can see, Skrill money transfers are free within the United States, but you may be charged if you send money outside. If your account is inactive, which means you haven’t made at least one payment in the past 12 months, you may be charged a $5 annual fee. 

But here is a catch: you will not have to pay the company if you close the account before it goes inactive. But make sure that you transfer your funds and every single penny to some other platform.

These costs are, for the most part, extremely affordable. When you start conducting international transfers and processing payments in foreign currencies, however, that changes. 

Those mentioned above “wholesale exchange rate” is provided by a third-party data provider (Reuters), and you will be charged an additional 3.99 percent. It may not appear to be a lot, but it all adds up.

What other charges does Skrill Levy?

Returns are charged $0.55, and accounts that have been dormant for more than 12 months are charged €5 (now $5.69) each month.

You’re probably wondering if loading funds is free at this point. No, that is not the case.

Unless you’re doing it from a checking account, there’s a cost for loading funds into your account. These fees range from 1% for Bitcoin deposits to 7.5 percent for deposits made with a Paysafecard debit card, which is perplexing given that Paysafecard is owned by the same firm.

Finally, merchants who pay less than €10 per month in transaction costs will be charged a special service fee. There is no information on the precise amount of the service fee, although it may be significant.

Let’s look at a real-life scenario to see how this all works out.

Let’s say you want to sell a $1,000 guitar. Then, Skrill would deduct the following charges from your account:

  • $19.29 transaction fee
  • $39.90 (if applicable) currency conversion fee
  • $5.69 withdrawal fee
  • $935.12 for takeout

As a result, you can end up paying $74.88 in fees. That’s quite pricey when compared to PayPal.

In a nutshell, the primary reason behind Skrill’s annoyance is their non-transparency regarding their fee layout and how it is reasonable.

To acquire all of the cost information, we gone through multiple reviews, and even then, no one appears to know how much the cost is for merchants who aren’t charged $11.34 per month, except for Skrill, whose answer is silence.

What are the countries that are supported?

Except for countries sanctioned by the World Bank or the United Nations, Skrill is authorized to process payments to and from every country on the planet.

This distinguishes them from their competitors, who prefer to play it safe by remaining in primarily developed countries.

How many loyal users does Skrill has?

You will be amazed to know that Skrill has a loyal user base of over 156,000 active merchants. By January 2019, the company recorded to have 32 million active users.

Is Skrill a safe and secure payment method?

Let’s take a look at security, which is undoubtedly your main issue.

Skrill has robust identity verification procedures in order to comply with US, UK, and EU banking rules.

What is the process of verification?

To verify your account for trading or non-trading purposes on Skrill, you have deposit funds. This can be either be done by bank to a bank transfer, debit card, or Bitcoin.

In most cases, that’s enough for proof, although we’ve heard of people being requested for images of their official ID or bills delivered to their homes.

If you reside in a country with poor infrastructure, this sounds like it could be difficult.

Identity verification cases appear to take anything from a few weeks to several months to be resolved, with consumers’ funds remaining in their accounts until then.

What about the use of encryption?

Skrill shines in this area. It outperforms the competition when it comes to hacker protection.

Not only that, Skrill employs 128-bit encryption and requires customers to perform two-factor authentication every time they log in.

Does Binary accept Skrill?

Yes, many binary options platforms accept Skrill as a medium to deposit and withdraw money and funds from their trading account.

To use Skrill as a digital wallet for binary options, you have to sign up on Skrill first.

Thus, to create a user account, follow this link to register with Skrill.

Once you click on the signup page, you will be redirected to a form to fill in your details like name, contact number, DOB, country name, etc.

After completing this process, you’re ready to depart.

What currencies does Skrill accept for deposits?

Skrill’s currency exchange fees have been a point of contention for most people, but we neglected to note that Skrill now takes over 40 foreign currencies, compared to PayPal’s 20.

Bitcoin Cash, Ethereum Classic, Litecoin, Ether, Bitcoin, XRP, and Ox are also acceptable.

The company outperforms the competition when doing business on a genuinely global scale and working with bitcoin.

How long does it take to add money for BO trading using Skrill?

The time taken to fund your Skrill account is determined by the method you choose. Bank transfers, for example, can take anywhere from two to five days to process, based on when and by which bank.

Meanwhile, payments by Rapid Transfer, credit card, Paysafecard, and debit card are all processed quickly, making this one of the slowest ways to fund your Skrill account. 

Which Binary Broker uses Skrill?

There are a lot of binary brokers that use Skrill. Some of them are as follows:

  1. IQ Option
  2. Olymp Trade
  3. Quotex
  4. Expert Option
  5. Binary.com
  6. Binomo and many more.

What is the best Binary Options broker that accepts Skrill?

As per our study and research, the most prominent BO broker that accepts Skrill is IQ Option and Olymp Trade that is used almost in all parts of the globe (except a few countries).

How to use Skrill on IQ Option?

Here is a detailed procedure for using Skrill on the IQ option to deposit/withdraw money.

#1 Make A Skrill Deposit

You’ll need to top up your Skrill account before making a deposit. You’ll need to log in and go to the Deposit tab to do so. Indicate the country you’re in and the currency you’d want to use. You’ll be able to choose your top-up method once you’ve completed this.

A note to remember- IQ Option doesn’t accept deposits via MasterCard for binary trading purposes.

You will not put that money into your IQ Option account because the platform is not a gambling service. To do so, you’ll need to use a different payment method. This is only true for MasterCard.

#2 Skrill to IQ Option Transfer

To deposit funds to your IQ Option account using Skrill, go to the deposit page at counting and select the deposit method.

Next, enter the amount you want to trade with. Remember, the minimum deposit limit of IQ Option is 10 USD. Once you complete this process, click on the “Pay Now” button.

You’ll be routed to the Skrill login page, where you may finish the payment by signing in.

#3 Withdrawals 

To withdraw your surplus on IQ Option, click on withdrawal, and you will be redirected to the withdrawal page.

From there, select Skrill listed in the Drop-down menu.

Finally, enter the amount you wish to withdraw (minimum 2USD) along with the associated mail ID linked to the Skrill account.

Check to see if your IQ Option account is confirmed; if not, you’ll need to supply the required documentation.

#4 Skrill Account Cancellation

Of course, once the funds are in the e-wallet, you’ll need to figure out how to get money out of Skrill. 

Click on the Withdrawal tab to withdraw your profit from the trading account to your bank account. You can also transfer the profit or the yield to your bank card. If not, you can use the sent tab to send the money to some other digital wallet.

The time for withdrawal depends on the method of withdrawal you choose. 

A bank card, for example, can take up to three working days to process.

#5 Process of Verification

You can go through the ‘verification process’ to boost the transactional volume allowed in your Skrill wallet.

You can find the Verification button by scrolling down from here. You can also use Facebook to complete a shortened version of the verification process.

If you don’t have a Facebook account, you can still confirm your identity using the Skrill mobile app or website.

You’ll be able to use a Skrill Pre-paid MasterCard after you’ve obtained confirmation, which you may get through the Skrill card tab.

#6 Skrill & IQ Option Fees

There are no fees for withdrawals or deposits from Skrill when using IQ Option. You can make commission-free deposits and withdrawals from your account. Though, Skrill does impose fees for deposits and withdrawals.

How to Use Skrill On Olymp Trade?

As you read above, how easy it was to use Skrill on IQ Option. A similar process is used in most of the platforms to deposit/withdraw money using Skrill. 

Perks of Using Skrill On Olymp Trade

There are a few benefits of using Skrill on Olymp trade stated as follows:

Fees for Skrill Transfers On Olymp Trade

Skrill Money Transfer is a free service that lets you send money to a bank account instantaneously.

In all other cases, money transfers will cost between 1.45% and 5% of the payment amount, with the amount of the fee increases depending on the date of account opening; the more you use the system, the cheaper the transaction will be.

Additional Skrill Charges

There is no fee for using the Skrill payment system for personal purposes if the user has logged into their profile or made at least one transaction within a specific time.

Otherwise, Skrill will charge a EUR 5 or comparable service fee. The commission is withdrawn from the account balance on a monthly basis until it is reset.

#3 VIP Statuses On Skrill

Each Skrill payment system user can choose from four different VIP levels: Bronze, Silver, Gold, or Diamond. A user’s VIP status is determined by the number of deposits they make; the higher the number of payments, the greater the level and reward, and the better the charges for money transfers in the system.

Is Skrill worth it for Binary Options?

Skrill is a fantastic service for some people, but it may not be the best option for others. It all depends on your requirements. Take a look at these advantages and disadvantages to see if Skrill is perfect for you.

Pros: It is secure

Skrill is, as previously stated, extremely safe and secure. The platform is regulated by the Financial Conduct Authority that ensures very tight security and full enforcement of strict laws and regulations, making the platform a safe and reliable place to exchange money.

Pros: Widely Used By Masses

As mentioned earlier, approximately 40 million users use Skrill worldwide daily, which says a lot about the platform’s reliability.

Cons: Verification Can Be Time Consuming

The verification process has been criticized in many Skrill wallet reviews. These complaints are, for the most part, unjustified. 

After all, it’s the law, and the rules are in place to protect people and ensure a secure environment. However, if you run into a problem, it may take some time to handle it thoroughly, which becomes a problem.

You must produce a picture ID, such as a driver’s license or passport, as well as a utility bill as proof of address to complete the verification process.

Cons: Customer Service Is Limited

Skrill doesn’t have a Live Chat feature. Although a chatbot named Sofia is available, you will not be connected directly to a customer service representative. This is because this service is only for the current subscribers. 

If you want to chat over the live chat option, enter your registered email Id and sign in to the account.

Conclusion

Skrill believes in confidentiality. Even though the platform has partnered with many binary brokers, they have never made a compromise with their policies and the traders’ security.

Thus, one doesn’t have to worry about their confidentiality and personal account info when using it, as the platform doesn’t reveal anybody’s information to the broker in any scenario.

(Full a full list of the best Moneybookers-friendly binary options brokers, look further down this page.)

Broker:
Regulation:
Spreads & Assets:
Advantages:
The offer:
5.0/5
12345
IFMRRC
Return: 95%+
100+ Markets
  • Accepts international clients
  • Min. deposit $10
  • $10,000 demo
  • Professional platform
  • High profit up to 95%
  • Fast withdrawals
Live-account from $10
  Visit broker

(Risk warning: Trading is risky)

4.9/5
12345
CySEC
Return: 94%+
300+ Markets
  • $10 minimum deposit
  • Free demo account
  • High return up to 94%
  • The platform is easy to use
  • 24/7 support
Live-account from $10
  Visit broker

(Risk warning: Trading involves risk)

5.0/5
12345
IFMRRC
Return: 90%+
100+ Markets
  • Accepts international clients
  • High payouts
  • Professional platform
  • Fast deposits/withdrawals
  • Free demo account
Live-account from $50
  Visit broker

(Risk warning: Trading involves risk)

5.0/5
12345
Financial Commission
Return: 90%+
100+ Markets
  • Professional platform
  • Free demo account
  • $10 minimum deposit
  • Webinars and education
  • High payouts
Live-account from $10
  Visit broker

(Risk warning: Trading involves risk)

4.8/5
12345
Financial Commission
Return: 90%+
50+ Markets
  • Low minimum deposit $10
  • Easy platform to use
  • $1,000 demo account
  • Fast payouts
  • Free bonus
Live-account from $10
  Visit broker

(Risk warning: Trading involves risk)

Broker:
12345
Regulation:
IFMRRC
Spreads & Assets:
Return: 95%+
100+ Markets
Advantages:
  • Accepts international clients
  • Min. deposit $10
  • $10,000 demo
  • Professional platform
  • High profit up to 95%
  • Fast withdrawals
The offer:
Broker:
12345
Regulation:
CySEC
Spreads & Assets:
Return: 94%+
300+ Markets
Advantages:
  • $10 minimum deposit
  • Free demo account
  • High return up to 94%
  • The platform is easy to use
  • 24/7 support
The offer:
Broker:
12345
Regulation:
IFMRRC
Spreads & Assets:
Return: 90%+
100+ Markets
Advantages:
  • Accepts international clients
  • High payouts
  • Professional platform
  • Fast deposits/withdrawals
  • Free demo account
The offer:
Broker:
12345
Regulation:
Financial Commission
Spreads & Assets:
Return: 90%+
100+ Markets
Advantages:
  • Professional platform
  • Free demo account
  • $10 minimum deposit
  • Webinars and education
  • High payouts
The offer:
Broker:
12345
Regulation:
Financial Commission
Spreads & Assets:
Return: 90%+
50+ Markets
Advantages:
  • Low minimum deposit $10
  • Easy platform to use
  • $1,000 demo account
  • Fast payouts
  • Free bonus
The offer:

Moneybookers (now known as Skrill after a rebranding campaign) have stepped up to become an important method of electronic transactions in the financial markets, filling the void that has been left by companies like PayPal which still have severe geographical restrictions. Many countries are not covered by PayPal, but with Moneybookers stepping in to offer the same level of e-payment services (if not better), traders who wish to get fast access to their money or want to take quick advantage of a trading opportunity using an instant deposit method now have the chance of doing so. Moneybookers provides three levels of payment services that allow traders a wide variety of options when funding their accounts or withdrawing from them. These methods are as follows:

  • Moneybookers Digital Wallet: This is the conventional electronic payment service provided by Moneybookers. With this service, traders can move funds between their trading accounts and their Moneybookers accounts in both directions for the purpose of account funding and withdrawals.
  • Moneybookers Prepaid Debit MasterCard. This is a prepaid debit card specially branded by MasterCard for Moneybookers, and which are issued to Moneybookers account holders to enable them load money from their accounts to the card. The card can then be used to withdraw funds directly using an ATM where MasterCard is accepted, and to serve as a means of a credit card deposit method on the binary options trading account.
  • Moneybookers also provides third-party credit card processing services as well as processing for close to 100 other country-specific e-payment services in Europe such as iDEAL, GiroPay, etc.
Skrill official website

Use of Skrill on Binary Options Platforms

If you have a Moneybookers account, you can use this to fund your binary options trading account as well as withdraw funds from it. This can happen in two ways:

  1. Your broker may opt to integrate the Moneybookers e-payment system directly on their website, which allows you to fund your account and withdraw from it directly from your broker’s website. This is a more secure version of the transaction.
  2. You may be redirected to the Moneybookers site from a link on the broker’s site. When redirected, make sure that there is a padlock beside the Moneybookers URL and that there is a “https” as the web address prefix. These two precautions will prevent the trader from being defrauded by phishing sites.
  3. Some brokers will ask that you credit their Moneybookers accounts from where they will now credit your account. This is not unusual; bank wires are sent this way.

Best Skrill (Moneybookers)-friendly Binary Options Brokers

We now introduce you to a few Moneybookers-friendly binary options brokers that you can work with.

  1. Quotex.io
  2. IQ Option
  3. Pocket Option
  4. Olymp Trade
  5. Binomo

(Risk warning: You capital can be at risk)

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