Skrill is one of the most widely used electronic payment systems in the Forex industry, especially among international traders. Previously known as Moneybookers, Skrill was founded in 2001 in the United Kingdom and is now owned by Paysafe Group, a major global financial services provider that also operates Neteller.
What Is Skrill?
Skrill is an online payment platform that allows users to:
- Deposit funds
- Withdraw money
- Transfer money internationally
- Make online payments
Skrill does not issue its own digital currency, but users can hold balances in multiple fiat currencies, which makes it convenient for Forex trading and cross-border transactions.
How Is Skrill Used in Forex Trading?
In the Forex market, Skrill is commonly used to:
- Deposit funds into trading accounts
- Withdraw profits from Forex brokers
- Transfer funds quickly between accounts
Many international Forex brokers support Skrill due to its fast processing times, high security standards, and global availability.
Skrill Account Verification
To unlock full functionality, Skrill requires mandatory account verification (KYC). This can be completed by verifying:
- A bank card
- A bank account
- A residential address
✅ Verification increases transaction limits and enhances account security.
Skrill Fees
Skrill charges fees for certain services, including:
- Sending money
- International transfers
- Currency conversion
While fees do apply, they are generally reasonable for active Forex traders, especially those who value speed and reliability.
Advantages and Disadvantages of Skrill
Advantages
- Fast deposits and withdrawals
- High security and fraud protection
- Widely supported by Forex brokers
- Available in most countries worldwide
Disadvantages
- Transaction and conversion fees
- Mandatory identity verification
- Less popular than PayPal in some regions
Is Skrill Safe?
Yes. Skrill is a regulated and legitimate payment system, operating under UK and European financial regulations. Transactions are not anonymous, and strong anti-fraud measures are in place, making Skrill suitable for professional Forex trading.
How to Open a Skrill Account
You can register for a Skrill account directly on the official website: 👉Skrill
Conclusion
Skrill is a reliable and efficient payment solution for Forex traders, particularly those who trade with international brokers. If you are looking for a fast, secure, and widely supported payment method, Skrill is a strong option to consider.
