Skrill is one of the established players in the digital wallet industry. Skrill came on the scene in 2001. It is a reputable payment system with widespread acceptance and domination of the online gaming, gambling, forex, and binary options trading industries.
The major plus points of the e-currency are its low transaction fees, provision to file disputes, and ease of making transactions. Skrill also has a branded debit MasterCard that a user can connect to his or her account for effortless on-the-go transactions and withdrawals from ATMs.
Skrill: About the Company
Moneybookers was the previous identity of Skrill. Rebranding to the catchier Skrill started in September 2011. Skrill Limited, a UK-based company with FSA Registration Number 900001, owns and operates the Skrill payment system.
Skrill currently has 700+ employees, offers its services to 36+ million customers, processes payments for 160,000+ merchants, and operates in 200 countries, including the U.S. The U.K. Financial Conduct Authority regulates and supervises the operations of Skrill.
Currently, the Paysafe Group is the parent company that owns Skrill, NETELLER, and Paysafecard (formerly Ukash, a UK-based electronic money system).
Top 3 Best Skrill Binary Options Brokers
24Option
Year Founded: 2008
Minimum Deposit: $250
Minimum Tradable Amount: $25
Payout Rate: 65% to 71%
Number of Assets: 200+ Assets
Banc de Binary
Year Founded: 2009
Minimum Deposit: $250
Minimum Tradable Amount: $1
Payout Rate: 60% to 91%
Number of Assets: 190+ Assets
StockPair
Year Founded: 2010
Minimum Deposit: $250
Minimum Tradable Amount: $20
Payout Rate: 75% to 85%
Number of Assets: 110+ Assets
Best Skrill Binary Options Brokers that Accept U.S. Traders
CTOption
Year Founded: 2010
Minimum Deposit: $250
Minimum Tradable Amount: $5
Payout Rate: Up to 80%
Number of Assets: 100+ Assets
The Ease of Using Skrill
To use Skrill for payments, you only need an email address and a password, both of which you could easily recall offhand. This is easier than having to enter 16 unique numbers, an expiry date, name, and CVV codes as you would with debit/credit cards.
After making withdrawals from your broker, you could use easily transfer your funds from your Skrill account to a credit card or bank account.
Deposits from and withdrawals to your Skrill account are instantaneous.
Skrill: Fees
Skrill has some of the lowest fees in the digital wallet industry. After opening your account, you can actually move money into your Skrill wallet from your Bank Account or using your Maestro card at no extra cost.
When you have funds in your Skrill account, you can then fund your Binary Options Broker easily, paying only 1% of the amount you are sending in fees. Skrill has a cap of $10 or £8.60 as the maximum amount of fees you could pay per transaction.
For example, if you deposit $250 in your newly created 24Option account using Skrill, you would pay a fee of only $2.5. However, if on a later date, you deposit $10,000 in your account, you would only have to pay a $10 fee, instead of $100 (1% of $10,000).
While sending money has a near-negligible fee attached, when you withdraw your earnings from your broker via Skrill, you pay zero fees. Receiving money on Skrill is FREE.
How to Deposit on a Skrill Binary Options Broker
Steps
- Choose your preferred Binary Options Broker that accepts Skrill
- Create and log in to your account with the Broker
- Navigate to the “Deposit” section
- Amongst the payment methods available, select Skrill, and input the amount you intend to deposit
- In the next page that loads, enter your Skrill username (email), password. Afterwards, click “deposit.” Wait for a success message that signifies your broker account has been successfully credited.
Skrill: Safety
The parent company of Skrill Limited is the Paysafe Group. Paysafe is a digital payments conglomerate that also operates the NETELLER payment system, operates out of the Isle of Man, and regulated in the United Kingdom by the Financial Conduct Authority.
Paysafe is a leading global provider of payment solutions with $613.5m in revenue in 2015 and $487m in revenue in the first half of 2016. Paysafe Group is listed on the London Stock Exchange and the FTSE 250 Index.
Furthermore, Skrill offers high-end security standard—two factor authentication. This authentication increases the security of your account by enabling a physical token to generate unique codes whenever you log in to your Skrill account.
This way, even if a hacker has your email address and password (a scary prospect), he or she would be unable to enter your account still. The hacker would need access to your token, which he or she is unlikely to have since the token would physically be in your possession.
Alternatives To Skrill: Skrill Versus PayPal
The rivalry between Skrill and PayPal is strong. However, they mostly target different markets. PayPal is not very welcoming of merchants in the Binary Options, Forex, and Gaming markets.
However, Skrill is the antithesis, even offering exclusive deals from select merchants in these industries on their website.
In theory, Skrill and PayPal are mostly the same. They are digital wallets. You can upload money to and withdraw money from your account using cards or bank accounts. In addition, you can send money to and receive money from other users of the service.
You only need an email and password. Transactions are fast, secure, and safe.
Nonetheless, Skrill has select advantages over PayPal:
- Fees for sending and receiving money on Skrill are lower than on PayPal
- Skrill offers two-factor authentication for every user, regardless of nationality. PayPal offers this feature selectively to its users (users from some Eastern European countries do not have the feature).
- Skrill supports 40 currencies. PayPal supports only 25 countries
- Skrill supports more currencies on their branded debit card (USD, EUR, GBP, and PLN). PayPal supports only two currencies (USD and EUR).
- Debit cards and complete service support is available for more countries on Skrill than on PayPal