Best Skrill Forex Brokers
At InvestinGoal, we adhere to strict standards to ensure an unbiased review process. We conduct our reviews by examining each broker’s offering and performance across 4 key categories. A final rating is produced for each forex broker based on a total of 187 data points. Learn more about our review process and methodology.
Skrill was established in 2001 as a digital wallet provider. It offers an array of money transfer and online payment services. The payment provider bridges the gap between online payment and speed.
This article enlightens individuals and organizations who seek knowledge about this payment provider, either for personal use or as a payment alternative to existing payment options for their customers or clients.
The article also throws light on the top 10 best Skrill forex brokers. However, if you want updated information about the Forex brokers, our article entitled Top 10 Best Forex Brokers did justice to that.
After a comprehensive study of the Skrill forex brokers, we came up with a detailed list of the top 10 brokers in the Skrill forex industry:
Table of contents
Top 10 Best Forex Brokers that accept Skrill
eToro
Thanks to its reputation as the most famous due to its social copy trading platform, eToro tops the list of the top 10 best Skrill brokers’ list. Its popularity can also be ascribed to its swift transaction process. The platform charges zero transaction fees as well.
New users must make a first minimum deposit of $200. The subsequent fees are just a fraction of that amount – $50. It is noteworthy that eToro accepts USD only. That’s its base currency. eToro users can only withdraw a minimum of $50. The platform will charge you $5 for each withdrawal you make.
Most trading platforms offer a demo account for new users to get to know the platform properly. eToro isn’t an exception. Its users can leverage its unlimited demo account to learn the platform’s operation mode and get to know it better.
AvaTrade
A leading Skrill broker, AvaTrade is a top European broker with a global customer base and appeal. The broker is one of the regulated platforms with a seal of approval from the business’ best regulatory bodies. A fast processing speed is one of AvaTrade’s selling points. Skrill is processed within 24 hours on AvaTrade and is fee-free.
Unlike eToro that requires a minimum deposit amount of $200, AvaTrade accepts a lower minimum deposit of $100. Thus, it comes as a cheaper alternative to eToro.
Although it offers a demo account, its demo account is for a relatively short period of 21 days only. That’s how much time you have to study and understand the platform before switching to the live account where you put your skills to use. On AvaTrade, traders are offered a fixed spread starting from 0.9 pips.
EasyMarkets
EasyMarkets is a well-regulated broker. No wonder that experts rate it as a very safe broker for traders. The broker is free and its superfast transaction processing period justifies its inclusion into the list of the best brokers in the industry. EasyMarkets will process your deposit transactions within 24 hours, while only two business days is the maximum processing period for withdrawals.
So, regardless of whether you are crediting your account or withdrawing your fund, rest assured that the trading platform will process your transactions without delay. A similarity between EasyMarkets and eToro is the unlimited demo account. You have enough time to study the platform and understand its operation mode to prepare for real transactions on real accounts.
For as little as $100, you can activate your EasyMarkets account. That’s the minimum deposit amount the trading platform requires. On EasyMarkets, spread starts from 1 pip while users have access to a huge range of account base currencies, enabling them to transact using any base currency of their choice.
FXTM
FXTM is a broker platform of repute. It has a copy trading proprietary platform and is the brokerage with the highest number of currency pairs. This broker supports more than 60 currency pairs for traders. The number of supported currency pairs is more than many other top brokers in the industry.
Transaction processing time is also fast on FXTM. The platform will process your transactions within 24 hours at no cost to you. It is also considered the best option for withdrawals since it doesn’t accept bank wires and debit/credit card transactions attract a transaction fee.
Thanks to its unlimited demo account, you have all the time in the world to get to know the platform better while you seize its very low spread starting from 0 pips to boost your earnings.
FXTM accepts one of the lowest minimum deposit amounts in the industry. With as low as $10, you can activate your account and start trading on the platform.
NAGA Trader
Naga Trader is a relatively new player in the industry. Nevertheless, the social trading platform offers several unique services that justify its inclusion among the best Skrill forex brokers.
Skrill’s processing is instant and attracts zero charges. Its users can also enjoy its unlimited demo account that allows them to better grasp of the trading platform for improved trading performance.
A clear distinction between this broker and its contemporaries is the no minimum deposit amount requirement. Users credit their accounts according to their financial powers. However, the broker implements a tier system with increasing rewards known as NAGA achievements to encourage traders to deposit sizeable amounts of money for transaction purposes.
As a Naga Trader user, you will get access to crypto and shares while taking advantage of the broker’s spread that starts from 1 pips. The incentives encourage more traders to use the broker.
HotForex
Two outstanding features of this Skrill Forex broker are its zero spread account and low-cost environment. The attributes have endeared the broker to scalpers, making it the top choice for this class of users. HotForex’s offering is dependent on the user’s jurisdiction. Thus, the offering may change from one location or jurisdiction to another.
The trading platform boasts of a fast-processing period too. Payments through Skrill are processed within 24 hours and are fee free. To understand the platform better, it offers traders unlimited demo account, another big plus for its users.
Its very low spread starts from 0 pips while its minimum deposit is $5. However, depending on the jurisdiction, the minimum deposit amount may be as high as $100 or more.
FXCM
FXCM’s wide reach is one of its outstanding selling points. It is among the few brokers that can boast of an extensive physical presence in most countries around the world. Offering instant and fee-free payments via Skrill, FXCM is an attractive broker for users across the globe.
It may take up to 48 hours to complete a withdrawal process on the platform. More so, the minimum deposit amount is dependent on the subscriber’s location. For instance, the minimum deposit is $50 for users in any part of the world, aside from the UK and EU-based clients who must pay €300 to use the platform.
Like most brokers discussed in this article, FXCM offers unlimited demo account as an avenue for potential users to get to know the platform better. FXCM’s spread starts from 0.6 pips.
XM
XM makes the list of the top 10 best Skrill Forex brokers, thanks to its reputation as one of the industry’s best regulated brokers. Its regulation by the best regulatory bodies is a pointer to its credibility. Brokers must tick all the boxes to be considered credible in the industry, and XM has a pass mark in that aspect.
Islamic traders can leverage XM’s offer to swap their free accounts for Islamic accounts without being charged an administration fee for the swap. Within 24 hours, XM processes payments through Skrill without charging the trader a processing fee.
XM is one of the cheapest Skrill Forex brokers with a minimum deposit amount of $5. Thus, if you are on a tight budget, you can check the broker out, especially taking advantage of its unlimited demo account to learn the broker’s mode of operation and other information that may aid your trading. The broker’s spread starts from 0 pips.
ActivTrades
ActivTrades has been in the Skrill Forex broking business for over 20 years. The experienced broker is also one of the most regulated trading platforms in the industry. While most of these brokers require potential clients to sign up with them before trading, ActivTrades allows such individuals to use its demo account for as long as 72 hours to learn about the platform, even without being duly registered with the platform.
However, ActivTrades’ prospective clients must be ready to meet its minimum deposit of $1,000 to access the trading platform and its numerous features.
ActivTrades processes payments via Skrill in just 30 minutes without charging the use a transaction fee. However, if you reside in the EU and are crediting your account from outside the EU, you will be charged a transaction fee of 1.5% of your deposit amount. ActivTrades’ spread starts from 0.5 pips.
IC Markets
IC Markets offers one of the lowest spreads in the industry. Users can expect instant Skrill processing when using the trading platform without worrying about a transaction fee. It is noteworthy that a transaction fee of $20 applies for every international withdrawal you make.
IC Markets doesn’t stipulate a minimum deposit amount. It also encourages more patronage through its unlimited demo account and spread that starts from 0 pips.
Skrill Forex Brokers Comparison
The top 10 Forex Brokers are listed above. However, you may be wondering how these brokers compare with each other.
The table below compares these brokers using deposit fee, deposit processing time, withdrawal time, and withdrawal processing time as the comparison parameters.
| Skrill Forex Brokers | Skrill Deposit fee | Skrill Deposit processing time | Skrill Withdrawal fee | Skrill Withdrawal processing time |
|---|---|---|---|---|
| eToro | $0 | Instant | $5 | Up to 2 business days |
| AvaTrade | $0 | Up to 24 hours | $0 | Up to 24 hours |
| EasyMarkets | $0 | Up to 24 hours | $0 | Up to 2 business days |
| FXTM | $0 | Up to 2 hours | $0 | Up to 24 hours |
| Naga Trader | $0 | Instant | $0 | Up to 2 business days |
| HotForex | $0 | Up to 10 minutes | $0 | Up to 10 minutes |
| FXCM | $0 | Up to 24 hours | $0 | Up to 2 business days |
| XM | $0 | Up to 24 hours | $0 | Up to 24 hours |
| ActivTrades | $0 | Up to 30 minutes | $0 | Up to 2 business days |
| IC Markets | $0 | Instant | $0 | Up to 5 business days |
How to Deposit Money with Skrill to your Forex Broker
Skrill users can deposit money with the payment platform with ease. The step-by-step guide below will help you when depositing money with the platform:
- Ensure that your Skrill account isn’t empty and has sufficient money for the transactions.
- Create a personal account with your chosen broker to enable you to make your deposit.
- After creating your account, go to the Payment section and select the Deposit option.
- Enter the amount you wish to fund your trading account and select Skrill from the available payment methods.
- After choosing Skrill, a new tab will open asking you to provide your login details – username and password.
- Confirm your identity by entering the correct password and username. Once you have access to your account, verify the transaction.
- As soon as you confirm the transaction, the trading account will display your funds almost instantaneously.
How to Withdraw Money with Skrill from your Forex Broker
To activate the Withdrawal option, you must have deposited money into your account via Skrill. On most brokers, you must withdraw through the same deposit method.
Once you are done with that, head to the Payment section and select “Withdrawal” from the options.
Enter the withdrawal amount and select Skrill. Entering the withdrawal amount will launch a new tab where you must provide your Skrill login details before you access your Skrill account.
While crediting your account is usually fast, the same can’t be said of the withdrawal process. It is a little slower than the deposit process and may take up to two business days before your withdrawal request is processed and enable you to receive your fund.
What is Skrill exactly?
As previously mentioned, Skrill is a payment platform founded in 2001 as Moneybookers, a part of the PaySafe Group, an umbrella body that includes Neteller.
Skrill boasts of over 40 million users and supports 38 currencies in over 200 countries. The Payment Card Industry Data Security Standards regulate its operations.
Skrill Features and Forex Brokers Deposit benefits
Some of Skrill’s outstanding features are:
eWallet: Skrill offers a digital wallet for withdrawals and deposits and can be funded through credit cards, debit cards, and bank wires.
Two-tier login: To boost user’s security, Skrill users must enter a code sent to their phone for identity verification before a transaction can be initiated.
Skrill offers several benefits. As a user, you stand to enjoy these benefits while using the payment platform:
- It supports swift and stress-free transactions.
- The user-friendly platform is also very secure.
- It offers low fees when trading large amounts of money.
Final Verdict
Using an eWallet as payment method, whether we’re talking about Skrill alternatives such as PayPal brokers or Neteller brokers, is usually a great choice since most of the times the deposit and withdrawal processes are completed in less than 2 business days. The brokers above are undoubtedly the top players in the skrill forex brokerage game. As a Skrill Forex trader, pick from any of these brokers when you need an experienced and trustworthy brokerage.
Patronizing a credible broker is a surefire way to ensure that you are doing the right things to increase your chances of making the best of your trading efforts.
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