Over the years, Skrill has expanded its operations, facilitating money transfers in over 120 countries. In recent years, it has become among the most popular digital transfer solutions across the globe. While some brokers accept Skrill payments, others still do not let you deposit or withdraw funds through your Skrill account.
Wondering which are the best brokers that accept Skrill, and want to know more about the fees, processing time and minimum amount of transactions? We’ll answer all your concerns in this article.
What Makes a “Best” Skrill Broker?
We consider several factors in rating brokers that accept Skrill, including:
- Deposit & withdrawal fees
- Deposit & withdrawal processing time
- Minimum amount
- Account base currencies
An exceptional broker that accepts Skrill offers (1) low or no fees for deposits and withdrawals, (2) fast processing of requests, (3) a low minimum deposit or withdrawal amount, and (4) several account base currencies to avoid conversion fees.
Best Brokers that Accept Skrill
Here are our top picks, in order:
Commission-free stock and ETF trading. You can also copy other traders/investors. Slick, modern, and easy for anyone to use. It is trusted by over 25 million clients worldwide. Check out our in-depth eToro review. It’s regulated by the UK’s FCA, ASIC, CySEC, and FINRA.
Disclaimer: 78% of retail CFD accounts lose money.
An online broker available in over 50 countries and listed on the London Stock Exchange (FTSE 250 Index), and regulated by top-tier regulators like the FCA in the UK. It also offers a free Demo account to explore the Plus500 Webtrader with virtual money! Here’s our opinion on Plus500.
Disclaimer: 73% of retail CFD accounts lose money.
1# eToro – Best for copy trading, stock and ETFs
eToro at a glance
EToro is a well-known fintech startup and the leader in the social trading field, with over 25 million users worldwide. They give you access to different products such as CFDs, ETFs, stocks, commodities, Forex, and cryptocurrencies. Their platform is intuitive and simple to use, which is a good choice for beginners. Moreover, eToro offers commission-free stock and ETF trading (not all ETFs are commission-free).
It is very simple to open an account and deposit funds, and you can even practice with virtual money (demo account). On the downside, USD is the only account currency accepted (base currency). As such, you will be charged a currency conversion fee upon deposit and withdrawal if you deposit in another currency (up to 0.50%).
If you want to learn more, check our eToro Review.
2# XTB – Best for forex trading
XTB at a glance
XTB is a well-known online broker established in 2002 in Poland with over 250,000 clients. It is regulated by top-tier regulators such as FCA, KNF, CySEC, and IFSC, and has offices in over 30 countries worldwide.
XTB presents two great trading platforms (xStation 5 and xStation Mobile), tight spreads, great customer support, and a lot of free education on trading. You can open accounts in USD, EUR, GBP, and HUF. On the downside, they will charge you an inactivity fee of €10/month after one year of non-trading and if you have not made any deposits in the last 90 days. Additionally, they charge a higher commission on stock CFDs.
You can go through our XTB review for additional insights.
3# Plus500 – Best for a demo account
Plus500 at a glance
Plus500 is an online broker offering a wide range of financial products, including forex, indices, shares, commodities, options, ETFs, and cryptocurrencies. It is available in over 50 countries and is listed on the London Stock Exchange. It is regulated by many top-tier regulators like the FCA, FSCA, ASIC, CySec, and FMA.
The platform is easy to use, responsive, and you can start testing the features by opening a demo account. Their spreads are low, and they offer accounts in 16 currencies, including USD, EUR, and GBP, but they charge a $10 monthly fee following 3 months with no activity.
You can read our Plus500 review for further details.
4# Trading212 – Best for CFD trading
Trading212 at a glance
Trading 212 is an online broker with two distinct services: Trading 212 Invest and Trading 212 CFD. Both allow you to invest in stocks, ETFs, and CFDs on several asset types, but with different exposure sets (non-leveraged vs. leveraged). For example, Trading 212 CFD allows you to enhance your financial exposure and leverage your positions up to 30x the funds available in your account, but at relatively wider spreads than in Trading 212 Invest. Base currencies available are: USD, EUR, GBP, CHF, RON, PLN, SEK, NOK, and CZK. New users also get one free share of up to €100 by using the code IITW.
To know more about Trading212 you can check our review.
Factors to consider when doing a deposit or withdrawal
Brokers offer a variety of deposit and withdrawal methods, such as wire transfers, credit or debit cards, and e-payment methods like PayPal, Skrill, and Neteller, among others. Deposit and withdrawal methods are critical considerations because they directly impact your trading experience and may affect your returns if you incur high costs to fund or liquidate your account. Below are four key factors to consider when checking the deposit or withdrawal method.
Deposit and withdrawal fees
Users should be aware of the fees associated with deposit and withdrawal activities. If the commission is excessively large, it will undoubtedly result in significant non-trading costs and decrease their overall profit. Fees vary depending on the payment method:
- Wire transfer fees are usually the highest and are deducted directly by your bank as the funds will pass through several banks (intermediaries) before reaching your broker.
- Using a debit or credit card incurs a relatively lower fee.
- E-payment method fees can be much lower, and sometimes no fee is charged as it is considered a transfer of funds from one account to another within the same institution.
If you are planning on making frequent deposit and withdrawal transactions, you might need to consider brokers with low deposit and withdrawal fees.
Deposit and withdrawal processing time
Processing time varies depending on the method of deposit or withdrawal chosen by the user. It is also influenced by the policies of the brokerage company when it comes to approving and processing deposit and withdrawal activities. Some experienced traders consider it an important factor as they need their money available the soonest possible (Consider a margin call; you don’t want your positions being liquidated while waiting for the funds to become available).
Usually, bank transfers should take up to 3 to 5 business days, while online alternatives should take no longer than 24 hours (sometimes it takes a few minutes). To better know about the ideal processing time of your chosen broker, it is best to check their websites and the experiences of other traders.
Deposit and withdrawal minimum amount
Each broker has its own policies regarding minimum amounts for deposit and withdrawal activities. It is important to check those conditions before opening your account as they directly impact the amount of money at the start of your trading journey and the amount of profits you can withdraw. Usually, wire transfer deposits or withdrawals have a higher minimum amount than other methods.
Additionally, withdrawal amounts might depend on the exposure of your open trades in your account. For example, brokers might restrict withdrawals to keep a margin safety threshold for your account.
Account base currency
You might need to consider the base currencies offered by your broker. If you deposit in a currency other than the base currency of your trading account, you will be charged a currency conversion fee. Some brokers only allow you to open in USD, so if you fund your account from a Euro account, they’ll convert the amount and charge a conversion fee.
The bottom line
To summarize, brokers offer various payment methods, and you might consider checking your options before deciding on where to open your account. We checked which brokers let users process payments through Skrill, and we compiled our findings in this article. We recommend that you check brokers that offer various payment options, have fast processing time at an acceptable cost, and have reasonable minimum deposit and withdrawal amounts.
Did we answer all your questions? If not, please let us know in the comments section below!
What is Skrill?
Skrill (formerly Moneybookers), founded in 2001, is a digital wallet provider that has evolved over the years to offer a range of online payment and money transfer services. Skrill has expanded over the years and is currently available in over 120 countries and regions and supports 40 different currencies. Here’s the full list of non-serviced countries.
Does eToro accept Skrill?
Yes, eToro accepts Skrill deposits and withdrawals.
Does Interactive Brokers accept Skrill?
Unfortunately, you cannot deposit funds through Skrill to your IBKR account.
Does DEGIRO accept Skrill?
No, DEGIRO does not accept payments from Skrill.