Skrill Forex Brokers – Digital Payments To FX Trading Companies Under Strict UK Regulation
Skrill, earlier known as MoneyBookers, is a popular online payment portal that used to be extremely popular among online gambling sites and sports-betting companies. Skrill, in its present avatar, is still considered to be a primary e-wallet for numerous gaming websites, mainly due to the UK regulation that has accepted all types of betting to be legal under the rule of law. Skrill gained a massive amount of popularity and relevance in the Forex markets when it came to addressing the need for accepting payments for a wide variety of exotic financial products such as spread betting, binary options trading, and CFD trading. Some countries around the world have banned some of these trading products due to a conflict of interest with the existing laws, which basically prevented popular e-wallets such as PayPal from accepting brokers and vendors that indulged in these types of markets. Skrill was quick to pounce on the opportunity, and quickly became the most widely adopted e-payment processor for major Forex trading companies.
Is Skrill As Popular As Other Leading Payment Processors Such As PayPal?
Although PayPal is considered to be the largest online payment processor that operates billions of dollars’ worth of currency transactions, Skrill is indeed close enough to give PayPal a run for its money. Skrill was officially launched as MoneyBookers in 2001 and had its headquarters in the UK. Ever since its launch in the UK, Skrill has moved on to other financial markets across the world and is one of the very few payment processors that have been sanctioned by leading gambling watchdogs. Skrill is now owned by PaySafe Group, a leading payment processing company, and has managed to generate over $600 million in yearly revenue from its Skrill business over the past few years. Skrill is not completely free of controversies or criticism, as its acquisition by new shareholders has led to an environment of uncertainty regarding the core operating principles of the company. There have been several complaints from several sectors, including from vendors and existing account holders, where Skrill was formally accused of holding on to payments without processing them. Nevertheless, Skrill is regulated and supervised by the Financial Conduct Authority (FCA) of the UK for all non-banking financial transactions, which is one of the most respected and feared regulatory organizations in the world.
Regulatory Compliance Of Skrill FX Brokers For The Safety Of Your Funds
Skrill is registered as a Money Service Business with Her Majesty’s Revenue and Customs department, which is authorized to operate as a private equity service provider for all online payments and financial transactions. Skrill’s regulatory status with the FCA also brings it under the entire European Economic Area (EEA) passport, which allows it to operate in the whole of the EU without requiring any additional licenses. Furthermore, the FCA is keen on maintaining its reputation as a leading regulator of all non-banking financial companies and has an extensive framework of rules to prevent Skrill from indulging in any financial malpractices. Skrill maintains excellent auditing standards, especially due to the nature of its business that requires it to hold funds on customers’ behalf. Although the company had faced a few criticisms related to its operating protocols and handling of clients’ funds, Skrill does ensure to address all customer complaints in an efficient manner. In the case of any complaints, customers are requested to contact the official Skrill customer service department, which is guaranteed to address almost all issues professional and at haste. However, if users are not satisfied with the response, they may contact the Financial Ombudsman for arbitration, or approach the court as a final resort.
The Ever-Increasing Number Of Forex Brokers Accepting Skrill As A Valid Form Of Payment
A majority of Forex brokers now accept Skrill as a valid form of payment, and may even be more popular than PayPal or other competing e-wallets. Skrill has an excellent online payment processor that is not only secure and anonymous but also guarantees super fast transactions that are completed within seconds. The Skrill payment page is easy to integrate with any online website, and also provides a low-cost environment where the merchant commissions are highly competitive vis-à-vis other Forex payment platforms. Today, traders have the option of choosing their preferred Forex trading company from an exhaustive list of Skrill Forex brokers that are not only highly regulated but offer the best trading platforms with the most competitive trading packages. Most Forex brokers that are regulated in the UK and from other parts of the EU should accept Skrill, while brokers from other leading economies in the Asia-Pacific, the Middle East, and the Americas are also known to support Skrill as a valid for of payment. However, countless Forex brokers only offer the option of a traditional Bank Wire Transfer, Credit/Debit Card payment, or other forms of local or online payment processors, without any option for making a payment via Skrill. Almost all Forex brokers will be transparent about their payment platforms by listing the accepted forms of payments on their official payments page. You may also contact a broker’s live chat or customer service department to get more information on their available modes of payments, as this should offer you a better insight into the availability of Skrill deposit for Forex trading.
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The Prime Benefits Of Using A Skrill Deposit For Forex Trading
Skrill FX brokers offer the option of depositing via credit/debit cards, or you can fund your Forex trading account with your Skrill balance. Alternatively, traders may also add money to their Skrill account through other means such as a bank wire, and then use their Skrill balance to make a payment to their Forex trader. Skrill transactions are usually completed within a few seconds, as the company allows instant deposits and withdrawals without any lags. Of course, withdrawing money from a Skrill account to a bank account through Wire transfer might take longer, but sending/accepting payments between Skrill accounts are virtually seamless. Skrill also employs the most advanced security encryption protocols and one of the most convenient payment pages in the world to facilitate an easy and secure payment. All transactions are facilitated through SSL encryption technologies that are supremely difficult for hackers or other malicious users to glean information from your account. Skrill is on a constant drive to improve its security features, which not only offers the best protection for your funds but also keeps your account anonymous and private. UK regulation has also mandated Skrill to follow all anti-money laundering laws, but that does not limit a user’s ability to send payments across the world. Of course, Skrill requires its account holders to verify their accounts to receive unhindered access to the entire suite of account features, as is the case with all other existing online payment processors in the market.
How Does Skrill Transaction Fees Compare With Other Online Payment Platforms?
Skrill charges a convenience fee for all outward transactions, which may vary from 1 to 3%, depending on the account status and the transaction volume. All inward remittances to a Skrill account are free of cost, but withdrawing money from a Skrill account might be slightly expensive. Credit/Debit card transactions also incur a charge of 1-2% of the transaction amount. Skrill has a pretty detailed list of all fees and transaction costs on its transactions page, which can serve as an excellent reference point for account holders while calculating the cost of their online transactions. Skrill costs are average and in line with most of the other options in the market. The merchant/vendor fees may vary depending on the nature of transactions and the volumes, but Skrill has managed to create a fee structure that is in line with the market standards. Overall, there may be some cost-benefits to choosing Skrill in certain cases, but the main advantage of choosing Skrill would be to access the large number of Skrill FX brokers that continue to offer their services to one of the most popular investment opportunities in the entire financial markets. Skrill Forex brokers are ideal for your investments, and it’s easy to move your funds between your Forex brokerage account and your Skrill account without any restrictions. If you are careful in your choice of a Forex broker, you can also virtually be guaranteed of the best Forex trading environment that protects your investments for the long term. Browse through our official list of Forex brokers accepting Skrill to find a reliable Forex trading company today!