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If you’re just now getting into foreign exchange (forex) trading, you’re likely trying to play catch-up. There is a lot of information out there, supposed best practices, and minor details to remember before you can really be effective at it. Luckily for you, those of us at VolumeKings have been doing this for years now and collected the most commonly-asked questions on the web in this handy-dandy little article.
Now - let’s talk forex. What is it, why do people use Skrill for forex, and how can you get started?
Today’s Topics Include:
This will be nice and short, so be sure to keep reading if you don’t want to miss anything.
Let’s start with the basics, and then we can move into the nitty-gritty in time, yeah? First off - what the hell is forex trading?
According to Investopedia’s James Chen, “Foreign exchange (forex) is the process of changing one currency into another for a variety of reasons, usually for commerce, trading, or tourism.”
In short, forex is the process of taking one form of currency (U.S. Dollars, for example) and converting it into another form of currency (the Euro, for example) at its current exchange rate. There are a number of places for forex to take place, and a number of them generally charge some form of fee for the privilege of converting your currency.
That brings us to Skrill - a longtime favourite of forex traders all over.
So why exactly do forex traders love Skrill so much?
Well, first off, there are a huge amount of forex merchants that you can use Skrill to make a deposit.
Plus in comparison to other similar services like PayPal, Skrill has access to a larger pool of currencies, allowing you to deposit and withdraw to your favourite merchants using your currency of choice. PayPal has 25 currencies it works with, whereas Skrill has over 40.
Additionally, the following are key reasons why forex traders use Skrill so much:
Skrill is highly secure and ensures that your financial and personal information isn’t disclosed during your transaction.
Depending on the method of payment you use (detailed in this article) you can gain near-instant (a matter of minutes, rather than days) access to transferred funds.
Skrill has a mobile app and offers virtual Visa and Mastercards, meaning you can trade and exchange foreign currency from anywhere - bus stop to the comfort of your living room couch.
Those who use Skrill regularly are already quite familiar with this. The long and short of it is that the more often you use Skrill, the higher the VIP tier you’ll unlock. This allows you access to lower fees, better rates, and a number of benefits.
(Psst - verifying your Skrill account through Volume Kings automatically unlocks VIP Silver on your account without the usual requirements or hassle.)
And now we make it to the fun part - actually trading forex with Skrill. The process is pretty simple, but there are a few important steps you’ll need to take in order to get started.
First up is the fact that you don't trade with Skrill - you use it as a secure method for depositing funds, like any other digital wallet. It also makes it incredibly simple to convert currencies, which is really just icing on the cake.
With that said, let's dive right in! To trade forex with Skrill, you’ll need to (in this order):
Realistically, the process is the same as depositing to any merchant using Skrill. You simply choose your favoured deposit method, transfer the funds, connect Skrill to your chosen broker's site, and bam! You can trade with your Skrill funds.
Why do you need a forex broker, and for that matter, what even is a forex broker?
Forex brokers allow forex traders to buy and sell foreign currency on their platform and are also known as “currency trading brokers” or “retail forex brokers.”
-- link to landing page with forex brokers + skrill --
The long and short of it is that forex brokers allow you access to trading software that you need to actually exchange foreign currency. Take a look on Google for the broker that fits your needs, and be sure to pay attention to each one’s fees - not all brokers are created equally, and some will try to bleed your (virtual) wallet dry with fees.
All forex trading happens on the internet - there is no central marketplace to exchange foreign currency. Currency trading happens through over-the-counter (OTC) digital transactions, meaning all transactions happen on computer networks rather than in any given physical place.
This makes it vital that you understand where you’re trading, with whom, and the actual platform you’re using. And, importantly, it also emphasizes why so many forex traders love Skrill - it’s incredibly secure and protects you against bad actors in forex markets.
That's really Skrill's largest draw - security. It allows an incredibly safe space for your money to sit while trading without worrying about it being compromised in any way, shape, or form.
All in all, forex trading is a complicated field with a lot of important details to keep in mind. But, assuming you read this article wholly, you’re set to get started trading. Skrill users are set up to easily start trading and benefit from lower fees, more secure payments than other services offer, and a number of handy little benefits for regular users.
Just be sure to do your homework before you get into forex for the first time. Figure out how to read the charts and extract the information you need, research your broker, and enjoy using Skrill as one of the most secure deposit methods for forex trading.
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