The Best Forex Brokers To Use With Skrill In The United Kingdom

Skrill is favoured by forex brokers worldwide because of its speed, security, convenience, free P2P transfers and the huge amount of merchants where it is available.

However, with that said, it can sometimes feel that there is a lot to learn when using Skrill for forex trading.

Maybe you’re just getting into forex trading and you're considering using Skrill as a deposit option? If that's the case, it's important to set things up correctly in order to get the best terms for your Skrill account and to find the best forex brokers to use.

Or maybe you're already a seasoned forex investor and you're looking for further opportunities to trade more efficiently or to increase your margins.

Whatever your reasons, in this article will will answer the most common questions related to forex and Skrill.

Today’s Topics Include: 

• What To Look For In A Forex Site Before Trading
• The Best Forex Sites That Accept Skrill
• Guides:
  • How To Get The Best Terms For Skrill
  • How To Deposit at Forex Sites With Skrill
  • How to Withdraw From Forex Sites Using Skrill
• FAQ

Alright - let’s talk Skrill and forex.

What To Look For In A Forex Site Before Trading

As the most widely accepted form of payment for forex, online gambling, and crypto trade alike, Skrill is available at most reputable European forex brokerage sites. 

While we’ll break down some of the most popular forex brokers to use with Skrill in the next subsection, it’s worth noting that we have selected the brokers in the list below according to a set of important criteria so that we can be confident of a good fit for those who are seeking the best forex brokers to use with Skrill:

• Does the broker accept Skrill? (Obviously)
• Are there any fees to deposit with Skrill?
• How long has the broker been in business?
• What licences does the broker hold?
• What regulation is the broker subject to?
• What investment options does the broker provide? Crypto? CFD's?
• What is the minimum deposit using Skrill at the broker?
• What trading platforms (software) are offered by the broker?
• What customer support is offered? Is there livechat?

Our recommended Forex merchants to use with Skrill

How To Get The Best Terms For Skrill

Using Skrill as your preferred forex payment method is a good choice and gives you the flexibility to use many different brokers without having to wait for long delays in receiving your funds to a bank account or card.

Despite this, like any payment method, there are always a few small pain points to resolve or areas that can be improved.

• Account limits - Skrill applies limits to accounts that are not VIP level
• Verification - can sometimes take a number of days to resolve with your Skrill account having restricted use until verification is complete
• FX fees - Skrill charges a FX fee of 3.99% when you convert your balance from one currency to another
• Card fee - if you want a Skrill prepaid card there is a £10 fee
• Limited VIP rewards - although Skrill offers a decent VIP program, earning cashback is not always straightforward.

The solution

Fortunately, when using Skrill in combination with Volumekings.com, it is possible for those pain points to be eliminated.

We can upgrade your new or existing Skrill account.

You'll get:

• Skrill Fast Silver VIP status (to remove your account limits)
• Reduced forex fee (2.89% compared to 3.99% fee)
• Priority verification (12 hours maximum vs. 2+ business days)
• Free verification (no deposit required)
• Free prepaid MasterCard (save £10)
• Access to our dedicated Skrill rewards program (allowing you to earn bonuses on your transactions)

You can resolve these pain points by clicking here.

How to Deposit on Forex Sites Using Skrill

Luckily, depositing funds to any site with Skrill is incredibly simple - assuming you’ve met one qualifying factor:

You must have a verified account (at least True Skriller status) in order to make deposits to any merchant, including Forex brokerage sites. For a guide to verifying your Skrill account, click here.

Once you’ve done that, follow these steps:

1. Log in to your favoured Forex brokerage site and navigate to your account.
2. Click “Deposit”
   • Note that this button’s name varies across sites (it may be called “Fund My Account” or something similar), but the process is nearly identical otherwise.
3. Select the amount and currency (GBP, EUR, etc.) you wish to add to your Forex account.
4. Next, you’ll be asked to select your payment method. Select Skrill as your payment option.
   • Most sites have a button for Skrill; otherwise, it’s usually listed under “Alternative Payment Methods” and/or “E-Wallets.”
5. You’ll be redirected to the Skrill secure payment gateway, where you’ll need to log in to Skrill and confirm the amount and currency.
6. Double-check your information and confirm.

How to Withdraw From Forex Sites Using Skrill

The process of withdrawing from Forex sites using Skrill is nearly identical to that of depositing across all platforms. Skrill treats Forex brokers as any other merchant, meaning the process is as streamlined as possible.

Here’s how to withdraw from Forex sites using Skrill:

1. Log in to your favoured Forex brokerage site and navigate to your account.
2. Click “Withdraw”
   • Note that this button’s name varies across sites (it may be called “Transfer Funds” or something similar), but the process is nearly identical otherwise.
3. Select the amount and currency (GBP, EUR, etc.) you wish to withdraw from your Forex account.
4. Next, you’ll be asked to select your preferred withdrawal method. Select Skrill as your withdrawal method.
   • Most sites have a button for Skrill; otherwise, it’s usually listed under “Alternative Methods” and/or “E-Wallets.”
5. You’ll be redirected to the Skrill secure payment gateway, where you’ll need to log in to Skrill and confirm the amount and currency.
6. Double-check your information and confirm.

If you need instant access to the withdrawn funds, it’s always best to check with the broker on usual Skrill withdrawal processing times before proceeding.

Skrill & Forex: FAQ

Is Forex trading online at brokers legal in the UK?

Yes - online Forex trading is legal in the United Kingdom - as long as it’s offered by an authorized broker that’s regulated by the Financial Conduct Authority (FCA).

This requirement protects members of the UK from pairing with “scam brokers” and ensures that you’re able to operate safely while Forex trading.

When looking for a Forex broker, it's a good idea to start at the FCA Financial Register Search. Look for the type of clients they can serve (retail/professional) and what investments they can provide, including:

• Shares
• Spread bet
• Rolling spot forex contracts
• Contractually Based Investments (CBI)
• Security

Is Skrill a good choice for Forex trading online in the UK?

Skrill a good choice for forex trading online in the UK due to the speed, transparency and convenience of making payments combined with the sheer number of available forex brokers.

What are the benefits of using Skrill to trade at Forex brokers in the UK?

Skrill is designed with security and speed in mind. As such, they’ve created one of the most secure means possible to send money to countless brokers, merchants, and individuals in over 120 countries and over 40 global currencies.

Believe it or not, forex brokers love knowing that their money will be instantly accessible while remaining incredibly secure.

Why is skrill popular for online Forex trading in the UK?

Skrill is popular for online Forex trading in the UK because it's a match made in heaven.

Skrill is built on the basis of ensuring five things:

1. Effortless currency exchange
2. Seamless P2P and merchant transactions
3. Instant access to online funds
4. Buying and selling cryptocurrency with ease of mind
5. And doing all of this in the most secure manner possible.

Are there any limits for UK Forex traders using Skrill?

It depends. While some limits are set by individual brokers (although generally limits are extremely high), Skrill limits are determined by your VIP level. 

As long as you maintain Skrill VIP status, you should have no trouble depositing what you want

Trading As An Income

Forex traders based in the UK, especially those that are new, are going to need to pay attention to a few specific laws regarding taxation. When opening a new account with a registered Forex broker, all profits will be ranked into three categories by HMRC, depending on how much profit you make.

1. Self-Employed Trader: 

This applies to individuals who make the majority of their annual income through self-employed trading and is the same as any other self-employed tax bracket. The UK self-employment guidelines can be found here.

2. Private Investor:

Should the HMRC classify you as a private investor, all profits and losses are taxed against the capital gains tax.

3. Speculative:

Any Forex trader that doesn’t meet the £12,300 (2022/23) capital gains tax allowance is considered a speculative trader. Speculative traders do not pay capital gains taxes from Forex, spread betting, and CFDs until meeting this threshold.

Age Restrictions: United Kindom

In the United Kingdom, you have to be eighteen (18) years of age to trade Forex.

Location Restrictions: United Kingdom

Users in the United Kingdom are able to use Skrill to trade Forex online without any special restrictions. Any limits that are applied will be due to either Skrill's account limits or the individual 

History of UK Forex Trading Using Skrill

Skrill was established in the United Kingdom in 2001, originally under the name MoneyBookers. It was created as a secure and extremely fast means of sending and receiving money across countless countries using a broad range of global currencies. 

As a UK-based company, Skrill is regulated under the Financial Conduct Authority (FCA), ensuring that they’re held to an incredibly high standard. This means that Skrill users can rest easy trading Forex, knowing that they’re using reputable, regulated brokers through an equally reputable service.

Unsurprisingly, Forex brokers fell in love near immediately. The combination of incredibly secure payment processing, access to more currencies than any comparable service, and instant clearance of funds for trading meant that Skrill was tailormade for Forex trading.