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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:
Alright - let’s talk Skrill and forex.
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:
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.
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 can resolve these pain points by clicking here.
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:
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:
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.
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:
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.
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.
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:
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
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.
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.
In the United Kingdom, you have to be eighteen (18) years of age to trade Forex.
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
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.
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