When you’re at the beginning of your stocks trading journey, you quickly start noticing all the fees and the hoops you have to jump through in order to buy the stocks you want. Skrill is without a doubt one of the most user-friendly applications for stock brokers, and that’s why we made this guide.
Formerly known as Moneybookers, Skrill is a British-based online payment platform similar to Neteller, Payoneer, Transferwise, and PayPal. Skrill is entirely regulated by the Financial Conduct Authority in the UK (FCA), which makes it safe to use.
Furthermore, the transaction giant has been partnering up with major online brokers in the past few years. Indeed, you can easily choose your favorite copy trading platform such as eToro and Plus500, making the program an ideal choice if you were planning on trading a few shares.
What are the advantages of using Skrill?
As mentioned above, Skrill is partnered with many online exchange applications. For example, in eToro, you can simply choose the option of depositing with Skrill, and the process is pretty smooth compared to other methods of payment.
However, that’s not the only advantage that Skrill has up its sleeve. In fact, transaction fees, especially for international transactions, are slim to none with this platform. Moreover, you can also use Skrill on Steam, Skype, and many more, as they have over 15 000 trusted partners around the globe.
And finally, if you wonder if there are any delays for transactions on Skrill, the answer is no. Deposits and withdrawals with bank transfers or credit cards are either immediately done or very fast, as in, under one-day fast.
How to use Skrill with a stockbroker?
You want to use Skrill but you’re not 100% sure how it would work with the exchange software you want to use, here’s a step-by-step guide:
- Go over Skrill’s official website to create an account
- Choose a broker, we’ll take eToro for this example
- Create an account on eToro as well
- Both applications will ask you to get verified, so prepare one bank statement pdf and have your passport or a valid ID card nearby
- Deposit funds into your Skrill account by adding a card
- Once that’s done, go on eToro’s trading markets, and choose one stock you would like to invest in
- Click the trade button, it will ask you to fund your brokerage account (minimum $200), you can choose Skrill in the options
- Finally, just go through the instructions in the window and you’re done, you can buy your shares in eToro and start trading!
Please note that some cards or some banks will sometimes block trading and gambling-related payments (such as Mastercard), Skrill will let you know if that’s the case.
Is it safe to use Skrill for trading?
Since Skrill is a registered Money Service Business that’s licensed and audited by the FCA, there is no doubt that it is a safe payment solution to use. Also, Skrill will sometimes ask you for extra documents, or a 6-digit pin number, to validate your identity.
Are you ready to start trading? Hopefully, this sheds some light on what you are going to use for your future trades. Good luck and see you on the exchange!
Stocks stock photo by BigTunaOnline/Shutterstock