Skrill (formerly Moneybookers) is a leading digital wallet and payment platform owned by the Paysafe Group. With over 40 million users worldwide, Skrill has become a popular choice for online transactions, particularly among forex traders, online brokers, and gaming enthusiasts.
In this in depth review, we’ll look at Skrill’s key features, advantages, drawbacks, and whether it’s the right payment solution for traders in 2025.
What Is Skrill?
Originally launched as Moneybookers in 2001, Skrill rebranded in 2011 and became part of the Paysafe Group in 2015 joining forces with Neteller, another major e-wallet provider. Today, Skrill is a trusted payment method for online trading, gambling, and international money transfers.
Key Features of Skrill
- Supports 40+ currencies, including USD, EUR, GBP, and JPY
- Fast transactions (instant deposits with cards, 1-5 days for bank transfers)
- Strong security measures, including 2FA and encryption
- VIP loyalty program with reduced fees for high-volume users
- Skrill Money Transfer for low-cost international payments
Pros and Cons of Using Skrill
✅ Advantages
✔ Easy to Use – Free registration, simple interface, and mobile app support
✔ Low Fees for High-Volume Users – VIP members enjoy free withdrawals
✔ Fast Transactions – Instant deposits with debit/credit cards
✔ Wide Acceptance – Used by forex brokers, casinos, and e-commerce sites
✔ Strong Security – PCI DSS compliant with two-factor authentication (2FA)
✔ Multi-Currency Support – Hold and exchange 40+ currencies
❌ Disadvantages
✖ Withdrawal Fees – €5.50 fee per bank withdrawal (waived for VIPs)
✖ High Currency Conversion Fees – 3.99% for FX conversions
✖ Inactivity Fee – €5/month after 12 months of no activity
✖ Verification Required – Limits apply until ID is confirmed
Skrill Fees & Limits (2025 Update)
| Transaction Type | Fee |
|---|---|
| Deposit via Card/Bank | 1% (capped at €20,000) |
| Bank Withdrawal | €5.50 per transfer |
| Currency Conversion | 3.99% |
| Inactivity Fee | €5/month after 1 year |
VIP members (Silver, Gold, Diamond) get free withdrawals and lower FX fees.
Is Skrill Good for Forex Traders?
Skrill is widely accepted by forex brokers, making it a convenient option for deposits and withdrawals. However, traders should consider:
- High-volume traders benefit most (VIP perks reduce fees)
- Currency conversion costs add up (3.99% per FX trade)
- Withdrawal fees can be steep for small transactions
Brokers That Accept Skrill (2025)
- Plus500
- XM
- AvaTrade
- RoboForex
- Exness
- Doo Prime
Security & Customer Support
Skrill uses 128-bit encryption and two-factor authentication (2FA) to protect accounts. Customer support is available via:
- Live chat
- FAQ knowledge base
Final Verdict
👍 Best For:
- High-volume forex traders (VIP benefits)
- Users needing fast, secure transactions
- Those trading with Skrill-supported brokers
👎 Not Ideal For:
- Small traders due to withdrawal fees
- Users needing frequent currency conversions
Alternatives to Consider:
- PayPal (Better for everyday transactions)
- Neteller (Lower fees for some regions)
- Wise (formerly TransferWise) (Better FX rates)
FAQ
1. Does Skrill offer any bonuses?
Yes! Skrill partners with brokers to offer cashback, free demo accounts, and zero-commission deals.
2. Can I withdraw to M-Pesa?
Yes—Skrill supports M-Pesa withdrawals (up to $700 per transaction).
3. Is Skrill available worldwide?
Skrill operates in most countries except Japan. US users face some restrictions on USD transactions.
4. How do I avoid Skrill fees?
- Upgrade to VIP status (transact €15,000+ per quarter)
- Use Skrill Money Transfer for better FX rates
- Keep your account active to avoid inactivity fees
Conclusion
Skrill remains a strong choice for traders and online payments in 2025, especially for high-volume users who can benefit from its VIP program. While fees can be a drawback for casual users, its speed, security, and broker acceptance make it a worthy contender in the digital payments space.
👉 Ready to try Skrill? Sign up here and start trading with low fees today!
