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If you have a particular payment method that you prefer when trading online, you probably pay close attention to this factor when choosing a binary options broker to meet your needs. Most of the top brokers now offer a good range of banking methods for clients to choose from in order to cater to the requirements of a wide selection of investors, and this generally means offering both traditional forms of withdrawal and deposit like bank wire transfers and credit cards as well as more contemporary online methods like e-Wallets. One of these popular e-Wallet options is Skrill.
What Is Skrill?
Once called Moneybookers, this payment method is an online system which enables both individuals and companies to make a payment via the internet in a safe and reliable way. This e-Wallet system is managed and owned by a British company and is registered with HMRC. As it is regulated and licensed by the FCA (The Financial Conduct Authority), with authorisation that allows it to operate throughout Europe, users can rest assured that their financial transactions are well protected.
Is This Payment System Reliable?
Shortly after its official launch in 2002, Moneybookers, as it was then known, had around 2 million users. The number of accounts had risen dramatically to 5.5 million by 2008 and by 2012, there were 25 million users, of whom 120,000 were business clients. Many famous online brands incorporate this payment system into their sites including Skype, Facebook and eBay. When taking this impressive history together with the fact that this payment system is licensed and regulated, users can rest assured that their money is in safe hands.
Benefits Of Using This Payment System
This versatile payment system allows for the transfer of money in no less than 41 different currencies while also supporting the integration of major debit and credit cards with customer accounts. It is an extremely popular way of online funds transfer within Europe, not least because transfers take place instantly which is a great advantage when compared to some other more traditional methods like bank wire transfers which take a few days to be processed. As this e-Wallet system also ensures that the user's financial details and personal information is kept private with no need to enter any of this data into the broker's website, users are also better protected from exposure to identity fraud. The fees are also generally lower when using this payment method than those incurred when choosing bank transfers or credit cards to withdraw or deposit funds into a trading account.