A Guide To Choosing Skrill Forex Brokers
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Skrill is a British e-Payment processor that is regulated by the FCA (UK) to offer users with the convenience of making payments for a majority of online products and services through their online payment gateway. Formerly known as Moneybookers, the company was highly popular among internet users due to their ability to make payments to online gaming and gambling websites. Moneybookers derived its name from its affinity towards gambling and betting, which led to the site being banned in several countries. However, the company has moved away from its gambling past by renaming the service to Skrill in 2011, and has ever since been an integral part of the online payment system.
A Brief History Of Skrill & Skrill Forex Brokers
Skrill started its journey as Moneybookers in 2001, and within its two years of operations, the company had amassed more than 2 million users from all over the world. By 2008, Moneybookers had an extensive reach to more than 150 the countries in the world, and users found it easy to use Moneybookers to make payments for a broad range of products and services, including Forex trading, gambling, sports betting, and buying products from leading e-commerce stores. Skrill had witnessed a change in ownership between multiple industry giants and is currently owned by PaySafe, a publicly traded company in the UK formed by the conglomerate of leading online payment processors.
Forex brokers started accepting Skrill from as early as 2002, and as of the present day, Skrill is the preferred mode of payment for more than 300 mainstream FX brokers from all over the world. Several lesser-known FX companies, IBs, and affiliate merchants also use Skrill e-payment gateways, which takes the total number into the thousands. Neteller is the only closest competitor to Skrill regarding broker options, as even the world’s most popular online payment processor, PayPal, does not offer the sheer number of Forex broker choices that Skrill does.
Why Do Traders Prefer Skrill Forex Brokers Over Other Options?
Skrill is a regulated payment processor, and unlike other online payment gateways, FCA regulation provides a greater sense of security for account holders. Skrill has penetrated the online payment industry like no other company, which is attributed to the company’s willingness to indulge in several niche industries such as gaming, gambling, and investments. Skrill has a relatively easier set of guidelines and lower restrictions when compared to other popular systems such as PayPal, which help users to open an account and transact online with relatively lesser barriers. Skrill has also managed to increase the trust and confidence among their account holders by staying away from any major controversies and by offering a fully secure online payment platform.