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Is Skrill Safe and Legitimate? An Honest Review for Merchants

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Nowadays, shopping online or making money on international websites is increasing, so the demand for online payment is also increasing. Among the current payment tools, Skrill is considered to be an easy-to-use e-wallet and relatively cheap service fee.

Skrill is an online payment gateway, an e-wallet that is familiar to MMO (Make Money Online) people and those who often play online betting. On the forex market, Skrill is also chosen by many forex exchanges as the form of deposit and withdrawal for investors’ trading accounts. With its flexible, fast, and secure features, Skrill has become one of the most popular e-wallets today, besides Neteller, Paypal, Payoneer, etc.

For investors, especially new traders, when they first learn about the payment methods in this market, they come across names like Skrill, Neteller, WebMoney, PerfectMoney, and feel like they seem to be. It is difficult to use, so they often choose forms such as Visa / Master cards or Internet banking but do not know that e-wallets are easy to use, secure but fast.

In today’s article, join me in understanding What Skrill is and whether it is safe and legal for users. Thereby, you will have more choices in reputable and most suitable payment methods for you.

What is Skrill?

Skrill is an electronic wallet with the function of providing an online payment platform for activities such as betting, shopping, gaming, etc and for all other online payment activities.

Skrill e-wallet is the product of Paysafe Group, a corporation with 20 years of experience in the payment industry. Paysafe is headquartered in London, offering a wide range of products and services such as e-wallets, credit cards, payment platforms, etc to businesses and customers around the world.

Skrill is directly regulated by Skrill Limited, a subsidiary of the Paysafe Group, which is authorized and regulated by FCA - the UK Financial Authority under Electronic Money Regulations 2011 for the issuance of electricity bills. Element and payment tools. Therefore, in terms of reliability, you can be completely assured when opening an account and making payment transactions at Skrill.

Skrill is an electronic wallet that allows international transactions. It is one of the largest online payment service providers with a variety of currencies integrated and over 100 different payment options such as money transfers, debit cards, credit cards and more.

In particular, the outstanding features of Skrill are to transfer - receive money between Skrill wallet and cards, transfer money between Skrill accounts, pay service charges anytime, anywhere. For e-wallet users, it can be said that using Skrill e-wallet is extremely safe and convenient.

As of early 2016, Skrill’s number of users exceeded 70 million accounts. And now this number is still increasing. Not only in the international market but also in Vietnam, many people choose to use Skrill to receive money from online jobs on foreign websites, or to load into betting games.

With an email address and password, you can already own a Skrill e-wallet to perform various activities such as:

Send money to any foreign or domestic bank account.
Receive money from anyone and from all over the world, through multiple forms into the Skrill wallet.
Pay online for activities like betting, gaming, shopping, or investing forex.
Buy, sell and convert cryptocurrencies

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Why Should You Use Skrill?

Everyone should use the Skrill e-wallet service because they have the following benefits:

You can make payments on all websites of most countries around the world.
Deposit and withdrawal of money on Stock, Binary Option, Forex, Casino, etc
Transfer fees between Skrill accounts are extremely cheap, up to only 10 EUR.
Deposits can be made from debit and credit cards to Skrill
Withdrawals can be made from Skrill to a local bank card, Visa, or Mastercard.
The transfer fee is the lowest compared to other wallet services.
Fast and compact operation, no need to re-enter information many times, but the information is still absolutely confidential.

An Overview of Skrill Fee

So if you use the Skrill e-wallet, do users have to pay and how much is it. Below is the fee schedule of the Skrill e-wallet

Deposit fee

Bitcoin, Neteller, and Paysafe card: 1% fee
All remaining forms: 0%

Withdrawal fee

Withdrawals to Visa / Master cards: 7.5% fee
Cash withdrawal to bank account: fee 4.61 GBP (5.5 EUR)

Fee for sending and receiving money

Send money to an international bank account: Free
Send money to a local bank account (same country as your account): 2%
Receive money: Free

Currency conversion fee

Currency Conversion: 3.99% fee on exchange rates
Trading cryptocurrencies is subject to currency conversion fees if the account currency is not EUR with a fee of 1.5%

Besides those fee mentioned above, there are also some fees like buying or selling electronic money, account management fees, etc

Is Skrill Safe and Legitimate?

As mentioned above, from the date of its founding, Skrill has been registered with the Financial Conduct Authority of the UK. Their shares are traded on the FTSE 250. Skrill also has a European Crypto license allowing them to operate anywhere in the world. From the above reasons, it can be seen with certainty that Skrill is a legitimate business.

However, that does not mean that Skrill will have no legal issues. Skrill’s main problem stems from their being a company that handles gambling payments. And we all know gambling is a risky business.

Also, for those intending to use Skrill, security is probably one of the biggest concerns. Skrill makes their security statement that they have the world’s leading team of security experts to encrypt access and customer account information to avoid being stolen by hackers. In addition, to increase safety, Skrill also has 2-layer security to ensure that even if you lose your password, a crook cannot steal your money.

Let’s take a closer look.

Since Skrill is subject to the financial regulations of the US, UK, and the European Union, they have very strict standards for identity verification. So how does this verification mechanism work?

To verify the account users must deposit money using their primary bank, debit or Bitcoin account. Basically using that much is enough for verification.

However, there are still reports of customers being asked for an ID photo or an invoice sent to their home. This might seem pretty hard to do if you live in a country with low infrastructure. Skrill’s response times to identity verifications typically range from weeks to months. Of course, the user’s funds will also be stuck in their account until that point.

However, with its encryption capabilities, Skrill really outperformed the competition. Skrill uses 128-bit encryption and requires users to use 2-factor authentication whenever they log into the website. Therefore, it can be said that Skrill’s safety is quite high.

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What Customers Say About Skrill

Skrill is rated 4.5 out of 5 on Trustpilot with more than 8,000 reviews, rated as “Excellent”. Skrill’s money transfer service is rated 8.3 / 10 on the Monito site. In addition, Skrill’s mobile app has been highly rated (4.5/5 stars on 2,900 ratings on Apple’s App Store and 4/5 on 74,758 ratings on Google’s Play Store).

Most of Skrill customers are very pleased with the fast and secure money transfer services and the intuitive application designed on Skrill. Skrill’s well-rated sides include: affordable, easy-to-use, and fast.

So Skrill is the perfect e-wallet application. The answer is no. If you take a look at the first 100 reviews of Skrill on Trustpilot you will see an astonishing 24% of these reviews are a “Poor” rating. The same thing happened in Apple’s App Store and Google’s Play Store.

So what is the problem?

Most of the bad reviews revolve around their tedious and cumbersome verification process. There are also complaints about the account being unexpectedly frozen when large amounts of money were deposited into the digital wallet. In addition, Skrill’s app also received feedback that it was not possible to log in on the phone.

However, it is true that the above issues are related. You may not be required to verify when using Skrill if the transaction amount is within the small limits. However, if you trade a large amount of money, you are required to perform account verification to avoid happening before bad guys take advantage of and steal your money. So if your account is not verified, your account may be frozen until your account is verified.

However, Skrill is now taking in customers’ opinions and correcting system errors while trying to minimize cumbersome procedures in account verification.

Conclusion

Using the Skrill e-wallet is not difficult. Transactions are very secure and fast. Hopefully, through this Brief introduction to Skrill and its features, you will gain the necessary and accurate information before deciding to use Skrill e-wallet. For the current market, especially the forex market, Skrill is an indispensable deposit and withdrawal method, so to catch up with the trend as well as have more options for online payment. We should also open for ourselves a Skrill account and experience the benefits of this e-wallet.