Is Skrill Safe to Use?
The Skrill payment system has been operating since 2001. Initially, before the rebranding, it was called Moneybookers. The company is international – offices are located in several European countries and the USA. The main office is based in London.
Since 2009, the company has been cooperating with eBay, which makes it a convenient and profitable option in the online shopping market.
A detailed history and scheme of work are available on the official website. In addition, Skrill maintains a Twitter account where local news and events are published.
Skrill is quite a popular system. Therefore, today we have prepared a review of it and will tell you whether it is safe to use.
What is the best no-KYC exchange platform? Read more here.
What is Skrill?
Skrill is a payment system through which you can both send and receive money. Moreover, funds can be transmitted with a minimum of information: you only need the receiver’s email address.
To log into your own account, you enter your email, which becomes your login ID. Then you just need to remember your login password to visit your personal account when required.
How to choose strong passwords? Read our full guide.
At the same time, you can log in to your own account from any computer. The main thing is not to forget to delete data from the browser to avoid security breaches.
In addition, it is possible to download and install a mobile application. This will allow you to perform the necessary operations using your smartphone.
Skrill differs from other e-wallets in its ease of use and minimal – sometimes absent – commission amounts. You can accept and send money by knowing only an email address, with the commission for transactions at 1%.
The system offers a choice from a list of 40 currencies, and it works in several hundred countries. However, it is important to know that after choosing a currency in the account, it is no longer possible to change it to another one. The choice is made at the registration stage. So it’s worth thinking carefully about which option will be suitable.
You can withdraw money from an electronic wallet to both a bank account and a card. The replenishment of the Skrill account is carried out free of charge, while interest is charged for carrying out some operations. For example, withdrawal to a bank account is free, and a small commission is charged for withdrawing funds to the card. When transferring funds to another Skrill wallet, a commission is also charged. It is 1.9% of the transferred amount. But a tangible plus: the commission is limited to a ceiling of 20 euros, regardless of the size of the transfer. This limit is beneficial for transactions with large amounts.
The system has an age limit. Skrill can only be used by adult customers. The personal data required to register your account does not allow you to circumvent the age limit.
There is a chance to try to exchange the Skrill EUR currency for the currencies of other electronic payment systems, for example WebMoney. To choose a more profitable option, you need to compare the information in several exchangers, taking into account the commission. However, there is a high risk that the exchange may not take place. Or, after the exchange, the Skrill account will be blocked. So it is safer and more profitable to use a wallet with Skrill currency directly.
The transfer from the card to the electronic wallet is instantaneous, but money transferred out of the account takes longer. The waiting period is sometimes two to three days.
Skrill offers users the opportunity to get debit cards. This card can be used in a number of ATMs around the world.
How can you buy Bitcoin anonymously? Learn more here.
Skrill is in demand among players on a variety of betting and gaming sites, allowing you to speed up the processes of depositing and withdrawing money, which is very convenient for such activities. You can use the Skrill e-wallet in any online store that allows you to work through this system. Payment is made without interest.
Skrill may be convenient:
- for the withdrawal of funds received abroad (e.g., from the sale of photos in the world stock banks, when freelancers work with foreign customers, etc.)
- for online games
- to play on the stock exchange
- for shopping in online stores
- for quick transfers within the system
Skrill is used by millions of people around the world, and the company has a good reputation both in terms of reliability and for its significant ease of use.
Advantages of Skrill
- 1. Suitable for both legal entities and individuals.
- 2. It is possible to manage funds from a computer or smartphone via a mobile application.
- 3. Favorable rates – free account opening, 1% commission for replenishment, minimum commission for transfers within the Skrill system: 1.45%.
- 4. Easily receive funds from users residing in other countries.
- 5. Wide functionality: money transfers, payment for purchases, account replenishment in online casinos, poker clubs, and betting accounts.
- 6. Security of money transfers and storage of funds in the accounts of the service.
- 7. Quick purchase of 9 cryptocurrencies and investment portfolio management in your personal account.
- 8. Responsive technical support – you can ask a question in a chat on the website or get the necessary information by phone.
- 9. Quick access to the account via the website or mobile application.
Disadvantages of Skrill
- 1. Account verification is required to access all functions.
- 2. The issue of plastic cards is available only to residents from European countries.
- 3. Long processing time for withdrawal requests – up to 5-7 working days.
- 4. There are not enough ways to directly withdraw funds from the account.
- 5. A fee may be charged for account inactivity.
Is Skrill safe to use?
Frequently asked question: is Skrill safe?
At first glance, logging in by email does not look like a secure option, but Skrill has gained popularity, among other things, due to the high level of security. The company is considered fanatical in terms of control over its operations.
Data verification is carried out carefully and regularly. Since the eyes of the security services are very close, every dubious action can lead to account blocking.
The agreement on the official website of the company describes in detail the prohibitions and restrictions – in which cases it is possible or not possible to deposit/withdraw funds. They cut off possible offenders through deanonymization.
The inability to remain incognito stops only those who have something to hide financially because among the prohibitions are drug trafficking, weapons, the slave trade, and other criminal acts punishable by law.
In the interest of security, restrictions are placed on financial transactions if verification procedures are not passed. So, at the basic level of verification received when registering on the site, it is possible to withdraw only limited amounts.
To increase the number of withdrawals, you will need to confirm your information about yourself. The company will request personal data about your home address, possibly a scan of your passport, and other documents. Providing such information will guarantee the withdrawal of much larger amounts – up to tens of thousands of euros.
Despite such serious protection, do not forget about hackers who can easily hack your account and get data from it. Therefore, you should not hope for 100% security on Skrill. It is better to choose a more secure alternative, for example Crypton Exchange, which will allow you to save, sell, or send all the available cryptocurrencies.