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Oanda Skrill

Your expert
Adam N.
Fact checked by
Updated
16h ago
Personally tested
Data-driven
Independent

Does Oanda support Skrill as of June 2024?

Yes, you can use Skrill to fund your account at Oanda.

Looking for the best brokers that accept Skrill? You are in the right place. Our brokerage analysts compiled a list of the best Skrill brokers in the world by checking their services and opening an account at each one of the reviewed brokers. Alternatively, for more details on all withdrawal options available at Oanda, visit this withdrawal guide compiled by our analysts after live testing the broker's withdrawal services.

Oanda features and service highlights

💰 Deposit fee $0
💰 Withdrawal fee $0
💳 Deposit methods Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller
💸 Account base currency EUR, USD, GBP, AUD, CAD, CHF, HKD, JPY, SGD
💸 Minimum deposit $0
🗺️ Country of regulation USA, UK, Australia, Singapore, Canada, Malta, Japan, British Virgin Islands
🎮 Demo account provided Yes
📋 Read more Check out the Oanda review for 2024
My key findings in a nutshell
Adam
Adam Nasli
Forex • Algo Trading • Market Analysis

I've thoroughly tested Oanda services with our analyst team by opening a real-money account and these are my most important findings:

  • Skrill offers safe and secure online payment services, operating under UK law
  • Skrill was built to work seamlessly with online brokerage accounts, such as forex trading accounts
  • It offers features to buy, sell and store cryptocurrencies
  • Money transfers are low cost, but Skrill has complex fees for other transactions
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78.3% of retail CFD accounts lose money

How safe is Skrill?

Skrill is a web-based payment system (e-wallet), offering a range of money transfer and online payment services. It is available in 200 countries and offers a digital wallet in 40 currencies, plus a prepaid card in some regions.

It was established in 2001 and since 2015 it has been part of the Paysafe Group. It has specific features to work easily with online gaming platforms and online brokers.

Skrill is a safe and secure online payment system, regulated by the Financial Conduct Authority (FCA) in the UK.

It offers a range of safety features, including a know-your-customer identity check when signing up and two-factor authentication to access your account.

Your bank and credit card details are safely stored within your Skrill account.

How to use Skrill to fund your brokerage account?

Using Skrill to fund your brokerage account is straightforward. First, you have to open an account with Skril by entering your email address.

Then link your Skrill account with a debit/credit card or transfer money from your bank account. Once you have money in your Skrill account, you will be able to fund your brokerage account, instantly.

Go to the client area of your brokerage account, choose ‘deposit funds and select Skrill as your payment option.

Deposit interface for Oanda clients

Is depositing instant with Skrill?

Yes. Depositing money to your brokerage account is instant, helping you react to market moves fast.

Withdrawals from your trading account to Skrill

Withdrawals from your brokerage account to your Skrill account take time. Depending on the brokerage, it is usually 24-48 hours, but in some cases it may take up to 7 days.

Pros and cons of using Skrill

As with any payment method, Skrill has a set of advantages and disadvantages.

Benefits of using Skrill

  • Opening a Skrill e-wallet is free of charge
  • Your bank account details are safe within your Skill account
  • Secure and fast money transfers to your trading account allow you to react fast to market movements
  • The Skrill mobile app, available on Android and iOS, helps you move funds on the go
  • You can buy 40 different cryptocurrencies and manage your portfolio within your Skrill account
  • Some brokers accept funding in cryptocurrencies via Skrill

Disadvantages of using Skrill for online trading

  • Depositing money into your Skrill account carries a fee, unless it’s by bank transfer
  • Skrill charges for withdrawing money into a bank account or credit card, it adds a currency conversion mark-up to wholesale exchange rates
  • Funding your Skrill account via bank transfer may take 2 to 5 days, and only then will you be able to use it to fund your brokerage account Other methods are faster, but more expensive
  • Some brokers charge a fee for withdrawals from your brokerage account to your Skrill wallet.

Does Oanda accept Revolut/Wise?

Yes, Revolut and Wise are available at Oanda.

Although Skrill, Revolut and Wise all offer the same services, they do it in different manners and at different costs. You may find that Revolut and Wise are cheaper alternatives, especially when it comes to international and/or multi-currency transactions.

Check out this short video for a behind-the-scenes peek into how our experts personally test and evaluate brokers.

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Further reading

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.

author image
Adam Nasli
Author of this article
I bring extensive financial expertise as one of BrokerChooser's earliest team members. Personally, I tested nearly all 100+ brokers on our site, opening real-money accounts, executing trades, assessing customer services, and providing firsthand assessment. My professional background includes roles in the banking sector and a degree from Central European University, where I teach finance. My passions lies in in-depth research of the financial industry, building trading algorithms, and managing long-term investments.
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