In a major blow to Zimbabwean forex traders, popular e-wallets Skrill & Neteller have finally stopped providing their services to Zimbabweans and they have closed their accounts.
Skrill Zimbabwe closed the accounts on the 23rd of April 2021. In January 2021 Skrill had sent emails to its Zimbabwean customers advising them that their accounts would be closed on the 21st of April 2021 and that they should make sure that they move all their funds from their accounts.
What Is Skrill In Zimbabwe?
Skrill is an online e-wallet established in 2001 which offers a range of online payment and money transfer services. Together with its sister e-wallet Neteller, Skrill operates in more than 120 countries and is offered in 40 different currencies. In other ways, it’s like PayPal to an extent.
What Was Skrill Used For In Zimbabwe?
Skrill was mainly being used by Zimbabwean forex traders and online gamblers to fund and withdraw from their trading accounts. Neteller was also being used for the same although it was less popular.
Forex trading is very popular in Zimbabwe and due to many reasons, it’s not easy for Zimbabwean forex traders to withdraw and deposit to brokers using other methods like Visa & MasterCards. Skrill was thus a very handy and useful alternative as it made this process easy.
There were a lot of Skrill Zimbabwe WhatsApp groups where traders were exchanging Skrill balances using local payment methods like cash or mobile money.
To illustrate, let us suppose a trader has made a profit from his forex or volatility indices trading account and they wish to use their profits locally. Now they can’t easily withdraw these funds to their bank account. It’s either not possible or it would take a couple of days.
To get around this, they would join a Skrill Zimbabwe WhatsApp group and advertise Skrill for Sale in Zimbabwe. Another Zimbabwean forex trader who wishes to deposit funds to her account but has either cash or mobile money would get in touch with the first trader. This is because both forms of money cannot be used to directly fund a trading account.
So the first trader would send his Skrill balance to the second trader’s account and the second trader would pay using cash or mobile money.
In the end, the first trader would be able to enjoy his profit in Zimbabwe whilst the second trader would be able to easily fund her trading account.
Such exchanges took place a lot in Skrill Zimbabwe WhatsApp groups making Skrill so popular in Zimbabwe.
Alternatives to Neteller & Skrill Zimbabwe
The following are alternatives to Neteller & Skrill that Zimbabwean online forex traders can use to fund and withdraw from their accounts.
The Best Alternative For Skrill In Zimbabwe For Online Forex & Volatility Indices Traders
Deriv is the best Skrill alternative for Zimbabwean forex & volatility indices traders. This is because it simplifies the process of deposit & withdrawal from trading accounts.
It does this by offering local transfers via its Deriv peer-to-peer (dp2p) platform and payment agents. This allows traders to exchange Deriv balances for local currency without the need for an e-wallet.Open A Deriv Account Here
Another good Skrill Zimbabwe alternative for Zimbabwean traders is Superforex, a broker that also offers local transfers.Open A Superforex Account Here
JustForex is another broker that has a local payment agent option for depositing and withdrawing funds from your account.Open A JustForex Account Here
Conclusion On Skrill Zimbabwe Closing Accounts
Skrill Zimbabwe has closed its accounts but Zimbabweans can still find a way to fund and withdraw from their trading accounts. This may actually be a blessing in disguise as Skrill had rather high fees for sending and receiving funds.
Skrill withdrawals also took up to 48 hours to be processed and brokers did not process these over the weekend. This greatly inconvenienced traders.
However, the local transfers offered by the three brokers above are free of charge and the funds reflect instantly. In addition, the transfers can be made at any time 24/7 making them very convenient.