Knowing your options for buying, selling, and storing assets is essential. Whether you’re new to bitcoin trading or looking to explore alternative payment methods, Skrill has emerged as a versatile tool for crypto enthusiasts. Offering more than just bank transfers, Skrill provides a quick and cost-effective way to deposit fiat currency into your crypto wallet. From there, you can purchase bitcoin, send payments to others, and manage your digital assets all within one platform. But what about transaction fees, and how does Skrill stack up against other methods? We cover all of this in this step-by-step guide demonstrating how to buy bitcoin with Skrill easily.
Can I buy bitcoin with Skrill?
Yes, you can buy bitcoin with Skrill. While the Skrill app does allow trading of 40 different digital currencies, it’s important to know that their cryptocurrency service isn’t regulated by the Financial Conduct Authority (FCA). Also, using Skrill directly for crypto trading can come with multiple fees.
“You can’t stop things like bitcoin. It will be everywhere, and the world will have to readjust. World governments will have to readjust”John McAfee, Founder of McAfee
A smarter approach might be to use Skrill as a way to deposit money into cryptocurrency exchanges that the FCA regulates. Skrill is becoming increasingly accepted on top crypto trading platforms, allowing you to put in regular money instantly and with low costs. Once your deposit appears in your crypto wallet on the exchange, you can look for bitcoin and start trading. For instance, eToro accepts Skrill for deposits and doesn’t charge any extra fees for it.
How to buy bitcoin with Skrill
You can buy bitcoin with Skrill in a few simple steps.
Step 1. Create an account on Skrill
Before you can buy bitcoin, go to skrill.com and register for a new account if you don’t have one already.
Step 2. Complete your registration
After you verify your email for a Skrill account, you become an official Skriller. The next steps are to complete your registration and add money to your account before you can buy and sell cryptocurrency from your Skrill account.
On the Skrill registration page, you will need to add the following details:
- Postal code
- Date of birth
- Phone number
After providing these personal details, you will also need to create a pin on Skrill, a 6-digit code you will need to input upon login or for withdrawing money.
Note that this registration is needed to be able to use the Skrill account. However, your account will have a 250 Euro trading limit.
To increase that limit, enable withdrawals, and be eligible for a Skrill card, you will need to complete the identity verification, which includes uploading a government-issued ID and a proof-of-address.
Step 3. Add a payment method
You also need to select a payment method.
On Skrill, credit or debit card payment is the most popular method to top-up your account. This is an instant payment method and incurs a 1% fee.
You can also use the following options, but these are limited to $249.99 (this figure may depend on the currency of your account):
- Bank transfer (can take up to five business days and has no fees)
- Paysafecard (fee 5%)
- Paysafe: cash (you can pay cash at the nearest location, has a 2.5% fee)
For this example, we will use the credit card option to add money to the Skrill account.
Step 4. Add funds to your Skrill account
After you enter your card details, you can enter the amount you want to add to your Skrill account. The minimum amount to deposit on Skrill is 1 Euro (or equivalent).
When you are ready, click on “Continue”. You will then see all your transaction details for you to verify again. You can clearly see the fee and amount you will pay to receive those funds in your account.
After confirming the transfer, you will get that amount in your account in an instant.
Step 5. Buy and trade crypto on Skrill
After you have added money to your Skrill account, you can now explore the crypto page.
Choose one of the featured cryptos to invest in.
After you choose your crypto from the list of offered cryptos on Skrill, you will see the trading page for that cryptocurrency.
On the trading page, you will be able to select “Buy” or “Sell,” input the amount, and select the type of transaction (instant, limit order, or recurring). Note that the minimum order for buying bitcoin on Skrill (and other cryptos) is $1.
When you are ready, click on “Next.”
Skrill will give you a risk warning, informing you of the potential losses when trading cryptocurrency. Make sure you are fully aware of all cryptocurrency trading risks before proceeding.
Review your order details and click “confirm” when ready.
Step 6. Check your crypto investment
On the “crypto” dashboard, you can now see your crypto investment.
Step 7. Withdraw your funds
If you wish to withdraw your funds, go to the “withdraw” dashboard. You have multiple options for withdrawing your fiat balance. Skrill has also introduced the option to withdraw crypto to your crypto wallet. However, this feature is not yet available for all countries.
To see if you are eligible to withdraw your crypto, go to your “withdraw” dashboard and check if the option appears. Note that you must complete your identity verification to enable the option to withdraw funds to your crypto wallet.
Things to consider when buying bitcoin with Skrill
Cryptocurrency fees and limits
If you choose to buy bitcoin with Skrill, know that there are some crypto fees and limits for each of the payment methods available. Let’s break these down for each payment method:
- Credit or debit card: unlimited, instant and 1% fee.
- Bank transfers: 259.99 Euro limit, up to five business days and no fees.
- Paysafecard: 259.99 Euro limit, instant, and 5% fee.
- Paysafecash: 259.99 Euro limit, instant, and 2.5% fee.
Security and safety measures
Skrill is built to be as secure and fast as websites you’d use for banking or crypto trading. It uses high-level security measures like 128-bit encryption, verified by VeriSign, to keep your login, personal info, and money transactions safe.
When you make a payment through Skrill, the person you’re paying doesn’t get to see any sensitive info like your credit card or bank account number. Also, if you live in certain European countries or the U.K., you can get a Skrill Prepaid Mastercard.
Cryptocurrency price volatility
Before you buy bitcoin with Skrill or any other BTC wallet platform, you need to understand the volatility of cryptocurrency assets. There are many reasons why the price of bitcoin goes up and down so quickly. Knowing what affects its value can help you determine if you should invest in it, trade it, or just keep an eye on it.
One big factor influencing bitcoin’s price is supply and demand. Also, what the media says, along with the views of famous people in the crypto world, can make investors nervous or excited, causing the price to change swiftly.
Where can I buy crypto using Skrill?
There are two ways to buy crypto using Skrill. The first option is to buy bitcoin with Skrill directly, as shown in the step-by-step guide above. Depending on your location, your Skrill account may or may not allow you to move your crypto asset to another crypto wallet.
The second option to buy crypto using Skrill is to choose a crypto brokerage platform or a crypto exchange that offers Skrill as a payment option. Some of the most popular crypto platforms that offer Skrill payments are eToro, Binance, Coinbase, BitPanda, Paxful, and Paybis.
Note that some payment options may be restricted, depending on your geographical location. It’s advisable that you research the available payment options for you before choosing any of these platforms to buy bitcoin with Skrill.
How do I add a crypto wallet to Skrill?
Skrill offers the option to withdraw your crypto funds to a crypto wallet. However, this feature may not be yet available to all countries. To check if this applies to your account, go to your “Withdraw” dashboard inside your Skrill account and check if the option appears there.
Note that you will need to complete identity verification on Skrill before you can proceed to withdraw your crypto to a bitcoin wallet or any other crypto wallet. Also, take into account that all blockchain transactions will require you to pay a blockchain transaction fee, also known as a gas fee.
This fee depends on the congestion level at the moment of your transaction. To better understand why this is needed, please check this guide on bitcoin transaction fees.
Buying bitcoin with Skrill: Is it a good option?
Buying bitcoin with Skrill has become an increasingly popular payment method among crypto enthusiasts. While traditional bank transfers are still widely used, the speed and relatively low transaction fees associated with Skrill make it a compelling option. Its compatibility with top cryptocurrency trading platforms adds to the convenience, allowing you to quickly fund your crypto wallet and get started with bitcoin trading.
However, it’s essential to consider the pros and cons of different payment methods before you go ahead and purchase bitcoin. Make sure to check if your bitcoin wallet supports Skrill, and always be cautious of any transaction fees when you send payment.
Frequently asked questions
Can I use Skrill card to buy crypto?
Can I deposit bitcoin in Skrill?
Does Binance support Skrill?
Which cards are accepted by Skrill?