Skrill is an online payments service that allows individuals and businesses to send and receive money safely and conveniently. Formerly known as Moneybookers, Skrill is a top player in the industry and has supported simple, safe, and secure digital payments since 2001. The payment method has practical features that have seen it emerge as one of the most convenient for Bitcoin buyers all around the world. These features include multiple supported countries, instant payments, reduced fees, quick payouts, high security, and little or no restrictions in the supported countries.
Table of Content
- Pros and Cons of Buying Bitcoin with Skrill
- Pros
- Cons
- Where to Use Skrill to Buy Bitcoin
- Conclusion
- FAQ
Pros and Cons of Buying Bitcoin with Skrill
Pros
Simple and Straightforward
It is quick and easy to set up an account and start using Skrill. The sign-up process only requires your name, email, and address. You can start sending and receiving payments even without completing verifications. However, you may need to complete the verification process if you exceed certain set limits.
Multiple Supported Countries And Currencies
Skrill is available in over 200 countries and territories around the world. Additionally, Skrill customers can hold their balances in over 40 supported currencies. This is very convenient for many Bitcoin buyers around the world.
High Security
Skrill is one of the most secured online payment services in the world. Buying Bitcoin can be a highly risky endeavor and expose you to cyber-attacks. However, Skrill applies the latest and most advanced security protocols that protect your balances at all times.
Flexibility and Convenience
Skrill offers Bitcoin buyers immense flexibility and convenience to send and receive payments as they wish. In addition to its website, there is a mobile application that is compatible with both Android and iOS, as well as a Skrill card that you can use to withdraw fiat on bank ATMs across the world.
Multiple Payment Methods
Skrill allows its customers to load their accounts with over 100 local payment options. These payment methods include other eWallet types, bank wire, and debit/credit cards. This is very convenient for many Bitcoin buyers around the world.
Bonuses and Promotions
Skrill routinely runs generous promotions and bonus offers to its clients. These offers include zero transaction fees, cash giveaways, holiday promotions, and welcome bonuses. Skrill also rewards loyalty with perks such as lower charges, multi-currency accounts, higher limits, and even personal financial advisors.
Cons
Verification
You can use Skrill without verification, but there will be deposit and withdrawal limits. However, in some countries, the process of verification can be very daunting due to the unavailability of relevant supporting documents.
Fees
Skrill has low fees on most payment methods. However, fees charged by certain payment methods, such as local bank wire, may be high and eat up into any potential gains that Bitcoin buyers may be hoping for.
Where to Use Skrill to Buy Bitcoin
Here are some of the places where you can use Skrill to buy Bitcoin:
Skrill Wallet
Skrill recently added a feature that allows its customers to buy and hold Bitcoin and other selected cryptocurrencies using the fiat balance in the account. To support this feature, Skrill has partnered with top cryptocurrency exchanges, such as Coinbase, which supply the company with crypto liquidity services. The Skrill cryptocurrency feature has been available since 2018, with small features added over time. However, the service is only available in limited countries to date (about 30) and with Skrill being a third-party crypto player, its fees are relatively high compared to other options available to Bitcoin buyers.
To buy Bitcoin within your Skrill wallet, simply upload funds to your account using the available payment methods. Navigate to the ‘Crypto’ tab and click on ‘Trade’. If it is your first time, you will be prompted to accept the terms of use as well as agree to the associated risks. You will then be redirected to the ‘Market Data’ tab, where you should select ‘Bitcoin’. On the live exchange rate page, enter the amount of money you wish to spend on buying Bitcoin. Click ‘Confirm’ and you will complete your Bitcoin buying transaction within the Skrill wallet.
Cryptocurrency Exchanges
Cryptocurrency exchanges are an excellent place for buying Bitcoin. Functionally, they operate like traditional stockbrokers that offer a place for crypto investors to buy Bitcoin as well as other digital coins and tokens. Some of the best and biggest cryptocurrency exchanges in the world include Coinbase and Binance (to learn more about Binance). Cryptocurrency exchanges accept multiple payment methods such as bank wire, credit/debit cards, and popular eWallet options such as Skrill. Due to its unique features, Skrill is one of the best methods to fund your account in any cryptocurrency exchange.
To buy Bitcoin with Skrill via a cryptocurrency exchange, you will first have to upload funds into your Skrill account. You can then proceed to sign up for a trading account with your favorite crypto exchange. Complete any relevant verifications and navigate to the deposit area so as to add Skrill as one of your payment methods. When you proceed to deposit funds, you will be directed to a Skrill page that will prompt you to log into your account. You can then follow the prompts to complete the transaction, before being redirected back to your crypto exchange trading account. After funding your crypto exchange account, you can then proceed to buy Bitcoin or any other crypto coins. Skrill allows you to fund your account instantly on most cryptocurrency exchanges.
Cryptocurrency Brokers
Cryptocurrency brokers are a little different from cryptocurrency exchanges. A cryptocurrency broker allows investors to trade Bitcoin prices, rather than own the coin. They essentially offer a trading platform that streams live bitcoin prices and traders can buy or sell the currency depending on the prevailing market conditions. This ensures that any investor can remain exposed to the potential benefits of owning a cryptocurrency, without the associated baggage of how to store them or hold them when prices are falling. eToro is by far one of the best multi-asset brokers that allows investors to buy Bitcoin with Skrill.
To buy Bitcoin with Skrill via eToro, simply open an account by clicking on the ‘Sign Up’ button on their official website homepage. Complete their mandatory KYC (know-your-customer) verification procedures and proceed to fund your account by clicking on ‘Deposit’. Select Skrill and follow the prompts as you are redirected to the Skrill payments page. After loading funds into your eToro account, simply click on ‘Bitcoin’ on the assets page and trade the coin. You can buy or sell bitcoin on eToro platforms 9desktop and mobile) which are very user-friendly. eToro also has a demo account option where new traders can practice buying bitcoin for free. If you want to sign up with eToro, simply click here to get started.
Peer-to-Peer Crypto Trading Sites
P2P crypto trading sites have helped make Bitcoin easily accessible to numerous people around the world. Some of the popular P2P sites include Paxful, LocalBitcoins, and Remitano. These sites allow Bitcoin buyers and sellers to interact freely and post their ad offers. A typical Bitcoin seller’s ad will feature pricing, Bitcoin limits, acceptable payment methods, and any other terms and conditions. In most countries and territories, Skrill is one of the most accepted payment methods for Bitcoin sellers on P2P crypto trading sites.
To buy Bitcoin with Skrill via P2P crypto trading sites, simply open an account and complete any relevant verification procedures. Most P2P crypto trading sites allow traders to trade without verification, but with reduced limits. After opening an account, simply filter your bitcoin offer search by selecting Skrill as your preferred payment. Browse through the sellers that accept Skrill and place an order to buy bitcoin. Some of the additional factors to consider when selecting a Skrill seller include availability, limits, reputation stats, pricing, and terms of engagement. After placing an order, the P2P company will hold an equivalent amount of bitcoin on escrow, and you will now be able to have a chat with the seller. The seller will provide payment details, which is the Skrill email or number. After sending payment, mark the transaction as completed (you may be required to upload a screenshot confirmation). The seller will then release the coins to you when he/she confirms your payment.
Conclusion
Skrill is one of the best online payment methods in the world. Additionally, the company has been active in facilitating cryptocurrency integration on its own platform following the strategic partnership with exchanges such as Coinbase. (To learn more about Coinbase and to access the exchange, click here) As a payment method, Skrill is also very convenient and available on many cryptocurrency exchanges and P2P crypto sites. As well, millions of users around currently operate active Skrill accounts. Buying bitcoin with Skrill is therefore not a hassle, and investors are guaranteed instant transactions and high security.
Skrill FAQs
How fast is it to buy Bitcoin with Skrill?
Skrill transactions are instant, so can complete your Bitcoin buying process within a few moments.
Do I need a Skrill Bitcoin wallet?
No, Skrill does not have a Bitcoin wallet. Skrill will only be used as a payment method on crypto exchanges and P2P sites. On the Skrill wallet, you only need your account.
How soon will my Bitcoin balance update?
Skrill transactions are instant. Your Bitcoin balances will depend on your crypto exchange or P2P crypto trading site.
Is Skrill the best way to buy Bitcoin?
This depends on you. But Skrill is quick, simple, secure, and charges relatively lower fees.
