Knowing your options for buying, selling, and storing assets is crucial, especially in the world of Bitcoin trading.
Skrill is a versatile tool for crypto enthusiasts, offering quick and cost-effective fiat currency deposits into your crypto wallet.
You can buy Bitcoin, make payments, and manage digital assets all in one place.
Wondering about transaction fees and how Skrill compares to other methods? Our step-by-step guide explains it all for easy Bitcoin purchasing with Skrill.
Can I buy bitcoin with Skrill?
Yes, you can purchase Bitcoin using Skrill, but be aware that Skrill’s cryptocurrency service is not regulated by the FCA and may involve various fees for direct crypto trading.
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:
- Address
- City
- Postal code
- Date of birth
- Phone number
After entering your personal information, you’ll need to set up a 6-digit PIN on Skrill for login and withdrawals.
This registration is essential to use your Skrill account, but it comes with a 250 Euro trading limit.
Step 3. Add a payment method
You must choose a payment method.
The most common option on Skrill is to use a credit or debit card, which is instant but has a 1% fee.
Alternatively, you can use the following options, but they are limited to $249.99 (amount may vary based on your account currency):
- Bank transfer (may take up to five business days and is fee-free)
- Paysafecard (incurs a 5% fee)
- Paysafe: cash (allows cash payments at a nearby location, with a 2.5% fee).
Step 4. Add funds to your Skrill account
Once you input your card details, specify the desired deposit amount.
The minimum Skrill deposit is 1 Euro (or equivalent).
Click “Continue” when ready, and you’ll review your transaction details, including fees and the final amount credited to your account.
Upon confirmation, the transfer will instantly deposit the specified amount into your account.
Step 5. Buy and trade crypto on Skrill
Once you’ve funded your Skrill account, head to the crypto page.
Select a featured crypto to invest in.
Upon choosing your crypto from Skrill’s list, you’ll access the trading page for that cryptocurrency.
Here, you can pick “Buy” or “Sell,” specify the amount, and select the transaction type (instant, limit order, or recurring).
Keep in mind that the minimum order for buying Bitcoin (and other cryptos) on Skrill is $1.
Click “Next” when prepared.
Skrill provides a risk warning about potential cryptocurrency trading losses. Ensure you understand all crypto trading risks before proceeding.
Click on “accept risks and terms of use” when you are ready.
Step 6. Check your crypto investment
On the “crypto” dashboard, you can now see your crypto investment.
Step 7. Withdraw your funds
For withdrawals, visit the “withdraw” dashboard, where you have various fiat withdrawal options.
Skrill also allows crypto withdrawals to your crypto wallet, though this may not be accessible in all countries.
To check eligibility for crypto withdrawals, go to the “withdraw” dashboard and verify your identity to enable this feature.
Things to consider when buying bitcoin with Skrill
Cryptocurrency fees and limits
When purchasing Bitcoin using Skrill, be aware of associated crypto fees and limits for each payment method:
- Credit or debit card: Unlimited, instant, with a 1% fee.
- Bank transfers: Limited to 259.99 Euro, may take up to five business days, and no fees.
- Paysafecard: Limited to 259.99 Euro, instant, and incurs a 5% fee.
- Paysafecash: Limited to 259.99 Euro, instant, with a 2.5% fee.
Security and safety measures
Skrill is designed for security and speed, comparable to online banking and crypto trading platforms.
It employs robust security measures, including 128-bit encryption verified by VeriSign, to protect your login, personal data, and financial transactions.
When you use Skrill for payments, your sensitive information, such as credit card or bank account numbers, remains hidden from the recipient.
Additionally, residents of select European countries and the U.K. can obtain a Skrill Prepaid Mastercard.
Cryptocurrency price volatility
Before buying Bitcoin with Skrill or any BTC wallet platform, grasp the cryptocurrency’s volatility. Bitcoin’s price fluctuates rapidly for various reasons.
Understanding these factors can guide your investment decisions.
A significant influencer of Bitcoin’s price is supply and demand.
Additionally, media coverage and opinions of notable figures in the crypto sphere can trigger rapid price shifts, making investors either nervous or excited.
Where can I buy crypto using Skrill?
Two ways to buy crypto with Skrill:
- Directly purchase Bitcoin with Skrill, as explained in the step-by-step guide. Note that the ability to transfer crypto to another wallet may depend on your location.
- Opt for a crypto brokerage or exchange that accepts Skrill payments. Popular platforms like eToro, Binance, Coinbase, BitPanda, Paxful, and Paybis offer this option. Keep in mind that payment choices may vary by location, so research available options before selecting a platform to buy Bitcoin with Skrill.
How do I add a crypto wallet to Skrill?
Skrill allows crypto withdrawal to a crypto wallet, but availability varies by country.
To verify if this feature applies to your account, visit your “Withdraw” dashboard within your Skrill account.
Complete identity verification on Skrill before proceeding with crypto withdrawal to a Bitcoin wallet or any other crypto wallet.
Keep in mind that blockchain transactions entail a blockchain transaction fee (gas fee) that depends on current network congestion.
For more details, refer to a guide on Bitcoin transaction fees.
Buying bitcoin with Skrill: Is it a good option?
Buying Bitcoin with Skrill is gaining popularity among crypto enthusiasts due to its speed and relatively low fees compared to traditional bank transfers.
It’s compatible with major crypto trading platforms, making it convenient to fund your crypto wallet and start trading.
Before buying Bitcoin, weigh the pros and cons of payment methods.
Ensure your Bitcoin wallet supports Skrill and be aware of any associated transaction fees.