Skrill is one of the most popular digital money transferring services. Skrill eWallet is an alternative to brands like PayPal and Neteller. Now you can also buy Bitcoin with Skrill! This review will tell you how in detail. It is very easy to move from Skrill to Bitcoin. We’ll first introduce the Skrill service, if it’s not familiar to you from before.
Skrill is a reliable service
Long-term customers can still remember the brand Moneybookers. This was the name of the company when it was founded at 2001. Moneybookers was growing fast in the beginning of the millennium. It gained a lot of popularity especially among poker and sports betting players.
Money transfers in and out to your gaming account can be made real-time, which makes an eWallet a great alternative for a credit cards or wire transfers. Moneybookers became Europe’s first FCA-regulated e-money issuer at 2002.
The company was re-branded at 2010 to Skrill. In the past ten years the technology has been integrated into Facebook, eBay and other popular web services.
Nowadays Skrill is part of the Paysafe Group, which also has Neteller and Paysafecard under its umbrella. Skrill has currently 36 million users in 200 countries using 40 different currencies.
Skrill benefits: transfer currency real-time
The basic function behind Skrill is identical to PayPal and other eWallets like Neteller. You can transfer money in real-time to any other Skrill account holder in the world. Registration is free and there are no monthly fees either.
Register your Skrill account from the link below.
After the registration, you can deposit money into your account using a credit card, wire transfer. Once you have euros, dollars or any other supported currency in your account, it can be transferred in real-time to another person.
Why use Skrill instead of a wire transfer, for example? The most common reason is speed. Skrill transactions take just few seconds, which makes them even faster than Bitcoin transactions. All you need is a recipient’s e-mail, which makes the transfer simple to perform.
Another reason is privacy. All wire transfers are processed in the legacy financial systems, where they are tracked. Skrill transactions are private – at least in theory.
Skrill is also very popular among poker and sports betting players. You can deposit money to your casino or sportsbook account in real-time. Withdrawals are also very fast. Skrill makes it easy to move your bankroll between different accounts.
You can also attach a debit card to your Skrill account. This makes it possible to use your Skrill funds directly in any shop, which accepts credit cards. There’s also Skrill VIP service, which gives bonuses and other benefits for heavy users.
How to buy Bitcoin with Skrill
Cryptocurrencies have been introduced to many investing platforms during 2017 and 2018. For example, a popular social trading service eToro added Bitcoin with other major cryptocurrencies at 2017. They gained instant popularity. Skrill became part of the cryptocurrency revolution in the summer of 2018.
Skrill differs from popular platforms like eToro and Avatrade in a fundamental way. Skrill is a payment method, not a trading platform. When someone’s asking: how to buy Bitcoin with Skrill, it can mean two things:
- You can buy cryptocurrency from an exchange and pay your purchase using Skrill
- You can buy cryptocurrency from Skrill and store the coins to your Skrill account
Even if Skrill is a popular and widely-spread payment method, it’s only integrated to a few cryptocurrency exchanges.
If you want to buy cryptocurrency from an exchange and pay your purchase with Skrill, the leading European exchange, Bitpanda, is currently your best choice. Localbitcoins supports Skrill as a payment method as well.
Previously mentioned trading platforms eToro and Avatrade support also Skrill deposits and withdrawals. They are not actually crypto exchanges, but you can invest into cryptos easily through CFD contracts.
Skrill to Bitcoin – easy way to buy cryptos in Skrill
As mentioned earlier, it is now possible to buy cryptocurrency directly from your Skrill account. This is a feature millions of people have been waiting for. In practice, cryptocurrency is a currency exchange like any other. To buy Bitcoin with Skrill is fast and simple. The process is simple:
- Open a free Skrill account
- Make a deposit with your credit card or wire transfer
- Exchange your fiat currency to cryptos
First, you need to have fiat currency in your account. Click DEPOSIT from the main menu and use the deposit method you want. With Trustly and Rapid you can even make a wire transfer in couple of minutes.
When you have deposited euros, dollars or other fiat currencies to your account, click CRYPTO from the main menu. You’ll see the following form:
Type the amount you want in euros and the form will show you the number of Bitcoins you’re going to get. Alternatively, you can purchase Ethereum, Litecoin, Bitcoin Cash or Ethereum Classic. The smallest possible purchase is 10 euros.
Once you are happy with the purchase, click NEXT. After that you’ll get a confirmation screen, where you can cancel or approve the purchase. If you’d buy Bitcoin and Ethereum with 20 euros as an example, your account balance looked like this:
If you want to exchange your cryptocurrency back to fiat, click CRYPTO again from the main menu. You’ll end up to the same form as shown above in this article. Just select the desired cryptocurrency instead of EUR and you’re good to go!
Buying and selling of cryptocurrency happens instantly.
How to withdraw from Binance to Skrill
This is one question that is often asked: how do you make a transaction from Binance to Skrill account? The answer is: you don’t.
Binance is a crypto-crypto exchange. It means Binance does not support fiat deposits – EUR, USD, GBP or other fiat currencies. If you want to move funds to Binance, you have to make a transaction using Bitcoin or any other supported cryptocurrency. When you withdraw from Binance, you must make a cryptocurrency transaction again.
Second problem is that you cannot make crypto transactions out of Skrill yet. This might be possible in the future, but currently you can only move fiat money and cryptocurrencies from one Skrill account to another. This means that you cannot make a crypto transaction to your Skrill account from any other exchange either.
There are some exchanges, which support Skrill as a deposit method, like Bitpanda. You can deposit fiat money to Bitpanda from your Skrill account and buy cryptos with it.
How to buy Bitcoin with Skrill – final thoughts
To buy Bitcoin with Skrill is fast, cheap and easy. It’s a smart way to buy cryptocurrency, if you are a newcomer and have already opened a Skrill account earlier. If not, start today and register your Skrill account for free!
Buying cryptocurrency from Skrill is recommended for those users, who want simple & fast service. Bitcoins you buy at Skrill are stored in your account, so you don’t have to worry about any wallets either. Advanced users will need traditional cryptocurrency exchange.
Skrill is essentially an eWallet for transferring fiat currencies. Crypto option is a very nice feature, which might be enough for many users. Skrill has one big advantage, and that is the transaction speed combined with Skrill debit card. You can exchange your cryptos to fiat money with couple of clicks and spend them in any shop instantly using your Skrill debit card.
If you were using Coinbase or other exchanges supporting fiat transfers, you’d have to wait few days until the money is withdrawn to your bank account.
It’s interesting to see how Skrill, Neteller, PayPal and other eWallets are going to perform in the future. Cryptocurrencies are their direct rivals. These big eWallet providers make their money from transaction fees, which are very high compared to the crypto world.