Skrill is one of the most popular digital money transfer services. Skrill e-wallet is an alternative to brands like PayPal and Neteller. Now you can also buy cryptocurrency with Skrill! This review will tell you how in detail.
Skrill company overview
Some readers might still remember the brand Moneybookers. This was the name of the company when it was founded in 2001. Moneybookers became Europe’s first FCA-regulated e-money issuer in 2002.
The company was growing fast at the beginning of the millennium. It gained a lot of popularity especially among poker and sports betting players. Money transfers into your gaming account are done in real-time, which makes a Skrill wallet a favorable option for credit cards and wire transfers.
Moneybookers was re-branded to Skrill in 2010. Since that, the Skrill technology has been integrated into Facebook, eBay, and many other web services. More than 150.000 online merchants have Skrill support.
Skrill is nowadays part of the Paysafe Group, which also has Neteller and Paysafecard under its umbrella. Skrill has more than 40 million registered users. It’s a well-established brand in the e-wallet business.
Skrill benefits and registration
The basic concept of Skrill is identical to PayPal and other e-wallets like Neteller. You can transfer money in real-time to other Skrill users anywhere 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 Skrill account using a credit card or wire transfer. Once you have euros, dollars, or any other supported currency in your account, it can be transferred in real-time to another Skrill user.
Why use Skrill instead of a wire transfer? The most common reason is speed. Skrill transactions take just a few seconds. 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 done outside the banking system.
Skrill is also very popular among poker and sports betting players. You can deposit money to a casino or a 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 is also Skrill VIP Rewards Programme for heavy users. It offers bonuses and other benefits.
How to buy Bitcoin with Skrill
Cryptocurrencies were introduced to many investing platforms in the past few years. Skrill added Bitcoin and other popular currencies in 2018.
Skrill differs from platforms like eToro in a fundamental way. Skrill is a payment provider, not a trading platform. When someone is asking “how to buy Bitcoin with Skrill”, it mean either of these things:
- How to make a fiat money deposit to a crypto trading platform using Skrill
- How to convert fiat currency on your Skrill account to cryptocurrency
Even if Skrill is a popular and widely spread payment method, it’s only integrated into a few cryptocurrency exchanges.
How to buy Bitcoin at Skrill
It is possible to buy cryptos directly from your Skrill account. Bitcoin is one of the many currencies available at Skrill. It’s easy to convert your fiat balance (EUR, USD, etc.) to crypto.
This is how you do it:
- Open a free Skrill account
- Make a fiat (EUR, USD, GBP, etc.) deposit to your account using a credit card or wire transfer
- Exchange your fiat currency to crypto
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 make a wire transfer in a couple of minutes.
Once you have made a fiat currency deposit, click Trade from the main menu. You’ll land on the Portfolio page, which shows your current holdings.
Click Trade to open the buying form.
At the time of writing this article (3/2021), Skrill supports 15 different cryptocurrencies. They have Bitcoin, Ethereum, Litecoin, Cardano, and other popular coins.
Type the amount you want in euros and the form will show you the number of coins you’ll receive. The minimum purchase is 10 euros. By default, the Instant purchase is selected. You can also set conditional and recurring purchases.
Once you are happy with the purchase, click Next. You’ll see a confirmation screen, where you can cancel or approve the purchase.
Your cryptocurrency balances are visible on the main page as well.
If you want to exchange your coins back to fiat, click Trade again from the main menu and reverse the process.
All your purchases and sales are processed instantly.
How to send and withdraw Bitcoin with Skrill
When Skrill introduced cryptocurrencies in 2018, it was only possible to buy and sell them. Sending money was only done in fiat currencies. Now it’s possible to send cryptos to another Skrill user and even make a fiat -> crypto withdrawal.
If you want to send crypto to a Skrill user, click Send from the main menu. Enter the receiver’s mobile number or e-mail address and click Next. You’ll see the following form.
The Select balance dropdown allows you to choose cryptocurrencies. Select the desired currency and click continue to confirm the transaction.
It’s not possible to send your cryptocurrencies to an external address. You can’t receive crypto outside the system either – only from another Skrill user.
However, you can convert your fiat balance to crypto and withdraw it to an external address. Click Withdraw from the main menu. Select crypto wallet as the withdrawing method.
Next, you’ll see the following form.
Type in the euro amount you wish to convert to crypto. There are minimum and maximum amounts for this method, which might depend on the VIP level you are at.
Finally, type in the recipient address. Skrill supports Bitcoin and Ether withdrawals. Bitcoin SegWit addresses (starting with bc1) didn’t work yet in our tests. Only Bitcoin addresses starting with 1 or 3 are supported.
You should note this method is an expensive one.
Final thoughts of using Skrill
Buying crypto with Skrill is an easy, fast, and painless method. It’s a smart way to buy cryptocurrency if you are a newcomer and already have a Skrill account.
Buying cryptocurrency from Skrill is recommended for users, who want a simple & fast service. Coins you buy are stored in your Skrill account, so you don’t have to worry about setting up wallets.
Skrill debit card is a nice feature. You can exchange crypto for fiat with a couple of clicks and spend the money instantly by using the debit card.
The downside is you can’t get your coins out of the Skrill system. You can send crypto only to other Skrill users.
It’s unlikely anyone would open a Skrill account just to buy cryptocurrency. Skrill is a very useful e-wallet service, where cryptos are an added bonus feature.