Buying Bitcoins with Skrill – A Beginner’s Guide

Last updated: 1/24/19

Much like Paypal, Skrill is an e-commerce business that allows you to pay through the web. Formerly known as MoneyBookers, Skrill supplies services for individuals and businesses as one. In this post I’ll cover the different options for buying Bitcoin with Skrill.

Post summary

Since mid 2018 Skrill allows you to buy Bitcoin directly through their website for investment purposes only (i.e. you can’t withdraw the coins). All you need is an email address and a credit card.

  • Step 1 – open a Skrill account
  • Step 2 – Add your credit card
  • Step 3 – Deposit funds in your local currency
  • Step 4 – Go to the “crypto” tab and choose “exchange”
  • Step 5 – Complete the exchange process

That’s it!

If you live in one of the non supported countries or want to actually withdraw the coins, there are some additional methods I’ll cover in this post.

Here’s what I’ll go over:

  1. Skrill overview and supported countries
  2. Buying Bitcoins directly with Skrill
  3. Buying Bitcoins with Skrill through Bitpanda
  4. Buying Bitcoins with Skrill through Virwox
  5. Buying Bitcoins with Skrill through LocalBitcoins
  6. Buying Bitcoins with Skrill through Paxful
  7. Conclusion

1. Skrill overview and supported countries

Skrill allows you to send payments online easily between Skrill accounts. It’s very similar to PayPal, with the exception that it’s much more lenient with its regulation requirements. In order to obtain a Skrill account all you need is an email address. You can then fund that account with any of the following options:

  • Bank account
  • Credit card
  • Debit card
  • Bitcoin
  • Bitcoin Cash
  • Neteller

Skrill supports most countries worldwide aside from the following:

Afghanistan, Angola, Barbados, Benin, Burkina Faso, Cape Verde, Comoros, Crimea, Cuba, Djibouti, Eritrea, Faroe Islands, French Polynesia, Gambia, Greenland, Grenada, Guadeloupe, Guyana, Iran, Iraq, Japan, Kyrgyzstan, Lao People’s Democratic Republic, Libya, Macao, Martinique, Namibia, New Caledonia, Niger, North Korea, Palau, Reunion, Samoa, Sudan (North and South), Suriname, Syria, Tajikistan, Togo, Turkmenistan, United States of America


2. Buy Bitcoins directly through Skrill

Pros: Fast process, low fees

Cons: You can’t withdraw your coins

As of mid 2018, Skrill decided to jump on the cryptocurrency train and allow customers to purchase certain cryptocurrencies directly from their account for investment purposes only. This means you can buy coins buy you can’t withdraw them to a crypto wallet. The only thing you can do is exchange them back to fiat currency and withdraw that to your card or bank account.

Skrill allows you to invest in the following cryptocurrencies:

  • Bitcoin
  • Ethereum
  • Litecoin
  • Bitcoin Cash
  • Ripple
  • Ethereum Classis
  • 0x

This method is good if you’re just looking to speculate on the price since it has relatively low fees. However, if you actually need to use your coins then this won’t help you a lot.

The relative fees for this process are:

Deposit fee (for fiat) – 1%

Exchange fee (from fiat to crypto) – 1.5%

This is assuming you use USD or EUR, if you’re using your local currency fees can go up to 3%.

There are no ongoing fees for maintaining your Skrill account as long as you log in at least once every 12 month. For a complete breakdown of the fees read this page.

In order to buy Bitcoins directly from Skrill here’s what you need to do

  • Step 1 – open a Skrill account
  • Step 2 – Add your credit card
  • Step 3 – Deposit funds in your local currency
  • Step 4 – Go to the “crypto” tab and choose “exchange”
  • Step 5 – Complete the exchange process

If you’re looking to actually withdraw your coins the following methods are what you should look in to.


3. Buy Bitcoins with Skrill through BitPanda

Pros: Reputable exchange, fast transaction, access to your coins

Cons: Fees are unclear, requires verification

BitPanda is an online exchange that accepts Skrill as a payment method. While logged into your account just go to “Buy” and make sure to choose Skrill as the payment option. The only downside is that you can’t see how much you’ll be paying in fees directly. The fees are already incorporated inside the final amount.

Usually the fee BitPanda charges for Skrill is around 4%. This is the lowest premium I was able to find on the market. BitPanda accepts customers mainly from Europe.


4. Buy Bitcoins with Skrill through Virwox

Pros: No verification needed

Cons: Can take up to 48 hours to get the coins, high fees

With Virwox (the Virtual World Exchange), it is possible to obtain Second Life Lindens and then sell them for Bitcoins. You will first need to open an account at Virwox. After you’ve finished the process you will be emailed your initial password – make sure to change it. When opening an account you will be asked for your “avatar name” – you do not need to enter anything, just leave it at “no avatar”.

Once finished you will now need to fund your account with Skrill. Go to “Deposit” and look for the “Skrill (Moneybookers)” option. Enter the amount of EUR or USD you would like to deposit and click the Skrill logo.

You will then be moved to the Skrill payment page where you can either pay with your credit card, or if you have a Skrill account just log in.

After the payment is cleared you will see the balance in your Virwox account on the top left. Now it’s time to buy some SLL (Second Life Lindens). On the left sidebar in Virwox got to the USD/SLL or the EUR/SLL exchange depending on which currency you’re using. Exchange your current balance for SLL.

In the picture above I didn’t have any EUR or USD balance so it gave me a notification, but once you have that balance you will be able to purchase SLL. After you complete the process you will see the SLL balance on the top left side in your Virwox account.

Now you will need to exchange the SLL for Bitcoins. Got to the SLL/BTC exchange and buy Bitcoins. Keep in mind that new user transactions can be delayed up to 48 hours by Virwox.

After you’ve received your Bitcoins you can withdraw them easily to your wallet. Go to “Withdraw” and look for the Bitcoin option. Just paste your wallet’s public address and the Bitcoins will be transferred.


5. Buy Bitcoins with Skrill through LocalBitcoins

Pros: Fast process, variety of seller

Cons: Possibility of scam, high fees

Localbitcoins is an online marketplace for Bitcoins (kinda like eBay for Bitcoins). On the site you can find different sellers from around the world that will sell you Bitcoins using various payment methods. On the previous options we reviewed you bought Bitcoins through a trusted 3rd party. In this case you’ll be working with individuals, and therefore should be much more careful.

It’s important to find a seller that accepts Skrill and that has a high reputation level in order to make sure you are not being scammed. Also, sellers on LocalBitcoins usually take a really high premium for payment methods such as skrill.


6. Buy Bitcoins with Skrill through Paxful

Pros: Fast process,

Cons: Possibility of scam, high fees

Paxful is very similar to LocalBitcoins. The site is also an online marketplace for buying and selling Bitcoins. On Paxful you’ll be working with individuals and not companies (just like LocalBitcoins) and it’s important to be selective of who you trust.


7. Conclusion

If you’re looking to use Skrill for purchasing Bitcoins things are relatively simple. Either go directly with Skrill’s service if you’re just in it for investment purposes or through Bitpanda if you actually need access to your coins.

Seems like Skrill are very serious about getting into cryptocurrency and we might be seeing them expanding their services to other countries and allowing users to actually access their coins in the near future.

Have you had any experience with purchasing Bitcoin or any other cryptocurrency through Skrill? If so, let me know in the comment section below.

Bitcoin Video Crash Course 

Dummy-proof explainer videos enjoyed by over 100,000 students. One email a day for 7 days, short and educational, guaranteed.

We hate spam as much as you do. You can unsubscribe with one click.

12
Leave a Reply

avatar
5 Comment threads
7 Thread replies
3 Followers
 
Most reacted comment
Hottest comment thread
9 Comment authors
Steven HayVicente PaulRajibMd Rajibrubik Recent comment authors
  Subscribe  
newest oldest most voted
Notify of
Vicente Paul
Guest
Vicente Paul

Why didn´t you mentioned Spectrocoin, Lykke, Coingate and Exmo?

Rajib
Guest
Rajib

Hi please would you guide me. What is the cheapest fees site to buy Bitcoin with SKrill. **link removed**

rubik
Guest
rubik

why haven’t you mentioned cubits?

zee
Guest
zee

what you think about fxopen.com/ are they trust able?

laura
Guest
laura

This is a very insightful information. I learnt to convert my skrill to BTC