Buying Bitcoins with Skrill – A Beginner’s Guide
By: Ofir Beigel | Last updated: 11/13/19
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.
How to Buy Bitcoin with Skrill Summary
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.
- open a Skrill account
- Add your credit card
- Deposit funds in your local currency
- Go to the “crypto” tab and choose “exchange”
- Complete the exchange process
That’s how to buy Bitcoin with Skrill in a nutshell. If you want to get actual access to your coins, here are some additional methods:
For a detailed review about Skrill and the different buying options keep on reading, here’s what I’ll cover:
- Skrill Overview
- Supported Countries
- Buying Bitcoins directly with Skrill
- Frequently Asked Questions
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 Cash
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
Skrill allows customers to purchase certain cryptocurrencies directly from their account for investment purposes only.
This means you can buy coins but 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 (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Ripple (XRP)
- EOS (EOS)
- Stellar (XLM)
- Ethereum Classic (ETC)
- 0x (ZRX)
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 fee schedule read this page.
Here’s how to buy Bitcoins through Skrill:
- 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
BitPanda is an online exchange that accepts Skrill as a payment method. BitPanda accepts customers mainly from Europe.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.
Virwox (the Virtual World Exchange) makes it possible to buy Second Life Lindens with Skrill and then sell them for Bitcoins. This process is pretty slow and charges high fees, so use it only as a last resort. You can read my complete Virwox review here.
Here’s how to buy Bitcoins with Skrill through Virwox:
You will first need to open an account at Virwox.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”.
After you’ve finished the process you will be emailed your initial password – make sure to change it.
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.
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.
Localbitcoins is an online marketplace for Bitcoins (kind of 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.
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. You can read my complete LocalBitcoins review here.
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.
You can read my complete Paxful review here.
SpectroCoin is an exchange and wallet provider that allows you to buy certain cryptocurrencies with Skrill including Bitcoin, Dash, Ethereum, XEM, Banker and Tether.
You can found your account with Skrill, and the fees are around 3.5% with a max deposit of 5000 Euros. You can view the complete fee schedule here.
Here’s how to buy Bitcoin with Skrill on SpectroCoin
- Sign up to SpectroCoin
- Activate your account via the confirmation email
- Click “deposit” and select EUR, GBP or USD
- Select your country and the amount to deposit
- Login to your Skrill account and click “Pay Now”
- Go to “Exchange”
- Select the “Pay Currency” and input the exchange amount
- Click on “Exchange”
- Review the order and click on “Confirm”
Lykke is a Swiss company that allows you to buy, sell and exchange a wide variety of cryptocurrencies. The exchange has no fees for trading or deposits and small withdrawal fees. Lykke supplies additional services such as a cryptocurrency wallet, margin trading and a block explorer.
If you want to deposit money to you account using Skrill you’ll have to download the Lykke app (buying with Skrill isn’t possible through the website). Here’s how it’s done:
- Download the Lykke app (iOS, Android)
- Tap “Deposit”
- Select the currency you want to deposit
- Under “Deposit” select “More”
- Fill out the form and tap on “Proceed”
- Confirm that the details are correct
- Select “Check Out” and sign in with “Credit Vouchers credentials”
- Select “Skrill”
- Complete the form and tap on “Check Out”
Exmo, founded in 2013, is a cryptocurrency exchange with over 1.5 million users worldwide. The exchange supports a wide variety of cryptocurrencies.
CoinGate is a payment solution for companies seeking to accept cryptocurrencies. It also allows users to buy Bitcoin, Litecoin, Ethereum and additional cryptocurrencies through Skrill, Visa, Mastercard, Neteller and Sofort.
Using Skrill to buy Bitcoins on CoinGate will cost you a 3% trader fee + a 3% Skrill fee. If you want to sell Bitcoins you will be able to withdraw funds only to a SEPA account (not to a Skrill account).
Is Using Skrill Safe?
Unlike PayPal, Skrill does not offer buyer protection. Meaning if you get scammed you’re basically on your own. Therefor it’s important to pay with Skrill only to trusted exchanges.
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.
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