Skrill is one of the most popular digital money transferring services. Skrill eWallet is an alternative to brands like PayPal and Neteller. Nowadays you can also buy cryptocurrency using Skrill! So, how to buy cryptocurrency with Skrill? This review will tell you in detail. We’ll first introduce the Skrill service, if it’s not familiar to you from before.
Skrill has over 30 million users
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.
Transfer money real-time with Skrill
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.
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.
Buying cryptocurrency using 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 cryptocurrency 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. The leading European exchange, Bitpanda, is currently your best choice. That is, if you want to buy cryptocurrency from an exchange and pay it using the fiat money in your Skrill account. Localbitcoins supports Skrill as a payment method as well.
How to buy cryptocurrency with 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 it’s a currency exchange like any other. Buying cryptocurrency using Skrill is very simple and fast.
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 buy cryptocurrency using Skrill – final thoughts
Skrill is finally part of the cryptocurrency revolution! The service brings cryptocurrencies close to 30+ million users.
Buying cryptocurrency using 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.
One should note, that Skrill is not a cryptocurrency exchange like Binance or BitMEX. The down side is the same as in trading platforms eToro and Avatrade: you cannot withdraw cryptocurrency out of Skrill. At the moment, sending cryptocurrency is not possible either.
Skrill’s cryptocurrency service is not an alternative to crypto enthusiasts, who know how to use exchanges and how to store their virtual currencies safely. It is an alternative to using Skrill as a payment method at Bitpanda or Localbitcoins. Instead of moving your fiat from Skrill to Localbitcoins, you can just buy Bitcoin directly from Skrill.
Buying cryptocurrency using 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 services like BitMEX or Binance.
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. More and more people are making transactions with cryptocurrencies now. It’s very likely Skrill is going to open cryptocurrency transactions too soon.
Disclaimer: Bitcoinkeskus ei anna sijoitusvinkkejä eikä suosittele ostamaan mitään tiettyä kryptovaluuttaa. Kryptovaluutat sisältävät suuren riskin sijoituksen menettämisestä. Vuoden 2018 aikana suurin osa tunnetuista kryptovaluutoista on pudonnut yli 90% kurssihuipustaan. Lue lisää info-sivulta.