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How to Buy Bitcoin With Skrill
When you want to buy Bitcoin there are a few different options you can choose from. Paying via Skrill is one of the latest ways users can now buy Bitcoin. Not only do a good selection of platforms now accept this payment method, but Skrill as a service also allows you to buy Bitcoin. When buying Bitcoin with Skrill you should keep in mind that, because you are dealing with a third party, there could be fees on both the platform you are buying your asset on, in addition to, Skrill. Secondly, trade sizes are usually the smallest on offer when using a third-party payment service.
That’s why we have put together this guide for you to navigate the best way to buy Bitcoin using Skrill. We have included all the information you could need, from how-to guides, platform reviews, and some of the most popular FAQs. If you are looking for investing in Bitcoin, keep reading this guide to learn more about using Skrill as a payment method to buy BTC.
Top Bitcoin Brokers That Accept Skrill
Your first step when buying Bitcoin with Skrill is to choose a platform to trade from. There are many platforms to choose from when it comes to investing in cryptocurrencies, so below we have listed the top providers to help you get started right away.
Can You Buy Bitcoin With Skrill?
You will find that there is currently a good range of platforms that accept Skrill as a payment method, whether that’s an exchange or a broker. Skrill can be a convenient way to buy assets if you are already a regular user of this service. However, it is worth noting that not all brokers and exchanges may accept Skrill as a payment method so you will have to check for each individual platform. In this next section, we will go into the specific details regarding what platforms accept Skrill payments for Bitcoin and how you can use them.
What Crypto Platforms Accept Skrill?
Here are the best ways that you can buy Bitcoin using Skrill. Together they make up the most common ways for users to buy cryptocurrency.
Cryptocurrency Brokerages: Brokerages are the most centralized trading option available to you. They set the prices of the assets that you trade and also will charge a fee for a range of different activities. Brokerages are perhaps understood as more trustworthy, especially big institutions like eToro.
Cryptocurrency Exchanges: Here, you can generally perform the same activities as you can with a broker, but in a slightly more direct fashion. Crucially, the key difference here is that an exchange is linking together buyers and sellers who are the actor setting the price. Fee structures are also totally different from brokerages as they don’t charge commissions, but instead, charge through the maker and taker fees (whether you are providing liquidity to the network or consuming it).
Peer-to-peer (P2P) Marketplaces: P2P marketplaces are the most direct option to trade with. Here you are directly matched up with buyers and sellers, but the critical difference is there is no making and taking of liquidity, instead sales and purchases are direct and bilateral. Usually, fees are minimal for P2P marketplaces.
How to Buy Bitcoin With Skrill?
Here we have created some simple step-by-step guides to show you how you can buy Bitcoin with Skrill. As we have shown, there is a wide range of different interfaces and platforms you can use so we have included the two most important: brokerages and exchanges.
Cryptocurrency Brokerages
Step 1: Sign Up for an Account
Find a good broker, like eToro for example, and sign up for an account. You will need to enter an email address and password.
Step 2: Verify Your Identity
After entering your details, you need to provide an ID for the KYC regulation process. This includes an official ID, proof of address, and a picture of yourself.
Step 3: Deposit Funds
Once your account has been accepted, you can deposit funds using any of the available deposit methods; you then need to select the tab that says deposit with Skrill.
Step 4: Follow the Relevant Steps
Then, follow the relevant steps, inputting your details and following any guidance provided by the exchange. You may also need to provide some form of verification from your bank.
Cryptocurrency Exchanges
The process of buying a cryptocurrency can be complicated, especially if you are new to the space. Check out this step by step guide for how to buy Bitcoin with Skrill:
Step 1: Sign Up for an Account
Go on the official exchange website and sign up for an account. You will need to enter an email address and password.
Step 2: Verify Your Identity
After entering your details, you need to provide an ID for the KYC regulation process. This includes an official ID, proof of address, and a picture of yourself.
Step 3: Deposit Funds
Once your account has been accepted, you can deposit funds using any of the available deposit methods; you then need to select the tab that says deposit with Skrill.
Step 4: Follow the Relevant Steps
Then, follow the relevant steps, inputting your details and following any guidance provided by the exchange. You may also need to provide some form of verification from your Skrill account.
How to Deposit and Withdraw via Skrill
Deposit
A good range of platforms now accepts Skrill as a method of deposit. For example, eToro supports this method, and here are the steps you need to follow to do it:
Step 1: Click the ‘Funds’ Tab
Locate the ‘Funds’ tab.
Step 2: Choose the Currency and the Amount
Choose the currency and the amount you want to deposit.
Step 3: Select Skrill
Select ‘Skrill’ as the payment method.
Step 4: Submission
Click ‘Submit’.
Withdraw
You will find that the most popular platforms are the ones that support Skrill as a payment method. For example, eToro accepts it. Here are the steps you need to follow to withdraw funds from the eToro platform:
Step 1: Click the ‘Withdraw Funds’ Tab
Locate the ‘Withdraw Funds’ tab.
Step 2: Enter the Amount
Enter the amount to withdraw (in USD) – you may withdraw the amount you have in your account minus the margin you have used.
Step 3: Fill the Form
Complete the electronic withdrawal form as required.
Step 4: Submission
Click ‘Submit’.
What Should I Look for in a Skrill Bitcoin Broker?
Fee Charges: Some brokers allow you to use Bitcoin to purchase Bitcoin but make sure you always check and compare what platforms will charge you as third-party payment services have the potential to be costly.
Variety of Trading Options: You want to ensure you can pay by Skrill, but you still want to make sure you’re trading with a good broker that offers a good range of assets. Also using Skrill for your transactions can sometimes limit the volumes of the trades you make.
Speed and Ease of Use: When you are buying Bitcoin you want transactions to be as simple to make as possible, and for them to be executed quickly and efficiently. Popular broker eToro for example has a friendly interface and good transaction speeds.
Trust and Security: Arguably one of the most important elements of trading, your broker must be trustworthy and have good security measures in place. Look out for features like 2-factor authentication, loss insurance, and KYC regulations to improve your level of protection.
Cross-device Compatibility: Most platforms now offer services on mobile, web, and desktop. Not only is this convenient for you, but also it is a sign of a good broker. For example, eToro supports all of these devices.
Should I Buy Bitcoin Using Skrill
- A good user friendly interface
- High levels of security
- A very convenient method for users that already actively use Skrill
- Limited customer service
- Will almost always limit the trade size you can make
- Not widely accepted across platforms
Is Using Skrill the Best Method to Buy Bitcoin?
No. Using Skrill as a payment method is convenient for regular users of the service and has an extremely user-friendly interface, but beyond this, it would struggle to compete with other methods available to you. Firstly, if you wish to trade big then Skrill will definitely restrict you – this is actually a common theme with third-party payment methods. Secondly, you can incur fees using this method to buy Bitcoin. While some popular brokers won’t charge you, like eToro for example, others may do – again, a common theme with third-party payment methods.
While this method is definitely one of the most user-friendly, it can significantly damage your returns on trades.
Top Alternatives to Skrill When Buying Bitcoin
Here is a list of some of the other ways in which you can buy Bitcoin:
Credit /Debit Cards: Use your credit/debit card to directly buy Bitcoin. Can incur some fees but is extremely convenient and you are also susceptible to interest rates when using a credit card.
Bank Transfer: Transfer funds directly from a bank account linked with your chosen platform. One of the most expensive ways to deposit funds but very convenient and accessible to beginners.
Crypto Transfer: Connect a wallet to your platform that already has crypto funds. By far the cheapest method but can be difficult for beginners.
PayPal: Connect your account to some supported platforms and top-up your exchange wallet; Paypal now also accepts crypto.
Final Thoughts
When buying Bitcoin Skrill can be a nice option for those who already use the platform and have funds in there, but we advise avoiding this. Not only could you incur fees from the platform you use, but also your available trade sizes will be somewhere around the lowest on offer – a common theme of third-party payment methods. Additionally, Skrill is only supported by a select number of exchanges and brokerages, so the choice of platforms and assets available to you may significantly decrease when using Skrill as your chosen method.
If you do wish to use this method because of its convenience then make sure to compare the fee structures of different platforms and make the most informed decision you can. Remember that trading can incur high risk – Bitcoin is a volatile asset.
Skrill is certainly growing into the crypto space; more platforms now accept it as a payment method and they also offer crypto services directly on its platform interface. But for now, there are cheaper and more versatile options available to you when buying Bitcoin.
FAQs
Can I Buy Bitcoin Anonymously With Skrill?
The only way you could do this would be with a platform that doesn’t require KYC regulations, maybe a Decentralized Exchange (DEX), but Skrill always requires you to share your personal information.
How Fast Is Buying Bitcoin With Skrill?
This will depend on the platform you use but usually transactions are relatively fast – for example they are instant on eToro.
Do I Need a Crypto Wallet?
To use some exchanges, yes. Other brokerages like eToro do not require you to have a wallet.
Are There Low Fees When Using Skrill to Buy Bitcoin?
No – fees can be moderate to high when using this method (platform dependant).
Can I Hold Bitcoin in My Skrill Account?
Yes – Skrill now allows its users to buy cryptocurrency directly on the platform.
Can I Buy Other Cryptos Using Skrill?
Yes – you can buy any financial product a platform offers using the funds deposited from your Skrill account.
Can I Buy Bitcoin With Skrill Instantly?
Yes, but depending on the platform. Most platforms will require you to first buy some kind of fiat/digital currency to then trade for Bitcoin.
Is Skrill the Easiest Way to Buy Bitcoin?
Maybe not the easiest, but one of the most user-friendly. The Skrill interface has been refined for many years to be easy to use and also fit-to-purpose for online/digital transactions.
Does Coinbase Accept Skrill?
Yes, but currently only US coinbase customers can have Skrill payments and deposits accepted, all other platforms do not support it.
Here are some more ways to buy Bitcoin
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