How To Buy Bitcoin With Skrill: 7 Best Ways In 2023 | HedgewithCrypto (2024)

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While users can buy Bitcoin directly from their Skrill wallets, the payment app can be linked to crypto exchanges which provide a wide variety of benefits and services. This article explains how to buy Bitcoin with Skrill and what crypto exchanges currently support Bitcoin purchases with this payment provider.

How To Buy Bitcoin With Skrill - Quick Guide

Follow these five steps to buy Bitcoin with Skrill:

1. Register a Skrill account. Registering an account through the official Skrill website is free and straightforward. After completing the registration, users will need to verify their account to access Skrill’s full features and raise their transaction limit.
2. Create an account with a crypto platform. Search cryptocurrency platforms, exchanges, and P2P marketplaces that support Skrill as a funding method for trading accounts. Opening an account with eToro is one of the best platforms that accept deposits via Skrill at no cost.
3. Complete ID Verification. As part of the mandatory Know Your Customer (KYC) procedure, users must verify their identity to use a crypto exchange. Verification often includes uploading a government ID and proof of address.
4. Deposit using Skrill. After successful verification, users can start funding their accounts. Choose Skrill as the payment method and enter the amount of fiat money to deposit.
5. Buy Bitcoin. Search Bitcoin from your exchange’s supported digital assets. Enter the dollar amount to spend on BTC, review the transaction, and confirm to buy.

Can You Buy Bitcoin With Skrill?

Online wallets like Skrill are gaining wide acceptance among the top cryptocurrency exchanges and platforms as a way to deposit in fiat currency and buy Bitcoin. Skrill deposits are usually instant and have relatively low commissions. Once the funds are reflected in their cryptocurrency wallet, users can search for Bitcoin on the exchange and start trading. For example, eToro accepts Skrill as a payment method to deposit fiat currency to buy a wide variety of crypto. Deposits are instant and users don’t incur any funding fees.

How To Buy Bitcoin With Skrill – eToro Tutorial

Step 1 - Open a Skrill Account

Join Skrill for free by registering on its official website. Fill in your first and last name, country, and preferred currency. Provide an email address and create a password that you will use to log into your account.

Step 2 - Create An Account On eToro

Visit the eToro website to create an account with one of the exchanges that support zero-fee Skrill deposits. Provide an email address as well as choose a username and password. These are the credentials needed to access your account.

Step 3 - Verify The Account

eToro requires that all users verify their identities in accordance with Counter-Terrorism Financing (CTF) and Anti-Money Laundering regulations. eToro also performs mandatory KYC checks to provide users with full account features. Users start by verifying the phone number connected to their trading account. Users then need to upload a proof of ID and proof of address.

Proof of identity document should display a user’s name, date of birth, date of issue, and a clear photograph. Such documents may include a driving license, passport, and other valid forms of ID. Proof of address documents may include a bank statement or utility bill dating back no more than three months.

Step 4 - Make a Deposit

On the eToro account, click ‘Deposit Funds’ to view the available funding options. Choose Skrill from the drop-down menu, enter the minimum deposit amount ($50), and select the fiat currency to use, either AUD, USD, GBP, or EUR. Enter your Skrill email address and eToro will safely redirect to the Skrill wallet. Log into your Skrill account to complete the payment. The deposit transaction will attract a conversion fee for users who don’t deposit in any of the fiat currencies mentioned above. The funds will be reflected in an eToro account instantly.

Step 5 - Buy Bitcoin with Skrill

Type ‘BTC’ into the search bar or click ‘Discover’ to choose Bitcoin from the crypto-assets available on eToro. Hit ‘Trade’ and a panel will appear. Enter the dollar value you want to spend or the units of BTC to buy. Users will see what percentage of their equity they have used. The trade panel has two options to own satoshis. Select ‘Trade’ to buy BTC instantly, or ‘Order’ to specify the price at which to buy BTC.

Where To Buy Bitcoin With Skrill

1. eToro

eToro is a multi-asset platform trusted by 24+ million users spanning over 140 countries, including the United States, Australia, and the United Kingdom. Traders and investors have access to over 2,000 different financial assets including cryptocurrencies, stocks, indices, and commodities. Users can trade these assets commission-free and without any hidden charges. eToro users also gain rights to the underlying assets they buy, including Bitcoin.

eToro also stands out as the world’s largest social trading platform, connecting millions of traders and investors. The CopyTrader feature lets users copy the trades of professional and more experienced traders. There’s also Smart Portfolios, a feature that groups multiple assets or individuals based on a specific investment strategy.

Funding an eToro account is quick and simple thanks to a handful of payment methods available, including Skrill. To buy Bitcoin using Skrill on eToro, users must have their eToro accounts verified. Only after verification will users access the deposit feature.

Related: How long until my eToro account is verified?

To fund an eToro account, hit “Deposit” to access a list of drop-down options. From the list, select Skrill and eToro will securely redirect to the Skrill website to complete the transaction. Skrill deposits are instant and funds will reflect on eToro immediately. Users can now search BTC from eToro’s list of crypto assets. There are two options to buy Bitcoin:

• Trade. This lets a user allocate a dollar amount to buy Bitcoin at the current market price.
• Order. This lets a user choose the specific price at which they want to buy Bitcoin. eToro executes the order when Bitcoin hits the target price.

The minimum first deposit amount required to Buy Bitcoin on eToro varies among regions. Users in the United States and the United Kingdom can start with as little as $10. In Australia, the minimum first deposit is $50. In other eligible countries, the minimum first deposit could range from $50 to $10,000. eToro doesn’t accept Skrill deposits where the account name doesn’t match the name on the eToro account.

Since eToro primarily operates in USD, users will pay a conversion fee when they deposit or withdraw funds in any other currency. All withdrawal requests have a standard $5 fee.

2. Binance

Binance is considered the largest crypto trading platform since it records the highest trading volume for crypto assets, including altcoins, stablecoins, and DeFi tokens. Binance doubles up as a traditional cryptocurrency exchange and P2P marketplace that lets users swap Bitcoin and other cryptos for their preferred currency. The Binance crypto exchange uses an automated engine to fulfill buy and sell transactions. The top-rated P2P platform enables users to trade crypto directly with one another using any of the available 300+ payment methods including Skrill.

To buy Bitcoin with Skrill, users will need to open the Binance P2P marketplace to set up a trade. The trade can be set with a preferred price, amount, and payment method. A user who chooses the Skrill payment method must ensure the counterparty they are dealing with accepts Skrill. Users can then initiate a live chat with the seller to understand their terms and conditions.

When a user initiates a transaction, their funds are temporarily deposited into the Binance P2P escrow service until they confirm BTC has been deposited to their wallet. P2P transactions to buy Bitcoin and other cryptocurrencies have zero fees. Although P2P transactions can last from 20 minutes to three working days, online wallet transactions through Skrill are instant. Binance P2P doesn’t collect information about buyers and sellers.

With Binance P2P, users don’t have to transfer their BTC across different wallets since all crypto is sent directly to their Binance account. From there, one can use their crypto for multiple purposes, from trading across the Binance margin, spot, options, and futures platforms, to crypto-financial services like staking.

3. CEX.IO

CEX.IO is a cryptocurrency exchange that provides over 4 million users with an ecosystem of products and services to explore the decentralized economy of crypto assets. All digital assets listed on the platform pass through a rigorous verification process. CEX.IO strict compliance with international standards lets it implement various payment methods as well as work with reliable payment providers and banks.

The CEX.IO exchange promises its users high liquidity markets. Its liquid order books support the platform’s high-speed order execution even when big trades are involved. The millions of active Bitcoin and crypto traders help the platform maintain markets of high quality and proper liquidity levels.

There are numerous options for trading cryptocurrencies. CEX.IO supports trading of more than 200 crypto markets, including BTC/USD, ETH/GBP, ADA/USDT, DASH/EUR, and more. There’s also a wide range of payment options including debit/credit cards, wire transfers, and electronic wallets like Epay, Advcash, and Skrill.

To access Skrill transfers, users must have at least identity level verification. Also, users must ensure their Skrill account and CEX.IO account are associated with the same email address. Currently, the exchange supports Skrill transfers in USD, EUR, GBP, and RUB. To deposit using a Skrill wallet, users can click the “Deposit” button on their mobile app or open the “Finance” page on the web. Choose any of the currencies mentioned above, enter an amount, select Skrill as the payment option, and indicate the country. Enter in the details to complete the transfer; an email address to send the funds and a reference/order number.

Log in to Skrill via a browser or mobile app to access the Skrill wallet. Choose the Skrill to Skrill option then enter the email address provided earlier and the amount to transfer. To enter the reference number, click “Add a message” and write the order number as a comment. The funds should be reflected in the CEX.IO account on the same day. Note that transfers without a reference number won’t be processed. The daily minimum and maximum Skrill deposit limits are $35 and $10,000 respectively. All deposits with Skrill have a 3.99% commission fee, which is quite high if you buy fractions of Bitcoin over time.

4. Paybis

Paybis is a crypto exchange that gives users access to 30+ crypto coins and 47 fiat currencies. The platform is UK, EU, and USA compliant with an annual volume of more than $500,000,000. Paybis offers the highest limits for depositing and withdrawing funds. Traders can spend up to $200,000 per transaction to buy Bitcoin.

Users looking to buy Bitcoin can first use the Paybis Bitcoin calculator to estimate how much they will spend to buy a specific amount of Bitcoin. Enter the amount of BTC to buy and receive a price estimate in your local currency. It also works the reverse; enter how much you want to spend in the currency field and see how much BTC you get. Users can see the Paybis fee structure which includes a payment processing fee, the exchange fee, and the transaction fee to Bitcoin miners. Traders looking to buy Bitcoin have access to multiple payment methods, including debit/credit cards, bank transfers, Neteller, and Skrill.

First-time crypto traders are advised to set up a BTC wallet before buying Bitcoin. Users have four wallet options; hardware wallets, desktop wallets, online wallets, and paper wallets. For security, Paybis recommends that users set up a desktop wallet for its single access point. After the wallet is set up, users can buy Bitcoin with Skrill in these steps.

1. Initiate a transaction. Go to ‘You spend’ and enter the dollar amount you want to spend. The equivalent Bitcoin amount will be displayed under ‘You receive’. Hit ‘Buy Bitcoin’ to create a new transaction.
2. Pass KYC verification. Traders using Skrill on Paybis for the first time will need to verify their accounts. Provide full name, date of birth, location, and address. Submit a government ID and let Paybis review the information. In some cases, users may need to provide an additional selfie while holding their government ID. Verification shouldn’t take more than 5 minutes.
3. Deposit with Skrill. Provide a Bitcoin wallet address and Paybis will redirect to the Skrill secure payment page. Log into the Skrill account to confirm the payment.
4. Buy Bitcoin. Once the payment is processed, Bitcoins are deposited in the previously indicated wallet. This takes less than five minutes unless there’s a need to review the payment manually.

5. Paxful

Paxful P2P marketplace connects a trader with over 3 million traders worldwide from whom they can buy and sell Bitcoin directly. Paxful supports 350+ payment options, including debit/credit cards, cash payments, bank transfers, prepaid cards, Apple Pay, and online wallets like Neteller and Skrill. The platform also has zero fees for cryptocurrency buyers. To buy Bitcoin with Skrill, users must register an account and complete the KYC verification. Users receive a free BTC wallet immediately after completing registration. More importantly, users must find traders who accept Skrill as a payment method.

From their account, users can click ‘Buy Bitcoin’ and select ‘Skrill’ as the payment method. The Paxful marketplace will display hundreds of offers from multiple sellers. To find the best offer, users need to sift through profiles with highly positive feedback. Click the seller’s name to display their trade history and testimonials. Other things to look out for include:

• Price. Displayed as a percentage with an arrow, the price is how much you’ll buy Bitcoin relative to the prevailing market price. The USD value beside the price may also help a user see the amount of BTC they’re getting on the dollar.
• Offer limits. Displayed as a range, this shows how much a trader is willing to sell. The amount to spend must be within this range.
• Seller availability. Ensure your preferred vendor is active and available before initiating a trade.
• Badges. Look for ‘Features’ or ‘Trusted’ badges on vendor offers. Users may also filter offers to display ‘Paxful Verified Offers Only’.

Users who can’t find anything suitable can create offers of their own to attract sellers and trade on their own terms. To create an offer, go to the home page and click ‘Create an Offer’. Set your initial preferences, including the cryptocurrency of choice and payment method. Users may also customize their offer to include the offer trade limits, offer margin, offer time limit, trade instructions, and more.

Click ‘Buy’ to see a vendor’s trading conditions. Most sellers require that users verify their identities by providing a photo of themselves holding their valid government ID. Bitcoin buyers must also use their own verified Skrill accounts. In some cases, a screenshot of the Paxful account balance may be needed. If you agree to the terms, initiate a trade by clicking ‘Accept Terms and Buy Bitcoin Now’. Paxful moves the seller’s Bitcoin to an escrow where they are held until a user completes their payment. Users can initiate a live chat with the seller to know if there are any more requirements they need to fulfill.

Bitcoin purchase transactions must be completed within a specific timeframe, otherwise, the trade could expire. Once a seller confirms receipt of payment, the Bitcoin is released from the escrow and transferred to their wallet. Trading off the escrow service is against Paxful’s Terms of Service and it takes away the security that the Paxful platform guarantees. Users should report vendors who try to take the trade-off escrow.

6. EXMO

Founded in 2013, EXMO ranks among the largest cryptocurrency exchanges on the market, processing up to $1.5 billion per month. The platform supports hundreds of cryptocurrencies and 40 different fiat currencies, including USD, EUR, UAH, PLN, RUB, and TRY. The exchange allows users to deposit and withdraw using local payment methods for each of the fiat currencies.

Users must complete a simple crypto KYC process before performing any transaction on the exchange. Information needed for KYC includes a valid government ID, proof of address, and a selfie holding the ID card. Once an account passes all verifications, users can proceed to make their first deposit.

For instant deposits, EXMO integrates Rapid Transfer. This is a method of instant online payments made directly from a user’s bank account. Users only need to log into their bank account in the Rapid Transfer system and initiate an instant transfer to fund the EXMO account. The Rapid Transfer system partners with a wide range of banks. EXMO users who hold bank accounts in Austria, England, Finland, Denmark, France, Germany, Italy, Norway, and Spain among other European countries can use this system to fund their exchange accounts.

Rapid Transfer is also an important component of the Skrill payment system to deposit funds to buy Bitcoin. Through the Skrill/EXMO integration, users enjoy a wide range of benefits, including instant fund transfers, multiple Skrill wallet deposit methods, low fees, and instant credits from users’ bank accounts without leaving the EXMO system. No user data is saved in transactions through the Skrill Rapid Transfer. Payment information is also secured through end-to-end encryption by the user’s bank.

To use Skrill Rapid Transfer, log into the EXMO exchange account and go to the ‘Finance’ page. Choose the fiat currency to deposit, click ‘Deposit’, and choose Skrill Rapid Transfer. EXMO charges a 0.1% commission on crypto to crypto trades. The exchange has zero account management and inactivity fees.

7. Bitpanda

Bitpanda is an Austria-based cryptocurrency exchange that primarily serves the European economic area. With a user base of over 3.5 million, Bitpanda’s user-friendly, trade everything platform lets users buy, sell, or swap 100+ digital assets like cryptocurrencies, crypto indices, stocks, ETFs, and precious metals.

Users can register an account on Bitpanda through the web or the mobile app available on Android and iOS devices. For robust security, Bitpanda used a PSD2 payment service. The platform also uses state-of-the-art servers, secure offline wallets, and strong API applications.

With Bitcoin premiums at 1.49% (buy and sell), Bitpanda provides a cheap platform to buy and sell Bitcoin instantly. Deposits and withdrawals are facilitated through a wide range of payment options, including bank transfer (SEPA), credit cards, Neteller, and Skrill. In strict adherence to the AML5 directive, Bitpanda users must verify their accounts before performing any transactions. Verified user accounts can enjoy Bitpanda’s full transaction limits and payment methods. Bitpanda supports Skrill deposits in US dollar (USD), Euro (EUR), British pound (GBP), and Swiss franc (CHF).

For Skrill deposits, the daily and monthly limits are EUR 10,000 and EUR 300,000 respectively. The total limit for using Skrill to fund a Bitpanda account is EUR 10,000,000. The minimum deposit amount to a Bitpanda wallet is EUR 25. Bitpanda stores all deposits in a cold wallet for security. The minimum amount to buy, sell, and swap cryptocurrencies are EUR 1. All cryptocurrency purchases and sales are processed in real time.

Comparison of Crypto Exchanges That Support Skrill

The table below lists and compares the best exchanges for buying Bitcoin with Skrill. Click on the individual reviews for more information.

Exchange	Crypto Assets	Trading Fees	Rating	Promotion	Website	Review
Binance	385	0.1% (spot) and 0.02% / 0.04% (Futures)	Rating 4.8 /5	Up to $100 welcome bonus	Visit Binance	Binance Review
eToro	79	1%	Rating 4.6 /5	None available at this time	Visit eToro Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. [website domain name] is not an affiliate and may be compensated if you access certain products or services offered by the MSB.	eToro Review
CEX.IO	100+	0.25% / 0.15%	Rating 4.2 /5	None available at this time	Visit CEX.IO	CEX.IO Review
EXMO	192	Crypto-to-crypto (From 0.1%), Fiat-to-crypto (From 0.3%)	Rating 3.9 /5	None available at this time	Visit EXMO	EXMO Review
Bitpanda	23	1.49%	Rating 3.9 /5	None available at this time	Visit Bitpanda	Bitpanda Review
Paxful	3	Varies on seller	Rating 3.9 /5	None available at this time	Visit Paxful	Paxful Review

Advantages of Buying Bitcoin With Skrill

Using Skrill to deposit funds to buy Bitcoin provides multiple advantages over other payment methods. Some of these benefits include:

• Fast deposits and withdrawals: Many users prefer Buying Bitcoin with Skrill since the payment method facilitates quick deposits and withdrawals. On most exchanges, deposits through Skrill reflect in a fiat wallet immediately. Linking a Skrill e-wallet to an exchange account is also incredibly easy. Simple go to deposit and select Skrill from the available payment methods. Withdrawals to Skrill are also fast compared to methods like bank transfers. Skrill deposits are often free of charge.
• High security: Traders using Skrill to buy Bitcoin are guaranteed the highest level of security for their personal details, funds, and transactions history. Skrill account holders are required to verify their accounts. All transactions are processed through advanced security protocols to protect account balances and user information.
• Multiple countries and currencies. As a global payment provider, Skrill is available in 200+ countries around the world. Users can also hold balanced in over 40 fiat currencies. To fund their exchange accounts, users can choose from any of the supported fiat currencies. Where a specific currency isn’t supported, Skrill lets users convert between fiat currencies for easier crypto purchases.
• Low fees. Using Skrill to buy Bitcoin on most crypto exchanges is incredibly low cost. On platforms like eToro, users can deposit from Skrill free of charge.

Disadvantages of Buying Bitcoin With Skrill

Consider these drawbacks before using Skrill to buy Bitcoin:

• Not supported on all exchanges: Although Skrill is a global payment provider, it is not a supported funding method on most cryptocurrency exchanges. You will need to narrow your selection from the exchanges we’ve reviewed above.
• Conversion fees: Users who fund their crypto exchange accounts with a non-supported fiat currency will incur conversion fees to deposit in a supported currency.

Can You Buy Bitcoin Directly In A Skrill Account?

Skrill allows users to instantly convert 40 fiat currencies into Bitcoin and other cryptocurrencies, including Ethereum and Litecoin. Verified Skrill users have access to over 100 payment methods to fund their crypto transactions. Users buying crypto will incur a 1.50% fee per transaction above $100. Skrill Crypto P2P is also available at a 0.50% fee per transaction.

Frequently Asked Questions

Conclusion

Skrill is a payment option that gives crypto investors instant fund deposits to buy Bitcoin on supported exchanges. It is fast, secure, cost-effective and available in many countries. Users may also spread their investments by holding crypto in their Skrill e-wallet. However, it’s important to note that Skrill is currently available on a few exchanges. Users who want free deposits to buy Bitcoin may also learn how to buy Bitcoin with PayPal and also with ACH (US only).

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