How to Buy Bitcoin with Skrill
Skrill is a digital wallet provider and a payment gateway, similar to PayPal. And like Neteller, Skrill is part of the Paysafe Group, a leading global provider of end-to-end payment solutions.
Use Skrill here to buy Bitcoin
India’s position as the top remittance-receiving country in the world has attracted many payment solutions over the years. And, Skrill has been one of the most popular money transfer choices in India.
Skrill wallet lets you hold multiple fiat currencies including EUR, GBP, AUD and INR. This feature not only provides additional payment options for crypto traders in India but also offers a wider range of crypto trading pairs to choose from.
Skrill to bitcoin transaction is not a direct INR to BTC conversion that happens on a trading platform. To buy bitcoin using Skrill, the buyer transfers an agreed-upon INR to the seller’s Skrill account, and the seller releases BTC to the buyer’s crypto wallet.
Benefits of Buying Bitcoin with Skrill
Skrill transactions are quite fast compared to other payment alternatives. If you’re sending or receiving money from within Skrill wallets, then the transactions are executed instantly. You can fund your Skrill account with local payment methods like bank transfer, debit card, credit card and UPI payments.
Skrill’s new cryptocurrency service allows its customers to buy Bitcoin (BTC) instantly from a cryptocurrency exchange, peer-to-peer (P2P) trading platform or broker from their local fiat currency balance. Other than Bitcoin, you can also buy and sell other cryptocurrencies including Bitcoin Cash (BCH), Dash, EOS, Ethereum (ETH), Ethereum Classic (ETC), Kyber, Litecoin (LTC), Tezos, XLM, XRP and 0x (ZRX). This service is currently not available in all Skrill-supported countries, including India. However, you can use Skrill payments to buy bitcoin from cryptocurrency exchanges or traders from P2P platforms.
Skrill Money Transfer is free of charge if you are sending money to an international bank account. This will be useful when buying bitcoin from a trader on a P2P platform. Also, receiving money in Skrill is always free of charge.
Setting up a Skrill account couldn’t get any easier, and it takes only a few minutes. Since your Skrill account is linked to your email address, you don’t need to share your personal information like name or bank details with others to receive or send payments.
Best Trading Platforms that Support Skrill
Step-by-Step Guide to Purchase Bitcoin Using Skrill
Buying BTC with Skrill is one of the quickest and convenient ways for many traders. Here’s a detailed guide on how to buy bitcoin with Skrill on Paxful. But you can use this guide to buy bitcoin on other crypto trading platforms as well.
Paxful is one of the most trusted peer-to-peer (P2P) bitcoin exchanges in the world. Paxful supports over 300 different payment methods.
Step 1: Open a Skrill account
Go to the Skrill website and click Register to get started. Then provide your personal details (name, country of residence, currency, email address and password) to complete the registration.
Once you add your credit/debit card and deposit funds (INR) to your Skrill wallet, you’re good to go!
Note: The currency you choose during registration will be your primary Skrill wallet currency. And, the email address you provide will serve as your Skrill account username – through which others will be able to send you money.
Step 2: Create an account with Paxful
Next, go to Paxful and register your account. A verification code will be sent to your email and mobile to confirm your account.
After this, head to Settings > Security and activate the two-factor authentication (2FA). This is important to safeguard your Paxful wallet. For the 2FA, you can either use an authenticator app like Microsoft Authenticator or opt for an OTP via SMS.
Step 3: Select Skrill as the payment method
To buy bitcoin with Skrill, choose the Buy button from the menu. There, you’ll see an Any payment method search bar. Click View All and choose Skrill as your payment method. This will list all the traders who accept Skrill as a payment option.
You can also apply other filters like verification level, user type and trade limits to suit your requirements.
Step 4: Choose a reputable seller
Now you have to pick a trader with a good reputation. This is quite important when you are trading cryptocurrency in any P2P trading platform.
You can find more information about the trader by clicking on their username.
Note: Have a look at the trader’s positive and negative feedback. To get more insight about the trading experience, scroll down to read the comments given by other Paxul users.
Step 5: Open a trade request
After you pick a potential seller, enter the INR amount for which you would like to buy bitcoin. Once you’re sure about the trade, click the Buy now button to start the trade.
Note: You will receive BTC based on the offer price set by the seller. This means a certain amount of fee will be deducted from the amount you pay.
Step 6: Pay the vendor
Once the trade is started, you will have 30 minutes to pay the seller. Paxful automatically moves the equivalent BTC from the seller’s Paxful wallet to the escrow. This mechanism makes it safer for buyers to make the payment.
Make sure to read the seller’s instructions on the trade window. If you have any questions, you can ask the trader in the chat window.
After you make the payment, click on the Paid button. BTC will be transferred from the escrow to your Paxful wallet once the seller confirms your payment.
Note: If you don’t click on the Paid button before the given time, the BTC will be released (from the escrow) to the seller’s wallet.
Things to Consider When Buying Bitcoin Using Skrill
If you’re looking to buy bitcoin with Skrill, you might find that your options are limited as only a small number of cryptocurrency exchanges offer Skrill as a payment method. This method is beneficial if you don’t want to disclose your bank details or other personal information to exchanges and traders.
The traders in P2P platforms typically charge higher purchase fees for the Skrill payment method than other options like Paytm.
And if you wish to move your money from your Skrill wallet into a local bank account, you have to pay a withdrawal fee of approximately INR 500 (equivalent to EUR 5.50). For more details on deposits and withdrawal charges, go to the Skrill fees page and choose India as the country and local currency as INR.
How to Withdraw Bitcoin to Skrill
Many trading platforms let you sell your bitcoin and cash out using Skrill.
BTC to Skrill transaction is similar to the buying process we saw earlier. Instead of choosing the Buy option, you have to choose the Sell option to proceed with the trade.
Once the buyer has made the payment, click the Release bitcoin button. This acknowledgement will move your BTC held in escrow to the buyer’s wallet. If there are any payment related concerns, you can discuss them with the buyer using the trade chat window.
Paxful does not charge any fees for buying bitcoin, but they charge 1% of the trade to sellers. And this is one of the reasons why sellers have higher offer prices.
Please note that in order to sell bitcoin using Skrill, your Paxful account might require additional verification.
Note: Do not release bitcoin until you receive the payment in your Skrill account.