Buy Crypto With Skrill [2023] | Step-by-Step

Summary: While Skrill does offer cryptocurrency services directly through its app, it should be noted that buying crypto through the Skrill app is among the most costly methods out there. 

Therefore, to buy crypto with Skrill, such as Bitcoin (BTC) and Ethereum (ETH), or any other digital asset, we suggest investors sign up with a regulated multi-asset investment platform eToro and deposit funds through the Skrill app. After testing more than ten other trading platforms, we found it to be the best choice, as it offers lower trading fees, a wide selection of digital assets, and is trusted by over 30 million customers.

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Finbold is compensated if you access certain of the products or services offered by eToro USA LLC and/or eToro USA Securities Inc. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success.

Can you buy crypto with Skrill? 

Yes, the Skrill app allows customers to trade 40 different digital currencies through a range of deposit methods, but its cryptocurrency service isn’t regulated by the Financial Conduct Authority (FCA), and users will incur multiple fees when trading cryptocurrencies through their platform. Therefore, a better option for buying crypto with Skrill is to use it as a funding method to deposit money to licensed cryptocurrency exchanges regulated by the FCA.

How to buy crypto with Skrill?

The best and most inexpensive way to buy Bitcoin or any other cryptocurrency with Skrill is through a regulated broker like eToro, which is a licensed and widely trusted multi-asset investing platform with over 70 cryptocurrencies and unique features such as “Copy Trading,” which enables users to copy top-performing crypto traders, in addition to a staking service, custom watchlist, as well as advanced charts and technical analysis tools. 

How to buy crypto with Skrill: Step-by-Step

You can get started in minutes with four simple steps:

• Step 1: Create an account on eToro and complete your verification (personal or company);
• Step 2: Enter the USD/GBP/EUR amount you want to deposit on the eToro platform;
• Step 3: Connect Skrill to deposit your selected fiat currency;
• Step 4: The final step is to find the cryptocurrency you want to purchase and execute your trade.

About Skrill

Skrill is an online payment system and electronic wallet established in 2001. The digital wallet is available in 40 currencies and operates in 131 countries, offering various online payment and money transfer services, ATM withdrawals, prepaid debit cards, and even cryptocurrency services.

Customers can add funds to their Skrill account using multiple payment options, including credit or debit cards, bank transfers, prepaid cards, etc. Once the funds have been deposited, they can be used for online payments, purchasing cryptocurrency, or transferring funds to other accounts.

Skrill applies various fees for its services, such as transaction and currency conversion fees, for which you can find detailed information here. 

Skrill crypto policy

Skrill is crypto-friendly and provides cryptocurrency services directly from its platform through partnering with third-party crypto exchanges. While it may seem like a convenient way to buy digital assets, it’s worth noting that the fees can get pretty steep, and that Skrill crypto users should explore other options to buy Bitcoin or other cryptocurrencies.

Instead, to maximize the value of your funds when buying cryptocurrencies, it is cost-effective and secure to use it as a funding method on regulated platforms such as eToro. Not only do they offer lower fees, a regulated crypto service, but their crypto trading platform is also superior.

Skrill is operated by two companies: Paysafe Payment Solutions Limited, based in Ireland and regulated by the Central Bank of Ireland for its European activities, and Skrill Limited, based in the UK and regulated by the Financial Conduct Authority (FCA) for its activities outside the European Economic Area.

How to buy crypto safely

Cryptocurrencies, as a relatively new and untested territory, are subject to high speculation and drastic price swings, rendering them considerably more precarious than conventional asset classes such as stocks or bonds. In addition, the crypto sphere is rife with scams, frauds, and scandals, further demonstrating that the space should be entered with extreme caution. 

Fortunately, there are strategies you can employ to safeguard both yourself and your hard-earned cash. To help you get started on the right path, here are some valuable tips for navigating the murky waters of crypto:

• Research the cryptocurrency you want to buy: Make sure you understand how it works, learn the different types of crypto, and what the risks are; 
• Only use a safe device: Avoid public computers and Wi-Fi networks. Always use your personal computer with a VPN, which helps establish a secure connection between you and the web, keeping your sensitive information safe;
• Choose a reputable exchange: Ensure the exchange is licensed by the appropriate regulators in your country and has a solid track record. Study the exchange’s user terms and agreements carefully to learn more about where your money is kept and what happens to your funds if the business goes bankrupt. You may also want to scour through user reviews to catch any red flags;
• Secure your account: Use two-factor authentication and a strong password to protect your account;
• Use a secure wallet: Store your cryptocurrency in a secure wallet to protect it from hackers. You can opt for either a hot (online) or cold (offline) wallet. To choose the right one for you, make sure to check out our in-depth guide on crypto wallets;
• Don’t invest money you can’t afford to lose: Because the crypto market can be so volatile, you need to be conservative with your investments, particularly when starting out. For more investing tips, have a look at our guide on investing mistakes to avoid;
• Monitor your investments: Keep an eye on the market and be aware of any changes in the price of the cryptocurrency you’re investing in. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk. 

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