Skrill is one of the world’s largest digital payment businesses that allow you to easily send and receive fiat currencies and cryptocurrencies online. Formerly known as MoneyBrookers, Skrill is very similar to Paypal and was acquired by Paysafe, a publicly traded company on the NASDAQ under the ticker symbol: PSFE.
If you have a Skrill account then you are probably wondering what’s the best way to buy Bitcoin using Skrill. I’ll show you exactly how in this article.
1. Buy Bitcoin Instantly with Your Skrill Digital Wallet
Much like Paypal, Skrill allows users to purchase 40+ cryptocurrencies directly through your crypto wallet. However, you cannot withdrawal the coins to another wallet like Coinbase so it’s merely for investment and speculative purposes only.
All you need to do is provide an email address and credit card or bank account. Here’s how to do it:
- Open a Skrill account
- Add your credit card or bank account
- Deposit or receive funds in your local fiat currency
- Go to the “Crypto” or “Trade” tab and choose your cryptocurrency
- Fill out the buy order and confirm your trade.
That’s it! It’s a really simple straightforward process that only takes 1 or 2 minutes to complete.
Skrill Bitcoin Order Types Explained
Skrill does offer several different buy orders: Instant, Conditional, and Recurring. These orders are slightly different and I’ll explain them briefly below.
- Instant Buy Order: Buy Bitcoin for just 1 time with a specific amount
- Conditional Buy Order: Buy Bitcoin only if the BTC price reaches a predetermined level
- Recurring Buy Order: Buy a specific amount of Bitcoin on a weekly, bi-weekly, or monthly basis
2. Buy Bitcoin with Skrill through LocalBitcoins
LocalBitcoins is a peer to peer Bitcoin exchanged founded in 2012 and stands as one of the oldest BTC marketplaces online. You can find many different sellers across various countries that accept different payment methods.
Here’s how to buy Bitcoin with Skrill through LocalBitcoins:
- Create a LocalBitcoins account
- Verify your account to be able to buy from sellers
- Search for sellers in your local currency that accept “MoneyBrookers/Skrill”
- Accept a trade and send the dollar amount through Skrill
- Confirm the payment is sent and wait for the seller to unlock the Bitcoin to your wallet
LocalBitcoins protects you from scams by locking the Bitcoin in escrow so you don’t get scammed by a bad seller. However, you should look for sellers with speedy response times and a good reputation.
Since you are buying Bitcoin from an individual, you should be very careful not to get scammed by choosing sellers with a higher rating and positive feedback.