How do you Buy Cryptocurrencies with Skrill?
Not only is Skrill a reliable and efficient payment service for every one of your withdrawals or occasional gambling ventures, but it is also a highly convenient platform for your cryptocurrency transactions. With an array of different deposit options to choose from and a live exchange rate tracker, you can get started on your trades within just a handful of minutes. As soon as you have gotten to grips with the platform, you can engage automatic trading at your predetermined rate to help build up your crypto portfolio on a scheduled basis without you even having to sign in for the withdrawal.
The only prerequisite that you need to fulfil is arranging that your Skrill account is stocked up with sufficient funds necessary to initiate the conversion into cryptocurrencies. This may be any of the 40 available fiat currencies put on offer. You can head over to your Skrill Crypto account under the relevant Crypto tab on both desktop or mobile versions for a complete survey of the current exchange rate. This will give you a full report of the behaviour of a particular cryptocurrency for you to decide whether to trade immediately or to create an alert for when it reaches a specific threshold value.
Within just a handful of steps, you will be introduced to the easy ways to buy or sell crypto reserves:
- Having enough money to your count to cover both your purchase and the associate fees is crucial before you engage in any transaction.
- Head to the “Crypto” menu accessible from the home page.
- Browse your cryptocurrency options and hit “Trade” on the one that catches your attention.
- Input the desired sum, look over the related rates of exchange and approve the action once satisfied.
Skrill Crypto service is available from a range of countries across the world and cryptocurrency may be exchanged in an equally large number of different currencies. You may check the various fees and limits applied to your account from your personal profile. Any transaction, including deposits and withdrawals, will be automatically added to your portfolio for you to keep a clear overview of all of your investments and returns.
Limits Associated with the Skrill Cryptocurrency Service
Limits will apply to whichever cryptocurrency you decide to trade-in. Similarly, the extent of these floors and ceilings will be heavily dependent on the actual status of your account. In the same way that your ATM transfers or withdrawals will be capped at a maximum level, your Cryptocurrency transactions will be set a maximum limit. These are usually placed on single transactions as a way of regulating potential risks.
You will be informed of these specific limits by Skrill before you have the chance to carry out any transaction and may be viewed at any time on your account profile when you access the “Crypto” menu. Under the “Trade” tab, you will be able to see the limits by clicking on either “Sell” or “Buy”. These maximum caps tend to be most relevant since they apply on both the selling and purchasing of cryptocurrencies alongside P2P transactions.
One should note that Skrill also has a minimum transfer amount that one needs to fulfil in order to complete a cryptocurrency exchange successfully. It tends to be valued at a €10 equivalent depending on the currency used.
Fees Associated with the Skrill Cryptocurrency Service
Just like you will be notified of the cryptocurrency limits associated with your account, the charges incurred by any transaction, be it deposit or withdrawal, will be marked down before it is fully processed.
Skrill sets its cryptocurrency rates to a Euro base, which means that any account dealing in foreign currencies will be charged the relevant exchange rate of about 1.5% on top of their Crypto fees. One should be aware that the conversion rates used by Skrill will vary alongside the current foreign exchange rate.
|Feature||Transactions up to € 19.99||Transactions between € 20.00 and € 99.99||Transactions over € 100||Transactions in Other Currencies|
|Buying Cryptocurrencies||€ 0.99 per transaction||€ 1.99 per transaction||1.50 % per transaction||3.00 % per transaction|
|Selling Cryptocurrencies||€0.99 per transaction||€ 1.99 per transaction||1.50 % per transaction||3.00 % per transaction|
|P2P Cryptocurrencies||0.50 % per transaction|
Step-by-step instruction on how to use the Skrill Cryptocurrency Service
Getting started on its Cryptocurrency service is a remarkably straightforward affair.
1. Open your Skrill account
2. Deposit the relevant amount of money
Whether you want to buy or transfer, every transaction is carried out using the funds already held in your personal Skrill account. Depending on the sum of money you wish to transfer, you will have to make sure that you have sufficient amounts at your disposal before initiating the conversion. Luckily, the site offers more than one hundred different ways of depositing money, from external bank accounts to debit cards. You can take your pick from several payment methods to best suit your needs.
3. Access your Skrill Crypto account
Once you are signed in, you can access the relevant Crypto tab to start handling your finances. It is also there that you can operate your crypto trades and supervise the current state of the market. This gives you plenty of information and a range of alternatives to pick from to help you make up your mind about your trading strategy.
4. Choose your cryptocurrency
Take your pick from the ten different cryptocurrencies available on the site and click “TRADE” as soon as you are ready.
5. Decide on the amount
You will be redirected to a specific section on your cryptocurrency of choice and will be asked to submit how much money you would like to have transferred. Regardless of the currency, you have chosen to spend. You will be shown the global live exchange rate that will be used to inform the funds you will be remunerated once exchanges, alongside any fees, incurred.
6. Final check
When content with the amount you will receive for the particular exchange rate, you can confirm your purchase and the site will automatically proceed to the transfer.
7. Successful purchase completion
Within a few seconds, a message will appear on the screen to affirm the successful completion of your requested exchange as long as everything you have submitted has worked out correctly during the transfer.
8. Review your portfolio
You can find your successful trade written down in the “Transaction” section of your account alongside all of your previous purchases and sales. Whenever you head back to the “Crypto” tab, you will be presented with a complete overview of your portfolio price changes with live information about each cryptocurrency you can or have already traded-in.
9. Automate your trades
Once you have familiarized yourself with the site’s helpful dashboard and the intricacies of the digital transaction market, the site will give you the option to automate your sales and withdrawals. Whether you wish to buy or sell, you can establish a price floor at which you want to complete your transfer. As soon as your chosen cryptocurrency reaches the desired price rate, the transaction will be initiated automatically according to your previously set parameters without ever requiring your intervention. You may also wish to activate your notifications to receive real-time updates about current exchange rates to make sure that you are never missing out on an opportunity to make some profit.
10. Send cryptocurrencies to other Skrill users
Once you have built up a certain portfolio, you will have the freedom to send and receive payments to and from other Skrill users. Head over to menu “Send” and select “From account balance” where you can write the transfer amount in the chosen cryptocurrency. You will be requested to specify the recipient’s e-mail address before checking and hitting “Send”.
Pros & Cons of Skrill Crypto
- The platform is easy to use, wherever you are via the desktop site or Skrill mobile app
- Access to a large number of different payment methods
- A variety of currencies are available to choose from
- Earn back on your cryptocurrency spending, withdrawals and transfers to other users by accumulating loyalty points through Skrill Knect to unlock a range of prizes
- Profit from the exchange rates to boost your VIP status
- Transfers are completed within seconds of confirmation
- Automatic trades for imminent and scheduled orders
- Notifications for crypto exchange rate behaviour according to your set parameters
- Creation and management of your personal cryptographic portfolio via planned procurements
- Simple and straightforward commissions
- Skrill Crypto is not available in every country
- Foreign exchange rate fees apply to currencies outside of the Euro
- Limits may apply depending on your VIP status
- Deposits to Skrill merchants are not permitted via its crypto service
- Carrying out payments in cryptocurrency with your card is not supported
- Withdrawing cryptocurrency from the site is not permitted
In which Countries is the Skrill Cryptocurrency Service Available?
Its service may be encountered in a number of countries across the world. These include the following:
Australia, Austria, Argentina, Belgium, Bulgaria, Brazil, Canada, Colombia, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Great Britain, Greece, Hungary, Ireland, Italy, Latvia, Liechtenstein, Luxembourg, Malta, Mexico, Netherlands, Norway, Peru, Poland, Portugal, Spain, Slovakia, Slovenia, Switzerland, Sweden, South Africa, UAE
You can always check the status of your country on your Skrill account profile. Since Skrill is an ever-growing and evolving platform, agreements may change over time and deserve to be double-checked on a regular basis to ensure that you are using your account to the best of your abilities.
FAQ about Cryptocurrency Service
Which cryptocurrencies are available on Skrill?
One should also note that Skrill Crypto supports transactions over as much as 10 different cryptocurrencies:
- Bitcoin (BTC) (full Skrill Bitcoin review)
- Bitcoin Cash (BCH),
- Ethereum Classic (ETC)
- Ether (ETH),
- Litecoin (LTC)
- Lumen (XLM),
- 0x (ZRX)
Do cryptocurrency deposits and withdrawals contribute to your Skrill VIP status?
Whenever you are buying or selling cryptocurrencies from your Skrill account, the amount you transfer will contribute towards Skrill VIP status just like any other deposit.
Are refunds available for cryptocurrency transactions?
Cryptocurrency transactions are not suitable for refunds, nor can they exchange back into the original amount transferred. Every transaction will be subject to the relevant fees.
Can you automate the buying or selling of cryptocurrencies?
Yes, an Auto Orders section is available that will automatically carry out the purchase. You may set a special price for the value of the cryptocurrency and Skrill will buy or sell it as soon as it reaches the relevant threshold. You may also choose to be notified when this value is attained and decide to carry out the purchase yourself.