How To Buy Bitcoin With Skrill? 4 Best Methods To Buy Crypto
Investing in cryptocurrency is one of the hottest ways to start building wealth right now. If you have an internet connection and a smart device, congratulations! You are now able to invest as little or as much as you want in a myriad of different projects from the comfort of… anywhere.
The crypto industry has become bigger and more accessible than ever before. However, buying cryptocurrency can still seem like a tedious and overly complicated process to new investors. Trust me, we know!
If you are reading this, you probably are one of the over 30 million people using Skrill right now.
You might also be considering investing in crypto while using Skrill. Things can seem a bit harder than usual however, after reading this guide you will be able to buy bitcoin with Skrill easily, conveniently, and safely.
What Is Bitcoin And Why Should You Care?
Bitcoin is the name of the cryptocurrency that started it all. Designed by a mysterious figure known only as “Satoshi Nakamoto”, it was intended to be an alternative to standard currency. The peer-to-peer nature of Bitcoin means users can send payments freely without the need for intermediaries.
Unlike fiat, which would be controlled by a central bank/government, Bitcoin is decentralized in nature. This means it depends on its users to continue operating and perform transactions, with no central authority deciding its future.
The technology allows anyone to participate in “mining”, the process by which BTC is created, to earn rewards in the process.
As all members of the network participate in the settling of transactions, Bitcoin is highly transparent and safe. This has allowed it to become increasingly popular around the world, with its value increasing by more than 280% over the past year.
While Bitcoin has gained increasing adoption in the commercial ecosystem, you shouldn’t expect it to replace the dollar or other currencies yet.
At this time, the most popular use of Bitcoin is as an investment opportunity similar to Foreign Exchange trading. However, as more companies start accepting it, it is likely for Bitcoin to become an alternative to cash.
Investing in Bitcoin is a great opportunity to generate gains over time if its value goes up. In addition to this, there are several other ways in which you can improve your personal finances with it.
If you are more interested in knowing why crypto personal finance is so popular right now, check out this article: Why Crypto Personal Finance Is The Latest Craze!
However, you must be warned: As with any other form of investment, Bitcoin is risky. While the high volatility of the currency at this time means it can gain value fast… The opposite is also true. Don’t invest what you can afford to lose and try to invest in the long term!
What Is Skrill? Why Should You Use Skrill To Buy Cryptocurrency?
Ok, ok, we get it. You are not here to learn about Bitcoin or Skrill, you want to know the methods to buy bitcoin with Skrill.
However, this is a website about personal finances and how to improve them.
As such, we consider it important to let you know what you are getting yourself into as your finances are not to be taken lightly. Having said that, let’s talk about what Skrill is and why you should buy bitcoin with Skrill.
Skrill is an online payment processor similar to PayPal and Payoneer. It has been around since 2001 and has become one of the most popular platforms out there. Originally known as MoneyBookers, the platform grew and expanded its operations… Eventually becoming the titan it is now.
Skrill allows users to complete payments with more than 40 currencies, which is why many choose to buy Bitcoin using Skrill. It also supports multiple payment methods such as debit and credit cards, rapid transfers, digital wallets, and more.
By using the platform, users can obtain competitive fees and a lot of flexibility on how they pay online. When combined with how fast transactions and transfers are, this makes it a favorite for a lot of users. Their customer service is something to love too!
Skrill has added cryptocurrency functionality that allows you to acquire crypto right on their platform. However, while convenient, this is not the only way you can buy crypto with Skrill.
If you would rather use Skrill to pay for your crypto on other platforms, that is entirely possible. Doing so will allow you to use other payment methods while improving security and convenience.
Let’s jump starting to how you can buy Bitcoin with Skrill.
Recommended Bitcoin (BTC) Wallets
You’re going to need a Bitcoin wallet if you want to be able to store your Bitcoin safely. It is not recommended to hold your Bitcoin on the exchange you bought it on for security issues. The last thing you want is to lose your coins.
Hardware wallets provide the best security by far however, you do have to purchase them.
If you don’t want to have to pay, hot wallets (‘web’, ‘mobile’, or software wallet) are the next best option. They provide more security than exchanges but are not fool proof.
Okay, so what options do you have to securely store your BTC?
|Wallet Name||Type of Wallet||URL|
|Trust Wallet||Software Wallet||https://trustwallet.com/|
Remember: Note down your private key and mnemonic phrases to any of your wallets in multiple secure, offline locations.
How To Buy Bitcoin With Skrill?
As I said before, there are several ways in which you can buy bitcoin using Skrill. While we have selected 4 we believe will be useful for most readers, there surely are more out there. If you were to go for a different method: Please do your research!
While Skrill offers great customer service and protections, making online payments on unknown platforms should never be taken lightly.
For the next methods, I will be assuming you have already created an account for each platform, or you are able to create one on your own. The account creation process for all of these platforms is quite straightforward. This means you shouldn’t have any difficulties doing so.
Method 1: How To Buy Bitcoin on Skrill ‘s Platform
Cryptocurrencies like Bitcoin are one of the hottest things in personal finance right now. Skrill knows this and has integrated a feature to allow users to buy bitcoin with Skrill directly from the app. If you have a Skrill account, you are good to go as no further verification is required.
If you don’t have an account, you can make one by visiting their website: Skrill.com
To use this method, you will need to follow these steps after opening the Skrill app on your computer or mobile device. If you don’t have the app, you can download it for Android or iOS.
Step 1: Deposit Funds into Skrill
To buy bitcoin using Skrill’s platform, you will be required to use the balance in your Skrill account. If you don’t have any, you will need to use the “Deposit” option in Skrill’s menu.
You will be able to use different methods such as manual bank transfer, credit/debit card, rapid transfer, or Paysafecard. Each of these methods will take a different amount of time to process but once the funds are in your account, you are good to go!
Step 2: Go to Main Menu
And click ‘Crypto’.
Step 3: Select Bitcoin
You will now be able to select any cryptocurrency you want to acquire by clicking on the “Market data” tab. In this case, you will select Bitcoin and then click the purple button labeled “trade”.
Step 4: Decide How Much You Want to Spend
You will now see what the exchange rate for Bitcoin is at the time. To continue, you will need to enter how much of your balance you want to spend acquiring Bitcoin. Once you do so, you will see the amount of Bitcoin you would receive from such trade.
Step 5: Check Information and Confirm The Trade on Skrill
Once you have reviewed the exchange rate and amount you want to trade, you are good to go. Just confirm the transaction and the Bitcoins will be immediately added to your balance. Wasn’t that easy?
Method 2: Using eToro
eToro is one of the most popular trading platforms in the world, which makes it a favorite for some crypto traders looking for a wide variety of payment methods. Using eToro to ease the process of buying bitcoins is similar to the first method, so let’s look at it.
To make an account with eToro click here.
Step 1: Deposit Money
Just like with the Skrill platform, you will be required to have funds available to buy bitcoin when using eToro. Don’t worry, you can add funds easily using Skrill by going to the “Deposit” menu.
Once there, you will be asked to choose your preferred method of payment. You will choose Skrill and enter the amount you want to deposit before clicking “continue”.
Now, you should have been redirected to Skrill’s page. Enter your credentials to log in, review the transaction, and click pay. In just a few minutes, the funds should be available in your eToro account.
Step 2: Go to The Main Menu
Navigate to ‘crypto’ in the main menu and then select Bitcoin.
You have funds now! Now it’s time to head to the eToro online/mobile app and choose the “trade markets” option. Once there, search for Bitcoin (or BTC) and click on the option.
You should now see some information about Bitcoin’s current value, changes over the past 24 hours, and other stats. Once you are ready to continue, click on “trade”.
Step 3: Decide How Much You Want To Spend
Just like with the previous method, choose how much dollars you want to spend on buying Bitcoin. Once you have done so, just click on “open trade”.
Step 4: Check and Confirm the Trade
Confirm the trade and wait a few seconds for your new Bitcoin balance to show in your eToro portfolio!
Method 3: Using Binance P2P
Binance is one of the biggest cryptocurrency exchanges in the world. One of the best features of this exchange is its P2P market. P2P markets are different from traditional exchanges because instead of buying your crypto from an exchange, you are buying it from another person. This allows you to connect with people around the world interested in trading crypto with a variety of payment options.
In this case, you will be buying Bitcoin while paying the other user with your Skrill balance.
If you don’t have an account with Binance, you can make one by clicking here.
Let’s see how this is done:
Step 1: Open Binance’s P2P Market
This can be easily done by going to the “Trade” tab in the web/mobile app and choosing “P2P” and making sure the “Buy” and “BTC” options are selected.
Step 2: Set Trading Filters
To make it easier for you to trade using this market, make sure to adjust the trading filters. By choosing “Skrill” on the “Payment” drop-down menu, you will see all users receiving that payment method.
Set any other filters as needed, such as “Fiat” to United States Dollar, the amount of fiat you want to trade, etc.
Step 3: Find The Right Offer
Unlike with previous methods, you will need to choose a specific offer when using Binance P2P. Scroll through the different advertisers paying special attention to the price, percentage of completion order, available amount, and limit for the transactions.
If you’re having trouble picking the best offer, Binance wrote This Guide which should answer all of your questions.
Step 4: Edit And Review The Order
Once you find the right offer, click on the green button labeled “Buy BTC”. Choose how much BTC you want to receive or USD to pay and click “Buy BTC”.
Step 5: Make The Payment And Receive Your BTC
You will now see the information required to make the payment. Go to your Skrill app and transfer the money using the information provided by Binance.
Once you have done so, click on “Transferred, Next” and wait for the other user to confirm the transaction made it through. When this is done, you will see the BTC reflected in your Binance P2P wallet.
Method 4: Use The Classic Method
During the first days of cryptocurrency when exchanges were not widely available, people used to depend on P2P trading. While platforms like Binance P2P, LocalBitcoins, and more, have become popular now, this was not the case.
This resulted in crypto investors relying on people they knew to acquire crypto. This is probably the easiest method to follow… All you need is someone you know who is willing to trade you crypto! Trust us, it is more common than you think, especially when starting.
Step 1: Find Someone Willing To Trade
Let’s not kid ourselves. Crypto traders are famous for letting other people know we are participating in the crypto market. Chances are you already know someone who is investing in Bitcoin, just ask if they are willing to trade.
Step 2: Make Sure to Have a Crypto Wallet
To receive your new Bitcoin, you will need to have a crypto wallet. There are several popular wallets out there you can use for Bitcoin and I mentioned my favourites above.
These wallets will allow you to receive Bitcoin using an “address”. This is an ID that looks something like “1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2”.
Step 3: Complete The Transaction
Share your address with your friend to receive the Bitcoin. Send money from your Skrill to their Skrill account. Done. You just bought Bitcoin using Skill!
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