How to Buy Bitcoin with Skrill – Beginner’s Guide
Did you know you can buy Bitcoin with Skrill? While some crypto-hungry investors will typically look at buying Bitcoin with debit cards or bank transfers, some prefer to use Skrill.
In this guide, we will show you how to buy Bitcoin with Skrill and take you through the investment process in an easy-to-digest walkthrough. We’ll also cover alternatives that let you buy Bitcoin in a low-cost and safe way. Keep reading as we reveal all.
Why Buy Bitcoin with Skrill?
Many Bitcoin investors would look typically look at buying Bitcoin with a debit card or via bank transfer. But do note, Skrill is becoming largely more popular and demand is ever-increasing to accommodate deposits and withdrawals, especially for getting involved in Bitcoin and other cryptocurrencies.
You may be yet to use Skrill to buy Bitcoin and perhaps unaware of its benefits, let’s explore those key points below.
When you buy Bitcoin with a regulated broker the transaction is instant. This is because you will either be using your existing balance with Skrill or funding the deposit with a debit card.
In contrast, a bank transfer could take several days to process; this would not be simultaneous like Skrill.
One of the advantages of using Skrill to buy Bitcoin is that it is a quick process when it comes to withdrawing your money. When brokers are processing e-wallet withdrawals, these tend to be faster than debit cards and bank transfers. It tends to take more time and can be around 3-7 working days; it depends on the banking institution that you use.
Skrill can be great and more efficient when it comes to using as a withdrawal method because fewer checks will be needed. The increase in speed is down to the fact that you would have already done all the necessary Skrill ID verification when you first signed up to them. So, the chosen broker is able to establish this, which means they can typically process Skrill withdrawal requests within the day.
One of the most important factors when it comes to your investment is security. One of the substantial benefits when you buy Bitcoin via Skrill, is that you do not need to enter your debit card details, as these would already be stored with Skrill.
Once you have entered how much you are deposit you have specified how much you want to deposit, all you have to do is enter your Skrill login credentials. Additionally, Skrill is authorized by the FCA and under the Electronic Money Regulations 2011, adding further peace of mind with your funds.
No Fees Charged by Skrill
When you are all ready to deposit your investment with your broker, Skrill will not be charging you any fee. When investing your capital, it is, of course, essential to be as cost-effective as can be.
Ease of Use
Skrill is very simple and very much convenient to use. For perspective, say you were out and about; however, you left your debit card at home and were keen to buy Bitcoin; usually, you would have to get back home to obtain those details. However, this would not be such a problem if you have an active Skrill account, as your debit card will already be stored.
Where to Buy Bitcoin with Skrill
The sections below will review a popular crypto exchange that allows investors to buy Bitcoin with Skrill.
Coinbase – User-Friendly for Buying Bitcoin
Coinbase is one of the leading crypto exchanges and best places to buy cryptocurrency for beginner traders. As soon as you make your way over to the provider’s website, you’ll see that the platform is very much user-friendly, simple, clean, and easy to navigate.
Coinbase users do not have the option to deposit via Skrill. However, they can do so via bank transfer, credit/debit cards, and PayPal.
Users of Coinbase can trade on two platforms: the original Coinbase platform, which allows you to use fiat to buy a Bitcoin and other cryptocurrencies. The other is Coinbase Pro, which has more advanced charting functions and will enable users to make crypto-to-crypto transactions and place market, limit, and stop orders.
Coinbase allows you to deposit your capital with ease. In terms of the funding methods, you can choose from a debit card or bank transfer. However, keep in mind that Coinbase charges 3.99% for depositing your funds with a debit card.
Trading commissions with Bitcoin and generally with cryptocurrencies with Coinbase is somewhat higher than others within the market. For example, if you were to buy £1,000 worth of Bitcoin, Coinbase would charge £14.90, marking a 1.49% fee.
Despite the higher fees at Coinbase, you can be assured with the service you will receive and its security. Once your Bitcoin has been purchased, you can keep the funds within your personal Bitcoin account/wallet or withdraw them to a private wallet.
- A solid reputation with over 35 million customers
- Simple and easy to use platform
- Straight forward deposits with a debit card and bank transfer
- Withdraw your Bitcoin and other cryptos to a private wallet
- User-friendly mobile app
- Authorised by the UK’s FCA
- Cannot deposit with Skrill
- Debit card fee of 3.99% fee on deposits & with a 1.49% Bitcoin trading fee
Your capital is at risk.
Buy Bitcoin with Skrill – Conclusion
In summary, if you want to buy cryptocurrency with Skrill in the UK, very few options are on the table. This is surprising, as Skrill is used by millions of people around the world. With that said, you’re not completely out of luck – as platforms such as Coinbase allow investors use this payment method.