Buying Bitcoin with Skrill is something many want to do, but unfortunately, the options are few. In this tutorial, we will go through the best 4 ways of buying Bitcoin using Skrill. We will compare the different sites offering Skrill as a payment method by their fees, customer support and ease of use.
Before we will jump into the different methods of buying Bitcoin with Skrill we will go through why PayPal and Skrill make it so hard to buy Bitcoin with their services. Let’s jump straight into it!
Why are there so few options when buying Bitcoin with Skrill?
The simple answer is this: payments done through services like PayPal and Skrill can be reversible while bitcoin transactions can’t. This is a problem due to the fact that you easily can get scammed this way.
Let’s say you were to sell your Bitcoins to someone, and once you receive the payment you send over the Bitcoins. Now, the buyer can reverse their transaction (by filing a dispute and potentially winning it since you got no proof of delivering any goods or services). The buyer gets their money back, and receive your Bitcoins. They get the cake and eats it too. And you’re left empty-handed.
PayPal is by far the strictest and forbids anyone from selling or buying Bitcoins using PayPal (there are a few a workarounds available, read about them here) while Skrill allows exchanges to use it. However, exchanges that accept Skrill usually put a higher fee to cover the potential risk of fraud.
Top 4 Best Ways to Buy Bitcoin with Skrill
The first alternative we will go through is BitPanda. BitPanda is an online Bitcoin exchange that allows you to pay with Skrill. Sign up for an account there, click “buy” and select Skrill as the payment method to get started. The fees are hidden inside the price for your Bitcoins, so don’t panic if it is above the current market price – it’s the premium fee adding to the price.
The fee is around 4% for Skrill payments on BitPanda, which is the lowest on the market (when using Skrill). However, if you are going to be trading, we do not recommend using Skrill to pay since it will eat a lot of your profits. BitPanda is unfortunately only available in Europe as of now. You can, however, sell cryptocurrencies using BitPanda in the US.
BitPanda is a trustable and user-friendly exchange that we highly recommend to all our Europe readers.
VirWox, a.k.a the Virtual World Exchange, is another viable way of buying Bitcoin using Skrill. This one is a bit more of a hassle though. With VirWox you can buy Second Life Lindens that is used in the worlds biggest virtual world “Second Life”. Start off by signing up for VirWox. Once you got your account, you will be asked for your avatar name on “Second Life”, leave it as is with “No Avatar”.
Now it’s time to fund the VirWox account. Scroll down to “Deposit” and enter the amount of USD or EUR you want to deposit. Click on the Skrill (MoneyBookers) icon to get redirected to a payment page to pay with Skrill.
Once the payment has gone through, it’s time to buy some SSL (Second Life Lindens). You’ll see the current rate of SSLs on VirWox and you can buy as many as possible with the amount you deposited.
Now that you have some SSL in your account, it is time to exchange them for Bitcoins. Go to the SSL/BTC exchange page. Enter the amount of Bitcoin you want to buy, and click “Next”. Keep in mind VirWox can delay the exchange for up to 48 hours.
Once you have successfully exchanged the SLL for Bitcoins you can now withdraw them to your Bitcoin wallet. Paste in your public Bitcoin address and fill out how much you would like to withdraw and the Bitcoins will be transferred to you. Voilá!
While this is a bit more complicated, this is a great way to buy Bitcoins with Skrill – especially since the fees aren’t too high as well as it being available in the US.
LocalBitcoins is a Bitcoin marketplace where sellers and buyers of Bitcoin can meet and exchange it peer-to-peer (you can think of it as eBay but for Bitcoins). LocalBitcoins is available worldwide, anywhere where there are sellers. Here you can find sellers that offer Skrill as a payment method, make sure to look at their reputation since you’re not dealing with a big exchange in this case, but an individual and the risk of being scammed is a bit higher.
Keep in mind, the price the seller might want can be a bit higher if they accept Skrill, since there is a huge risk for them. But this is the same with all methods we have reviewed in this article (except the VirWox method).
Overall, we would recommend this method for those that want to use Skrill to buy Bitcoin in the US, since it is a lot less hassle than doing so via VirWox. As always, the price you have to pay using Skrill is high, but if you must use Skrill, this is a great option.
Paxful is the exact same as LocalBitcoins, you buy Bitcoins from individuals rather than from companies. This requires you to look into sellers you trust, by reading reviews of them and their overall rating, so that you can figure out how others experience with them is.
The thing with offering a service/product (in this case, Bitcoin) in a marketplace is that one negative review can tear your business down completely. Thus, the sellers will always need to make sure that their customers are happy and that their overall rating is high. This puts us, the buyers, in a great position since if they scam us, they will not only lose our business but a lot of other business as well.
Paxful is a great marketplace to connect with sellers and a far better alternative than buying/selling Facebook groups or on eBay. The fees are as always higher than when you pay with credit card or bank account, but if it is worth it to you – go ahead.
Buying Bitcoin using Skrill is a bit of a pain in the ass, but once you have found a good seller on Paxful or LocalBitcoins or done it a few times with BitPanda or VirWox, you will be set. Even though we don’t necessarily recommend buying Bitcoin with Skrill, you obviously have to, and these 4 options are the very best ways of doing so.