Skrill has emerged as a popular digital wallet solution that integrates cryptocurrency functionality directly into its platform. For users seeking a streamlined way to buy, sell, and manage digital assets without navigating complex exchanges, Skrill offers an accessible entry point. This comprehensive review explores Skrill’s crypto features, fees, usability, and limitations—helping you determine if it aligns with your digital finance goals.
Whether you're new to crypto or looking for a convenient supplementary tool, understanding how Skrill handles cryptocurrency transactions is essential. From real-time price alerts to recurring purchases, Skrill aims to simplify the experience while maintaining security and ease of access.
Key Features of Skrill Crypto
Skrill enables users to engage with major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), alongside support for fiat currencies like USD, EUR, and GBP. One of the standout advantages is the ability to trade crypto instantly using your existing Skrill balance—no need to transfer funds between platforms.
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The platform also supports several smart trading features:
- Price Alerts: Receive email or push notifications when a specific cryptocurrency reaches your target price.
- Recurring Buys: Automate regular purchases (e.g., weekly or monthly) using dollar-cost averaging (DCA), ideal for long-term investors.
- Conditional Orders: Set predefined conditions for buying or selling crypto, executed automatically when market conditions are met.
These tools make Skrill appealing for users who want consistent exposure to crypto markets without constant monitoring.
How to Get Started with Skrill Crypto
To begin using Skrill’s cryptocurrency services, follow these steps:
- Create a Skrill Account: Sign up for free via the Skrill website or mobile app.
- Complete Verification: Submit required identity documents to verify your account. This step is crucial for compliance and higher transaction limits.
- Access the Crypto Section: Once verified, navigate to the “Crypto” tab in your dashboard to start trading.
Availability depends on your region. If the Crypto section appears in your account, your country is supported. Note: Skrill has discontinued cryptocurrency services in the USA, so U.S.-based users can no longer buy or hold crypto through the platform.
Buying Cryptocurrency on Skrill
Purchasing crypto on Skrill is straightforward:
- Go to the Crypto section.
- Choose the cryptocurrency you’d like to buy (e.g., Bitcoin).
- Select your funding source—your Skrill fiat balance (USD, EUR, etc.).
- Enter the amount and confirm the transaction.
Transactions are processed instantly, and purchased assets appear in your crypto wallet immediately. You can also use the recurring buy feature to invest small amounts regularly—perfect for building a portfolio over time without emotional decision-making.
Sending and Receiving Crypto via Skrill
Skrill allows you to send Bitcoin to other users through two primary methods:
- Skrill-to-Skrill Transfers: Use the Transfer section, select “Skrill to Skrill,” enter the recipient’s email, choose your crypto balance, and specify the amount.
- Direct from Crypto Dashboard: In the Crypto section, click “Send,” input the recipient’s email, select the crypto type and amount.
If the recipient doesn’t have a Skrill account, they’ll receive an email invitation to sign up and claim the funds. Unclaimed transfers expire after 14 days.
⚠️ Important Limitations:
- Skrill does not allow deposits from external wallets.
- You cannot withdraw crypto directly to external addresses (like Coinbase or Trust Wallet).
- Crypto balances cannot be used for online payments.
This means your crypto remains within the Skrill ecosystem unless converted back to fiat.
Understanding Skrill Crypto Fees
While convenience is a major draw, Skrill's fees are relatively high compared to dedicated exchanges. Here’s a breakdown:
- Buying Crypto: 3.49%
- Selling Crypto: 3.99%
- Trading Between Cryptos: 1.5%
- Currency Exchange (Fiat): 4.49%
- Withdrawals (Fiat): Varies by method and region
For example, buying $100 worth of Bitcoin would incur a fee of about $3.49. While this may seem manageable for small purchases, frequent traders or larger investors may find these costs add up quickly.
Is Skrill Safe for Cryptocurrency?
Security is a top priority for any financial platform—and Skrill implements several protective measures:
- Two-factor authentication (2FA)
- End-to-end encryption
- Cold storage for most crypto reserves
However, there are important caveats:
- The Skrill crypto wallet is custodial, meaning you do not control your private keys.
- Your assets are held by Skrill on your behalf—similar to a bank holding your money.
- The service is not regulated by the Financial Conduct Authority (FCA) for crypto activities.
While this setup enhances usability and recovery options, it reduces decentralization benefits and introduces counterparty risk.
Is Skrill a Crypto Exchange?
No—Skrill is not a cryptocurrency exchange. Instead, it acts as a payment intermediary that partners with licensed exchanges to fulfill user orders. When you buy crypto on Skrill, your order is routed to a third-party exchange for execution. The resulting asset is then credited to your Skrill wallet.
This model simplifies the process but means you’re subject to both Skrill’s fees and potential spreads from partner exchanges.
Supported Countries and Availability
Skrill supports cryptocurrency services in over 40 countries, including the UK, Germany, France, Canada, and Australia. However, due to regulatory restrictions:
- U.S. users cannot buy or hold crypto on Skrill.
- Existing U.S. holders were required to sell their balances by July 26, 2023.
Always check your account’s Crypto section to confirm availability based on your location.
Frequently Asked Questions (FAQ)
Q: Can I withdraw crypto from Skrill to an external wallet?
A: No. Skrill does not support direct crypto withdrawals to external wallets like MetaMask or Coinbase. You must first sell your crypto for fiat and withdraw the funds.
Q: How do I sell cryptocurrency on Skrill?
A: Log in → Go to Crypto → Select the asset → Enter amount → Review details → Confirm sale. Proceeds are added to your Skrill fiat balance.
Q: Is Skrill’s crypto wallet non-custodial?
A: No. It’s a custodial wallet—you don’t have access to private keys. Skrill manages security and storage on your behalf.
Q: Does Skrill charge fees for recurring buys?
A: Yes. Each recurring purchase incurs the standard 3.49% buying fee per transaction.
Q: Can I use Skrill crypto for online payments?
A: Not currently. Despite holding crypto in your account, you cannot spend it directly at merchants through Skrill.
Q: Are there alternatives to Skrill for buying crypto?
A: Yes. Platforms like Cash App, Venmo (limited), and Advcash offer similar services, but many still come with restrictions. For greater flexibility, consider global exchanges with integrated wallets.
Final Thoughts: Is Skrill Right for You?
Skrill offers a user-friendly gateway into cryptocurrency investing—especially for beginners or those already using the wallet for online payments. Its integration of recurring buys, price alerts, and instant trades makes it convenient for casual investors.
However, limitations such as high fees, lack of external wallet support, custodial control, and regional unavailability (especially in the U.S.) may deter serious traders or those prioritizing autonomy.
For users outside restricted regions seeking simplicity over advanced features, Skrill remains a viable option—but always compare alternatives before committing.
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