Cryptocurrency adoption continues to grow, and digital payment platforms are adapting rapidly to meet demand. Among them, Skrill has emerged as a trusted name, offering users a seamless way to enter the world of digital assets. Since 2018, Skrill has allowed users to buy, sell, store, and transfer cryptocurrencies directly within their accounts—making it an accessible option for beginners and intermediate investors alike.
This comprehensive guide walks you through every step of purchasing cryptocurrency using Skrill—from account creation and verification to your first crypto transaction.
Creating a Skrill Account
Before you can start investing in digital currencies, you’ll need to set up a Skrill account. The process is quick, free, and user-friendly.
Begin by visiting the official registration page and filling out the sign-up form with basic personal details:
- Full name
- Country of residence
- Preferred currency
- Valid email address
- Secure password
You’ll also need to accept Skrill’s terms and conditions to proceed.
Once submitted, check your inbox for a confirmation email. Click the verification link inside, which will redirect you to complete your registration. After this step, your account will be active—but not yet fully verified.
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Verifying Your Account and Making Your First Deposit
While you can technically begin transactions after funding your account, full verification is strongly recommended—and eventually required—to unlock higher transaction limits and ensure uninterrupted service.
Why Verify Early?
Verifying your identity from the start helps avoid delays later. If Skrill requests verification during a transaction, it may temporarily halt your activity until documents are submitted and approved.
What You’ll Need for Verification
To verify your identity, prepare the following:
- A clear photo of both sides of your government-issued ID (national ID card, passport, or driver’s license)
- A recent selfie holding your ID
- Proof of address (e.g., utility bill, bank statement, or rental agreement issued within the last three months)
Upload these documents directly through your Skrill dashboard under the verification section.
Note: While funding your account is the minimum requirement to begin trading, full verification ensures smoother long-term use and increased transaction capacity.
Funding Your Skrill Wallet
Once your documents are submitted (or even before, if you're starting small), you can deposit fiat currency into your Skrill wallet.
To do so:
- Log in and navigate to the Deposit section.
Choose your preferred payment method:
- Credit/Debit Card – Instant deposits; requires CVV each time (card numbers can be saved, but CVV cannot).
- Bank Transfer – Processing takes 2–5 business days. You’ll receive unique reference details, including your user ID, to include in the transfer.
Card deposits are ideal for immediate crypto purchases, while bank transfers suit larger, planned investments.
Buying Cryptocurrency on Skrill
With funds in your account and verification underway (or complete), you're ready to buy your first cryptocurrency.
Step-by-Step Purchase Process
- Go to the Cryptocurrencies tab in your dashboard.
- Select the digital asset you want to purchase.
- Click Exchange.
- Enter the amount you wish to invest from your available balance.
- Review the exchange rate and fees.
- Confirm the transaction.
The purchased crypto will appear instantly in your Skrill wallet. Skrill handles storage securely, though for long-term holdings, consider transferring assets to a private wallet for enhanced security.
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Supported Cryptocurrencies and Availability
Skrill supports a growing list of major cryptocurrencies, making it suitable for most mainstream investment goals. Available digital assets include:
- Bitcoin (BTC)
- Ethereum (ETH)
- XRP (XRP)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- EOS (EOS)
- Stellar (XLM)
- Tezos (XTZ)
- Dash (DASH)
- Ethereum Classic (ETC)
- 0x (ZRX)
These options cover many of the top-tier cryptocurrencies by market capitalization and liquidity, allowing users to diversify across established projects.
However, availability varies by region due to regulatory restrictions. Skrill does not operate in certain countries such as Saint Vincent and the Grenadines, Iran, North Korea, and South Georgia and the South Sandwich Islands. Always check local compliance before signing up.
Despite its solid offering, Skrill's crypto selection may feel limited compared to dedicated exchanges. But given that their crypto services launched only in 2018—and have expanded steadily since—it's likely more coins will be added over time.
Advantages and Limitations of Using Skrill for Crypto
Pros
- Established Platform: Based in London with nearly two decades of experience in online payments.
- User-Friendly Interface: Ideal for beginners unfamiliar with complex trading platforms.
- Fast Transactions: Instant card deposits enable immediate crypto purchases.
- Built-In Wallet: No need for third-party wallets for short-term holdings.
- Global Reach: Operates in numerous countries with strong customer support.
Cons
- Limited Crypto Selection: Lacks niche or emerging altcoins.
- Fees: Transaction and exchange fees can be higher than on specialized exchanges.
- No Advanced Trading Tools: Not suited for day traders or those needing limit orders or margin trading.
Frequently Asked Questions (FAQ)
Q: Is Skrill safe for buying cryptocurrency?
A: Yes. Skrill uses industry-standard encryption and security protocols. It’s regulated by financial authorities in the UK and Europe, adding an extra layer of trust.
Q: Can I transfer crypto from Skrill to another wallet?
A: Yes. Skrill allows sending and receiving cryptocurrencies between users and external wallets—though withdrawal limits apply depending on verification level.
Q: Are there fees when buying crypto on Skrill?
A: Yes. Skrill charges a spread (difference between buy/sell price), typically around 3.99%. There are no additional deposit fees for card funding.
Q: Do I own the private keys to my crypto on Skrill?
A: No. Skrill custodies your assets—you don’t control the private keys. For full ownership, transfer funds to a self-custody wallet.
Q: Can I sell cryptocurrency on Skrill?
A: Absolutely. You can sell any supported crypto back to fiat at any time through the Exchange feature.
Q: How long does verification take?
A: Usually within 24–72 hours after submitting complete documents.
Final Thoughts
Skrill bridges the gap between traditional finance and digital assets, offering a straightforward entry point into cryptocurrency investing. Its integration of fiat on-ramps, easy verification, and support for key digital currencies makes it a practical choice—especially for newcomers.
While it may not replace advanced trading platforms for seasoned investors, its simplicity, reliability, and global accessibility make it a valuable tool in any crypto toolkit.
As the digital economy evolves, platforms like Skrill continue expanding their offerings—potentially bringing even more cryptocurrencies and features in the future.
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