Skrill Crypto Review

Skrill is a well-known company for online payments, but that’s not all. Skrill has added a new feature where users can trade cryptocurrencies without leaving the platform. So in this review, you’ll find everything you need to know about Skrill crypto.

For those new to cryptocurrencies, trading can be daunting because of the assets’ complex nature, high volatility and safety concerns. This review will cover the most common topics you need to know if you buy or plan to buy cryptocurrencies on Skrill.

Skrill Crypto and its features

It’s crucial to understand that Skrill is not a crypto exchange or a crypto wallet. On Skrill, users buy and sell interests in certain cryptocurrencies. It means that you’re also limited in what you can do with your crypto assets since Skrill only facilitates transactions in your name and holds them in a pool with other users.

Key features:

• Availability to buy and sell interests in certain cryptocurrencies starting from only $1.
• Transfer crypto to other Skrill users.
• Send crypto directly to a cryptocurrency address (limited to selected countries).

How does Skrill Crypto compare to other platforms?

Let’s compare some of the most popular platforms with the same operating model. In short, Skrill is popular in the gambling and sports betting sector, which is not typical for most platforms.

Since cryptocurrencies took over the world, Skrill introduced the crypto feature to get more customers and keep the existing ones.

Please note the fees below are for the most basic accounts, where users don’t have to pay for a subscription.

Get an account

Best for

International investors

Crypto buying fee

1.50%

Demo account

Not available

Get an account

Best for

International investors

Crypto buying fee

1.00%

Demo account

Available here

^{Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Take 2 minutes to learn more.}

Based on the table, eToro has lower fees than other platforms. However, it’s essential to understand how these fees are calculated.

Skrill crypto fees explained

When buying cryptocurrencies on Skrill, you’ll face multiple fees, and only some of them are related directly to cryptocurrency buying. So let’s take a look at the Skrill fees one by one.

Crypto fees

The first one and the most important for crypto trading is a crypto exchange fee, which depends on the account type:

To provide cryptocurrency service to its customers, Skrill has partnered with crypto exchanges. Although these fees may appear expensive, exchanges charge Skrill for buying cryptocurrencies on your behalf, and thus, there is little room for Skrill to vary with crypto fees.

Deposit fees

When you deposit funds into your Skrill account, you’ll need to pay a fee depending on the funding method.

Withdrawal fees

There’s also a fee for withdrawing funds from your Skrill account, which varies based on the withdrawal method.

Is Skrill safe for crypto?

Skrill uses best practices to protect its users and accounts, but is it safe for cryptocurrencies?

Since cryptocurrencies are not currently regulated by the Central Bank of Ireland (“CBI”), neither are the Cryptocurrency Services provided to you under these terms.

We already know that Skrill is not an exchange. However, it has a feature to trade cryptocurrencies. So an additional layer of risk is added when using Skrill or any other cryptocurrency facilitator. If anything happens to Skrill’s crypto service, users may be locked out of their cryptocurrencies as they are kept in a pool with other users, and technically Skrill would be the actual owner.

Be aware that there are risks associated with cryptocurrencies (i.e. if a partner crypto exchange delists a cryptocurrency). In that case, Skrill may require you to sell it in 14 days.

Buy crypto with Skrill using a different exchange

To get the most value for your Skrill funds when buying cryptocurrencies, use Skrill as a funding method on other platforms like eToro. The comparison table above shows that eToro has lower fees and a better crypto trading platform.

If you’re looking to trade cryptocurrencies, eToro is a great option. They offer Skrill as a deposit method, and their trading fees are lower than on Skrill.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Take 2 minutes to learn more.

Skrill crypto-list

How to buy Bitcoin using Skrill

Before buying cryptocurrencies on Skrill, you should:

1. Create and verify your account;
2. Deposit funds into your Skrill account.

Skrill crypto withdrawals

Withdraw to a crypto wallet – Skrill mentions that crypto withdrawals are easy, but cryptocurrency withdrawals to crypto wallets are currently available in selected countries only. It may take 24 hours to receive your cryptocurrencies in your wallet.

Withdraw to a bank account – First, you must convert your cryptocurrencies into regular FIAT currency before withdrawing the funds. So technically, you’re withdrawing traditional money to your desired account.

Skrill crypto-supported countries

According to the Skrill cryptocurrency terms and conditions, cryptocurrencies are available in the following Skrill-serviced countries:

Albania, Algeria, Andorra, Argentina, Armenia, Aruba, Australia, Austria, Azerbaijan, Bahrain, Bangladesh, Belarus, Belgium, Bermuda, Bolivia, Bosnia and Herzegovina, Botswana, Brazil, British Virgin Islands, Brunei, Bulgaria, Cambodia, Cameroon, Canada, Cayman Islands, Chile, China, Christmas Island, Colombia, Costa Rica, Croatia, Cyprus, Czech Republic, Denmark, Dominica, Dominican Republic, Ecuador, Egypt, El Salvador, Estonia, Eswatini, Ethiopia, Falkland Islands, Finland, France, French Guiana, Georgia, Germany, Ghana, Gibraltar, Greece, Guam, Guatemala, Guernsey, Honduras, Hong Kong SAR of China, Hungary, Iceland, India, Indonesia, Ireland, Isle of Man, Israel, Italy, Jamaica, Jersey, Jordan, Kazakhstan, Kenya, Kuwait, Latvia, Lesotho, Liechtenstein, Lithuania, Luxembourg, Madagascar, Malawi, Malaysia, Maldives, Malta, Mauritius, Mexico, Moldova, Monaco, Mongolia, Montenegro, Morocco, Mozambique, Namibia, Nepal, Netherlands, New Zealand, Nicaragua, Nigeria, North Macedonia, Norway, Oman, Pakistan, Panama, Paraguay, Peru, Philippines, Poland, Portugal, Puerto Rico, Qatar, Romania, San Marino, Saudi Arabia, Senegal, Serbia, Singapore, Slovakia, Slovenia, South Africa, South Korea, Spain, Sri Lanka, Sweden, Switzerland, Taiwan, Tanzania, Thailand, The Bahamas, Trinidad and Tobago, Tunisia, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States, Uruguay, US Virgin Islands, Uzbekistan, Vietnama and Zambia.

Check the Skrill non-serviced country list for countries that currently can’t use Skrill services.

Note: Currently, Skrill stopped accepting new registrations from Russia.

FAQ