Buy bitcoin with skrill

Last update: January 05, 2017

Bitcoin and Skrill

The fastest, the safest and the cheapest ways to buy with Skrill

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Skrill and Bitcoin

Skrill was known as MoneyBookers for a very long time. It is an online wallet quite similar to PayPal. Skrill has couple more neat features though - sign up is fast and easy, fees relatively low and withdrawals very easy. You can even withdraw your funds on a Visa debit card. The disadvantage is that Skrill payments are easily reversible. When you are dealing with an unknown person who buys Bitcoin from you, there is always a chance they will reverse the payment. The Bitcoin transaction is irreversible so you will end up screwed. Since Skrill officially does not support Bitcoin the customer support might close your account if you complain about reversed payment for Bitcoin.

So this happens, but far less often than you stumble upon a report on this on some Bitcoin forum. It makes sense - people will never write emotional reports about success trades. It is better to be safe than sorry though: Trade smaller amounts, do not go for couple of grand at once. No matter how much you trust the other side, they can always scam you. It is Bitcoin business, not family.

Buy Bitcoin with Skrill: The Fastest Way

No two ways about it. The fastest way to buy Bitcoin with Skrill are LocalBitcoins (the link goes directly to the list of Skrill trades on LocalBitcoins). The whole process can take about 4 minutes in total if you catch a seller who is at the moment sitting at their computer.

How to buy Coins with Skrill on Localbitcoins

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Pros and cons

Pros are clear. It is very fast, no AML/KYC shit, just pure barter. You do not even need a verified Skrill account. (Some vendors might want you to have a verified account, some not - but by itself it’s not obligatory.)

If you take one more look at the pictures above you will see the biggest con of LocalBitcoins: Traders sell with margin. By the time I requested a Skrill trade the LocalBitcoins price was about 515 USD per BTC while the average current price on trade exchanges was about 460 USD per BTC.

The prices are dynamic, sellers usually do not set a fixed price. The listed price is most often a Bitfinex price multiplied by margin.

Skrill and eWallets in general are far more expensive on LocalBitcoins than bank transfers. It is so because of the fear of fraud, quite understandably. If you are buying Bitcoins with Skrill or Paypal, you are on the safe side, not the seller. The Bitcoins you receive don’t carry the risk of chargeback. You have to pay more for this advantage.

If you want to buy Bitcoins to sell them later and dearer, there are better places to get the coins. Notoriously, the more verification you need to do the cheaper the Bitcoin will be, but it’s not an absolute rule. LocalBitcoins is a great place to sell Bitcoins you got cheaper elsewhere: If Bitcoin price has gone up in the meantime you will profit both from this difference and from margin, since margin is on LocalBitcoins expected.

If you buy Bitcoin to hodl, all die-hard bitcoiners will tell you that the margin doesn’t matter anyway, since some 1000 USD per coin will be a laughable price in the future. I believe that too. Still there there are better ways than buying coins on LocalBitcoins at peak price. So if you have some spare cash on your Skrill and cannot move it to a bank account, at least wait for a price dip to go get a coin or two.

Buy Bitcoin with Skrill: The Safest Way

VirWoX chart

The safest way would be buying Bitcoin through VirWoX.

You are buying Second Life Lindens with Skrill, not Bitcoin, so that is officially allowed.

And you eliminate the barter element, so the transaction is less risky.

How to buy Coins with Skrill on VirWox

buy bitcoin with skrill

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Pros and cons

You see it is not fast if you want it cheap. You have to do twice the amount of trade on VirWoX, that comes with twice the fees. So go on and use a referral link to get something off and set up limit trades to cover the expenses a little.

VirWoX is a relatively trusted exchange, the price is not completely off. But you have to sit on it a little, don’t go for market price to execute trade immediately. If you go the fast lane the margin will be higher. If you think the numbers through better than I, you could get better deal than on a trade exchange.

A big con is the trade limit, 80 EUR per day totaling at 240 EUR per 30 days. The fee for withdrawal is too high as well. It is 10x the fee on Localbitcoins and many trade exchanges have free Bitcoin withdrawals.

Last but not least: I should probably warn you. VirWox is not a good place to get Bitcoin like this, or to play with limit orders to get a good rate.

What they want to see is people depositing Bitcoins and getting Skrill cash for them as fast as possible. That is fine. Depositing fiat and getting Bitcoins as fast as you can, even though you will get a thick margin, that is also alright.

But it is not a trade exchange. If you play it smart like I just described, you might end up with your account blocked just like many people before. No reason for worry, they will reverse your deposits so you are not losing money. You only lose your time.

Buy Bitcoin with Skrill: The Cheapest Way

Sad but true: The cheapest way to buy Bitcoin with Skrill? On a trade exchange with deposit from a bank account.

That is already basically a workaround. Other options are:

How to get Bitcoin cheap, if you can transfer money to an EU bank account.

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The workarounds

To sum it up, here’s what gives you more chances to get bitcoins for your Skrill money.

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