One of the biggest introductions in the last decade was that of cryptocurrencies. Bitcoin was introduced by Satoshi Nakamoto in 2009, but even he couldn’t have foreseen the force it would eventually become. Today, cryptocurrencies are drastically altering the way we make everyday transactions and have made huge waves in the online space. Initially, they had difficulty in gaining traction as their unregulated and anonymous nature created risks, but they seem to have gained more popularity than even local currency trading. Even though they can be quite volatile, the fact is that cryptocurrency is significantly less affected by local political events.
Hence, it has created a great opportunity for people to make a profit, albeit with increased risks. There are almost 5,000 coins currently available in the market and new ones are regularly being introduced. For a long time, buying and selling cryptocurrencies was a long and drawn out process. Therefore, the hassle often discouraged people from investing in this virtual currency. Nonetheless, after years of crypto proliferation, they have become commonplace enough to prompt traditional payment platforms to become part of the ecosystem. These systems are now bringing their established customer base, along with their technological know-how to the crypto movement.
One of the most prominent players to have entered the crypto ecosystem is Skrill, an online money transfer service and payment platform that has been operating since 2001. How has it made a difference? Xtrgatereview explains to you in detail. This Skrill cryptocurrency review will provide you everything you need to know about the role Skrill plays in helping people buy Bitcoin and other cryptocurrencies.
Operating under the name of Moneybookers initially, Skrill became part of the industry alongside PayPal and a number of other prominent platforms for online payment. While Skrill was never able to establish the traditional market share that PayPal managed to accumulate, it has become one of the most prominent players in the cryptocurrency ecosystem due to its foray into crypto payments and transfers.
During the initial days, Skrill was the top choice of international merchants who needed multi-currency processing. Since payments and money transfers are now being conducted online in large numbers, it was a given that Skrill’s next step would be a foray into the crypto market, which embraces the platform’s past and helps it in moving towards the future.
In 2018, Skrill started offering a cryptocurrency gateway, which allowed users to buy Bitcoin and other cryptocurrencies via easy-to-use buying and selling service. However, the platform has expanded its offerings recently and now users are able to actually buy Bitcoin and other cryptocurrencies. This could end up reducing the costs of the platform and increase and improve its performance.
With its headquarters in London, Skrill boasts a number of offices all over the world. If we start from the top, the CEO of the service is Lorenzo Pellegrino. Before taking the role of chief executive, he was the executive vice president for digital developments at Optimal Payments and he also held other executive-level positions in Skrill. Mr. Pellegrino has played a vital role in leading the payment company into the crypto market and RossenYordanov, the VP of consumer and crypto has also bolstered his efforts.
The fact is that cryptocurrencies are not exactly new to the Skrill platform. However, they made an announcement in November 2019 about making a significant expansion that would provide their users with a direct crypto-to-crypto gateway where Bitcoin or other traditional payment methods can be used for buying and selling altcoins. Before this option was introduced, if people wanted to exchange one crypto for another, they only had one way out; to sell the one they were holding and using its proceeds to purchase another one.
However, with the introduction of the new gateway, users now have the option of directly exchanging digital currencies. They can simply swap Bitcoin for one of the cryptocurrencies supported by the platform, which include Litecoin, Ether and XRP amongst others. A total of eight different cryptocurrencies are available to users for moving seamlessly and the platform is planning to add more with time. One of the best things about Skrill is that it works like a custody service, which means people don’t have to worry about a private key or other security functions and features.
As people are using a reputable service like Skrill, they can remain fully confident about the security of their assets. But, it should be noted that it is not in accordance with the autonomous and decentralized ethos that form the basis of the crypto movement. To put it simply, the upgraded crypto offerings provided by Skrillto both first-time buyers and experienced crypto enthusiasts are an easy way for buying and selling digital currencies via a reputable and safe platform that has a history of financial integrity.
Most of the countries all over the world are supported by Skrill, but there are some where the payment provider doesn’t provide its services. These countries include Angola, Afghanistan, Cape Verde, Benin, Barbados, Comoros, Burkina Faso, Eritrea, French Polynesia, Djibouti, Cuba, Grenada, Japan, Iran, Iraq, Guadeloupe, Namibia, Syria, Sudan (North and South), United States of America, Turkmenistan, Togo, Tajikistan, Suriname, North Korea, Niger, Macao, Libya, Greenland, Gambia, Kyrgyzstan, Reunion, Palau, Samao and Faroe Islands.
One of the biggest benefits of using Skrill internationally can be a very user-friendly experience. You can find both business and personal accounts being offered on the platform. There is an application process associated with personal accounts whereas individual users can register for an account readily. All you need to do is provide a few details to make an account. This information includes entering their country of residence and choosing an account currency.
There are some prominent features of the platform, which include a prepaid debit card that has been issued by MasterCard, an international money transfer service and a payment infrastructure. Currently, there are several ways through which users can deposit and withdraw funds, which makes it a personalized process that can be used for accommodating the preferences of a huge and diverse customer base. For instance, when you want to make deposits, the following methods are accepted by Skrill:
- Bank transfer
- Debit and credit card
- Bitcoin and Bitcoin Cash
It is important to know the fees you will have to pay if you decide to use Skrill for buying your cryptocurrencies. If you decide to deposit in fiat currency, you have to pay a fee of 1%. There is also a fiat to crypto exchange fee that you have to pay, which is around 1.5%. This is applicable when you are using EUR or USD. If you are using your local currency for this purpose, the fees can go as high as 3%. You don’t have to pay any ongoing fees to maintain your Skrill account, as long as you log into your account once in a year.
The process to purchase cryptocurrency through Skrill is incredibly easy. You don’t have to jump through any hoops to get it done. No matter which exchange you decide to use, there are a few simple steps you have to follow:
- Step 1: The first thing you have to do is open a Skrill account.
- Step 2: The second step requires you to add your credit card to the account.
- Step 3: The third step is to deposit funds in your Skrill account in your local currency.
- Step 4: After you have funded your account, you should visit the ‘crypto’ tab in your account and choose ‘exchange’.
- Step 5: The last step is for you to complete the exchange process.
Using Skrill has become a popular choice because the process is instant and doesn’t require you to have any skill. However, one thing to remember is that if you are using Skrill to make your cryptocurrency purchase, then it is best to only stick to reputable and trusted exchanges. This is because Skrill doesn’t offer any buyer protection and if you get scammed, you end up losing your money. This is something you want to avoid at all costs.
There are a number of exchanges that can be used for purchasing cryptocurrency via Skrill. One exchange is called BitPanda. It mainly accepts customers from Europe. You need to create an account on BitPandaand then log into it. Next, go to ‘Buy’ and when prompted about payment method, use Skrill as the option. The final amount that you will see will have all the fee incorporated in it. BitPanda usually charges 4% for Skrill.
This is for just one exchange, but the fact is that a similar procedure has to be followed no matter what exchange you use. Some of the options you can explore are LocalBitcoins, Paxful, SpectroCoin and more. It is up to you to choose one as per your preference. Likewise, the fee charged by every exchange will vary and you can also consider it in making your final decision.
If you want to purchase Bitcoin through Skrill, things are relatively easy and it doesn’t take very long for you to do so. You can choose Skrill’sservice directly if you are only doing it for the purpose of investment. If you would rather have access to your coins, then you can use an exchange like BitPandato do so. It is evident that Skrill is very serious about expanding into the cryptocurrency market and they will probably add more countries and even allow users to be able to access their coins in the future.