How to buy Bitcoin (BTC) with Skrill from Australia

By   |   Verified by Andrew Boyd   |   Updated 9th June 2022

As well as being able to buy crypto on Skrill itself, a number of crypto exchanges also support deposits made with Skrill.

Scroll down for a list of crypto exchanges that accept Skrill and our comprehensive guide to buying Bitcoin with Skrill in Australia.

Unsure about what exchange to use?

Where to buy Bitcoin with Skrill

eToro Crypto

On eToro's website

Crypto assets are unregulated & highly speculative. No consumer protection. Capital at risk.

Highlights

  • Access thousands of assets across multiple categories.
  • Copy trades of popular investors that trade Crypto.
  • Access powerful analysis tools and innovative social features.
Binance

On Binance's website

Highlights

  • Zero-fee deposit via PayID / Osko.
  • Compatible with multiple devices.
  • Take advantage of low fees and attractive VIP programs.

First time buying?

How to buy Bitcoin with Skrill

Step 1: Pick an exchange that supports Skrill deposits

First, you have to sign up with an exchange where you can buy Bitcoin and accepts deposits via Skrill. You can compare options on this page.

When you’re comparing crypto exchanges, consider their trading fees or spread, tradable coins, minimum deposits, and fees to withdraw fiat currency from your account.

Step 2: Confirm your identity

After setting up your account, verify your identity with an image of your driver’s licence, or any other official form of photographic ID.

Step 3: Decide how much to invest

There’s an inherent risk in Bitcoin investments since the cryptocurrency constantly moves between bull and bear markets. Make sure you invest only what you can afford to lose if the price drops after you buy.

Step 4: Fund your exchange wallet

To deposit funds into your exchange wallet via Skrill, go to your account’s dashboard and choose ‘Skrill’ as a payment method. The flow from here on may vary depending on how the exchange has integrated with Skrill, but generally a new window will open so you can log into your Skrill account and transfer funds.

It can take up to 2 business days for funds to clear into your account.

Step 5: Make an order

Market orders require practically no configuration and are easiest to set up. Depending on the exchange, you may also be able to configure a recurring order (to buy more Bitcoin periodically) or a trigger order (so you can buy at a certain price in the future).

Step 6: Buy

The final step is to fill out the order form and buy Bitcoin. Once processed, your Bitcoin will be available in your wallet at the exchange.

Still not sure?

Pros and cons

Pros

  • Safe and secure. Skrill has been regulated by the UK's Financial Conduct Authority (FCA) since its launch. It uses two-factor authentication and end-to-end encryption to keep your data safe and your funds secure.
  • Convenient. Buying Bitcoin with Skrill is very easy, especially if you can link your Skrill account with your exchange wallet for additional purchases in the future.
  • Privacy-preserving. Paying with a service like Skrill or PayPal means you do not have to divulge your credit card details.

Cons

  • Not widely accepted by exchanges. Skrill is not widely accepted by crypto exchanges and brokers despite being available in more than 120 countries and territories.

Extra help

FAQs

How long does it take for funds to transfer using Skrill?

It can take up to 2 days for funds to clear into your exchange account, especially for the first deposit.

Can I buy Bitcoin with Skrill anonymously?

Yes, you can buy Bitcoin with Skrill anonymously. Skrill allows users to create an account and send and receive funds without verifying their identity. However, the amount of funds an anonymous user can transfer is limited. Furthermore, some peer-to-peer exchanges such as Paxful — which you can use without verification — also accept Skrill deposits.

Can I buy other cryptocurrencies with Skrill?

Yes, you can buy other cryptocurrencies with Skrill. Just select the desired cryptocurrency on the order form and make a purchase.