Online payments service Skrill, formerly known as Moneybookers, has introduced a new feature enabling users to directly exchange cryptocurrencies within its platform. The crypto-to-crypto option allows you to use your Bitcoin (BTC) balance to buy and sell eight other supported digital assets, including Bitcoin Cash (BCH).
Feature Details and Supported Coins
Skrill first added the ability to buy, hold, and sell cryptocurrencies last summer. The new in-app swap feature enhances its crypto offering by eliminating the need for intermediate fiat conversions. The Skrill app, available for Android and iOS, supports purchasing crypto with over 100 payment methods and converting 40 fiat currencies into BTC, BCH, EOS, ETH, ETC, LTC, XLM, XRP, and ZRX.
Skrill is part of the London-based Paysafe Group, and its operator, Skrill Limited, is a money service business regulated by the UK’s Financial Conduct Authority (FCA) with a license to operate within the European Economic Area (EEA). As a regulated entity, Skrill maintains security and identity verification procedures, but the company states that buying cryptocurrency does not require additional verification.
Fee Structure and Upcoming Changes
Certain fees apply to crypto trading operations. There is a €0.99 fee on crypto purchases and sales up to €19.99, €1.99 for transactions between €20 and €99.99, and a 1.50% commission for those above €100. Peer-to-peer trades are charged a flat 0.50% fee for euro, U.S. dollar, or other currency-denominated transactions. Withdrawals to a local bank account or via global Swift transfers cost €5.50, while the fee for withdrawals to a Visa card account is 7.50%.
Note that some fee changes will take effect on January 15, 2020. For instance, the upload funds fee for non-EEA countries will become 2.50%. The regular upload fee for local and global payment methods (including BTC) is currently 1.00%. After the specified date, the domestic transactions fee will be 2% per transaction, and the currency conversion fee may be as high as 3.99% per transaction.
Industry Context and Implications
Skrill joins a growing trend of traditional payment platforms embracing digital currencies. The in-app coin swap feature benefits users by saving on fees for additional fiat exchange transactions. Bitcoin.com’s own non-custodial wallet similarly allows BTC-to-BCH exchanges through an integration with Sideshift. Skrill’s move lowers the barrier for crypto enthusiasts and general users to manage their digital asset portfolios, providing a seamless way to diversify holdings without leaving the platform.