Cryptocurrency services are rapidly evolving, and platforms like Skrill offer users streamlined access to digital assets. This comprehensive guide breaks down the Skrill Cryptocurrency Terms of Use, ensuring you understand how to securely buy, sell, transfer, and withdraw cryptocurrencies through your Skrill account. Whether you're new to crypto or an experienced user, this article clarifies key functionalities, limitations, fees, and responsibilities under the current terms effective as of October 12, 2023.
Understanding Skrill’s Cryptocurrency Services
Skrill provides a suite of cryptocurrency-related features designed for eligible account holders. These services allow users to interact with digital currencies without needing direct access to external blockchain wallets or exchanges.
What Are the Core Cryptocurrency Services?
The cryptocurrency service includes two primary functionalities:
- Instant Buy/Sell: Purchase or sell supported cryptocurrencies using funds in your Skrill e-money balance.
- Withdraw to Crypto: Convert funds from your Skrill account—or from a partner merchant—and send them as cryptocurrency directly to a designated third-party wallet.
🔍 Important Note: Unlike standard Skrill e-money and payment services regulated by the UK Financial Conduct Authority (FCA), cryptocurrency services are not currently regulated by the FCA. Therefore, these transactions do not fall under the FCA’s jurisdiction or protection schemes.
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Key Terms and Conditions Overview
These terms govern your use of Skrill's crypto features and work alongside the main Skrill Account Terms of Use. In case of conflict, the Cryptocurrency Terms take precedence.
Who Can Use the Service?
To access cryptocurrency services, you must:
- Be a registered Skrill account holder.
- Not have violated any Skrill account rules.
- Have an active, non-suspended account.
- Reside in a supported country.
Additionally, Skrill may require identity verification at any time to comply with anti-money laundering (AML) regulations. By using the service, you confirm that you’ve read and understood the Cryptocurrency Risk Statement and agree not to use crypto for prohibited activities.
Service Availability and Limitations
Skrill does not guarantee uninterrupted access to cryptocurrency services. Transactions depend on third-party exchange availability. Delays or failed orders may occur due to market volatility, technical issues, or exchange restrictions.
In rare cases such as blockchain forks (e.g., Bitcoin Cash split), Skrill reserves full discretion in determining how affected users are handled. Users will be informed where possible, but final decisions rest solely with Skrill and its exchange partners.
Instant Buy/Sell: How It Works
This feature allows real-time trading between fiat currency (or other cryptos) and supported digital assets.
Supported Actions
With Instant Buy/Sell, you can:
- Buy or sell supported cryptocurrencies using e-money.
- Trade one crypto for another (crypto-to-crypto transactions).
- Set price alerts ("reminders") when a coin hits a target value.
- Transfer crypto holdings to other eligible Skrill users (P2P transfers).
- Receive crypto from other qualified users.
You do not gain direct ownership of private keys or a personal wallet hosted by the exchange. Instead, Skrill reflects your beneficial interest in the chosen cryptocurrency within your account dashboard.
Placing an Order
To execute a trade:
- Enter transaction details (amount, currency).
- Review applicable fees.
- Confirm the order.
Once confirmed, orders cannot be canceled or modified. Skrill processes the trade via its partnered crypto exchange and updates your account accordingly.
If there are insufficient funds in your Skrill or crypto balance, the transaction will fail.
Managing Orders: Conditional & Recurring
Skrill supports advanced order types to help users automate trades based on market movements or schedules.
Conditional Orders
Set a trigger price for automatic execution:
- Choose whether to buy or sell.
- Define the amount and target price.
- Submit the instruction.
The system monitors prices and executes the trade only when the trigger is met. You can cancel it before activation.
Recurring (Periodic) Orders
Automate regular investments by setting up periodic purchases:
- Select frequency (daily, weekly, monthly).
- Specify fiat amount to spend each time.
- Confirm setup.
These orders follow the same rules as instant trades. They’ll be canceled if insufficient funds exist on the scheduled date.
💡 Tip: Dollar-cost averaging through recurring orders can reduce exposure to short-term volatility.
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Peer-to-Peer (P2P) Transfers
Transfer crypto holdings directly to other verified Skrill users.
How P2P Works
To send crypto:
- Select recipient (must be an existing Skrill customer).
- Choose crypto type and amount.
- Confirm transfer.
Transfers are instant and irreversible once confirmed. A service fee applies per transaction and is deducted from your crypto balance.
Receiving crypto requires no action—funds appear automatically upon completion.
Ensure accuracy before sending; incorrect transfers cannot be reversed due to blockchain immutability.
Withdrawing Cryptocurrency to External Wallets
You can move crypto off-platform using two methods:
1. Withdraw from Skrill Balance
Convert funds from your Skrill e-money balance into a supported cryptocurrency and send it to your personal wallet.
Steps:
- Choose “Withdraw to Crypto” option.
- Select desired cryptocurrency.
- Confirm wallet address and fees.
- Finalize transaction.
2. Withdraw from Partner Merchants (Skrill Crypto Withdraw)
Some online merchants support direct crypto withdrawals from their platforms via Skrill. The process mirrors standard withdrawals but uses funds held at the merchant instead.
⚠️ Always double-check wallet addresses. Incorrect entries result in permanent loss—Skrill cannot recover misdirected funds.
Both options involve network (miner) fees, which are separate from Skrill’s processing fee and paid to blockchain validators.
Fees and Cost Structure
Understanding costs is crucial for managing returns and avoiding surprises.
Fee Breakdown
| Service Type | Fee Source |
|---|---|
| Instant Buy/Sell | Listed in Skrill Fees section |
| P2P Transfers | Charged per transaction; shown before confirmation |
| Crypto Withdrawals | Includes Skrill fee + variable network (miner) fee |
| Foreign Exchange | Applies if converting non-EUR balances; FX margin included |
All fees are deducted from your account at execution time. If insufficient funds exist, the transaction will be rejected.
Fees may change with notice via email. Certain adjustments—like FX rate changes—can take effect immediately without prior warning.
Account Management & Dispute Resolution
Transaction Records
Every activity generates:
- An email receipt sent to your primary address.
A detailed entry in your transaction history, including:
- Date and time
- Amount and currency
- Applied fees
- Exchange rates
- Unique transaction ID
Records are final and cannot be altered by Skrill.
Reporting Issues
Contact customer support immediately if you notice discrepancies. While Skrill aims to resolve complaints within 15 days, note that:
❗ Cryptocurrency services are not FCA-regulated, so you do not qualify for Financial Ombudsman Service (FOS) recourse in case of disputes.
Termination, Suspension & Risk Mitigation
When Can Access Be Restricted?
Skrill may suspend or terminate your access if:
- You breach terms or applicable laws.
- Fraud, money laundering, or unauthorized activity is suspected.
- Required by law or exchange partners.
- Security risks are detected.
Notifications are provided when possible, though immediate action may occur without warning in high-risk scenarios.
During suspension, Skrill may liquidate part or all of your holdings if needed to comply with legal obligations or correct inaccurate information.
Closing Your Crypto Access
You may terminate service anytime via written notice. After termination:
- You retain viewing access for 14 days.
- No new trades or transfers allowed.
- Remaining crypto can be sold back to Skrill (with approval).
After 14 days, unsold holdings will be automatically repurchased at market rates, with proceeds credited to your e-money balance.
Limitation of Liability
Skrill is not liable for:
- Market data inaccuracies provided by exchanges.
- Losses from incorrect instructions (e.g., wrong wallet address).
- Indirect damages like lost profits or business interruption.
- Actions or failures by third-party exchanges or wallet providers.
- Tax implications of your transactions—you are responsible for compliance.
Liability exclusions do not cover death or personal injury caused by negligence, fraud, or statutory mandates.
Changes to These Terms
Skrill may update these terms with notice via email. Updates may become effective immediately in cases involving:
- Legal or regulatory requirements.
- Beneficial changes (e.g., improved features).
- Market conditions affecting service delivery.
If you object to changes, you must notify Skrill before they take effect—but doing so constitutes termination of your crypto service access.
Frequently Asked Questions (FAQ)
Q: Are my cryptocurrencies stored in a personal wallet?
A: No. Your holdings represent beneficial interests managed collectively on partner exchange accounts ("pooled wallets"). You don’t control private keys.
Q: Can I transfer crypto from another wallet into my Skrill account?
A: No. Skrill does not accept inbound external crypto deposits into your account.
Q: What happens if I enter the wrong wallet address during withdrawal?
A: Transactions on blockchain networks are irreversible. Skrill cannot retrieve funds sent to incorrect addresses.
Q: Is there a limit on how much I can trade?
A: Yes. Skrill may impose volume or value limits based on risk management policies, which are displayed before confirming trades.
Q: Are profits from crypto trading taxable?
A: Yes. Tax treatment varies by jurisdiction. Consult a financial advisor to ensure compliance with local regulations.
Q: Can I use crypto on my Skrill Prepaid Mastercard?
A: No. Cryptocurrency balances cannot be directly spent using Skrill cards. You must first convert to fiat currency.
Final Thoughts
Skrill simplifies cryptocurrency interaction for everyday users through secure, integrated tools—but it comes with clear boundaries. There's no direct blockchain control, limited transfer flexibility, and no regulatory safety net for crypto activities.
By understanding these terms, risks, and operational limits, you can make informed decisions while leveraging Skrill’s convenience for buying, selling, and withdrawing digital assets.
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