Acquiring Binance Coin (BNB) has become a common objective for cryptocurrency enthusiasts and investors. For those who prefer using digital payment methods, learning how to buy Binance Coin using Skrill offers a convenient solution. Skrill, a widely recognized e-wallet service, provides a straightforward way to manage funds for online transactions, including cryptocurrency purchases. This comprehensive guide details the process of buying BNB with Skrill, outlining the platforms that support this method and crucial considerations for a smooth transaction.
Understanding Binance Coin (BNB)
Before exploring the purchase process, it’s beneficial to understand what Binance Coin is. BNB is the native cryptocurrency of the Binance ecosystem, one of the world’s largest cryptocurrency exchanges. Initially launched as an ERC-20 token on the Ethereum blockchain in 2017, BNB later migrated to its own blockchain, the Binance Chain, and then to the Binance Smart Chain (BSC), now known as BNB Chain.
BNB serves multiple purposes within the Binance ecosystem:
- Trading Fee Reductions: Users can pay trading fees on Binance Exchange with BNB and receive a discount.
- Staking: BNB can be staked to earn rewards on BNB Chain.
- Participation in Token Sales: BNB is often used to participate in token sales hosted on Binance Launchpad.
- Payment Method: Many merchants and services accept BNB as a form of payment.
- Decentralized Applications (dApps): BNB is used to pay gas fees on the BNB Chain for interacting with dApps.
Given its utility and prominence, many individuals seek to buy Binance Coin using Skrill.
Methods to Buy Binance Coin Using Skrill
The primary methods to buy Binance Coin using Skrill involve utilizing cryptocurrency exchanges and peer-to-peer (P2P) platforms that integrate Skrill as a payment option.
Binance P2P Trading
Binance’s Peer-to-Peer (P2P) platform is a direct and popular method to buy Binance Coin using Skrill. This platform allows users to buy and sell cryptocurrencies directly with other users, with Binance acting as an intermediary to secure the transaction.
Step-by-Step Guide for Binance P2P:
- Create a Binance Account:
- Visit the official Binance website.
- Click on “Register” and follow the prompts to create an account using your email or phone number.
- Set up a strong password and enable Two-Factor Authentication (2FA) for enhanced security (e.g., Google Authenticator or SMS verification).
- Complete Identity Verification (KYC):
- Binance, like most regulated financial platforms, requires users to complete Know Your Customer (KYC) verification. This involves submitting personal identification documents (e.g., government-issued ID, passport) and often a selfie or live facial verification.
- Navigate to the “Identification” section in your Binance account settings to complete this process. Verification is essential before you can buy Binance Coin using Skrill on the P2P platform.
- Add Skrill as a Payment Method:
- Once your account is verified, go to the Binance P2P section.
- Look for “Payment Settings” or “Payment Methods.”
- Select “Add a payment method” and choose Skrill from the available options.
- Enter your Skrill account details as required. Ensure the name on your Skrill account matches the name on your Binance account for smooth transactions.
- Browse and Select a Seller:
- On the Binance P2P page, select “Buy” and choose BNB as the cryptocurrency you wish to purchase.
- Filter the payment method to “Skrill.”
- You will see a list of sellers offering BNB and accepting Skrill. Each listing will display the amount of BNB available, the price per BNB, and the seller’s payment limits.
- Review the seller’s completion rate and the number of trades they have completed. Higher completion rates and more trades usually indicate a reliable seller.
- Place an Order:
- Select a suitable seller and click “Buy BNB.”
- Enter the amount of fiat currency you wish to spend, or the amount of BNB you want to receive. The system will automatically calculate the corresponding amount.
- Confirm the order details. Binance will temporarily hold the seller’s BNB in escrow.
- Make Payment via Skrill:
- Binance will provide the seller’s Skrill payment details.
- Log in to your Skrill account and transfer the agreed-upon amount to the seller’s Skrill account.
- It is crucial to follow any specific instructions provided by the seller within the chat window on Binance P2P. Avoid mentioning cryptocurrency in the Skrill transaction notes, as this can sometimes lead to issues with payment providers. A simple note like “for services” or “personal payment” is often recommended.
- After sending the payment, click “Transferred, notify seller” on the Binance P2P order page.
- Receive BNB:
- The seller will confirm receipt of your payment.
- Once confirmed, Binance will release the escrowed BNB to your Binance Spot Wallet.
- The transaction is complete, and you have successfully managed to buy Binance Coin using Skrill.
Other Platforms Supporting Skrill for BNB Purchase
While Binance P2P is a prominent option, some other platforms also facilitate the purchase of BNB using Skrill. These platforms often act as direct brokers or exchanges.
Paybis
Paybis is an online cryptocurrency exchange that allows users to buy various cryptocurrencies, including BNB, using different payment methods, including Skrill.
Step-by-Step Guide for Paybis:
- Create and Verify Account:
- Go to the Paybis website.
- Sign up for an account.
- Complete their KYC verification process, which typically involves providing personal details and uploading identification documents. This is a standard requirement to buy Binance Coin using Skrill or any other payment method on such platforms.
- Select BNB and Skrill:
- On the Paybis homepage, select “BNB” as the cryptocurrency you want to buy.
- Choose “Skrill” as your payment method.
- Enter the amount of fiat currency you want to spend or the amount of BNB you wish to purchase.
- Provide Wallet Address:
- You will need to provide a BNB wallet address where the purchased BNB will be sent. This can be your Binance Spot Wallet address or any other compatible BNB wallet (e.g., Trust Wallet, MetaMask configured for BNB Smart Chain). Ensure you select the correct network (BEP20 for BNB Smart Chain or BEP2 for Binance Chain, though BEP20 is more common now).
- Proceed with Skrill Payment:
- You will be redirected to the Skrill payment gateway.
- Log in to your Skrill account and authorize the transaction.
- Confirm the payment details.
- Receive BNB:
- Once the payment is confirmed by Skrill and Paybis, the BNB will be sent to the wallet address you provided. This process usually takes a few minutes to an hour, depending on network congestion and internal processing times.
LBank
LBank is another cryptocurrency exchange that may support Skrill for certain transactions, although its direct integration for buying specific cryptocurrencies with Skrill can vary by region and current offerings. It’s advisable to check their current payment options directly on their platform.
General Steps for LBank (if Skrill is supported):
1. Account Registration and KYC: Similar to other exchanges, you will need to register and complete identity verification.
- Navigate to Buy Crypto Section: Look for a “Buy Crypto” or “Fiat Deposit” section.
- Check Skrill Availability: See if Skrill is listed as a payment option for purchasing BNB directly or for depositing fiat currency that can then be used to buy Binance Coin using Skrill (indirectly) on their spot market.
- Follow On-Screen Instructions: If available, follow the prompts to complete the purchase.
Important Considerations When You Buy Binance Coin Using Skrill
Several factors warrant attention when you buy Binance Coin using Skrill to ensure a secure and efficient transaction.
Fees
Transaction fees are an important aspect to consider. These can come from multiple sources:
- Skrill Fees: Skrill itself charges fees for various services, including depositing funds into your Skrill account, sending money to merchants or other Skrill users, and currency conversions. These fees can vary based on your country and transaction type.
- Exchange/Platform Fees: The cryptocurrency exchange or platform (e.g., Binance P2P, Paybis) may charge a fee for facilitating the purchase.
- Binance P2P: Generally, Binance P2P does not charge taker fees for buying crypto, but sellers might build a small premium into their price.
- Paybis: Paybis includes its fees in the displayed exchange rate or charges a separate processing fee.
- Network Fees (Gas Fees): Once you receive BNB in your wallet, transferring it to another address may incur network fees on the BNB Chain. These are typically small but necessary for blockchain transactions.
Always review the fee structure of both Skrill and the chosen platform before confirming your purchase to avoid surprises.
Verification (KYC)
Identity verification (Know Your Customer) is mandatory on virtually all reputable cryptocurrency exchanges and platforms. This process is put in place for regulatory compliance, anti-money laundering (AML) efforts, and fraud prevention.
- Necessity: You cannot buy Binance Coin using Skrill on major platforms without completing KYC.
- Information Required: Typically includes full name, address, date of birth, and submission of a government-issued ID (passport, national ID card, driver’s license) and proof of address (utility bill, bank statement).
- Processing Time: KYC verification can take anywhere from a few minutes to several days, depending on the platform and the clarity of your submitted documents. Complete this step well in advance of your intended purchase.
Regional Availability
The availability of Skrill for cryptocurrency services and the specific platforms themselves can vary significantly by region.
- Skrill’s Crypto Services: Skrill’s cryptocurrency services are not available in all countries. Check the official Skrill website for a list of supported regions.
- Platform Restrictions: Binance P2P operates globally but may have specific payment method restrictions in certain jurisdictions. Similarly, platforms like Paybis might not serve all countries or might have different payment options available based on your location.
- Regulatory Environment: The regulatory landscape for cryptocurrencies is constantly changing. What is permissible in one country may not be in another. Ensure that both Skrill and the chosen platform are legally operating and offering services in your country of residence when you plan to buy Binance Coin using Skrill.
Security Practices
When dealing with cryptocurrency and online payments, security is paramount.
- Strong Passwords: Use unique, complex passwords for your Binance, Skrill, and any other exchange accounts.
- Two-Factor Authentication (2FA): Always enable 2FA on all your accounts. This adds an extra layer of security, requiring a code from your phone or an authenticator app in addition to your password.
- Phishing Awareness: Be vigilant against phishing attempts. Always double-check the URL of the website you are visiting to ensure it’s the official platform. Never click on suspicious links in emails or messages.
- Secure Internet Connection: Only conduct transactions over a secure and private internet connection. Avoid public Wi-Fi networks for financial transactions.
- Reputable Wallets: If transferring BNB off the exchange, use a reputable and secure wallet (hardware wallet for large amounts, or well-known software wallets like Trust Wallet or MetaMask).
- Double-Check Addresses: When sending BNB to a wallet, always double-check the recipient address. A single incorrect character can result in permanent loss of funds.
Transaction Limits
Platforms often impose minimum and maximum transaction limits for buying cryptocurrencies.
- Minimum Purchase: There will typically be a minimum amount of BNB you can buy Binance Coin using Skrill in a single transaction.
- Maximum Purchase: Daily, weekly, or monthly limits may apply, especially for new or unverified accounts. These limits usually increase with higher levels of KYC verification.
- Skrill Limits: Skrill also has its own transaction limits based on your verification status and account history.
Understanding these limits will help you plan your purchase effectively.
Conclusion
The ability to buy Binance Coin using Skrill offers a flexible and accessible pathway into the cryptocurrency market for many users. Binance P2P stands out as a robust and widely used platform for this purpose, offering a secure escrow service. Other platforms like Paybis provide direct purchasing options. Regardless of the chosen method, attention to detail regarding fees, mandatory KYC verification, regional availability, and robust security practices is critical. By following the steps outlined in this guide and exercising due diligence, individuals can successfully acquire BNB using their Skrill account, contributing to their participation in the dynamic world of digital assets.
Can I use Skrill to buy crypto?
You can buy and sell crypto using your primary Skrill account balance in fiat currency (EUR, USD, etc.), allowing you to hold an interest in a range of cryptocurrencies. With this functionality you can receive email and push notifications when a desired crypto exchange rate is reached and monitor price changes.
Does Binance have Skrill?
Buy and Sell Bitcoin (BTC) with Skrill (Moneybookers) | Binance P2P.
How to buy USDT with Skrill on Binance?
Once you place a P2P order, the crypto asset will be escrowed by Binance P2P.
Send money to the seller via the suggested payment methods. Complete the fiat transaction and click “Transferred, notify seller” on Binance P2P.
Can you buy BNB on Skrill?
Paybis gives you the opportunity to invest in BNB using Skrill as a payment method. The process is very easy and even new users can navigate our platform in an intuitive manner.