UK Payment Processor Skrill Facilitates Bitcoin to BCH Exchange
The UK based Skrill, which facilitates cross-border payments, has unveiled a new facility that permits its clients to exchange cryptos in a straight forward manner.
The crypto-to-crypto feature enables buying and selling eight cryptos, including Bitcoin Cash (BCH), on the basis of Bitcoin core (BTC) held in the wallet.
Moneybookers, as Skrill was earlier called, is prominent in Europe. More than 15,000 merchants who sell their products online accept payment via Skrill, which also offers e-wallet to its customers for storing their digital asset holdings.
The firm was one of the earliest supporters of virtual currencies.
Skrill issued a tweet about the latest facility:
Buying and selling #crypto with Skrill just got even better. 🙌
Introducing crypto-to-crypto – a new feature that lets you use your bitcoin balance to buy and sell the other 8 cryptocurrencies we offer.
— Skrill (@skrill) November 28, 2019
It is a great idea to have a coin exchange option integrated in a payment platform as additional charges associated with exchange of crypto to fiat can be avoided. Notably, the wallet offered by Bitcoin.com enables customers to exchange between Bitcoin and BCH via Sideshift, which enables automated coin exchange platform.
Last summer, Skrill surprised its clients by offering the facility to buy, sell and hold cryptocurrencies. Both android and iOS version of its app facilitates buying cryptos with more than 100 payment modes and exchange of 40 kinds of fiat currencies into cryptos such as BTC, EOS, BCH, ETC, ETH, LTC, XRP, XLM and ZRX.
Skrill, along with Neteller, another popular e-money service provider, is owned by London-based Paysafe Group. Skrill’s platform is administered by Skrill Limited, which is an enterprise registered as a money service provider with the UK’s Financial Conduct Authority and licensed to conduct operations within the European Economic Area (EEA).
To avail the latest service, a new account should be created by keying in the name, residential address, domestic fiat money, and email address. Being a regulated entity, Skrill will carry out basic KYC (know your client) procedures, but there are no additional checks involved for dealing in cryptocurrencies.
Skrill, being a commercial enterprise, does charge a client for buying or selling cryptos. For purchases it charges €0.99, while for sales a maximum amount of €19.99 is levied. For transactions between €20 and €99.99, €1.99 is charged.
In case the value of transaction exceeds €100, a fee of 1.5% is imposed. P2P (peer-to-peer) trades involving the euro, the US dollar and other currencies are subject to a 0.5% flat fee. A fee of €5.50 is charged for withdrawal to a local bank account or overseas account (international Swift transfers). In case, the withdrawal is done to a Visa card account, Skrill charges 7.50% as transaction fee.
Some of the aforementioned fees will become effective on January 15, 2020. For example, the fee for fund deposit will be 2.50% for non-EEA countries. The regular fee for deposit using local and international mode of payments, including Bitcoin, is 1% as of date. By Jan. 15, the domestic transaction charges will be 2%, while the currency conversion fee will become 3.99%.