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Author Topic: Beware of trading BTC for Skrill/Neteller  (Read 5083 times)
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iron77
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December 07, 2013, 06:46:26 PM
Last edit: December 07, 2013, 10:12:01 PM by iron77
 #1

Hello guys,

I know some of this has already been talked about in the past and might be common knowledge for some of you, but there are still lot of people trading for Skrill and Neteller here and I feel it's still something not everyone realises, and I think there should be a topic about it.

So as per title: be extremely cautious, if you want to use gambling related wallets: Skrill and Neteller to trade bitcoins. There are multiple reasons for that.

First, Skrill has an anti-bitcoin policy.

This has been confirmed from sources outside and inside Skrill. If they will somehow find out that you are using your account to exchange bitcoins, most likely outcome will be closing your Skrill account permanently. This is most likely related to their T&C (link), point 11.5 - prohibited transactions:

Quote
11.5. You may only accept payments for certain categories of business after approval from us in our sole discretion. Such business categories include but are not limited to:
money exchange or remittance businesses, including but not limited to bureaux de change, currency exchanges and purchase of travel money;(...)

It says you can do it after their approval, however, the common policy is still that everyone who is found to do it, has his account closed. There are multiple reports of that, one of which is here. They will probably allow to withdraw you your remaining balance to bank account, but bad news if you need the account for other purposes, they might say goodbye to you forever.

I do not know what are Neteller's policy here. Please feel free to add anything you know and I'll update the original post.


Second. This isn't PayPal, but still transactions are easily reversible.

Even if someone sends you first, there is nothing that will stop these transactions at Skrill or Neteller to be reversed anytime later. Moreover, your account will be locked and put into investigation that can take weeks or months.

I traded some of my BTC for Neteller at localbitcoins. The seller had  very good rating and high volume, though he only had an account open for about a month, but I thought that should be enough to be spotted if he would be a scammer. I did 2 trades with him, both went very smooth. One thing that looked fishy was the money he sent didn't came from standard personal Neteller transfer, but from a merchant (some casino I believe?). After about 2-3 days these transactions have been cancelled and my Neteller account has been disabled. Calling Neteller doesn't help much - they ask you to write an email to their investigations team. I've done that - I have told them everything in details, sent localbitcoins screenshots. I recieved a "thank you" email, though after few weeks case is still under investigation and account is locked (with all other money that I had there).

The scammer had following accounts at localbitcoins: johnso, julianofavaron81, oncata1021 and most likely more. I have written about this also at localbitcoins forums. Please note that Localbitcoins isn't too helpful and only been disabled accounts oncata1021 and julianofavaron81 after I did my own investigation (they were very similar to johnso, who scammed me) and specifically asked them to check and ban them.


Therefore I encourage:

Do not trade large amounts with people you don't trust on Skrill or Neteller. Escrow will not help. Even if you do a small exchange and you accept to lose the money, you are putting your account at risk. Both Skrill and Neteller state in their T&C that, by any reason, they can discontinue relationship with you if they choose to do so.

Stay safe. Any feedback is welcome.
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alexout
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December 08, 2013, 09:49:42 AM
 #2

Yes I want to share that I was also scammed by the same person.


I did more than three seperate trades via Neteller.

The following account names were used:

Seabrook Ltd
selborne Limited
Bet 365

his skype is oncatabtc.

He also had a merchant account which made me less suspicious even tho we were doing some pretty big trades. Anyhow a few days later when I went to make a withdrawal my account was locked and is now under investigation because of 'dispute of funds'

I will say that I wont ever do big sales again via Skrill or Neteller.

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December 08, 2013, 11:23:35 AM
 #3

Same happened to me as well , traded 2 BTC with johnso + Neteller account is closed right now.
Is there any difference to OKPAY ?
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December 08, 2013, 11:32:21 AM
 #4

Well that sucks, Skrill have very high fees if you wanna withdraw to your bank account.
Was hoping I could skip that step and just buy BTC instead.


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December 19, 2013, 11:25:39 PM
 #5

I just got an answer from Neteller.
Unfortunately it seems like i just lost the money:


Your NETELLER account has been enabled. We apologize for the inconvenience that may have been caused to you while your account was disabled, and thank you for your patience and cooperation during that time. A reversal has been completed on a recent transfer to your account. We apologize for this unfortunate incident, however the transfer was unauthorized and had to be returned to its origin.

 

Once again, your patience in this matter has been greatly appreciated.

 

Kind regards,

 

 

Kristen

2302

Member Security Specialist

Operational Risk Department


Do you think there is any chance of getting back the money?
What are your latest updates on this case ?


 
iron77
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December 20, 2013, 12:46:02 AM
 #6

schnib12, congratulations for getting the account unlocked. I do not have any answer about mine yet, but resolution in your case sounds promising.

Regarding the recovery of money, I think it's nearly impossible to get them back and probably cost-effective to leave it as it is. Well, do I not know what size were your transactions and how much impact the loss had on you. If you're up for a paperwork and possibly legal case, try to look up what Neteller's regulatory body is (I think it's UK's FCA?) and if Neteller denies to give you back that money, you will have to make a complaint to the regulatory and hope for the best.
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December 20, 2013, 03:52:50 PM
 #7

Everyone talking about Neteller accounts here. Anyone with Skrill that wanna come forward with a banned account?

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December 20, 2013, 04:41:53 PM
 #8

Depends if you mean banned or restricted account. Discussion above is mainly about just restricted Neteller accounts (not completely banned), and similarly as with Skrill, if the account has only been restricted, there is a chance of getting it back. I had a Skrill account restricted recently, they have asked to explain details about some transaction, after that it luckily get unlocked.

I personally have not ever heard that either Neteller or Skrill account that has been banned ("permanently closed", as they often call it) has ever been resurrected, but would be interested to hear stories.
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December 20, 2013, 09:52:27 PM
 #9

So maybe they are just complying with AML laws?
Makes you wonder how people that sell bitcoins with Skrill operate.

Skrill obviously cannot ignore a guy that has tons of fiat being transfered to his account. That's gonna attract attention.

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December 20, 2013, 10:59:22 PM
 #10

It seems to be something bitcoin specific, there are multiple records of people who didn't traded anything big, but after Skrill recognizing they are exchanging bitcoins, their accounts have been shut down. Also, my friend asked his Skrill VIP manager about this, and get a reply that somebody found to be using his account for BTC trading have a decent change of getting it closed.
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January 14, 2016, 01:40:29 AM
 #11

anyone here traded with others for skrill/neteller without an issue?


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forevernoob
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January 14, 2016, 10:48:04 PM
 #12

anyone here traded with others for skrill/neteller without an issue?

A couple of times. But only used trustworthy guys of course.

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March 11, 2016, 06:56:22 AM
 #13

anyone here traded with others for skrill/neteller without an issue?

A couple of times. But only used trustworthy guys of course.


I don't know the Skrill policy about bitcoin for depositing and withdrawing funds.
But Neteller have direct deposit option via bitcoin with a 5% fee.
It seems from long back itself Payza was also starting thier business with bitcoin for both deposits and withdrawal.

Skrill and Neteller comes now under 1 company. so soon skrill also will enable bitcoin.
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March 13, 2016, 01:24:03 PM
 #14

Thanks for the thread. It is very important to beware others in such things, because Skrill/Neteller is quite popular exchange.  Wink
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March 17, 2016, 02:51:18 PM
 #15

I also always wanted to say this, it's just that I did not dare. Skrill fee is very large, it makes me not want to use Skrill, and I also often hear negative news from Neteller
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June 17, 2017, 09:22:58 AM
 #16

Now my question:

How can one avoid his/her skrill account from been block/lock/restricted?

mine just got restricted and shutdown for explaininq how i exchange bitcoin for skrill...


i need help!
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June 18, 2017, 12:56:26 PM
 #17

This payment services always risky, especialy when you involve them with bitcoin. They can be abused in many ways and peo always use them for scams, no matter to possibilities for restrictions or bans. I would say that is wise to use Skrill or Neteller for bitcoin trading only with trusted persons that you know and have experience with.

malaj
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