Bitcoin Forum

What’s the best way to turn crypto into pounds uk?

I know you prob get asked this a lot but I’m finding it hard to find the best way to do this. Can anybody help me out thanks?

I'm not from UK but don't you have any wallet that supports withdrawal to your bank account?
Upping this thread and hope someone from your same location answers your question. Good luck!

Thanks

I never knew you could get wallets that did that

Probably the easiest and safest way is to sell it on localbitcoins.com other than that you can try advertising it on the currency exchange board of this forum. https://bitcointalk.org/index.php?board=53.0

There is no wallet that converts to pounds.

The closest you'll get is a xapo account with a debit card. Then you can withdraw through ATMs with their debit card.

Other than that localbitcoins is gonna be your fastest option.

I'm with the rest here on Localbitcoins. Always used it in now more than five countries and never had a hitch (unless you call waiting more than 3 business days for bank wires to clear a hitch). I'm slowly warming up to Bisq, which will be familiar to use if you also use LBC before, same p2p concept except it has its own software which you need to keep connected for the duration of the trade. Basically, any p2p platform should work locally.

For some convenience (with a daily limit at basic verification), I've also been somewhat satisfied with BitPanda, which processes my withdraws within the hour of request. I just sell everything to the local EUR wallet, which results in the lowest fees. Then you can withdraw to any bank account, including a GBP one.

So it’s safe localbitcoins?

I’ll have a look on there website and see what it’s all about

I've been using it since 2013 and never had a problem. It's peer-2-peer trading and your coins go into an escrow which you only release after the buyer has transferred the money to your bank account.

you have different methodes, don't think any wallet can sell to pound yet. sell it on exchange or like some people here said or you can look for a card like tenx (debit card)

The local bitcoin looks good.

So I just sell my bitcoin to a seller or do I advertise my own bitcoin?

What’s the procedure or the easiest way?

Just sell it to someone already advertising. As you've just signed up and don't have any feedback nobody is likely to respond if you placed an advert.
Just click on the sell button next to the advert you choose and then fill in the amount and your bank details. Then you should get a confirmation that request has been accepted and then another when it is marked as paid. Check your online banking to see if it is there then release the escrow.

and it's worth taking a modest hit for the sake of dealing with someone with a ton of feedback over some nobody. track record counts for everything with this stuff.

Thanks everyone.

Sounds really easy.

Just used the local bitcoins. Worked a treat!! Thanks!

Be careful when using lbc. A few weeks ago, a friend of mine carelessly sold some bitcoin to a high-reputation buyer with hundreds of transactions. Turned out that the buyer had purchased the account. My friend ended up only losing a couple hundred bucks, but it could have been much worse for her. Just make sure that there aren't huge gaps in the buyer's history. I've done over two dozen trades on localbitoins myself, ranging from $50 to $500+ in transaction sizes, and haven't had any problems myself. But better safe than sorry!

I now have 2 options to achieve this goal, although I am a Brit I don't live there anymore so use $ as my cash ut option although it will work just as well with Sterling.
I have used kraken for a while, convert my crypto to FIAT on their platform. You have pay be a withdrawl fee so make sure you are doing a reasonable amount that it doesn't become a large %

Now I have a Centra card to use, can spend Crypto anywhere there is a Mastercard symbol or withdraw cash from an ATM it is a godsend

Do you know what payment method the buyer used? I'm not 100% certain of this but I don't think a UK national bank transfer can be reversed unless it turns out the buyer has had there bank account hacked. That's very unlikely as they usually have very strong security (mine has a physical 2fa device). I have seen localbitcoins accounts listed for sale but usually US ones and never a UK one.

You can sell through litebit.eu. It's a merchant who sells and buys crypto currencies and sends the money to your bank account. I have bought cryptos several times from them and they seem to be honest (located in Netherlands).

If you withdraw to your bank account wouldn't they enquire as to where this money has come from - (anti money-laundering precaution)?

This is one of the advantages of using a peer-2-peer exchange like localbitcoins. The money comes from another UK bank account of an individual or company rather than an international wire transfer from a crypto exchange so is much less likely to be flagged.

Ah, sorry, I forgot to include the payment method. It was with PayPal. The buyer apparently used a PayPal account with a credit card that didn't belong to him/her. My friend's account ended up getting locked while it was investigated. The lock was released within 2 days, but the payment that was made by the buyer was removed from her account. I'm not sure of the overall outcome of the situation; whether she filed a report to lbc or not. I can check with her the next time I speak with her, but that's the gist of what happened based on her fb post regarding the matter.

I did some research regarding the exact same matter few weeks ago.

I think localbitcoins.com is the best at the moment.

That makes sense. If you use a reversible payment method to sell Bitcoin then you obviously open yourself up to be scammed whatever other precautions you take. Avoid Paypal and/or credit cards at all costs. I'm pretty confident using national bank transfers as my bank would have to agree to the charge being reversed with is very unlikely to happen.

You can also buy gold using Bitcoin, then sell the metal back to the broker and gain instant liquidity into ££ in London.

I dont ever think that any wallet provide such kind of service.
As i know, if you have local exchanger like in my country, it is so much easier because they work in local currency.

If local bitcoin isn't suitable (none local, poor rates or large amounts) the consensus appear to be to route withdrawal via GDAX, Revolut for Euro, then to UK bank.   Its odd that there are a number of exchanges and coins operating out of UK, yet the banks dont seem to allow direct Crypto to GBP transactions.

Meet people off the forums, localbitcoins, paxful, through social media, gumtree, etc. Now most will be sketchy but if you do it just right (plus charge the extra 10-30% and have the correct safety precautions, you'll be all good to go). It's a lot of money, cheers mate

There is no such thing as a wallet that was invented in my mind but I think there are so many ways to buy bitcoin from what you are looking for wallet that you just search on google. Okay, you have to ask questions in this forum because I think you can find it because I still do not know that there is such a wallet so it's possible to have such a place in your area.

Register on the English stock exchange. Buy and sell Crypto currency for pounds.

in coinbase you can convert to gbp. if you dont want to use coinbase, you can order XAPO. It offers  gbp card.

You could also ask around to find a local Bitcoin meetup in your area. I have built some very good relations with people I have

met at these meetups and I bought and sold a lot of coins this way. You start with small trades and work your way up as the

trust between the parties are established. We even became friends and visit local pubs in the area, when I am in town. Many

late nights and bitcoins spend on these visits.  ;D

Localbitcoins is easily the most known way, and probably the safest too as they act as an escrow for the funds. On Localbitcoins you will also see businesses that buy bitcoins for a regular amount, and you can often perform the transaction at their branch for your security.

Alternatively, check out the currency exchange section in the marketplace, you can typically find someone to do a cash transaction in the UK.

I don't think the gold broker is going to just sit there and let you run a few million quid through their operation. They'll stop you at a few tens of thousands of pounds.

For reasonable amounts I'd do Localbitcoins. For large amounts I'd do OTC like Genesis Trading or Coinfloor. I don't think I'd bother with any exchange considering how many hoops you have to jump through to route the money from abroad.

Even for buying or selling smaller amounts of gold you will need to show a passport and they will file a form to HMRC. I've done that before and it was a requirement for a 100g bar (about $1,500 at the time IIRC).

I guess you could try to use coinfloor.co.uk - which is an UK based exchange. If I remember well they are mentioning that they do change BTC into UK Pounds.

Try to sell it at localbitcoins.com. Also, you can always exchange your bitcoins more efficiently by converting them into dollars and then converting the dollars you get into pounds which is more legally accepted.

I don't really understand what you are asking. but if you want to benefit from bitcoin or crypto, you can either invest or trade. try to find more knowledge about bitcoin, investment and market. maybe you will get a lot of understanding and knowledge.

There is a limit beyond which people will not pay either for tulip bulbs or for bitcoins. At some point, some of the holders of currencies will decide that the price is already high enough - and you need to sell.

I don't think there is any kind of wallet where you can convert your bitcoins into pounds. You can use any local crypto agent or dealer who can exchange the bitcoin with you in your local currency pounds. Even you can use of localbitocins.com where you can find the right guy who can make your problem solved. But be careful while dealing with the person whom you don't know, so only exchange your bitcoin with them whom you personally know or you approach them if there is any problem.

Instead of converting your Bitcoins to real currencies like Euros, you can convert it into stable coins like TUSD or TEURO. Which will be easy to hedge your risk whenever you want.

you should use a crypto exchange that supports GBP.

Hi,

There are two main solutions, and these solutions are available for most existing fiat currencies:

- Either you go on a dedicated echange platform. Even if your currency is not on the available list, you can surely turn bitcoin for dollars and then.. well in your country you can go to any exchange shop.

- Or you can go on websites allowing you to be put in contact with people near you, that are ready to give you cash in exchange for bitcoin.

Both solutions are quite safe. The first one is easier, the second one less expensive (especially if you have to deal with dollars, because you will pay twice an exchange fee).

You can sell Bitcoin,Ethereum,ripple,Bitcoin Cash into Fiat money by using this site---- www.Cex.io. They first trade the Cryptos which i told you to fiat money and then you can transfer it to your Visa,Mastercard and debit/Credit cards. Its a very nice site.  

And the site also support trading with GBP. :D

I'm not familiar on this trading, exchange Bitcoin into pounds. hopefully anyone in the crypto community will provide as basic ideas or knowledge regarding on this. I'm interested to learn and understand the principles, it would be a great help for me. Thank you!

You need to find one of the exchanges that allows FIAT pairs and funding both in and out. Coindesk is one choice for you if you are based in the UK or the EU, Kraken you can use globally.

Coinbase is collaborating with big bank in the UK and Europe. The bitcoin/fiat conversion difficult should be solved soon. Meanwhile you can sell your coin on some European exchange or look for peer to peer website for sale of your coin.

When it comes to GBP nobody should be considering using the few exchanges there are. That's not because they're evil, I wouldn't really know, but GBP has pitifully low volumes wherever it pops up. There aren't enough buyers or sellers to prevent horrific slippage.

Coinbase will soon be the best option by the looks of things. Beyond that it's OTC or LBC still.

https://www.finextra.com/newsarticle/31969/transferwise-becomes-first-non-bank-to-open-settlement-account-with-bofe-rtgs

Transferwise, an occasional crypto supporter who had to reject crypto business because of bank pressure, now will have direct access to the faster payments network and other banking goodies directly without having to go through existing retail banks.

If they return to crypto that could make accessing foreign exchanges cheaper and quicker, especially USD ones as there's a few options for EUR already.

For some reason Brits are one of the very few dirty foreigners that Gemini accepts. That could make a neat combo.

I doubt Localbitcoins care in the slightest about your tax bill, but I suppose it's conceivable the tax man might demand info from them but only during a tax investigation. It might be quite some time before anything like that happens.

I'd rather pay taxes myself than meet hundreds of strangers while I was loaded down with BTC.

I think there must be some wallet that will help you to transfer your bitcoins into pounds. You can call to the bank and ask the manager if it is possible to get money transfer to your bank account.

Have you tried Localbitcoins ?
Not only pound but also any kind of currency in any country , In any country you can find some bitcoin nerd on localbitcoins to deal with!

Has anyone tried using a bitcoin ATM to cash out? The fees are probably ridiculously high but it could be an easy way to convert coins into fiat. Unless we're talking about whale quantities of bitcoin in which case localbitcoins is probably the best option here.

Most only sell to you. There are a handful that buy off you. The ones that I checked had a spread that would make you blub.

With coinbase doing faster payments soonish and a few debit cards like wirex popping up ATMs will look sillier than ever. They should be promising but it's clear either they're not making enough or owners are piss takers

Yes.To convert your crypto currency into pounds,localbitcoin will be the only option.Not only pounds,but also you can exchange USD.In Localbitcoin,you have lot of options and it's the secured one.You can hold your bitcoin in localbitcoin wallet.I had my holding in localbitcoin more than one-year.

Great questions and good answers. I have been thinking about this for long and I have gotten an option now: Localbitcoins.

search for online wallets that support on your country mate which is accepting crypto currency as well. I think YouTube is the way to find some information when it comes to finding online wallet that support in different country. 'cause most people nowadays sharing tutorial how they can convert bitcoin in easy way in their country. So just search bitcoin then "how to convert bitcoin into fiat" along wilth the name of your country. and don't forget to search it on Google also.  I hope it can help,  regards

Yes, that seem the most convenient. Most users here operate on that and that works just very fine. Meanwhile, in whatever transaction you are doing, you ensure you introduce an escrow.

I'm still sceptical that will ever happen. I don't see how they are going to be allowed to do that when every other exchange that has tried has had their bank account shut down.

Did you see the latest from Coinfloor?


Asset   Minimum deposit amount   Deposit fee   Minimum withdrawal amount   Withdrawal fee
Pound Sterling (GBP)   5,000.00 GBP   5.00 GBP   2,000.00 GBP   60.00 GBP

Coinfloor are trying very hard to piss off their customers. They keep banging on about institutionalness. I wonder if they do have any customers of that calibre. 

If anyone can secure faster payments it's coinbase. Barclays have flirted with crypto on and off. It would take a crypto heavyweight like coinbase to put them in the right frame of mind.

UK is a crypto friendly nation and there are a lot exchanges and even individuals that can take your bitcoins and give you cash in pounds. Visit localbitcoins.

I am looking some website and this is very useful for me to use it and it's very easy to exchange other currency

You can see that the price of bitcoin in recent days is constantly decreasing and there are no signs of recovery, the market is very fluctuating and difficult, so to have successful commercial card You need to always have a plan in place. According to analysts, bitcoin will likely fall to $ 7600 and then recover very aggressively.

The easiest way is to find out fiat accepting exchanges in your country. You can then sell them your Bitcoins in exchange for fiats like USD, EUR or GBP.

I mostly use local bitcoins to buy and sell bitcoins.  If you see this site closely , then you will find a lot of good ways to convert pounds to Bitcoins and vice -versa and that too with built in site escrow.

I think we're about to turn a corner with GBP. Binance announced a GBP exchange in Jersey, though I dunno how much business that's going to attract, and we're still awaiting Coinbase's faster payments access. Along with debit cards starting to make a return it's going to be less work in future.

you can do all that by:
trade on the cryptocurrency exchange between Bitcoin and USD, after profit you do Withdraw to your debit card.

after entering debitcard, you will redeem on FIAT Money Exchange like Western Union to change from USD to Pound Sterling.

Good luck!