Bitcoin Forum

Kraken and Coinbase use EURO currency not GBP when having coins exchanged and sent to a UK bank account. Which has the best conversion rates/fees and is the easiest exchange to use?

Which is the quickest when dealing with AML/KYC paperwork?

Gdax.com (by Coinbase) shows a BTC/GBP pair. Alternatively, you could try CoinsBank. I've used their services on the past and I don't have much complaints.

Thank you

Never heard of CoinsBank so will check them out. Please let me know as far receiving GBP in UK bank as far as fees, exchange rate and final amount received is concerned which is best in your experience?

I contacted Kraken and was told they send EURO to UK customers though they have a $2000 daily and $10,000 monthly limit available to withdraw without AML/KYC and ID verification.

Does Coinbase direct (or Gdax) have a limit you can withdraw without AML/KYC and what are their limits after ID has been verified?

https://support.coinbase.com/customer/en/portal/articles/2488658-how-do-i-sell-or-%22cash-out%22-my-digital-currency- (https://support.coinbase.com/customer/en/portal/articles/2488658-how-do-i-sell-or-%22cash-out%22-my-digital-currency-)

Does anybody know if there are any limitations to cash out to a bank?

If someone cashes out 1 or 10 or 100 or 1000 Bitcoin would that transaction go through without having any daily/weekly/monthly limits applied?

Pretty sure that coinbase/gdax will request paperwork for any sum of fiat to be involved, whether depositing or withdrawing. Quoting from their site:


I think coinsbank also will require ID verification for trading and withdrawing GBP or any fiat as well. That's pretty much the policy of all crypto exchanges that also deals with fiat now because of the regulatory pressures. But both GDAX and Coinsbank(Bit-x formerly) are trusted exchanges so you shouldn't have an issue with security of provided ID docs.

Look into localbitcoins if you are able to sacrifice around 3% of the total amount for the convenience of no KYC. Plenty of offers available: https://localbitcoins.com/instant-bitcoins/?action=sell&country_code=GB&amount=&currency=GBP&place_country=GB&online_provider=ALL_ONLINE&find-offers=Search

Thank you for the reply. KYC and AML would not be a problem but I asked because of limits some exchanges place.

About Coinbase, if someone cashes out 1 or 10 or 100 or 1000 Bitcoin would that transaction go through without having any daily/weekly/monthly limits applied? In other words, would the full value be transferred to the bank in one go regardless of the amount?

I would wait a few more weeks until Coinbase gets faster payments via Barclays for GBP.  That should be pretty soon now.

I'm not sure I've ever seen anyone say they use Coinsbank in my entire life.

And I think the Coinbase default limit is about £100,000 per year. I dunno what you need to do to get above that.

Yes I heard Barclays has tied in with Coinbase but not sure how that would work with regards to cash out limits.

I tried the autobot chat on Coinbase website but it does not state the maximum cash out process.

Looks like nobody have mentioned about coinfloor here but they seem to be working UK based bitcoin exchange where you can trade and cashout in GBP. As they are also registered in UK it will be easy for you to reach them personally.
https://www.coinfloor.co.uk/

Although, I don't have any past experience with this platform as they only operate within their country border.

They'll all have limits. All of those limits will be pretty low unless you go the extra mile and hand over your life.

If you have a properly large amount then forget exchanges and do an OTC sale via genesis trading or Cumberland mining or similar.

Coinbase does have a limit and you can't just keep on withdrawing from their platform. How much the limit is I don't know but apparently it can be increased according to their very vague FAQ about withdrawals. It could be 100k GBP as gentlemand said. But Coinbase isn't even designed to be an exchange for whales, the fees add up on their site pretty quickly if you are a whale. Not sure about GDAX, however.

Every single exchange will have limits of some sort and it's best to ask their support about it first.

But as I said, consider p2p trading. You can easily get people willing to buy up to 20k GBP at just under market rate, and these people will usually willingly trade as much as you want since they profit on the trades as well.

I never heard of these. Thanks for the idea I will check them now:

https://cumberlandmining.com/faq (https://cumberlandmining.com/faq) (faq) What is your minimum trade size? Our minimum trade size is $100,000

https://genesiscap.co/ (https://genesiscap.co/) Minimum short-sale size is $100,000

Now that is interesting. Big business, big amounts. Thanks for the information but are there any other firms out there that do the same?

Any other comments or advice from users please?

Yes maybe. Are you aware of the Coinbase latest update related to the transfers in/out with U.K. banks? The company got the e-money license from the FCA not long ago. It's enabled on Coinbase and Coinbase Pro/Prime. Transactions are supposed to be completed with 24 hours max.

EDIT: It's the news I am talking about https://blog.coinbase.com/buying-bitcoin-ethereum-and-other-cryptocurrencies-with-british-pounds-gbp-just-got-easier-and-6d808dfa9128

Yup. I've got this in my account now. If it isn't applied to everyone by now, it will be very soon. I'm not sure how deep the GBP market on Coinbase pro is though.

P2P aside it's also the highest selling price, though I'm not sure what fees are - http://bittybot.co/uk/sell-bitcoin-uk/

Thank you for the link. I read it but it says nothing about KYC and AML.

If somebody has a Barclays bank account do they still have to send documents to Coinbase for ID verification?

Of course. They're separate operations. In this day and age you can't escape the KYC crap even if you use Localbitcoins most of the time.

If you use the Coinbase phone app to upload your docs you're quite often fully verified in a few minutes. Doing it via PC seems to flake out more often.

You'll find some experiences here about other options but Coinbase will be the biggest and most painless - https://old.reddit.com/r/BitcoinUK/

Thanks for the information. That sounds simple enough. Which ID has to be uploaded? Passport, drivers licence, utility bill, bank statement, credit card statement? Which combinations are allowed, for example:

1 photographic ID + 2 with home address
2 photographic ID + 3 with home address
1 photographic ID + 1 with home address

Please elaborate.

Also do you think Coinbase or another exchange is the most convenient way to get money in to your bank account after selling Bitcoins. Have there been updates on their limits per daily, weekly, monthly or annual withdrawal limits?

Hmm. I can't quite remember. I think I did driving licence and maybe a bank statement with about 79p in it, or it was a passport too. I don't have anything else with an address on it other than a bank statement. It's two bits of ID anyway and I presume one will need an address. But definitely use phone only, not PC, to do it.

On being verified Coinbase told me my limit was £100,000 per year and they haven't said anything else since. Maybe it's different now. I'm not sure if that's buying and selling volume combined.

Since they now have faster payments there's nothing more convenient. You should get money within an hour or two or considerably less. Localbitcoins has a small amount of risk in comparison and they'll want ID too.

Thank you. I have lots of information to go through. I appreciate you taking the time to explain clearly :)

Any other advice on this subject please?

So far it seems Cumberland is a large volume trader with a clear understanding explained on the website: (https://cumberland.io/#faq-knowledge-center)

"Our current minimum trade size is $100,000 USD, or equivalent cryptoasset, per transaction"

Kraken (https://coincodex.com/exchange/kraken/) or Bitstamp (https://coincodex.com/exchange/bitstamp/) would be a good choice, they are legit exchanges that don't have a shady background with no strange business. ˝Regulated˝ exchanges, such as the mentioned ones, will also be able to advertise with Google from October.

https://coincodex.com/article/2396/regulated-cryptocurrency-exchanges-will-be-able-to-advertise-with-google/

Thank you for the link and information.

Would you happen to know the daily/weekly/monthly/annual cash withdrawal to bank limits? The infor is not clear on their websites.

Bitstamp enjoy not telling you when an unknown limit has been breached and then ask you for your entire tax history and every Bitcoin address you've ever used and will use. I'll never put money in there again myself. They're not thieves. They do sound like pricks.

Kraken is $200,000 per month if you're tier 3 verified, which is ID and proof of address. You can go higher by contacting them and arranging something specific.

I don't know how straightforward withdrawing from Kraken to the UK would be though. Not very.

Thank you for the post and for providing ballpoints. Good to read your posts again gentlemand  ;D

Since you gave an honest review of Bitstamp from your own experiences I will never be using them, may thank for that background information.

Another quick bit of advice please, more curious than anything else. When these companies have ICOs, then cash in portions of the tokens for FIAT to make use of to achieve whitepaper goals, how do you they cash in tokens for several hundred thousand US$ at a time? I remember seeing a chart about an ICO firm that were sending 80,000 tokens daily over a period of 4 days to an unknown exchange at a time when the tokens were around $4 each so a lot of money to cash in.

How does you thick they managed to do that? Is that down to specific exchanges or something else?

You might well be fine with Bitstamp. Talk to them. They might have clarified limits. It's not as if there are tons of scam accusations against them.

ICO operations will either be selling OTC or they'll have sorted out special accounts with exchanges. There'll be a big difference in treatment between some random crypto nobody and a known player. On top of OTC exchanges often have dark pools which means you can sell or buy off the public order books.

With Kraken for instance all you have to do is contact them to raise your limit. They'll do it on a case by case basis.

Once again many thanks for your views. I appreciate it very much, will keep a look out and research more about this withdrawal scenario but regarding Bitstamp, I have been put off them now.

I just might contact Coinbase to see what happens then use them to compare with what Kraken and others say.