Bitcoin Forum

hi im interested in buying some bitcoins im from the uk, i recently signed up on blockchain under the impression i could "ping-it" but, alas, i didnt ping anything and im left with a btc'less account also they have no blue buttons to click or ways i can buy BTC under the uk options of buying.

so... local bitcoin has some ppl on there offering btc by bank transfer but if i send my bank details to them can they somehow draw more out than is agreed or could they basically rob me? on another note i dont really want to meet people in person unless i really have to but to me this is a big step backwards being a didgital currency an all if its the only way i can get my paws on some.

any help would be greatly appreciated.

Im from the UK so i am experienced in this more then most the american users. local bitcoins does not draw the money out of your account like a direct debit does. it is for you to SEND the funds via the bank transfer method. so your safe with that.

what you should do though if your not meeting them is ensure escrow IS enabled.

I've been both buying and selling on there for a couple of weeks (60+ transactions) and I've had no problems at all. Look for properly verified sellers with OTC logos and as franky1 says, make sure you enable escrow and you'll be fine.

I've bought bitcoins in the UK from blockchain in the past, but their UK bank account funding option has been closed, and so has their pingit account. The same has happened to other exchanges offering bitcoins by UK bank transfer, and I'm not aware of any currently operating.


I bought a few on localbitcoins. It works, and you simply do a bank transfer from your online banking to their account, so the person you trade with will not have your account details.

The cheapest way of buying bitcoins from the UK at the moment seems to be using transferwise (http://transferwise.com/) and one of the online exchanges (Bitstamp or MtGox). Transferwise do cheap bank transfers from the UK to the EU - they have a UK bank account to which you can transfer money, and will convert to Euros at a decent rate and send it as something called a "SEPA" transfer. Bitstamp and MtGox will both accept SEPA transfers in.

What you do is setup a Bitstamp (or MtGox, but I've not tested that) account, go to "Deposit", and then "EU Bank(SEPA)". Setup the deposit and you will be given a whole load of bank details. Then go to transferwise and set up a transfer, entering the bank details Bitstamp gave you as the recipient. Finally you pay transferwise, either by debit card or bank transfer. Funds have arrived within 36h when I've done it, but it apparently can take up to 3 days.

Might want to play it safe the first time and just go with a guy that has a lot of customer feedbacks.

It looks like each town has one major seller in it, with over 50 positive feedbacks or so.

Edit: ok just checked it out again now... actually 10 feedback is prob more reasonable.

LocalBitcoins provides both an escrow service for online transactions, and a transaction service for in-person transactions. Provided you use either service, and only deal with reputable brokers, you'll be in pretty good shape to avoid getting screwed over.

I recently made a purchase with Bitbargain and the transaction was swift and went down ok, I think the main question should be is it worth it in terms of value.

ok guys cheers for the replies so by the swing of things transferwise is the best way to go....you say direct debit, this is good news. so basically I can be in for a penny in for a pound tonight? minus 36 hours?

ok help needed, ive signed up to transferwise and bitstamp. ive put the banks name as the creditor the iban and BIC in the boxes.....BUT.... the number they say I need to put in the bank deposit message does this go in "payment description/message" and they provide no email do I need this.

thank you guys im on the cusp of owning some lovely btc.

I cannot remember the exact details, if you are talking about the reference message (code) then that should go in the message box in the payment window. Basically anywhere you can write a personal message is generally where the reference code goes. I have only used this method once so I do not remember the exact terminology, adding that reference code provided is essential though. I am sure someone more experienced  will post soon and help you out.

Owen has it right. You don't need to add an email address. That's just to alert the payee that something is arriving in their account - so more useful for companies which don't have a constant fire-hose of cash pouring in like Bitstamp. And the reference number is the one from your Bitstamp page and goes in the payment description. Hope it all goes/went smoothly for you.

i have used localbitcoins many, many times - its the only way I purchase bitcoins in the UK, There is the transferwise/bitstamp method but you have to wait 2 days at least.

I find the localbitcoins system great and have never had a problem. There is a lot more competition recently which is brining prices right down (Yesterday I was seeing prices cheaper than the latest mt.gox quote). Now it seems there are plenty charging £1-2 above the going rate which is a massive improvement on a few weeks ago (£10-15 commission per coin). Bitbargain is also good - normally more expensive though.

Same can't be said for ping-it! when I did try that, I just lost £30 and a couple of hours on the phone trying in vain to figure out how they had managed to mess up and lose any record of my deposit! I didn't get that back until 3-4 months later, but only by taking it up as a fraud case through my own bank.

I'm on localbitcoin and love it. Unlike a lot of people on here, I enjoy meeting actual people in the real world.

Yes, I have enjoyed both times I've had face-to-face meets to sell to new buyers. I have to admit, the first time felt very shady and "drug-dealery" taking an envelope stuffed with cash in a tube station foyer. The second time was much better though, relaxing over a coffee in a local Portuguese cafe. For the convenience factor though, online is much easier for busy people with jobs to do, family and friends to spend time with, etc. And because of that the margins are generally higher for face to face.

If you buy bitcoins, and the person you are buying from has good feedback, there should usually not be a problem.

However if you're selling bitcoins, and you're doing so to a new person, you're running a risk for being scammed. For example the buyer (scammer) lists an item on an online auction for sale (iphone) for example, and when he gets a buyer, he gives the buyer the bank account details of the bitcoin seller. The bitcoin seller receives his money, and happily sends the bitcoins to the scammer. The bitcoin seller has no reason to suspect anything nerfarious going on. Then, when the victim never receives his iphone, he contacts his bank, which again contacts the bank of the bitcoin seller, and we have a problem. Depending on the bank and/or law enforcement, this can cause a lot of problem for the bitcoin seller.

Verifying the purchaser before initiating the trade could avoid such problems, or only selling to those that already have a lot of good feedback, but that would make it more difficult for new people to start trading. Also trading for cash face to face could be an option, which would be less prone to fraud, esp. if you meet in some respectable place. And if it's the first trade you do with someone, don't trade for larger amounts than what you can afford to lose, just to be on the safe side.

How often do you guys get people wanting to sell bitcoins to you, as compared to people wanting to buy them from you? I've gotten several buyers so far, but no sellers.

This many times over. The people interested in Bitcoin are a great slice of life in my experience - people that care about privacy, economics and the future. I've had some great chats through localbitcoins.

So far 7 trade transactions in localbitcoin without any problem ;)
could someone share his stats on how offen is he receiving buying bitcoins request by week or day

Definitely true, only wonderful people have understood the values of cryptocurrencies and meeting them is like an honor to me personally, because they'll be surely knowing something about Bitcoin or altcoins which you'll not be knowing.
Localbitcoins is a Trustworthy site and I would suggest to meet some new people about enjoy.

Try to use very highly rated sellers on LocalBitcoins. That way, there's a lot higher chance that you'll make a successful transaction.

times have changed and everybody is getting smarter and dealing with highly rated sellers might give OP a probable chance of not getting scammed but these days accounts can easily be bought and the best alternative solution will get you off your comfort zone... and not to compromise on your safety try out an in person trade and opt for a public meeting as a safety precaution.

Yes localbitcoins is the longest running site where everyone goes to trade their bitcoin for cash or paypal or whatever they need it to be.
There is an in site escrow so all is safe to deal with people on there. But just make sure to do a deal with a trusted dealer just to be on the safe side. ;)

I have been using Localbitcoins for the past 2 yrs and i did not faced any problem with buying and selling, even their escrow service option is very good by this way no one can scam on any option. Even if you are giving bank details but not the confidential records so their is no worry to buy online. But be carefull when you are using to buy face to face.

Yes, localbitcoin is safe for buy and sell bitcoin but the problem on there
we must trade with users who has good reputation and it take the time,
 i think for save our time to exchange bitcoin to another payment method
use https://paybis.com/ will become good choice and save our time.

I see you are hesitant to do the person2person trading, so I will give you some tips that were given to me. First, *Meet in a public place, where there are CCTV cameras / *Second, Go with a friend or friends. / *Third, Start with small amounts, until you have built a good trust relationship with the other person.

This has worked for me in the past, and also steered me towards some good friendships with interesting new people.

Since you have some experience ~

1 ~ Do you take a laptop with you to transfer the coins, or just using your phone to do the job?

2 ~ In case you're the buyer, do you carry the money yourself or do you have a friend or family member holding it till you think everything is safe?

I have never done any peer 2 peer trading, but if I do, I like to know the tricks of decreasing every possible risk.

agreed, localbitcoin was proven and tested to this industry, and many of the community here are recommending this exchange site to those who are asking about the trusted exchange sites.

Localbitcoins is  safe and sequre also. I used it an a escrow service. I am using it about 1 years.

Even after 4 years, localbitcoin is a very good service provider with respect to BTC and altcoins. You can use Escrow service if you have any doubt. Accepted in many countries and known in most, Safe to use.

Do you mean secure? Yes, localbitcoin is very secure and if you are very scared to trade with other people somewhere.

Just go at localbitcoins that will make your trade successful, I find it trusted and I've used it for a quite while.

My experience there is fine and many people will suggest it and will say that it's safe.

Depends on what kind of transaction you will be doing. The most basic is the most secure, which is face to face meet up and getting paid in cash or bitcoins directly. The problem for the buyer here is that you have the risk of the btc being double spent if you don't wait for at least one confirmation, which could take 30 minutes to an hour depending on fees.

I have been using the site couple of times, there nothing any wrong. It's safe and secure. Is it safe to transfer a cash deposit to Bitcoins on that website. But before using will create an account with your real info.

They are great. Only one problem, it happens many times to wait for a dispute to be solved after one week. I don't get the point why it takes so long, if they don't have enough people to work on these why don't hire more people?

In any cases what I love at localbitcoins is the fact that already the most important traders are there. You will always find at anywhere someone to buy anything for bitcoins or whatever.

LocalBitcoins provides both an escrow service for online transactions, and a transaction service for in-person transactions. Provided you use either service, and only deal with reputable brokers, you'll be in pretty good shape to avoid getting screwed over.

The site it self is 100% legit and can be trusted.All outgoin transactions and deals on the site is all recorded and undergoes on localbitcoins escrow service all are automatically procesed when deal is done with in a two person on local bitcoins.So it is safe