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Title: What's the Fastest Method for Getting USD to a BTC Exchange? Post by: Pzi4nk on May 24, 2013, 11:46:05 AM I've been working with BTC for about a month and have tried out several different trading platforms. The one thing I've been frustrated with is the difficulty in getting my USD into an exchange where I can buy BTC.
Here are a few exchanges I've tried out: CoinBase: I put this first because it's the easiest for me to use. Pros: I simply linked my bank account and I can buy/sell BTC directly at the market rate (MtGox). Money is transferred as an ACH from my account in 3 business days. When I sell BTC the money is transferred back to my bank in 3 business days. Cons: You can only buy at current market prices, no limit orders. Can't hold a USD balance in your accout. Proceeds from BTC sales are immediately transferred to bank. Mt Gox: It's the biggest. Pros: High volume so trades happen quickly. You can place limit orders. Cons: Hard to get USD in/out. BitStamp: The design champ. Pros: Very nice website. Clean, well layed out interface. Responsive support team. Limit orders are available. Cons: International bank transfer is the only option for depositing/withdrawing USD. BTC-e: Lowest price for BTC. Pros: Usually the best rate for buying BTC. (Though this has been changing recently, gaining parity with BitStamp.) Cons: Limited avenues for depositing/withdrawing USD. I'm interested in what other people's experiences have been. How do you get USD into the digital system? Title: Re: What's the Fastest Method for Getting USD to a BTC Exchange? Post by: ReCat on May 24, 2013, 08:44:00 PM BitInstant. I took them $60 in cash and I had it converted into BTC that was then sent to my wallet by the time I arrove home from the moneygram location. This wouldn't work for very large amounts of money, though. Ideally it is for 25-500 USD.
Title: Re: What's the Fastest Method for Getting USD to a BTC Exchange? Post by: phorensic on May 25, 2013, 12:47:20 AM Even though it takes a week to get money into Dwolla, when I then did the deposit into CampBX it was nearly instant.
Title: Re: What's the Fastest Method for Getting USD to a BTC Exchange? Post by: DeathAndTaxes on May 25, 2013, 12:52:59 AM Is your goal to get USD to an exchange or to buy BTC with USD?
Title: Re: What's the Fastest Method for Getting USD to a BTC Exchange? Post by: Pzi4nk on May 25, 2013, 04:08:52 AM Is your goal to get USD to an exchange or to buy BTC with USD? Ultimately the goal is to buy BTC, but I need to get USD into an exchange to do that. Title: Re: What's the Fastest Method for Getting USD to a BTC Exchange? Post by: Pzi4nk on May 25, 2013, 04:40:51 AM Even though it takes a week to get money into Dwolla, when I then did the deposit into CampBX it was nearly instant. Thanks for the tip on CampBX. I transferred some of my Dwolla balance and you're right, it showed up immediately and I was able to trade right away. Exchange rate on BTC is on the low end too, so I got reasonably priced BTC. You can't view the orderbook though so I'm not sure how quickly limit trades will be accepted, but so far I like the site. Title: Re: What's the Fastest Method for Getting USD to a BTC Exchange? Post by: justusranvier on May 25, 2013, 05:07:55 AM BitInstant. I took them $60 in cash and I had it converted into BTC that was then sent to my wallet by the time I arrove home from the moneygram location. The last several BitInstant transfers I've done were scary fast. The money is credited at Mt Gox before I even walk away from the cash register. |