[Unavailable] Buy/Sell BTC for GBP Bank transfer. MtGox last 2% fee

[Pteppic]

Buy BTC at MtGox last +2%
Sell BTC at MtGox last -2%

(Price is MtGox USD last converted to GBP at spot exchange rate. Fiat transactions by bank transfer only.)

As an example at 10:35am 23/10/2012 MtGox last is $11.69868 USD/GBP spot rate is 1.6015
I will buy at £7.161
I will sell at £7.451

Why should I trade with you?
I have trusted status on MtGox and have traded tens of thousands of BTC over the past year. I also operate on Intersango and Bitstamp and hold GBP, USD and EUR as a normal part of trading. I can offer lower fees as I am already exposed to BTC market movements and don't need you to cover that risk. All fees are a percentage so why not give it a try for a small amount.

How will it work?
1. Send me a PM with the amount you want to buy/sell.
2. I will reply with a price offer and my account details.
3. If you accept, reply providing your bank/wallet details and send your funds.
4. Once I receive proof of your payment I will send my settlement.

At this point I am accepting individual orders between 3BTC and 100BTC.

I am afraid that I am currently unable to meet orders due to banking issues

To be fair, it doesn't seem to be a 'because bitcoin' issue. My bank said they were investigating a possible fraudulent transaction, which could be linked to the fact my almost unused personal bank account has had £15k in transactions through it in a few weeks. It should become available again soon, but I am also looking into the possibility of forming a company and getting a business bank account.

[BlackBison]

Good seller, bought 50btc from him so far today. Will be buying more in the future.

Fast delivery, good comms. Highly recommended!

[Pteppic]

Thanks BlackBison.

Smooth trades all the way. Let me know when you want some more.

I have edited the OP because I realise I don't have any reputation yet and I am willing to send first for traders 'of good standing'.

Current Prices as at 9:15am :-

Buy from me for    £7.252 per BTC
Sell to me for       £6.971 per BTC

PM me for a live quote.

[jimmyk83]

Successful transaction completed today, was very fast to respond and process, and is trustworthy.

Cheers

[trebornay27]

Great service, bought 13 coins yesterday - fast transfer an excellent communication.

[Pteppic]

Thanks jimmyk83 and trebornay27. It was a pleasure doing business with you.

Current Prices as at 10:30am :-

Buy from me for    £6.773 per BTC
Sell to me for       £6.510 per BTC

[edit] N.B. Prices on this thread are indicative only. Please PM me for a live quote.[/edit]

[Richy_T]

29btc bought. Good, rapid trade.

[trebornay27]

2 more trades with Pteppic; good communication and lightning fast transactions as always.

[Rotsor]

Bought 100 BTC. Lightning fast transaction! No problems at all.

Thank you very much!

[bbfunk]

Bought 5 bitcoins from Pteppic just now nice guy to deal with thanks.

[Rotsor]

Bought 100 BTC more. Very quick and trustworthy!

[Pteppic]

Hi,

I was hoping that it wouldn't come to this, but having sold more than 550BTC in under a week at an average price of just under £6.80 my stocks have run low. I have transferred money to the exchanges, but I am waiting for it to clear. More stock should be available before the end of the week.

I'd like to say a big thank you to all the customers who have dealt with me so far. I have not had any real issues, just a couple of minor crossed wires that were easily resolved.

I will update the thread when more BTC are available.

Thanks again

[Richy_T]

Hi,

I was hoping that it wouldn't come to this, but having sold more than 550BTC in under a week at an average price of just under £6.80 my stocks have run low. I have transferred money to the exchanges, but I am waiting for it to clear. More stock should be available before the end of the week.

I'd like to say a big thank you to all the customers who have dealt with me so far. I have not had any real issues, just a couple of minor crossed wires that were easily resolved.

I will update the thread when more BTC are available.

Thanks again

I would say that maybe you're selling too cheap but I hope to buy some more again soon

[Pteppic]

Okay, the transfer has cleared at the exchange, so I have BTC in stock again. I have made some changes to my trading program and I will be making smaller, more regular transfers to the exchanges, so we'll see if that keeps the stock levels up.

Just to let you know about my availability. I am around most of the time in office hours, but evenings and weekends is much more variable. From now on, I will still check for messages every evening after 9pm at some point, but I can't promise I will be around much for doing deals. I hope that won't be too much of a problem.

@Richy_T

I may have been a bit over-optimistic in predicting how smoothly my cunning plan would work in the real world. 
It is early days though and I still think I can make it work with this pricing, it will just take a bit more learning on the job.

[Liberty Payout]

I am in the US but I can make a transfer via WU to your bank account in sterlings. Is that good?

[Richy_T]

I may have been a bit over-optimistic in predicting how smoothly my cunning plan would work in the real world. 
It is early days though and I still think I can make it work with this pricing, it will just take a bit more learning on the job.

You have a pretty good opportunity with mtgox's Barclay's account down. I was looking to trade on there but fees would have eaten things up quickly. I'll be interested to see how things go for you. I may even try a bit of local trading here. Bitcoin might play well with certain types of people here.

[Pteppic]

Liberty Payout, I have sent you a PM.

Richy_T

It was partly MtGox's problems that lead me to set this up. I was also thinking that a brokerage model might work well for bitcoin. If you buy and sell shares, you don't actually do the trade with the exchange, you go via a broker and only pay a small fee. As a bitcoin operation, if you don't hold customer money you can probably get around a lot of the issues the exchanges have faced, without necessarily having to charge huge fees.

I think that even in countries with a decent exchange, a broker-style offering could still work well for lots of customers.

[edit] I mean broker in the sense of a middle man between customers and an exchange. Obviously real stock brokers hold customer funds, so they still have the regulatory issues.[/edit]

[Richy_T]

Liberty Payout, I have sent you a PM.

Richy_T

It was partly MtGox's problems that lead me to set this up. I was also thinking that a brokerage model might work well for bitcoin. If you buy and sell shares, you don't actually do the trade with the exchange, you go via a broker and only pay a small fee. As a bitcoin operation, if you don't hold customer money you can probably get around a lot of the issues the exchanges have faced, without necessarily having to charge huge fees.

I think that even in countries with a decent exchange, a broker-style offering could still work well for lots of customers.

[edit] I mean broker in the sense of a middle man between customers and an exchange. Obviously real stock brokers hold customer funds, so they still have the regulatory issues.[/edit]

I think that would be tricky as one of the things an exchange like mtgox has going for it is typically trust. They are effectively escrow for the exchange. If you are just brokering, I think you'll end up with a lot of angry customers. I may be mistaken though.

[Pteppic]

I think that would be tricky as one of the things an exchange like mtgox has going for it is typically trust. They are effectively escrow for the exchange. If you are just brokering, I think you'll end up with a lot of angry customers. I may be mistaken though.

No, I think you're right. I didn't mean a brokerage, I was just thinking that if you had a lot of resources and scaled up what I am doing, then you could probably offer quite small fees that would make exchanges uncompetitive for lots of users.


Anyway, I now have plenty of BTC in stock;

Current Prices as at 9:30am :-

Buy from me at    £6.935 per BTC
Sell to me at       £6.666 per BTC

N.B. Prices on this thread are indicative only. Please PM me for a live quote.

[Richy_T]

No, I think you're right. I didn't mean a brokerage, I was just thinking that if you had a lot of resources and scaled up what I am doing, then you could probably offer quite small fees that would make exchanges uncompetitive for lots of users.

Quite possibly. One way to work might be rather than have one exchange that deals with many currencies, have a small ring of trusted partners that each deal with one currency/BTC market each.

The real benefit of an exchange is that they bring a lot of people together so the buys and sells match up to give a pretty good real-time exchange rate. For low volume/non speculation traders like myself, your service can offer a better deal for sure.