SpeedyBitcoin - UK (GBP/EUR) - Safe, Fast and Convienent BTC purchases!

[SBC]

SPEEDY bitCOIN

Safe, Fast, Convenient and Reliable Bitcoin purchases in the UK and Europe

http://speedybitcoin.co.uk

Introduction
-------------
Myself and my team would like to announce the release of our new platform for purchasing Bitcoins from within the UK and certain parts of Europe using electronic bank transfers. Speedy Bitcoin is a platform built from the ground up and designed for everyone - from those new to Bitcoin to those who are seasoned veterans. We've got lots of cool features including full transactional history, SMS and email notifications and quite a shiny interface.

Speedy Bitcoin represents the culmination of a lot of hard work and we hope provides the Bitcoin community with some really neat features that you will all find useful.

Service Highlights
-------------------

- Fast : We process your deposits quickly so you're not waiting around. If you deposit from a bank in the UK supporting Faster Payments, your coins can be on their way to you in as little as a minute!
- One Reference : For each Bitcoin Address you link to our service, you get a single Bank Reference. This means you can control where your money goes. Got a recurring payment you want to make to a specific address? Transfer your money with the appropriate reference and you're done!
- Transparent : We provide you with all the details of every transaction you've made with us. You can see how much you paid, how much you received and even download all the details!
- Low Minimum Deposits : Along with competitive fees, we provide a low threshold for deposits. If you just need to make a small payment, or you just want to see if our service is right for you - for as little as 5.00 GBP - we've got you covered.  

I encourage you to visit our website for more information (the marketing guys are more eloquent than I am).

Other Information
--------------------

Did I say we're fast? We really are - we don't think you'll find a faster way to purchase Bitcoins. Give us a try now!

If you've got any questions or comments - you can catch me via a Private Message or just post in this thread. If you've got support issues related to our service, please raise a ticket through support@speedybitcoin.co.uk and one of the team will get back to you.

Enjoy!

- SBC

[1715483068]

1715483068

[1715483068]

1715483068

[SBC]

reserved... for something special

[SBC]

If you've used our service please post some feedback here - good or bad! We'd love to know what you think!

[Richy_T]

Can't work out how to deposit GBP!

Edit: Worked it out. A little confusing.

Exchange rate seems to be reasonable but not easily seen. Got £43.82 at 20/03/2013 17:57:00

In all, I'm a little concerned about the lack of information and transparency of this site. It's nice and clean otherwise though.

[SBC]

Great! - let us know how you find the service.

Edit: Thanks alot for that - I've sent you a PM for some more detailed feedback (if you're willing to give it). Much appreciated!

[Richy_T]

Having a prod around the site a bit more, some of my concerns have been alleviated. It would be nice if you had some way to show what kind of exchange rate could be expected though I know you can't guarantee anything given that you check several exchanges.

Great thing was that I was able to deposit funds quickly. I've registered with two exchanges today to replace some BTC I spent but my funds would either not be registered in good time or I could find no way to actually deposit funds online. With your site, I had BTC in my wallet within 5 minutes of completing the registration process.

The £20 limit for unverified users is unfortunate but understandable.

I do wish you had a few more exchangey features but I think you've done what you set out to do in a pretty solid manner. Thumbs up.

[SBC]

Much obliged. Limits are an unfortunate side effect of dealing with money; and its mostly to do with fraud. Where money is involved someone eventually tries to take advantage, sadly We've added a fairly straightforward verification system if you want to go the extra step and verify your account; that provides 100 GBP base rate. I should add that our system is pretty flexible and we can accommodate personal limits for repeat customers with which we have established a few smooth transactions (just contact support@speedybitcoin.co.uk).

New features; yep - they're in the pipe - list as long as my arm Basically, the ethos from the outset has been to try and do one thing (Buying BTC) really well, rather than a multitude .... less well. However hopefully as we grow you'll start seeing a range of great new features made available!

Thanks again for your candid feedback

[Richy_T]

Much obliged. Limits are an unfortunate side effect of dealing with money; and its mostly to do with fraud. Where money is involved someone eventually tries to take advantage, sadly We've added a fairly straightforward verification system if you want to go the extra step and verify your account; that provides 100 GBP base rate. I should add that our system is pretty flexible and we can accommodate personal limits for repeat customers with which we have established a few smooth transactions (just contact support@speedybitcoin.co.uk).

New features; yep - they're in the pipe - list as long as my arm Basically, the ethos from the outset has been to try and do one thing (Buying BTC) really well, rather than a multitude .... less well. However hopefully as we grow you'll start seeing a range of great new features made available!

Thanks again for your candid feedback

To be honest, if I were at home and not at work, I'd have all the verification stuff in already. The confusion with buying bitcoins could probably have been alleviated with a couple of shortcuts or "buy bitcoin" labels. It was not immediately obvious that the bank reference was where to click to get the info for that (it is in your instructions but who reads those? )

[Richy_T]

How often do you check the verification docs?

[SBC]

If you've submitted some they should be done by 18:00 today - the system gathers everything together and does a batch update once they're all reviewed and approved/declined etc. Once they're approved the changes should be reflected instantly on your account. If its not done by today, give me a shout.

[SBC]

If you've used us - please do post your comments. All feedback (good or bad) is appreciated

[oblongmeteor]

Surprisingly fast service. Genuinely impressed

[SBC]

Thanks!

[Scott J]

Competitive fees.

I will try at some point I'm sure 

[SBC]

We've increased our transaction limits to give you guys' better flexibility in buying Bitcoins! Effective immediately all new and existing accounts can transact up to 200 GBP for Verified users and 50 GBP for unverified. All with the same great service

Any questions, give me a shout.

- SBC

[DeeSome]

Is SpeedyBitcoin a department of Her Majesty's Revenue and Customs (HMRC)

From your site:
"Convenient
No forms, no quotes - Once you've setup your account, you can convert your currencies to Bitcoins using just your internet banking!"

"Simply Register...
If you're looking for a fast, convenient and secure solution for managing your Bitcoin transactions, look no further; Speedy Bitcoin makes it easy! Just follow these few simple steps and you could be exchanging your currency to Bitcoins in the next five minutes!

Register with our service
Retrieve your unique reference that will send exchanged funds to your chosen Bitcoin Address"

Then you proceed to ask for as much personal  info as if I was trying to adopt a baby!

What's all that about?
I thought Bitcoin was all about ease of transaction and anonymity.

[SBC]

Bitcoin does provide a great level of transaction simplicity and pseudo anonymity, but sadly Fiat <-> Bitcoin services (like ours) cannot - not if we want to be around for any length of time. Don't forget you're not interacting with just Bitcoin, you're interacting with the traditional financial system and all the requirements it imposes as well.

Our approach from the outset has been to treat our Bitcoin <-> Fiat service as requiring regulatory oversight (It was a gamble) and therefore the processes and procedures we've put in place are designed to meet that requirement - at least to the level of a 'Small Payment Institution'. For a comparison; check out the client registration requirements at equivalent companies in the same sector albeit providing traditional currency conversion services such as Transfer-Wise, Currency Fair and 1st Contact Forex. You are unlikely to find one that operates without either FSA or HMRC approval within the United Kingdom or that provides significantly less identity requirements.

As an aside; we sought FSA approval (you can read more about that here: https://bitcointalk.org/index.php?topic=158010.0), but did not receive it because Bitcoin falls into the grey area with regards to their current definition of money - however everything we've put in place ensures that we meet this requirements when regulation becomes mandatory (I personally believe this will be in a matter of months given the exponential growth of 'Virtual Currencies' and the guidance issued by FinCen in the United States). I'd also add we still have an HMRC application still in progress. 

Its understandable that not everyone feels comfortable giving this amount of information to a third party; but it's a double edged sword. Wild west business ventures thrown up in a week are likely to last as long - with a generally rougher experience and no recourse for customers when things go wrong. When we say things like we have a 'segregated client funds account' - it means just that. But all this comes at a price. Obviously, if you judge it to be beyond what you're willing to pay there are thankfully plenty of other avenues available to perform transactions (but without as nice as an experience as ours ).

[franky1]

EDIT: i am not saying there is anything wrong, i just see clarification.

Fast system. but their exchange rate or calculations seem off.

i done a £50 transaction which has £1.75 fee(3.5% reasonably acceptable). giving me £48.25 left over for bitcoins
which at current UK exchange rate of mtgox:
http://bitcoinity.org/markets?currency=GBP&exchange=mtgox
is under £49.1

but if using the live prices of the US or EU exchanges converted to UK GBP all calculations do NOT equal the £52.10 stated on my transaction.

even if all exchanges (for easy maths) were at £50 the 'fee' would have meant i would still have netted 0.965BTC, but where the exchanges prices were below £50 at the actual times, i should have netted OVER 0.965BTC

instead i received 0.92915039

at the time of the under 10 minutes from paying to receiving coins the prices were as such
MTGOX EURO 58.20 converted to GBP 49.31 (netting 0.9785BTC)
MTGOX dollar 73.75 converted to GBP 48.60 (netting 0.99285BTC)
Bitstamp dollar 75.35 converted to GBP 49.65 (netting 0.9718BTC)
even BTC-E, bitcoin-central were below £50 after conversion.

at no point did any exchange that is popular have a £52.10 price tag, let alone an above £50 price tag.

can you explain the high price tag (which exchange you use for comparison)

EDIT: at no point am i saying their is anything bad going on. but the pricing does not seem clear.

[Richy_T]

You can't really convert dollar/BTC to GBP/BTC that way.

I believe you are buying BTC for GBP. If you were buying BTC for USD, there would be a GBP to USD conversion and the associated costs with that. Even if there weren't costs, the multiplications don't all fall out neatly. This is how arbitrage works.

There may be another factor I'm missing too. I don't think these guys are trying to rip us off though. I'd be interested to hear their explanation if I haven't covered it though.

Edit: Though I see where you're coming from about the £52.10 now. Sorry, end of a long day. This is one reason I suggested they should show what you might expect to get when you trade.

[SBC]

I can't comment on your specific order as I don't have the details in-front of me, but basically our system works like this: Our system works by effectively buying-by-proxy - and its correct that we are not buying in BTC/GBP. We can't - only GOX has a GBP wallet and that through the Japanese bank deposit. So initially we fill our wallets with whatever the best value currency we can get is (EUR or USD typically) from our bank.  We then take GBP value of your deposit (less fee) - multiply it by whatever the exchange rate is for that currency (this is the exchange rate we got when we made our deposit - not the inter-bank lending rate) and create a BUY order for the resultant amount in the required currency at the target exchange. We only complete an order when we've consumed the full amount of fiat that we calculated the order was worth in the currency the exchange wallet is denominated in at whatever price is necessary to fulfill it. So technically, all or part of the order could (though unlikely) end up paying the exchange high price for that time period. When the exchange spits out a value to tell us how many coins we received for X fiat - we send you that value and record the details (which you can view in 'Recent Transactions' on our site).

We are designed to be a fast, reliable (hopefully) mechanism for purchasing BTC - but not necessarily the cheapest.

[Liam W]

And why must I be 18 to register an account with you?

[SBC]

That's our company policy I'm afraid

[Liam W]

That's our company policy I'm afraid

That isn't the answer to my question though...

[SBC]

I'm not entirely sure what you'd like me to say in this context? 18 is the age (in the UK) in which you are deemed an adult and therefore deemed competent to enter into a legally binding agreement. It's also the age at which you can start drinking... legally

[Richy_T]

That's interesting. So how much does that mean the GBP->X ends up costing? One of the reasons I was using your service was to try to avoid the costs of fiat currency conversion (currencyfair is pretty reasonable if I wanted to go that route).

[Liam W]

I'm not entirely sure what you'd like me to say in this context? 18 is the age (in the UK) in which you are deemed an adult and therefore deemed competent to enter into a legally binding agreement. It's also the age at which you can start drinking... legally

True, but still. I don't like age limits, especially ones for no reason. I can't really get bitcoins using money because of stupid age limits.

Oh, and my bank gives me a debit card and allows direct bank transfers.

[Richy_T]

(this is the exchange rate we got when we made our deposit - not the inter-bank lending rate)

I think you need to advertise this rate. It can change quite dramatically quite quickly. USD/GBP fell from 2.0 to 1.8 virtually overnight in 2008 then another 20c to end-of-year and has fallen about 10c recently. You could potentially end up with some unhappy customers.

[franky1]

I can't comment on your specific order as I don't have the details in-front of me, but basically our system works like this: Our system works by effectively buying-by-proxy - and its correct that we are not buying in BTC/GBP. We can't - only GOX has a GBP wallet and that through the Japanese bank deposit. So initially we fill our wallets with whatever the best value currency we can get is (EUR or USD typically) from our bank.  We then take GBP value of your deposit (less fee) - multiply it by whatever the exchange rate is for that currency (this is the exchange rate we got when we made our deposit - not the inter-bank lending rate) and create a BUY order for the resultant amount in the required currency at the target exchange. We only complete an order when we've consumed the full amount of fiat that we calculated the order was worth in the currency the exchange wallet is denominated in at whatever price is necessary to fulfill it. So technically, all or part of the order could (though unlikely) end up paying the exchange high price for that time period. When the exchange spits out a value to tell us how many coins we received for X fiat - we send you that value and record the details (which you can view in 'Recent Transactions' on our site).

We are designed to be a fast, reliable (hopefully) mechanism for purchasing BTC - but not necessarily the cheapest.

i appreciate your response. may i suggest that you avoid fiat currency exchanges for actual gathering of coins. EG mtgox/bitcoin central. as you have noted the exchange rates to dollars/yen is a headache. but instead contact bitpay/walletbit to be the UK currency provider. so that our GBP income pays for their coins so get coins using purely GBP and they receive GBP to send on to their british merchants.

[SBC]

Thank you both for your feedback. I've passed it on to the developers!

[Richy_T]

Careful how you spend your bitcoins here. There seems to be quite a serious bug in the allocation algorithm.

A little over 24 hours ago, I put £150 through. Two hours ago I tried to put another 150 through but because I was within the 24 hours, only 50 went through with 100 held back (fair enough). However, now that the 24 hours from the first 150 is up, my 100 is still being held. The status page seems to be indicating that it will be held until 24 hours from when the 50 trade went through. That's 22 hours away. I could lose quite a bit between now and then. Not a good bug to have.

Current price is £58.09191

[SBC]

I'm sorry you encountered an issue. Software being software, nothing is ever 100% perfect no matter how much testing it goes through. I've raised the issue to our development guys and they'll investigate and hopefully put a fix in place once they've identified the issue. Thanks for the heads up - the feedback is appreciated!

[Richy_T]

I'm sorry you encountered an issue. Software being software, nothing is ever 100% perfect no matter how much testing it goes through. I've raised the issue to our development guys and they'll investigate and hopefully put a fix in place once they've identified the issue. Thanks for the heads up - the feedback is appreciated!

Thanks. I appreciate the speedy response and all is good now with no harm done. Things don't always go right but it's how we respond to them that counts. Well done.

[xDan]

What sort of info is required for a "tailored" account? £200 seems a little low.

[Richy_T]

Really suffering from lack of information on the site now. The pound is up nearly 4c from a week ago so what exchange rate will be used? Also, with all the mess with Gox in the last couple of days, buying blind is too much of a crapshoot. Nice service when things are fairly calm though.

[SBC]

Apologies - completely missed the posts. Some new developments are in the pipe and (we hope) the feedback raised so far will be addressed. When is this coming? The developments are in QA at the moment...but all I can say with certainty is 'soon'

[recypha]

IMPORTANT: Please do not deposit funds at this time. We experiencing technical difficulties and as a result we are unable to process deposits. If you have made a deposit, please contact customer services. We apologise for the inconvenience.

11-06-2013 12:24 Engineers are working to resolve the issue, however we have been notified that it may take up to 48 hours to complete. Please do not deposit funds to us at this time.
We apologise for the inconvenience.

been hacked?

[curioushippie]

Hi,

I requested an invite on the 12th, would you be able to give me some idea of when I might get the invite? 

Thanks, looking forward to using your service.

[blaxxzor]

I would appreciate an invite please, thanks

[Bamdad]

Can I have an invitation code please?

[elzorrogris]

any change of a registration code?

thanks

[miaoux]

That's a pretty old thread dude

[leeiam]

Have the deposits been permanently disabled on this? UK bank stopping faster payments yet again??