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Author Topic: Exchanging BTC / GBP - what's the cheapest and best way?  (Read 860 times)
netbox
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October 13, 2016, 05:58:03 PM
 #1

This topic is simply to ask about the best ways to exchange between British Pounds Sterling (GBP) and Bitcoin.  Specifically, which exchanges are best in terms of commission fees for buying and selling, and especially what their withdrawal fees from BTC to GBP would be.  I know already that normally to deposit GBP to an exchange would be free and to deposit BTC from a wallet to an exchange wallet would also not incur a high cost.

I am aware that some exchanges simply might be better because their quoted prices are more competitive, even if their withdrawal fees may be higher.  From my own research so far, I identified Coinfloor as a possible exchange to buy BTC with GBP, but I think the withdrawal fees to get GBP out are quite high, so it wouldn't work the other way round.

I'd be interested to know your experiences and insights!

Thank you.

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October 16, 2016, 12:43:39 PM
 #2

Firstly you must exchange BTC to USD Perfect Money - https://goldux.com/ and then exchange USD Perfect Money to GBP bank account - http://www.xmlgold.eu/. This may be is not very cheap way ( 2.5 USD +4% ), but currently only available.  Wink
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October 16, 2016, 03:11:20 PM
 #3

all depends on how much. if it ain't very much then circle is probably the easiest.
coinbase works too.

all gbp exchanges still bank in europe so nothing's gonna be fast or free. it all has to be wired back and forth. that's several days each way.

I'd stick with sepa to kraken if it was a large amount.
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October 16, 2016, 03:35:29 PM
 #4

Find someone on localbitcoins who exchanges Bitcoins for GBP. The number of trade should be good for this currency. You will probably find some trader from your environment which should make the transaction much easier and you can choose among face to face or transaction or bank transfer or maybe even something else. I have very good experiences with localbitcoins so I would choose that method.

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October 16, 2016, 03:59:37 PM
 #5

Find someone on localbitcoins who exchanges Bitcoins for GBP. The number of trade should be good for this currency. You will probably find some trader from your environment which should make the transaction much easier and you can choose among face to face or transaction or bank transfer or maybe even something else. I have very good experiences with localbitcoins so I would choose that method.
Yes, dealing in person for converting bitcoins into GBP. There are lot of services are available to find a local exchanger other than localbitcoins,
- you may use this forum's currency exchange section
- paxful.com
- cryptojam.com

But you need to be much careful while dealing in person. Meeting up the exchanger in public place is vital safety measurement here.

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October 16, 2016, 04:09:36 PM
 #6

Find someone on localbitcoins who exchanges Bitcoins for GBP.

have you seen the premiums for face to face stuff? who wants to trek for miles to meet some guy in a bar? that doesn't sound much like the future of money to me. if you do it by bank transfer you're still paying more than you would with circle or coinbase.
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October 18, 2016, 04:56:05 AM
 #7

all depends on how much. if it ain't very much then circle is probably the easiest.
coinbase works too.

all gbp exchanges still bank in europe so nothing's gonna be fast or free. it all has to be wired back and forth. that's several days each way.

I'd stick with sepa to kraken if it was a large amount.

Thank you.  I'll have a look at Circle and at Kraken.  I didn't realise that all the GBP exchanges go via Europe, but hopefully SEPA should ensure that things go at speed...I'll bear it in mind however!  I also note the other contributors and am glad to hear they've had good experiences with localbitcoins.  I do see though that there is more of a premium and I personally would want to keep direct and indirect transaction costs down.
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January 26, 2017, 02:13:08 PM
 #8

Recently we have launched BTC/GBP trading on CEX.IO exchange.

You are welcome to fund account using your VISA/MasterCard in GBP to buy Bitcoins, or sell Bitcoins and withdraw GBP funds to your credit card. Card payments are instant. You can see all respective fees here.



Buy/sell BTC and ETH using your Visa/Mastercard. Instant payments, low fees, worldwide coverage, 100% secure. Register
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January 27, 2017, 03:24:11 PM
 #9

That's a really good offer but pity liquidity is so low. Coinfloor has better liquidity but loses on deposit / withdrawal fees.
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January 27, 2017, 03:33:52 PM
 #10

That's a really good offer but pity liquidity is so low. Coinfloor has better liquidity but loses on deposit / withdrawal fees.

There will be an increase in liquidity as more users start trading on this market, and we are planning to introduce more features to it, such a s Margin Trading, in the future.

Buy/sell BTC and ETH using your Visa/Mastercard. Instant payments, low fees, worldwide coverage, 100% secure. Register
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January 27, 2017, 03:43:28 PM
 #11

Kraken is quite expensive when dealing in GBP.  They charge minimum £10 for each deposit and withdrawal (compare with 0 and €0.09 for the same in euros) and their exchange rates aren't even particularly good then!  For EUR/BTC I love Kraken, for GBP I stay away.  I think Localbitcoins really is the best choice if you go with the "National bank transfer" method, though when buying I often use Bittylicious for speed and convenience and just buy OTC.  No good for selling though.  Yep, Localbitcoins.
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January 27, 2017, 04:21:07 PM
 #12

That's a really good offer but pity liquidity is so low. Coinfloor has better liquidity but loses on deposit / withdrawal fees.

There will be an increase in liquidity as more users start trading on this market, and we are planning to introduce more features to it, such a s Margin Trading, in the future.

Thank you, when do you expect Margin Trading to go live?
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January 27, 2017, 04:37:21 PM
 #13

That's a really good offer but pity liquidity is so low. Coinfloor has better liquidity but loses on deposit / withdrawal fees.

There will be an increase in liquidity as more users start trading on this market, and we are planning to introduce more features to it, such a s Margin Trading, in the future.

Thank you, when do you expect Margin Trading to go live?

Can't tell you a definite ETA, but the option should be available as more users are attracted to the market.

Buy/sell BTC and ETH using your Visa/Mastercard. Instant payments, low fees, worldwide coverage, 100% secure. Register
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January 27, 2017, 05:03:55 PM
 #14

They don't deal with GBP in kraken, I don't see a pair but only BTC/EUR.

That's a really good offer but pity liquidity is so low. Coinfloor has better liquidity but loses on deposit / withdrawal fees.

 I don't know coinfloor exist but I seriously warn people not to use sites that ain't being used my users in the forum. Transactions involve money and if there ain't no one yet can give you a review to that site, don't use it. You'd be safer not to.

Margin trading means a trader get to receive margin call and exit their position to avoid more loss right?  It seem like an exchange can manipulate the actions of the prices in that case which can go against traders position.

 
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January 27, 2017, 05:56:55 PM
 #15

They don't deal with GBP in kraken, I don't see a pair but only BTC/EUR.

Yes they do.  In the dropdown list of pairs, go past XBT/EUR and XBT/USD to just XBT> and hover over it.  All the other trading pairs then appear including XBT/GBP and XBT/JPY.  The volume is very low at about 1% of the EUR volume, but that's probably because the fees are so high.
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January 27, 2017, 07:53:56 PM
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I don't know coinfloor exist but I seriously warn people not to use sites that ain't being used my users in the forum. Transactions involve money and if there ain't no one yet can give you a review to that site, don't use it. You'd be safer not to.


coinfloor has a good rep and they've been around for a long time. they're not fly by night nobodies. they're gbp only so it's a pretty obscure market.


They don't deal with GBP in kraken, I don't see a pair but only BTC/EUR.

Yes they do.  In the dropdown list of pairs, go past XBT/EUR and XBT/USD to just XBT> and hover over it.  All the other trading pairs then appear including XBT/GBP and XBT/JPY.  The volume is very low at about 1% of the EUR volume, but that's probably because the fees are so high.

i think it's kinda pointless to use an obscure currency on an exchange with better ones. there won't be any liquidity. same goes for things like the btc-e eur/btc market. it's a freaking joke.

if your heart is set on one currency, and it shouldn't be, then go to its biggest market especially if it's small overall.

because gbp costs no matter where or to who you're sending it when it comes to exchanges i'd give up on the idea and go straight to eur at kraken.
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