UK Exchange Website

[LuckyNumber7]

Ok, here's the situation. It is currently "difficult" for people in the UK to get involved in these cryptocurrency without having pay at least 25% more than what they are currently worth through websites such as localbitcoin and bitcoinbargain. How hard would it be to create an exchange website like btc-e and MTGox that accepted UK balance transfers and other payment methods such as PingIt. An exchange where people in the UK, Europe etc could withdraw their money simply, without having to go through multiple transfer routes with high fees. There must be a reason why these websites don't exist yet and why you can't simple withdraw your funds straight into your bank account. Any advice would be greatly appreciated

[1715186093]

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[1715186093]

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[1715186093]

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[1715186093]

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[Lethn]

Honestly, I've been looking into this and I think it's a question only a professional financial advisor could answer, so far I haven't really seen much of anything from UK politicians about this, that might have something to do with how they all seem to be above 50+ in age and barely manage to use twitter never mind have any knowledge on digital currencies.

[empoweoqwj]

Ok, here's the situation. It is currently "difficult" for people in the UK to get involved in these cryptocurrency without having pay at least 25% more than what they are currently worth through websites such as localbitcoin and bitcoinbargain. How hard would it be to create an exchange website like btc-e and MTGox that accepted UK balance transfers and other payment methods such as PingIt. An exchange where people in the UK, Europe etc could withdraw their money simply, without having to go through multiple transfer routes with high fees. There must be a reason why these websites don't exist yet and why you can't simple withdraw your funds straight into your bank account. Any advice would be greatly appreciated

The short answer is obviously very difficult, else it would exist.

Intersango had an exchange, but they got through 2 or 3 bank accounts in the UK before being shut down.

No idea what you are on about with the 25% though. bitstamp.net is very efficient, just a £9 charge to wire money to them with SEPA transfer. Give them a go. Its only 25% if you want to deposit £40 or something  

[LuckyNumber7]

I think I might contact some PHP developers and see how hard it is to create a currency exchange website. I literally cannot understand why no one has created a UK version of those websites yet.

[empoweoqwj]

Honestly, I've been looking into this and I think it's a question only a professional financial advisor could answer, so far I haven't really seen much of anything from UK politicians about this, that might have something to do with how they all seem to be above 50+ in age and barely manage to use twitter never mind have any knowledge on digital currencies.

Not sure you would get an answer out of financial advisers. They tend to be geek without imaginations, not likely to inhabit the bitcoinosphere

[Lemon]

I think I might contact some PHP developers and see how hard it is to create a currency exchange website. I literally cannot understand why no one has created a UK version of those websites yet.

FCA authorization and AML/KYC procedures. Code is nothing to do with it. It's cost us £25,000 simply to put an application in with the FCA.

[LuckyNumber7]

The short answer is obviously very difficult, else it would exist.

Intersango had an exchange, but they got through 2 or 3 bank accounts in the UK before being shut down.

No idea what you are on about with the 25% though. bitstamp.net is very efficient, just a £9 charge to wire money to them with SEPA transfer. Give them a go. Its only 25% if you want to deposit £40 or something  
[/quote]

Thing is though they take 3-4 days before the funds are available and currently that can make a huge difference in value.

[empoweoqwj]

I think I might contact some PHP developers and see how hard it is to create a currency exchange website. I literally cannot understand why no one has created a UK version of those websites yet.

You are thinking bottom up instead of top down. Exchanges / exchange ideas fail in the UK because no banks want to deal with you. Don't waste your money on programming anything unless you have knowledge of all the paperwork you would have to do for each customer / transaction, that's if you could ever get a bank account in the first place. The UK is even more regulated than US / many places in Europe, hence no exchange. Nothing to do with PHP.

[botsofbitcoin]

Ok, here's the situation. It is currently "difficult" for people in the UK to get involved in these cryptocurrency without having pay at least 25% more than what they are currently worth through websites such as localbitcoin and bitcoinbargain.

Just to update, margins are currently down to less than 5% on Local Bitcoins in the UK and have been for a couple of days now. Bitstamp is also cheap if you can wait for the coins.

[empoweoqwj]

The short answer is obviously very difficult, else it would exist.

Intersango had an exchange, but they got through 2 or 3 bank accounts in the UK before being shut down.

No idea what you are on about with the 25% though. bitstamp.net is very efficient, just a £9 charge to wire money to them with SEPA transfer. Give them a go. Its only 25% if you want to deposit £40 or something  

Thing is though they take 3-4 days before the funds are available and currently that can make a huge difference in value.
[/quote]

When I put money in last month, it was 1 day. They must have got bogged down with all the new customers. In which case, its a bummer, but currently no way round it. Its never too late though, put money  in now, wait for another  crash and buy. Don't wait for the crash ..............

[LuckyNumber7]

No idea what you are on about with the 25% though. bitstamp.net is very efficient, just a £9 charge to wire money to them with SEPA transfer. Give them a go. Its only 25% if you want to deposit £40 or something  

Do your math on deposit of 4000£ it is not that bad suddenly. UK exchange is not an easy proposition. You either be a cowboy like intersango and do it ignoring all the laws and get shutdown as soon as you get some volume or you do it by the book and basically dump half a million GBP into getting FSA registration, which you still will not get because FSA refuses to regulate Bitcoin exchanges as it is "not money". But if you do it without FSA license you will get shutdown by banks.

Only way in UK it seems is for a well established in financial services player to start trading Bitcoin on the side. So gotta wait until this happens.

Damn you FSA ruining everyone's fun Ok what about creating a site like localbitcoin that's prices reflected the main exchanges more accurately?

[empoweoqwj]

No idea what you are on about with the 25% though. bitstamp.net is very efficient, just a £9 charge to wire money to them with SEPA transfer. Give them a go. Its only 25% if you want to deposit £40 or something  

Do your math on deposit of 4000£ it is not that bad suddenly. UK exchange is not an easy proposition. You either be a cowboy like intersango and do it ignoring all the laws and get shutdown as soon as you get some volume or you do it by the book and basically dump half a million GBP into getting FSA registration, which you still will not get because FSA refuses to regulate Bitcoin exchanges as it is "not money". But if you do it without FSA license you will get shutdown by banks.

Only way in UK it seems is for a well established in financial services player to start trading Bitcoin on the side. So gotta wait until this happens.

Damn you FSA ruining everyone's fun Ok what about creating a site like localbitcoin that's prices reflected the main exchanges more accurately?

Why not just use localbitcoin? You can't force prices on private exchanges done in person, that's for the "local market" to decide.

But like we said, what's wrong with bitstamp? Put money in today. The world will still be spinning Monday.

[LuckyNumber7]

This thread answers a few questions...

https://bitcointalk.org/index.php?topic=49862.0

[Hei_]

try bitcoin.de

[nwbitcoin]

Its the damn paperwork!

If you can talk a bank manager into not being scared off when a government official starts sniffing around your website and business practice, you've got a chance, but the reality is, that the UK doesn't like bitcoin!

I find localbitcoins is the best there is in the UK at the moment, although I also buy from the exchanges, and getting funds into OKPay can take a while!

;(

I think the best option is to wait until there is a stronger exchange in the EU

We are always going to be a few years behind the US with this!

[LuckyNumber7]

Ok what about creating an online wallet that allowed to store BTC/LTC/FTC/NVC etc etc. One wallet to rule them all.....

[reg]

Exchanges / exchange ideas fail in the UK because no banks want to deal with you.

this is what I did Monday 15th April:

07:00 using "transferwise" moved £ from my uk bank to "bitcoin-central" cost £1. confirmation came about 11:00hrs. Confirmation of receipt at bitcoin-central funds cleared at about 16:00hrs. Placed an order for bitcoins which was filled immediately @ euro=76 for 1 btc. transfered btc to wallet took 40 mins. job done. reg.





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[airsheep]

There's been a couple of threads on the topic of the lack of a UK-based exchange just in the last week:

The UK Public & Bitcoin
https://bitcointalk.org/index.php?topic=176717.0

How to solve UK Bitcoin Exchange Problem?
https://bitcointalk.org/index.php?topic=177059.0

Seems to be a general consensus that keeping the banks and the regulators happy may just be too hard/expensive.

Having said that, if buying bitcoins is treated broadly like sending foreign currency abroad then it occurs to me that there's tons of tiny little money remittance places all over London (often run out of the back of an ethnic food store / internet cafe) that let you send money internationally (often to somewhat unstable countries!) - surely they can't all have paid vast sums of money to register with the FCA?

[adam3us]

their market depth is 0.  There are two asks at $99/btc and nothing more.  Trade volume ~0!

Adam

Exchanges / exchange ideas fail in the UK because no banks want to deal with you.

this is what I did Monday 15th April:

07:00 using "transferwise" moved £ from my uk bank to "bitcoin-central" cost £1. confirmation came about 11:00hrs. Confirmation of receipt at bitcoin-central funds cleared at about 16:00hrs. Placed an order for bitcoins which was filled immediately @ euro=76 for 1 btc. transfered btc to wallet took 40 mins. job done. reg.

[nwbitcoin]

Exchanges / exchange ideas fail in the UK because no banks want to deal with you.

this is what I did Monday 15th April:

07:00 using "transferwise" moved £ from my uk bank to "bitcoin-central" cost £1. confirmation came about 11:00hrs. Confirmation of receipt at bitcoin-central funds cleared at about 16:00hrs. Placed an order for bitcoins which was filled immediately @ euro=76 for 1 btc. transfered btc to wallet took 40 mins. job done. reg.





      tips:    1HuDKnHJy73CC2QjbqRrixTEzHd3EFEfRs

I have done this in the past, and while the saving for the transfer is good, the choice for buying bitcoins is awful - so effectively, you are still getting stung - just by someone else!