UK Funding options

[miztaziggy]

Ok, I havent sold any BTC or even looked into it properly, but I have read it's difficult from the UK.

Just checked on MtGox and they offer this:

Withdrawals
Funds may be withdrawn by sending a Mt.Gox redeemable code (voucher) to AurumXchange Company and then wired to a bank account. You can also sell codes back to AurumXchange and receive payment through e-currencies, wire transfers in USD, SEPA EUR transfers, and direct bank transfers within the UK.


I have never heard of aurumxchange before but they let you cash out $5000 a day.

What's the catch?

[Stephen Gornick]

What's the catch?

Mt. Gox got rid of redeemable codes.  There no longer is a path from Mt. Gox to AurumXChange.

[miztaziggy]

What's the catch?

Mt. Gox got rid of redeemable codes.  There no longer is a path from Mt. Gox to AurumXChange.

By the looks of it, you can sell directly to AurumXChange, you send them BTC, they wire you GBP.

So the catch is?

[franky1]

What's the catch?

Mt. Gox got rid of redeemable codes.  There no longer is a path from Mt. Gox to AurumXChange.

By the looks of it, you can sell directly to AurumXChange, you send them BTC, they wire you GBP.

So the catch is?

people want to sell at gox ask price not 5% above/ which incidentally is 10% above BTC-e ask price. meaning even less GBP

[libertine]

hmm sounding like a really bad investment now from the uk standpoint.

[btbrae]

I like that the banks are forcing down all the UK options. It means they're scared. Was using Transferwise -> Bitstamp until yesterday.

New method:

Get verified at OKPay.com (takes 2-3 days)
Wire transfer from bank to OKPay (£4.00 FIXED fee may vary, takes 2-3 days)
Deposit at btc-e.com using OKPay ($2.99 FIXED fee, exchange rate about 1% from market 0.6668 / 0.6564 )
Btc-e take 2%.

Result on £50 = -17%
Result on £500 = -4.3%
Result on £5000 = -3%

HOWEVER, because there is a general difficulty in getting funds to btc-e there is a significant difference in BTC price of about 10% even after a 0.2% transaction fee on buying BTC, from that of Mtgox and Bitstamp and others. Adjusted results (may vary.. please check there is an equivalent variance in prices between btc-e and Mtgox if reading this in the future):

Result on £50 = -4.8%
Result on £500 = +7%
Result on £5000 = +8.3%

So you can see, using btc-e and OKPay is a very good option for UK buyers at the present time where you can actually beat the Mtgox price significantly.

Just make sure to secure your account at btc-e with e-mail verification and check it's all working before depositing larger amounts.