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Author Topic: What's the Fastest Method for Getting USD to a BTC Exchange?  (Read 853 times)
Pzi4nk
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May 24, 2013, 11:46:05 AM
 #1

I've been working with BTC for about a month and have tried out several different trading platforms. The one thing I've been frustrated with is the difficulty in getting my USD into an exchange where I can buy BTC.

Here are a few exchanges I've tried out:

CoinBase: I put this first because it's the easiest for me to use.
Pros:  I simply linked my bank account and I can buy/sell BTC directly at the market rate (MtGox).
         Money is transferred as an ACH from my account in 3 business days.
         When I sell BTC the money is transferred back to my bank in 3 business days.
Cons: You can only buy at current market prices, no limit orders.
         Can't hold a USD balance in your accout. Proceeds from BTC sales are immediately transferred to bank.

Mt Gox: It's the biggest.
Pros:  High volume so trades happen quickly.
         You can place limit orders.
Cons: Hard to get USD in/out.

BitStamp: The design champ.
Pros:  Very nice website. Clean, well layed out interface.
         Responsive support team.
         Limit orders are available.
Cons: International bank transfer is the only option for depositing/withdrawing USD.

BTC-e: Lowest price for BTC.
Pros:  Usually the best rate for buying BTC. (Though this has been changing recently, gaining parity with BitStamp.)
Cons: Limited avenues for depositing/withdrawing USD.

I'm interested in what other people's experiences have been. How do you get USD into the digital system?
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May 24, 2013, 08:44:00 PM
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BitInstant. I took them $60 in cash and I had it converted into BTC that was then sent to my wallet by the time I arrove home from the moneygram location. This wouldn't work for very large amounts of money, though. Ideally it is for 25-500 USD.

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May 25, 2013, 12:47:20 AM
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Even though it takes a week to get money into Dwolla, when I then did the deposit into CampBX it was nearly instant.
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May 25, 2013, 12:52:59 AM
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Is your goal to get USD to an exchange or to buy BTC with USD?
Pzi4nk
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May 25, 2013, 04:08:52 AM
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Is your goal to get USD to an exchange or to buy BTC with USD?

Ultimately the goal is to buy BTC, but I need to get USD into an exchange to do that.
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May 25, 2013, 04:40:51 AM
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Even though it takes a week to get money into Dwolla, when I then did the deposit into CampBX it was nearly instant.

Thanks for the tip on CampBX. I transferred some of my Dwolla balance and you're right, it showed up immediately and I was able to trade right away.

Exchange rate on BTC is on the low end too, so I got reasonably priced BTC. You can't view the orderbook though so I'm not sure how quickly limit trades will be accepted, but so far I like the site.
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May 25, 2013, 05:07:55 AM
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BitInstant. I took them $60 in cash and I had it converted into BTC that was then sent to my wallet by the time I arrove home from the moneygram location.
The last several BitInstant transfers I've done were scary fast. The money is credited at Mt Gox before I even walk away from the cash register.
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