Uk GBP exchange

[Rluner]

Hi guys, I fairly new around here, I've been interested in bitcoins for only a couple of months, during which time I've tried to read as much as possible around the subject.

Although I've bought some BTC from bitbargin and I've watched Bittylicious and localbitcoins prices, I've also joined MtGox,  btcchina and coinbase in an effort to easily exchange both ways BTC.

But I've come to realise its just not simple for GBP to BTC and backwards.

Can anyone tell me if I've missed something please?

Thanks.

Ps I realise not to use MtGox btw re unable to get money out.

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[oblongmeteor]

There is no single market service to convert BTC->GBP at this time. If you want to convert your Bitcoins to GBP you can either;

-> Use localbitcoins.com or bitbargain.co.uk (You can usually sell at a reasonable premium over the average price (see: bitcoinaverage.com) - 10%+ in some cases). Transactions are person-to-person and can ensure fiat exchanges remain in GBP *and* can take advantage of the UK Faster Payments network if using bank-to-bank transfer, which allows settlement in between 2 to 24 hours (can be as low as a minute though).

-> Liquidate your BTC on one of the European exchanges such as Bitstamp.net, BTC-E.com or kraken.com. Each requires a certain level of verification before it will wire you the proceeds of your sale and wires usually occur on business days during business hours only. Upon receipt the funds will be converted to the native currency your bank account is defined in. For example; if you initiate a wire from Bitstamp.net although the exchange prices everything in USD, the wires occur (to my knowledge) in EUR (Euros). As a consequence when the EUR hits your account, your bank will exchange it at their internal rate (usually between 1-5% below the Interbank lending rate depending on how deep they want to put their hand into your pocket) and credit the resulting GBP value to your account.

Mt Gox is not an option because they have ongoing legal hassles and  likely as a direct consequence difficulty in obtaining banking facilities to deal with their customers outstanding withdrawal requests. This means BTC sell for a significantly higher price on Mt Gox, but you could be waiting months to receive a fiat bank wire from them; hence the term 'gox bux'.

[Rluner]

Can you believe our luck, a UK exchange has today opened up.

FYI  https://coinfloor.co.uk/

Btw their site is failing to work correctly ATM I just spoke to them, they are hoping to be working correctly again tomorrow.

[gjm]

I really hope they do open,  I am also in the uk and find it increasingly impossible to do.

At the moment I need to buy 0.11 and noone seems to want to sell

[uhoh]

Does anyone know if Coinfloor use FPS for withdrawals?

[wheeler]

I would advise caution with regard to CoinFloor for a few reasons:

• It is run in part by Nefario, someone tagged as a scammer on this forum (who still owes me and others BTC from the shutdown of GLBSE).
• Given he is CTO of the site, his GLBSE security record should be recalled.  There was a significant theft from that site (~3500 BTC I believe).
• Also worth considering that every single bitcoin exchange in the UK so far has been cut by banks backing.

Trading through BitBargain and LocalBitcoins is by far the most secure method.

[Kenshin]

I would advise caution with regard to CoinFloor for a few reasons:

• It is run in part by Nefario, someone tagged as a scammer on this forum (who still owes me and others BTC from the shutdown of GLBSE).
• Given he is CTO of the site, his GLBSE security record should be recalled.  There was a significant theft from that site (~3500 BTC I believe).
• Also worth considering that every single bitcoin exchange in the UK so far has been cut by banks backing.

Trading through BitBargain and LocalBitcoins is by far the most secure method.

I totally agreed with you. There isn't any trustworthy UK exchange at the moment.

[tenakha]

True there are not really any reliable UK exchanges.

However - you can use people like myself who buy and sell bitcoins on an 'over the counter' basis.
We act like exchanges by buying/selling coins and providing liquidity to the UK market.

We trade coins for cash and vice versa - and often bank transfer is available.

If you are interested in buying/selling coins in London / Oxford and other major cities - feel free to contact me.

If you are going to deal direct like this - beware of scammers. Make sure the person you are trading with has a history of trading and is established.

[gjm]

True there are not really any reliable UK exchanges.

However - you can use people like myself who buy and sell bitcoins on an 'over the counter' basis.
We act like exchanges by buying/selling coins and providing liquidity to the UK market.

We trade coins for cash and vice versa - and often bank transfer is available.
S
If you are interested in buying/selling coins in London / Oxford and other major cities - feel free to contact me.

If you are going to deal direct like this - beware of scammers. Make sure the person you are trading with has a history of trading and is established.

Hi do you ever come bristol way? I did manage to buy some btc from a member on here in the end, and will buy more off him if he has it and I need it.

I paid via bank transfer,  but if you were this way could do cash.

[TheQuin]

I would advise caution with regard to CoinFloor for a few reasons:

• It is run in part by Nefario, someone tagged as a scammer on this forum (who still owes me and others BTC from the shutdown of GLBSE).
• Given he is CTO of the site, his GLBSE security record should be recalled.  There was a significant theft from that site (~3500 BTC I believe).
• Also worth considering that every single bitcoin exchange in the UK so far has been cut by banks backing.

Trading through BitBargain and LocalBitcoins is by far the most secure method.

Yes all future ones will be as well. The bank cannot verify the origin of the BTC so cannot satisfy their anti money laundering requirements. As soon as they find out what the exchange is doing they will freeze the accounts.

[Phinnaeus Gage]

I would advise caution with regard to CoinFloor for a few reasons:

• It is run in part by Nefario, someone tagged as a scammer on this forum (who still owes me and others BTC from the shutdown of GLBSE).
• Given he is CTO of the site, his GLBSE security record should be recalled.  There was a significant theft from that site (~3500 BTC I believe).
• Also worth considering that every single bitcoin exchange in the UK so far has been cut by banks backing.

Trading through BitBargain and LocalBitcoins is by far the most secure method.

Yes all future ones will be as well. The bank cannot verify the origin of the BTC so cannot satisfy their anti money laundering requirements. As soon as they find out what the exchange is doing they will freeze the accounts.

Here's a scenario:

Liquidate a majority of the funds in the exchange.

Contact the UK banking institute and have them freeze their account.

Claim to their lucky clients that all is well, just a glitch about to be settle.

After a couple weeks, claim it's worse than they thought, but all it looking good.

After a couple months, claim the bank is playing hardball with their money, and somehow hacked the exchange during an audit.

Close shop.

Profit!

In about a year, use the same Montley Tools with different titles and start another exchange.

[gamecenteruk]

Can you believe our luck, a UK exchange has today opened up.

FYI  https://coinfloor.co.uk/

Btw their site is failing to work correctly ATM I just spoke to them, they are hoping to be working correctly again tomorrow.

They are not the first one in UK, www.velaexchange.co.uk has been doing this for a period of time.