Trade UK bitcoins

[patriot1889]

Hey,

Just getting into the game (been following for a while but never jumped in) and was wondering if any of the UK guys could spread some wisdom on the best way to trade bitcoins for GBP.

I've read a few posts on reddit, here and other forums and the general consensus appears to be to use localbitcoin. Would you guys agree?

However, I was wondering. Is there anything stopping me trading on btc-e or similar for USD and getting that paid directly to a UK bank account? (I realise that I'd get charged for the conversion)

Yeah, localbitcoin tends to have a premium on the cost of coins (which is not bad for a seller, ha) but I've read a few bad things about people getting bank transfers reversed (one guy to the tune of £3500, which was recently)

Just thought I'd put it out there to get some insight into what people tend to do. Also, I've gotta post sometime if I want to get into the other sections


If anyone cares, which you may not. I'm not in it for the get rich quick, I'm planning on keeping my fair share that I get because its a great idea but I would like to recoup the costs of the rig I bought by selling the first few. (I'm mining altcoins with GPUs)

Sorry for the long post

[indiemax]

Hang on for these guys,atm hold and play   

http://www.bitprice.com/

[miztaziggy]

Just buy through LBC mate, it's easy enough, though first time buyers will usually be limited on quantity they can buy on there.

If you really want to get in, PM me and I can sell you some for bank transfer at current market rate.

[patriot1889]

Thanks for the heads up about bitprice, that looks very nice. I'm eager to see how it goes do you know the people that are setting it up or just heard about it?

And thanks, Miztaziggy, however I'm looking to sell (once I actually get some) not buy. However, I may buy at a later date. I assume you sell on there? How do you prefer to collect payment? Bank transfer? Had a pleasant experience?

[indiemax]

Plus also be wary of bank transfers from the foreign exchanges,I'd stick with litecoinlocal.com  if you want to cash some out,very unusual for a bank deposit to be reversed,i'd like to know more details of that. If you think the market is going to expand,no need to rush a cash out,store your coins in bitcoin ,litecoin ,more likely they may increase anyway as markets grows. Also, have heard of guys bank accounts being frozen by the bank for connection to bitcoins exchange,so be careful how you cash out. Like I said hang on for the guys in the link as that will be all above board and regulated,which will give you a safe way to cash out in the UK.
Good luck with the mining!

[patriot1889]

Thanks for the help

For those wondering, here is the post about the guy who got a £3500 reversal; http://www.reddit.com/r/Bitcoin/comments/1sglge/the_bank_are_about_to_reverse_my_sale_for_3500/

I might take heed of your advice and just hold for a bit, but first I need to get my rig going... Waiting on my motherboard, should be here tomorrow.

[indiemax]

No problem 

Don't like the sound of that bank transfer story,off to the police and FSA ombudsman would be my first calls.

More reason to hang on for bitprice!

[patriot1889]

Yep. I think bitprice will be the way. hopefully it'll be up and running by January.

[TheBigBean]

Coinfloor also wants to open an exchange. Whether any of these parties actually manage it is another matter.

Do most people buy coins for cash? I've been considering this as you seem to pay a large premium for any other style of purchase.

[semisyntheticpsy]

Im looking to buy a few £100's worth tonight if anyone knows anyone

[Super T]

Surprised it has not been mentioned, but Bitstamp is almost certainly your best bet from the UK, but you will need to verify your account once registered - which takes a few days.

Trades are priced in dollars, and conversions are done on deposit and withdrawal, but the fees are reasonable.

[TheBigBean]

Surprised it has not been mentioned, but Bitstamp is almost certainly your best bet from the UK, but you will need to verify your account once registered - which takes a few days.

Trades are priced in dollars, and conversions are done on deposit and withdrawal, but the fees are reasonable.

Doing international transfers is a costly pain. I've been looking for a transfer service like XE trade or Currency Fair to help out, but I'm unsure whether they support bitcoin exchanges, whether the exchanges will accept the money from another party and whether the transfers allow references to be included.

[knightcoin]

I been trading at localbitcoin, and I am very happy with their scrow services

[semisyntheticpsy]

I been trading at localbitcoin, and I am very happy with their scrow services

I took your advice, 10 mins later I have BTC!!!

[madriss]

I know someone who had success with https://bittylicious.com/

It does seem rather expensive but it should at least be quick and easy.

Otherwise localbitcoins I guess. BitPrice sounds interesting!

[poelling92]

I been trading at localbitcoin, and I am very happy with their scrow services

I took your advice, 10 mins later I have BTC!!!

So quick? I always had to wait for my Bank transfer to go through (next day)