UK based - where would you sell your BTC?

[dragonmike]

Hello guys!

I've been mining a little with my weak puter to get started... but am in the process of building a proper mining rig.

I was just wondering what was the best (i.e. cheapest and most efficient) way to trade out of my BTC for cash.
I am GBP based but have a USD account... Could open a EUR account for free as well so I'm not all too fussed about FX... would still be interested to know how much any given exchange charges for a USD/GBP or USD/EUR transaction (I struggle to find this info on their websites...).

I think most important for me is (apart from BTC price/volume ofc) to get the fiat money out as fast as possible (so no mtGox please!) in the cheapest possible way.

I can only rely on other members' experiences I think!

So, many thanks in advance and happy trading/mining! 

[hilariousandco]

I was just wondering what was the best (i.e. cheapest and most efficient) way to trade out of my BTC for cash.
I am GBP based but have a USD account... Could open a EUR account for free as well so I'm not all too fussed about FX... would still be interested to know how much any given exchange charges for a USD/GBP or USD/EUR transaction (I struggle to find this info on their websites...).

Sell them on here or on local bitcoins.

[dragonmike]

What does bitstamp charge to change usd into gbp?

[Olly_K]

bitbargain is OK but you have to take some seller tests which they take some BTC for

[jmdon1]

Best i've found is Bitstamp. Your bank may charge you £6 though, so check that. If they do then you can use TransferWise for lower fees.

[hilariousandco]

bitbargain is OK but you have to take some seller tests which they take some BTC for

What tests and why do they charge you?

[MCR]

localbitcoins.com

[Olly_K]

bitbargain is OK but you have to take some seller tests which they take some BTC for

What tests and why do they charge you?

It was .1BTC to apply, then like 38 questions on how their selling process works, what to do in situations, etc (info is all on there website).

But they charge like £1 per question and I gave up in the end.

[hilariousandco]

bitbargain is OK but you have to take some seller tests which they take some BTC for

What tests and why do they charge you?

It was .1BTC to apply, then like 38 questions on how their selling process works, what to do in situations, etc (info is all on there website).

But they charge like £1 per question and I gave up in the end.

Yeah, that sounds ridiculous.

[dragonmike]

Hmmm... Bitstamp seems to charge 0.09% with a minimum for $15 for non-SEPA transfers (like USD or GBP). That means you'd have to transfer a minimum of $16666 to nullify the impact of the minimum fee.... Bummer.

EDIT: and that's on top of the ~0.5% trading fee as well as any foreign exchange fee (now why isn't that documented? I just can't find it anywhere) if I decide I want to exchange the USD from the proceeds into GBP...

 

[Beneboi]

I found that bit bargain.co.uk was the best place to buy and sell my bit coins. Just out of interest what rig are you using to mine bitcoins? 

[dragonmike]

6x R9 280x rig being assembled... Still missing some parts, expecting to be online and mining in less than a week's time!

...currently only gathering experience with my "normal" computer using my old 4870X2 and Core2Duo... so hashing should go from currently ~285kH/s to 4500kH/s 8-)