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Author Topic: I face barriers trying to turn bitcoin profits into pounds  (Read 49 times)
Bibmojo24
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May 29, 2018, 10:53:22 PM
 #1

Hello all,
I am a new trader and I face barriers trying to turn bitcoin profits into pounds. Sales of cryptocurrencies are commonly made through platforms known as exchanges. But no cryptocurrency exchange currently has a relationship with a bank.
Fortunately European banks are more comfortable with the idea of banking with bitcoin companies. I gave the idea a lot of thought then I realised
there's no other alternative but to open an IBAN account as authorized intermediary between trading platform and my local bank--allow me to draw your attention to the fact that I am from Morocco-
Maybe you will ask the question is it necessary to use this authorised intermediary as a go-between ?
The response is YES. There is two reasons for this. The first Morocco worried about threat of cryptocurrency to its business. And the second all banks in Morocco use RIB as account identifier. So the go-between ensures transfer pounds from IBAN to RIB.
Here I face an other barrier trying to find a go-between not only he accepts transfer from/ to platform but on top of that he accepts customers from Morocco.
I would be grateful if you help me as soon as possible.
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May 30, 2018, 12:12:47 AM
 #2

have you tried this one ?
https://localbitcoins.com/
that is the place for you to buy or sell your Bitcoin off market,what i mean is you're buying and selling it directly to other people.
many people used that as a place to encash their money from Bitcoin to Fiat and vice versa.
the only problem is their fees.some people said it's a little bit higher compared to other
(that is a platform for buyer and seller to interact each other)


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Bibmojo24
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May 30, 2018, 12:48:19 AM
 #3

Thank you @Javi_Anibarro for your quick answer.
It is a Finnish trusted website and I will try this. However it still person to person payment and I am looking for discreetly way out.
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May 30, 2018, 04:24:03 AM
 #4

Thank you @Javi_Anibarro for your quick answer.
It is a Finnish trusted website and I will try this. However it still person to person payment and I am looking for discreetly way out.

That option is the best way out for you or you try Paxful.com if its available in your country as IRS quite easy that you won't need a go between and pay all those ridiculous charges of first sending to your bank account and then withdrawing locally as you can sell to people that are in your locality who would make transfer directly to your bank account. There is also the option of trying to Google sites that performs the exchange. I don't know how regulated your country is, but here I just search and I get response of automated entrepreneurs sites that would do the job and transfer into my bank. The final option is to try speak up within your circle you would be surprised the amount of people already involved and how they have been going about their businesses in a seamless manner this would give you premium over all of the options above but in all, you need to go by the rules so as not to get burnt because of unscrupulous individuals looking for preys.

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Bibmojo24
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May 31, 2018, 11:36:34 PM
 #5

Thank you @audaciousbeing for all your advises. Paxful will be a great solution if I could open an IBAN account with them. Fortunately Morocco is not in their list of banned countries.
Does someone have an idea if I could open an account overseas in the country of my choice, particularly in Europe ? That will be my perfect solution I need.

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August 15, 2018, 03:24:40 AM
 #6

maybe it takes time for all that, unfortunately now I can't advise you.
only good patience for the Moroccan country opens the Bitcoin - FIAT Exchange.

but you can try via PayPal = paypal.com, maybe it can help you a little.

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August 15, 2018, 04:43:50 AM
 #7

have you tried this one ?
https://localbitcoins.com/
that is the place for you to buy or sell your Bitcoin off market,what i mean is you're buying and selling it directly to other people.
many people used that as a place to encash their money from Bitcoin to Fiat and vice versa.
the only problem is their fees.some people said it's a little bit higher compared to other
(that is a platform for buyer and seller to interact each other)



There you go. This is the best option for you OP.

There is easy fact that if you can not deal with the third party payment solutions where there will be names and addresses of the money sender as business related to the crypto currency then it could be troubling for you according to you. But what if the same money came from the local person ? Then surely government wont be asking from where that money came and against what it came! As it would be peer to peer transaction and would be just the normal transaction. Plus they wouldn't know it was done for the bitcoin purchase or sell. So you can relax.


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Tankdestroyer
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August 15, 2018, 01:34:37 PM
 #8

Does someone have an idea if I could open an account overseas in the country of my choice, particularly in Europe ? That will be my perfect solution I need.
Your best shot at that is to open a paypal account and link your bank account in your paypal. After which, buy some bitcoins using the funds you will transfer to your paypal account. Another roundabout way to do it is to ask someone you can trust and is a Europian citizen to open a bank account for you to use on bitcoin-related things. It is risky but it is worth a shot.
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August 15, 2018, 02:41:31 PM
 #9

So generally, you are trying to imply that you're struggling cashing out your profits from trading in crypto into making it into your fiat cash, right? You might struggle a bit more, but there should be a way around that like you can sell your coins through physical deals. Or, if you have someone that is in other country where Bitcoin is not that much of an issue in their country then you could send it to them in their wallets and they will cash it out in there and send it into you through remittance center. The catch in here is that fees would beat both of you if such taxes is too much in both of your countries though, but you'll be able to get your money though.

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