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Author Topic: buying BTC with FIAT.  (Read 95 times)
rich1616
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November 05, 2018, 10:31:15 PM
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 :)Hi all.I'm looking for the best way to currently buy BTC/altcoins using fiat : i.e ,from bank to exchange and back to bank, whilst trying to avoid high charges on some exchanges , and from u.k bank ( barclays) .i know it's not an easy one,but if anyone has a good "route" i would be very gratefull to know possible options.  If you can help ,many thanks for advice . Smiley
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November 06, 2018, 04:08:18 AM
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:)Hi all.I'm looking for the best way to currently buy BTC/altcoins using fiat : i.e ,from bank to exchange and back to bank, whilst trying to avoid high charges on some exchanges , and from u.k bank ( barclays) .i know it's not an easy one,but if anyone has a good "route" i would be very gratefull to know possible options.  If you can help ,many thanks for advice . Smiley

With Kraken delisting GBP, you might as well forget about buying/depositing it on any major international exchanges. The fees of converting GBP to EUR or whatnot to deposit onto Bitstamp would probably make it not worth it anyways.

I'd say that localbitcoins would be your number one option here if you're purchasing small to medium amounts, you can pretty much find offers with any bank and there is relatively low risk as long as you follow the escrow instructions.

I know that there are some big time traders with thousands of trades that are operating with GBP so for large amounts you could even negotiate the rate with them. I mean, it's very flexible overall. Especially if you're trading internationally and also, KYC is not necessarily required.

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November 06, 2018, 09:12:20 AM
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You could use LBC like magneto has said, or you should first seek the counsel of the local people who trade bitcoins. Ask them on what they are doing and how they are transacting. They will be best people to give you advice regarding this before you start transacting yourself.

Also there are many people from UK here as well. So you could post a trade in the "Currency Exchange" section and describe your need and your rate.

Make sure to use a trusted escrow to middleman the deal and dont send first to any person who is not an escrow even on their persuasion.

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abracadabra
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November 07, 2018, 04:45:28 PM
 #4

Don't use Bitstamp.  They are currently not performing USD fiat withdrawals. My guess is some kind of money crunch or theft that they refuse to publicize. There are people that have been waiting over 2 months for their funds to be moved out of Bitstamp. There are people looking to spearhead a class action lawsuit against them.
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November 07, 2018, 05:32:21 PM
 #5

Depending on which coin you're looking to buy/sell but since you say you're using Barclays and GPB, Coinbase may be one of the good options as it got a UK license recently and I know people from the UK struggled with GPB currency. And then when the money is in your Coinbase account you can also send the funds to your Coinbase Pro account or deal with coinbase only

https://support.pro.coinbase.com/customer/en/portal/articles/2936547-funding-your-account-with-gbp
https://support.pro.coinbase.com/customer/en/portal/articles/2945332-how-to-transfer-funds-between-your-coinbase-pro-and-coinbase-accounts

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November 07, 2018, 07:23:35 PM
 #6

If you want to merely convert currencies, coinbase is probably the place to go.
If you want an exchange so you can post shorts and longs, I’d suggest CEX.io they seem quite good. I think there are some trading limits there but you can always use that to convert between gbp and bitcoin and then send the funds to another exchange to trade with usd and bitcoin instead and then back again once the price is right without losing too much value (other than the money used for the transaction fees between the exchanges).

rich1616
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November 08, 2018, 10:25:07 PM
 #7

Thank you ,everyone ,for your helpfull replies. Smiley
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