UK Exchanges

[OmegaStarScream]

A friend whom I gifted some BTC (sold to his bank account) contacted me yesterday asking about how to invest (buy and store bitcoins).

As I don't have much experience with exchanges, I thought about asking for suggestions (from people with experience). He only has a bank account (no credit card) and he lives in Northern Ireland (UK). Preferably something very newbie friendly to use and doesn't take much time to verify your documents.

[NeuroticFish]

I've used Bitstamp a couple of times this year, but I've only sold crypto. The SEPA withdraw works nicely and also the explanations for SEPA deposits sound pretty straightforward.

Unfortunately I don't remember what papers they've needed for KYC (and if they were more than just the ID).
And it may worth knowing that Bitstamp works with USD or EUR, so probably your friend's GBP will suffer a conversion at his bank's rate first.


Edit: I know it's not UK exchange, but from my experience there's a good chance the final price will be better than on a smaller "local" exchange.

[LeGaulois]

He can only send GBP I suppose so Bitstamp can't be a solution. Coinbase Pro may be the most "user-friendly" for your friend. I know it was a nightmare before for people leaving in the UK but since Coinbase got a license in the UK it may be the easiest solution for now.

https://pro.coinbase.com/trade/BTC-GBP
https://blog.coinbase.com/major-strides-in-europe-coinbase-is-the-first-crypto-exchange-to-obtain-a-uk-bank-account-144f0e8ed7ce

[gentlemand]

Fuck Bitstamp. You have to pay transfer fees and they'll probably ask for a photo of the interior of your foreskin and an unbroken video of your activities for a month.

Coinbase is a no brainer. Tell him to upload verification via phone, not PC. It's more reliable. Coinbase and Coinbase Pro require separate verification for some reason.

It's also worth checking https://bittylicious.com but make sure the premium isn't too high. It veers between bonkers and none.

And there's good old Localbitcoins too. I found Bittylicious the least painful.