Opening a UK Based Bitcoin Exchange

[Syc0]

Hey guys,

I would like to know what sort of demand there is for a UK based exchange? I am very interested in opening one as i am pretty sure i have the facilities (banking wise) to do so.

I have a rough idea of what sort of trading tools and instruments investors and traders desire, however if you could also list what you'd like to see in an exchange that may be lacking or could be improved in the current exchanges that are out there. Many thanks

[1715594385]

1715594385

[1715594385]

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[1715594385]

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[1715594385]

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[1715594385]

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[georgeb657]

I would be very interested. As far as I know I can only use LocalBitcoins and they have a bit of a markup!

[railzand]

a straight-up copy of bitsimple would be fine

[Caesium]

I think there is a hell of a lot of demand for a good UK based exchange. Traders would bite your hand off.

The problem is all the UK red tape, have you started looking into dealing with banks and the regulations you'd need to abide by and so on? Are you friendly with anyone at the FSA?

[cozytrade]

Demand is easy:

Much more immediate and easier settlement for localbitcoins.com ( who can wait for hours to fix the settlement price with wide spread?)
Lower hurdles for sellers at bitbargain.co.uk (which is very asymmetrical market, not an exchange)
Just bank deposit for bit121.co.uk (without deposit and no option other than BTC, how can we trade?)
And now gox.com gone (...)

At this moment no practical exchange exists for GBP that's simple now. You are just expected to build a standard exchange with hopefully enough liquidity.

[Syc0]

I think there is a hell of a lot of demand for a good UK based exchange. Traders would bite your hand off.

The problem is all the UK red tape, have you started looking into dealing with banks and the regulations you'd need to abide by and so on? Are you friendly with anyone at the FSA?

The UK is a very hard nut to crack when it comes to the banking side of business. My accountant is very well connected and has made it possible for me to sitdown with a manager for a banking business centre. I need to convey to him how large the market for bitcoins within the UK is and how much capitalising that business opportunity would benefit himself and his bank. It's very possible the door would get slammed straight in my face the minute i discuss bitcoins, but since he's a good friend of my accountant I'm pretty sure he'll atleast give my business plan a proper read.

[Sindelar1938]

Think the market needs a good UK exchange

Banking leg tricky to crack tho

[markwebster]

Can I ask what bank you are planning to use?

[Cassius]

There's demand, but it's not viable as a traditional exchange. Take a look at bit121, and every other exchange that has ever tried to operate here. The banks have closed ranks and withdrawn their services, putting them out of business. I'd be impressed if you could get around it cheaply. There's room for an alternative to bitbargain and bittylicious. Just not this, at the moment. In my opinion someone could do very well out of a half-way solution that doesn't use the banks but offers something better than the manual sites currently in the space. I'd love to get something like that up and running and it wouldn't be too hard - I think.
Have you got a developer on board?

[Brut]

Hey guys,

I would like to know what sort of demand there is for a UK based exchange? I am very interested in opening one as i am pretty sure i have the facilities (banking wise) to do so.

I have a rough idea of what sort of trading tools and instruments investors and traders desire, however if you could also list what you'd like to see in an exchange that may be lacking or could be improved in the current exchanges that are out there. Many thanks

Isnt bitstamp available in the UK? I guess it could be a good benchmark for you

[Cassius]

Hey guys,

I would like to know what sort of demand there is for a UK based exchange? I am very interested in opening one as i am pretty sure i have the facilities (banking wise) to do so.

I have a rough idea of what sort of trading tools and instruments investors and traders desire, however if you could also list what you'd like to see in an exchange that may be lacking or could be improved in the current exchanges that are out there. Many thanks

Isnt bitstamp available in the UK? I guess it could be a good benchmark for you

Yes, but you'll pay a c. 7% premium for 1btc thanks to the banks' fees for sepa transfer and awful exchange rate.

[Brut]

Hey guys,

I would like to know what sort of demand there is for a UK based exchange? I am very interested in opening one as i am pretty sure i have the facilities (banking wise) to do so.

I have a rough idea of what sort of trading tools and instruments investors and traders desire, however if you could also list what you'd like to see in an exchange that may be lacking or could be improved in the current exchanges that are out there. Many thanks

Isnt bitstamp available in the UK? I guess it could be a good benchmark for you

Yes, but you'll pay a c. 7% premium for 1btc thanks to the banks' fees for sepa transfer and awful exchange rate.

Have you tried indacoin.com? They allow to deposit money from the credit cards, issued in the UK (4% fee)?

[BitCoinDream]

Hey guys,

I would like to know what sort of demand there is for a UK based exchange? I am very interested in opening one as i am pretty sure i have the facilities (banking wise) to do so.

I have a rough idea of what sort of trading tools and instruments investors and traders desire, however if you could also list what you'd like to see in an exchange that may be lacking or could be improved in the current exchanges that are out there. Many thanks

Is not bitstamp UK based ?

[davout]

Is not bitstamp UK based ?

Only their corporate shell is.

I am very interested in opening one as i am pretty sure i have the facilities (banking wise) to do so.

No, lurk more.