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A place to discuss CoinCorner.com - the easiest way to buy Bitcoin, Ethereum, Litecoin and Ripple in the UK and Europe. CoinCorner is a crypto exchange helping to educate and bring cryptocurrencies to the masses. www.coincorner.com
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If you’re from the UK and looking to buy your first Bitcoin with great British pounds, but you’re not too sure where to start, here are some trusted sites where you can buy bitcoin in the UK. I’ll explain the advantages, fees, and ease of use for every site in the following post. How do you buy your Bitcoin in the UK? https://everybithelps.co.uk/buy-bitcoin-uk
I am 16 years old living in the UK with a bank account with ability to send and recieve, I am looking to buy £200 worth of bitcoin without providing age verification, and then sending that bitcoin to a seller on shoppy.gg, is this possible and how would I go about doing it?
So Brexit happened and you want to buy bitcoin from the UK? Here's how
There have been a few threads popping up lately here and in https://www.reddit.com/Bitcoin asking what are the best ways to purchase bitcoin from the UK. I am a long term seller / broker of bitcoins via various methods so I thought I would write this guide as I am being asked alot of the same questions lately. The UK is in quite a unique position in that the UK government is very pro bitcoin. Here is George Osborne purchasing his first coins. This conflicts with many UK banks which are anti bitcoin. This has made it nearly impossible for large financial institutions to enter the UK bitcoin market. Because of this most trading is done through a large network of small brokers. There are 3 main methods to purchase bitcoins in the UK: Marketplaces, Exchanges and OTC block trades Marketplaces A bitcoin Marketplace is a website that matches buyers to sellers. By far the most popular payment method is a UK bank transfer. The process works as follows:
The seller will list an offer to sell bitcoins at a certain fixed rate. Lets say for example £500 per BTC (Bitcoin)
The buyer can then select how much they would like to purchase, they could for example select 2 BTC and the site would calculate the total to be £1000 or they could select £750 and the site would calculate this to be 1.5 BTC
Once the buyer selects how much bitcoins they would like to buy the bitcoins are removed from the sellers wallet and held in escrow by a 3rd party, almost always by the website which is facilitating the trade.
After the trade has been initiated the buyer will usually have to do some verifications with the seller, this varies from site to site and seller to seller but it typically will involve showing your ID and maybe more if it is a very large amount. Some sites verify the buyer so once you are verified you can trade with every seller, other sites the buyer will have to verify with every seller they trade with typically.
Once verification is complete the buyer will be presented with the sellers bank account information and the buyer will transfer £500 for example to the seller. With most UK bank accounts this is an instant transfer.
Once the money has arrived in the sellers account he/she will release the bitcoins to the buyer and they will be held in the buyer wallet.
This next part is very important, the buyer should now secure their bitcoins usually by moving them off the marketplace into wallets they control fully. Some marketplaces store them in cold storage.
The most popular UK marketplaces are listed in the below table:
Coinfloor works slightly differently than the other marketplaces in that there are only a few personally selected brokers. In order to get the best price is it advisable that you have a dedicated broker. Dedicated brokers get charged less fees than non-dedicated so this fee gets carried over to the buyer and in turn lower fees. If you would like me to be your dedicated coinfloor broker please email me here: [email protected] or use my live chat service here: https://www.tawk.to/LondonLink Importantly coinfloor also keeps all customer bitcoins in cold-storage. To quote their site :
Coinfloor operates with a 100% cold storage policy. All our client bitcoins are received, stored and sent out from within multiple underground vaults which maintain the same security standards as the Bank of England.
You can read more about their security here: https://coinfloor.co.uk/security Having a dedicated broker has many advantages, a personal relationship being the most important. You can be sure you are cared for and not ripped of. You can ask questions and advice aswell as negotiate your prices. Bitbargain also requires all sellers to pass a test to ensure they are of the highest quality, this if often reflected in the slightly higher prices. My Bitbargain profile is here: https://bitbargain.co.uk/profile/LondonLink If you decide to use localbitcoins its safest to use highly experienced sellers, atleast 1000+ trades, my LBC profile is here: https://localbitcoins.com/accounts/profile/LondonLink/ I have no experience with bittylicious personally but I hear it a very reputable marketplace with good prices (see above table) To reiterate, do not keep your bitcoins on a marketplace (unless using coinfloor) as they could be hacked, lost, stolen by an employee etc etc etc Exchanges Bitcoin exchanges are typically used by traders who are speculating on the bitcoin price in the short term. They are not intuitive to use and not recommended for the uninitiated. Due to banking problems all exchanges require deposits to be made via international bank transfers. These usually have high upfront costs, take 1-3 days to deposit and have very high verification requirements. If are buying bitcoins in the £5000+ range you might get a better deal on an exchange but you have to be able to read an order book and place an order, if you don't know what this is then its best to avoid them altogether or do a lot of research before you use one. Again, do not store your coins on an exchange any longer than you have too. Although they have gotten better in recent years, many exchanges have been hacked in the past, traders have no choice but to keep their coins on an exchange as they use them daily but if you don't need to keep them there, don't take that counterparty risk. OTC (Over-the-counter) block trades OTC trades are typically performed for large trades in the figures of £50,000 + / 100+ BTC size and above. There are many reasons for this but typically its to avoid slippage on an exchange or to buy bitcoins privately. I can arrange large OTC block trades, upto £10,000,000 with no slippage, larger trades also possible. Please contact [email protected] to discuss your needs. If you have any questions please ask in this thread, if others contribute information I have missed I can update the OP. If they are personal / private questions please feel free to PM me or email [email protected] This was hastily written so I will edit for grammar / spelling later.
How to get started buying bitcoin in the UK? Need guidance
So after seeing the post about bitcoin rising over 9000 usd on the front page a few days ago I started kicking myself for not buying it when I was considering a year ago. I bought 15 pounds worth at 10,000 usd through a blockchain wallet and after seeing it now skyrocket to 14000 usd I'm now kicking myself again for not buying more. Unfortunately I can't for the time being as it says on blockchain that it will take multiple days to verify my payment info till I can buy again. I want to make a larger investment ASAP but whats the best way for someone in the UK? I've read various methods online and tbh am almost more confused than when I started with all the various options. Here's what I've gathered: To buy bitcoin I shouldn't be using sites like the one I've just used because of fees. Instead I should use GDAX as per this video https://www.youtube.com/watch?v=lcCIjIAqM-4&t=52s GDAX doesn't take GBP but only EUROS. So I need to convert my GBP to Euros. The fees with my bank are insane so the best way to do it is with Fidor who charge just a 2.50 flat fee then a low exchange rate. Use EUROS to buy bitcoin with no fees on GDAX. Buy a hardware wallet and transfer majority of bitcoins to it after buying them. Is that everything? I'm sure its far more complicated then that, I keep seeing Kraken mentioned a lot but where does it fit in. And at what point do potential fees with converting to EUROS add up to the point where its better (or the difference is so negligible) to just continue buying bitcoin how I've been doing them through a site that charges fees? Thanks.
Kraken wont let me login/502 errors for weeks now so thats no longer an option, Coinbase is taking now over a week to verify my passport photo i uploaded and cant buy anything until they take there sweet time. Is there any other way of buying bitcoin, either through GBP or EURO SEPA transfer through Fidor UK with decent rates?
Bitcoin UK makes it easy to buy digital currencies by providing a number of different payment methods which are convenient to you. Each payment method may have different limits, fees and availability which you can check on this page. Regardless of the payment method your digital currency order will be processed as soon as possible. 8 Best Ways to Buy Bitcoin in the UK 1. Crypto.com. Crypto.com allows you to buy bitcoin (and other cryptocurrencies) at the real exchange rate with 0% fees. You can deposit GBP using a UK bank transfer to Crypto.com. This is handled via Faster Payments, which means that your money will be credited to your account within about an hour. Bitcoin.org is a community funded project, donations are appreciated and used to improve the website. Make a donation Using Wirex one can also buy Bitcoin in the UK very easily. You just need to create an account on Wirex, verify your identity and add fiat funds to your account to get bitcoins in your Wirex Bitcoin wallet at competitive rates. Moreover, to fund your fiat Wirex wallet use trusted methods like local bank transfers, Paypal, Alipay, and more than two dozen other ways on Wirex. If you are someone ... Buy Bitcoin online with your credit card or debit card. Buy Bitcoin Cash (BCH), Bitcoin (BTC) and other cryptocurrencies instantly. Our guides makes it easy!
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