Topic: ★ Bitcoin Magnet ★ Buy & sell bitcoins automatically using your UK bank account! (Read 8443 times)

Hi all,

Sorry to disappoint but I can't run the site at the moment due to a lack of available funds 
Try localbitcoins.com if you need to exchange GBP<->BTC 

Regards,
John

Hi Ian,

Still planning how to take the site forward.
Will update here once we know more.
By the end of the month we will have news.

Thanks,
John

Hi John.

What is the latest? Any news to share?

Thanks

Ian

Thanks for the update!

Hi Ian,

It will most likely be another couple of weeks (perhaps even in the new year) before the site is relaunched.

Thanks,
John

Hello.

What is the latest?

Ian

IMPORTANT ANNOUNCEMENT:

Trading suspended for 1 week due to site upgrades and restructuring of the business
Thanks for your understanding 

Zero fees again for selling bitcoin today!

Zero fees for SELLING bitcoin tonight 

Unfortunately I have not been able to implement the automatic confirmation emails successfully yet. Until further notice, orders will be processed manually. Nothing will really change, you will still get the bitcoin price at the time you sent through your payment, but the email will take up to a few hours to get sent to you. Thanks for your understanding 

Zero fees for selling bitcoins today 

  -1% selling fees (that's a negative fee = free money!) again tonight (until 01:00 GMT)

Looks like a pretty good service to me.

Flash discount: Sell your coins at Bitstamp -1% prices tonight (that's 1% extra free money!) 

Everything back to normal now. We are working to improve the system but this will take time. If the exchange rate changes during a delay then we will give the benefit of the doubt to the customer, or simply not charge a fee - either way the customer will not lose out. We are working on a better way to notify everyone of these delays too, more to be announced soon.

0% fees tonight for selling

Possible delays of up to 1 hour for orders placed today. Normal service will resume at 7pm GMT.
You will still get the bitcoin price at the time of transaction, so it's just the actual payment / email confirmation that will be delayed.

Service is good at the moment - all orders will be completed within 5 minutes. It would be great to get more feedback from our customers. You can fill out a feedback form here and we will publish it on the site 

Mobile friendly version of the site created 

We're having a few problems sending out confirmation emails to AOL and Gmail addresses. Problem should be resolved at some point later today.

Service resumed 

There will be delays for buying bitcoin overnight (there is currently an online banking issue). Selling bitcoin is unaffected. Hopefully service will resume in the morning.

Apologies for the delays this morning (30 mins instead of 5 mins for the confirmation emails to be sent). Teething troubles should now be sorted and everything back to normal 

Sorry for the delays this morning

Info

Double-spending
Please do not send us two identical GBP payments in the same day. Our system will only process one of the payments, even if you are within your daily limit. This restriction does not apply to BTC payments sent to us.

Limits
The limits are currently £10 minimum and £100 maximum (or equivalent in BTC). It is OK if you are slightly above or below these limits (there is a 10% leeway), but any serious deviation could delay your order from being processed. We aim to increase these limits in due course and will send you an email to let you know when it happens.

New features

Automated confirmation
Within 5 minutes of sending your order through to us (by either a bank transfer or bitcoin payment) you will receive a confirmation email outlining the bitcoin price secured and the amount that will be sent to you. The actual payment processing part will remain a manual process and should follow shortly afterwards. In normal working hours this will be between 10 minutes and 1 hour.

Planned features

Automated payments
We aim to fully automate GBP and BTC payments by the end of November.

Referrals
We aim to implement a referral scheme by the end of December.

Loyalty
We aim to implement a loyalty scheme by the end of December.

TBC
If you have a feature request, please email us ([email protected]) and we will see what we can do.

Thanks  

It looks like payments from Natwest are not showing a reference number until cleared. I'll update the website to warn others. Thanks for your understanding.

Can confirm transfer was refunded. Bank did not include reference for some reason hence the trouble.

I am in contact with you via email (communication established last night). Your reference code was not included in the bank transfer (for whatever reason) so it meant that your payment could not be converted into bitcoin and sent on to you. You can get a refund - no problem, just let us know your bank details.

UPDATE: Refund has been sent.

Sent 20 pounds yesterday 8 pm. Still nothing. Please send me my money back.

0% (Zero fees) today for BUYING BITCOIN 

Got my payment! Thanks for nice service as always.

No probs. All back to normal now. Sorry for the delays.

Thanks for letting us know

Delayed payments today until 5PM GMT. Apologies for any inconvenience.

0% fees for Buying bitcoin TODAY ONLY 

Buy BTC for just a 2% fee tonight!

Yes, and yes. 

Just bought some more btc can't fault this service.

Interesting, do you accept payments from business accounts, and can you provide receipts for accounting?

Thanks for your positive comments 

Nice turnaround ...Thanks!

Just received money in my bank account

This service is pretty quick and easy.

I just registered with an email address
Filled in the relevant boxes with my Bank account name, number and sort code.

I got a email within a minute confirming registration and to contact them if there are any mistakes in the info given.

In the email I was given Bitcoin wallet address and the QR code,  to send the funds too which I then sent 30 USD in BTC to, using multibit as that can convert in realtime for you to view, which is really handy.

About an hour after I first had set up the order, I checked my bank account and the funds had arrived in my account.

Super!, will use again.

Will also post a video about your service soon to my Youtube channel

Thanks

Ian

Edit: Just used again and this time around, it was even faster... Thanks

I will try out your service! Sounds good.
Thanks

Ian

Receive FREE bitcoins everyday for sharing our Facebook page - giveaway open to everyone :-)

All you have to do is "like" and "share" our Facebook page on your profile:
www.facebook.com/bitcoinmagnet

You'll receive 0.2 mBTC everyday it is there (no need to repost it).

Example:

• Remember to like the page!
• Remember to include your bitcoin address in the share!
• Remember to make the visibility "public"!
• Fake or suspicious facebook profiles are not allowed to participate!

Payments will be made at 24:00 CET on a daily basis until further notice.


Thanks  

0% fees tonight!

Payments will not be processed until after 17:00 CET daily, until the weekend, due to maintenance. Thank you for your patience.

Not sure where you got this information from, or why it is even relevant, but it is news to me. Link? FYI Bitcoin Magnet started 1 month ago. I'm still assessing the demand for this service to see if it will be profitable. EDIT: link

I use "we" to represent the Bitcoin Magnet team - currently consisting of only 2 people, but you get the idea. I use "I" sometimes too, when I feel like it.

Again, I'm not sure where you got this information from - link? I struggle to understand how SSL could be used to give more legitimacy to the site, let alone prove my identity  

So hold on, you want to see proof that we are "legit"... but then go on to explain how even a "legit" company (Mintpal) can screw people over? Do you see why I'm not following your train of thought?

I'll refer you to your previous comment about Mintpal.

Appearances can be deceptive my friend. I'll refer you again to your previous comment about Mintpal.
If you so wish, please contact me personally on [email protected] and we can have a chat there instead of on here.

Yes

No. New payees must be authorized manually first.

You just answered your own question I think... correct, by a script.

Most banks now require card-reader authorization prior to adding a new payee.

I think you have contradicted yourself again here. As you say, banks are more than happy for small amounts of money to be flowing in and out of your account so long as BTC is not mentioned... so why would anyone be scared? More bank accounts is mainly for peace of mind and to keep operations running should we have problems with a particular bank (website offline, suspicious account activity etc.).

A.-really? You think i'm scarred someone who posting about business but cannot back it up with anything which puts legitimacy.
B.-Again really? Where did you notice this and why did you brought that up?
C.-no comment, maybe you right. English is not my first language so i might do mistakes.You cannot defend otherwise than laugh at someone and distracting attention from main point?
D.-You do realize that signature is advertising my own thread for bitcoin loans?

But kudos for trying.
To operate in UK as business you have to register yourself within 3 month period.
Legit business have nothing to hide, why you not disclosing anything about (Us) because you used term "we" in couple of places.
SSL you saying not needed? Do you know that by having SSL you can prove your identity which will give more legitimacy to your so called business.

But what i know..keep it like that.

I suggest you visit bittylicious and check how its done over there. They legit. They have all details needed to operate within UK.
You and your Gmail account not giving much hope this will be legit.

And to show that you might be simply a scammer just will bring example of mintpal. They was legit, registered ETC they still finished in bad way.

You not even Registered as company, have nothing more than FB profile and silly page and you expecting me to believe you are legit.

And for god sake change that gmail address for your domain one because it looks just silly.

Just clear something up, you saying that your bank allowing to automate payments to anyone who want to purchase bitcoins or sell?
You saying that automatically some kind of magic script putting new recipient name and refference and paying fiat without you being involved?

And how you checking balance in bank account automatically by script in case of trade fiat>btc?
Im really interested, as some banks have similar security some dont. Some will allow creating recipient wothout confirmation and some will allow after confirming magic code over the phone.

By stating that you have few accounts for security of the trade you just showed that you scared they might block one or all of them because of BTC.
As long as you not moving large sum of money through account bank will not touch you and block you. But mention BITCOIN and wait and see.

Waiting for your answers.


 

OK, so you have brought up a lot of points that I will try to answer. I'm still not convinced of your intentions.... mainly because you a) are an active Localbitcoins trader who doesn't like this competing service b) don't seem to understand how Bitcoin even works c) don't know how to write coherent sentences and d) get paid to post any random dribble due to selling your signature space. Anyway, here goes:

Really? Show me a way to buy & sell bitcoin without logging into a website each time?

Yes, you did. When you register you receive your unique reference code (or bitcoin address if selling) via an automated email. This is sent immediately and allows the user to purchase / sell BTC straight away.

As stated above, everything is automated. The 1hr time frame is an estimate based on potential delays in both the banking and bitcoin network systems.

Not afraid, simply mitigating the risk. Bank accounts can be closed for a multitude of reasons and having more than one means that queued orders can be processed through a second channel if the worst comes to worst. We don't hold spare funds in the active account and would therefore be unaffected in the event of a closure.

We are not trying to provide a service for large orders. We are trying to help people who want to invest (or cash out) small sums on a regular basis, without the hassle of dealing with an exchange. If we go bust they wouldn't cry and shout - because we don't hold their funds, unlike an exchange.

Perhaps, but sometimes people don't mind paying an extra 1% or 2 for ease of use and peace of mind. If you don't like it, you don't have to use it.

Show me which rules you are referring to.

There are generic T&C's and PP in the footer. WHOIS is available for anyone that is inclined enough to check. I would rather trust a business based on reputation than fancy 'About Me' pages that prove absolutely nothing.

It costs nothing, because it does nothing. The whole point of Bitcoin Magnet is that you don't need to give me any sensitive information like passwords etc.

Yes, and if you don't believe it - give it a go. Considering that Bitcoin transactions are not intended to be instantly spendable by design, you can see why there would be no point in achieving "instant" conversion rates anyway.

As you say, "within 5 minutes of receiving funds". This is how Bitcoin Magnet operates, but it's hard to judge how long it will take to receive funds and for a Bitcoin transaction to confirm, so we give a 1hr time frame. Everything that can be automated has been automated.

That's why I'm keen to get reviews and trust from the Bitcointalk forum members themselves. Similar to the way it sounds like you are operating on Localbitcoins.

I believe I have answered your questions above and below.

How exactly would you like me to prove I have bitcoins for sale?

How did you calculate a "high risk" for my customers? You can try out Bitcoin Magnet for as little as £1 (with a 5p fee). Time should tell who is right.

Again, how can that be guaranteed? Limits and secondary accounts are in place to ensure that all orders can be processed successfully should our primary bank account become closed. The "disappearance of funds" is obviously not something anyone would want to be a part of. With any service of this nature you have to base your judgement on reviews and, just like Bitcoin itself, only invest with money you can afford to lose.

teaching you? NO
scaremongering ? definately not.

first of all, you coming here to announce something which suppose to be different but it's not.

website for so called bitcoin purchase is crap. registration lead to nothing more than just email sent to your Gmail account that someone is interested in buying Bitcoins. and even once registered you cannot buy anything because you have to wait for your response first.

did I missed something?

nothing is automated as you stating. 1h for purchase of coins or get funds to account is joke.

more than one bank youn saying?  why? do you afraid of something?

volume is silly and I'm not sure what you trying achieve with this. maybe u counting that 100 people will buy that volume because is low and in case of bust they will not cry and shout.

5% fee is another joke. easily can pick up any amount btc for lower premium within shorter time.

your so called business is not registered anywhere, nor your site so please stop calling this a business. Your site is not even complaint with any rules which eu puts in place.
You have no TOS no privacy policy  not even about me page to show who you are and what u doing.
 simple ssl which cost nothing is not in place.

u stating that transaction usually are quickly(1h).
 really?

my localbitcoins profile will tell you that my transactions are quick. Under 5 minutes of receiving funds. why you giving yourself an hour? and what's automated?

seriously this days you need something more than FB profile and silly website to assure about your legitimacy.

so please take time and read my post and maybe try to tell me that im wrong in anything what I posted.

can you actually prove you have Bitcoins for sale?  
or you need to go first to Lbtc to pick some cheap coins and within an hour u deliver?
 because that would make sense.
you have funds, purchasing btc cheaply and than what's left as difference in price is yours.  no risk for you.
 huge risk for customer.
what guarantee you giving that funds which lands on your account are safe and will not dissappear?  in don't see info on your website about that.

As a customer, you're completely safe because:
a) you're not storing any funds with us
b) we are not dependent on just one bank
c) the bank transfers do not mention Bitcoin

This service is different to using an exchange. Transactions are completely very quickly (usually within an hour); meaning less money is in limbo / at risk of being targeted.

Is this one safe? I heard another bank is closing accounts if you are transacting with bitcoin

What's your point here? Are you trying to teach me how to scale a business or are you just scaremongering  

There was exchange which was using barclays, they didnt survive. Banks in general when u even mention bitcoin looking different direction.
When paying for btc is better to not mention BITCOIN related term in reference ETC. Because lack  of taxation GOV not looking with smile to people making money by trading crypto.
Low volume is shit(what you going to do with 0.05btc), and high volume will make you to increase safety of trades, and yourself. In a minute because you playing with Fiat your business will have to register with MLR to make sure you or your customers don't use dirty money.
Someone might push you on mine field with EU regulation about website, lack of Tos, that you not registered.

Once you will become bigger , will make more trades for higher amounts you will see what i'm talking about.

Payments increased 

I'm a bit confused, are you saying low volume or high volume is an issue? Are you staying bank transfers are risky or safe (you're using them)? The UK is one of the best places to launch a Bitcoin business right now (see here and here).

don't get me wrong. I like the idea. We need more services like yours. But because of low volume and lack of security you will soon face issues. people will try to exploit you and your service.
does your bank know what u doing?  because we both know that's massive issue. that's why in uk there is no crypto exchange.  they wouldn't survive. to much bolocks.  In a minute someone will ask, do you pay taxes. in your case is not just day trading. once you will lift volume limits u will have to raise safety for yourself and customers. just thought will let you know. I'm selling a lot on lbtc and for me couldn't be easy to receive or send payments. everything under 5 minutes.
 and registering as user is not bad idea. After all i will send you money using bank account so I can be tracked anytime.

I said it is good, but complicated. It's fine if you wanna spend a while logging in each time, looking at which seller has the best %, rating and volume etc. But if you want an automated means to buy & sell just by sending a bank transfer then it's not possible. For example: if selling, I will assign you a unique bitcoin address that converts any received BTC into GBP and transferred to your UK bank account immediately using the latest Bitstamp price, followed by an emailed receipt. Again, this is not possible with any other site. I think 5% is fair, but I will take your comments into consideration. I plan to increase volume limits in the near future.

u saying. localbitcoins is complicated?

1. Login
2.pick any amount
3. start trade,  send uk transfer
4. pick your btc by sending to any wallet u like.

yeah, seems complicated.
and i can pick any volume I like.

plus most sellers charging no more than 3.5 % for btc. While u charging 5 with low volume.

[UK ONLY] Receive FREE bitcoins everyday for sharing our Facebook page :-)

All you have to do is "like" and "share" our Facebook page on your profile:
www.facebook.com/bitcoinmagnet

You'll receive 0.2 mBTC everyday it is there (no need to repost it).

Example:

• Remember to make the visibility "public"!
• Remember to include your bitcoin address in the share!
• UK members only!

Payments will be made at 24:00 CET on a daily basis until further notice.


Thanks  

Localbitcoins is good, but complicated. The idea behind Bitcoin Magnet is to make it super easy to make orders, something that is not possible with any other site. It's also automated so you don't have to even bother logging in etc. to make trades.

Yes u can. localbitcoins...

Cheap coins! Buy/sell price is ~£204 per bitcoin 

Are you thinking of https://www.instawallet.org? I've used http://www.easywallet.org for years and never had (nor heard of) a problem 

You link http://www.easywallet.org/ which I am pretty sure is a scam.......

Thinking about allowing payments with Paypal.... thoughts?

Still buying & selling 

Price is low, currently ~£230 per bitcoin!

ty 

Good luck with your project

I joined Bitcointalk in May 2011, but this is a new account.

Thanks, enjoy your coins 

Just liked your page and sent another order .

Like our Facebook page to get zero fees on your first order

No fees again today! Please take a look at the site and place an order  

You're welcome its a good service you're providing.

Thanks for the positive review 

Excellent thank you I can see btc on way .

This has been a very pleasant experience and I will definitely be using your service again.

Summary:

Register on http://www.bitcoinmagnet.co.uk/register.html with email and btc address.
Receive email with bank details for payments to be sent.
Set up new recipient with your bank account.
Transfer money to bitcoinmagnet.
Receive email confirmation when payment received and how much btc will be sent.
Receive btc.

You really can't get easier than that. 10/10 .

GBP received, BTC sent, invoice on its way
Thanks for trying out the service!

Hope things go well here...

Sounds good to me thank you, yes lets see

OK, you'll receive the BTC and an email receipt shortly after I receive payment. Let's see how fast the banks work on a weekend...!

Just made a purchase, not sure how long it will take to show in your account (said 2 hours on my online banking).

That's great thank you all good so far .

Correct. I designed it with recurring payments in mind, but works just the same for single payments.

Ok will do, it's been pretty straightforward so far with registering and setting up bank payment details.

Email with details came through quickly too.

Just got to wait for an hour before payment can be sent to a new recipient.

So from what I understand you can do one-off purchases or set up a standing order for regular set interval purchases?

Cool, let me know what you think. Any feedback would be great.

Ok just registered lets give this a go

To encourage people to try the service, I will not charge any fee for orders made today.

True, the website is being hosted for free. I guess that could raise eyebrows but my rationale was just to save on costs, not privacy. If I wanted privacy I would have hidden the Whois details. Plus, the whole business model revolves around direct bank transfers, so quite difficult to hide in that sphere anyway! I will add more info in the OP about myself etc, in order to paint a clearer picture. Thanks for the advice, I always appreciate feedback.

John

Sorry working here now too must have been down for a few minutes when I first tried.

I agree, more info is needed.

Works fine here.

My question is why should anyone trust this website? With all the scams going around lately, it might help if you post some background info on you or whoever is behind the site. Would probably get more buyers.

One thing I noticed is: http://whois.domaintools.com/bitcoinmagnet.co.uk - Newly registered domain hosted at http://www.000webhost.com/, a free or cheap host which is normally use by scammers and phishers.

Websites not loading?

COMING SOON!



The easiest way to buy & sell bitcoin in the UK.

How it works:

Buy bitcoin from Bitcoin Magnet

► Register - we will ask for your bitcoin wallet address and give you a unique reference code.
► Send a bank transfer to us and include your unique reference code.
► Receive bitcoin to your wallet.

All future payments that include your unique reference code will be converted into bitcoin and sent to your wallet.

Sell bitcoin to Bitcoin Magnet

► Register - we will ask for your bank account details and give you a unique bitcoin address.
► Send bitcoin to your unique bitcoin address.
► Receive GBP via a bank transfer.

All future payments sent to your unique bitcoin address will be converted into GBP and sent to your bank account.

Fees:

• 5% per transaction. Bitcoin price is taken directly from Bitstamp.net.

Limits:

• Buying: £5 minimum, £100 maximum.
• Selling: £5 minimum, £200 maximum (± 10% once converted from BTC).

Timings:

• Orders are processed several times per day. We do our best to give you the best price from Bitstamp when you submitted your order. Email confirmation will be sent to you within 5 hours, usually much quicker. We are working on an automated system and it should be ready by the end of November.

This service is only available to people with a UK bank account. A receipt is emailed to you after each transaction.

Please try it out and let me know what you think.

Thanks,

John