Topic: Buying Bitcoin in the UK - for newbies? - page 2. (Read 390 times)

Thank you! For years I was using Localbitcoins and then Coinbase Pro, and I didn't need to change anything. Now I had to browse around and here it comes - Binance Jersey, a nice alternative to Coinbase.

Funny fact - Clearbank Limited they using, is the UK's first new clearing bank (wiki link) in more than 250 years. One of my banks refused to accept Faster Payment to them, I just gave them a call to let them know. They didn't update their sortcode tables yet or something like of that sort I guess (the UK has its own unique account + sortcode system).

Other bank processed payment immediately and it's now in it's way to Binance JE. I will post here on how that went with Binance.  

In the meantime, today I had first meeting with my friend. Told her about Dollar Cost Averaging, shitcoin traps, BCH / BSV scams and faketoshi. Also about importance of wallet security. She will do well I am sure!  

It seems that's my advice helped you to find best solution, and even I am not from UK, based on the experiences of others who needed something similar, Binance Jersey is currently the best option for what your friends need. Now you only need to learn your friends how to secure their accounts to not become victims of phisning, or confused with BTC / BCH.

So I finally became verified on Binance JE and I can make UK deposit. They are using Clearbank Limited, located in Guildford, England.

I did quick check of prices on the market, without fees:

Binance JE has no lower limits on deposits and seems to accept UK bank transfers. Deposits and withdrawals are fee free. Trading fee is 0.05%. I think I may try it! This could work perfectly for me and my friends.

I'd get them comfy with Binance and leave them with that. There's no guarantee faster payments will come back to Coinbase. Coinbase's agreement might flake out before it's fully up and running.

Bittylicious is great but if it's a regular buy they may end up getting raped if they decide premiums should go stupid that week.

Thanks.
I want to avoid any repeating KYC/AML as this will be burdensome for newbies for sure. And no, this is not for a company, this is for individuals (someone have asked). And it's very low volume, 10k is out of the question.
Also, non-domestic transfer to SEPA zone or SWIFT is also out of question due to unnecessary complications, delays and fees. So Bitstamp and Kraken are also out. And AFAIK, neither of them supports pound sterling domestic bank transfers or debit cards, right?

I picked a few options which could work for newbies:

1. Wait for Coinbase to restore full Faster Payment functionality and/or debit card payments (expensive)
1a. Once this is restored, newbies could be instructed to deposit to Coinbase, and after the delay period transfer to Coinbase Pro and purchase Bitcoin there (that's what I have been doing) - (cheap)
2. Use Binance Jersey - I registered myself and waiting for verification now. Still yet to determine what payments options will be available for me (cheap)
3. Use Bittylicious for Bank transfers and/or debit card payments (likely most expensive option)

My favourite options are Binance Jersey (exchange with GBP bank transfers, great) and Coinbase Pro (once they sort out their banking).

And sorry but peer to peer transfers are a no, for a few reasons - transactions are not straightforward, it's not instant, and requires multiple KYC/AML verifications sometimes. Extra hassle not worth it, newbies would rather stop the process altogether, especially those not computer savvy. I am teaching them DCA strategy, and 3-minute purchase £50 worth, every Monday for example, on Coinbase or Binance JE, for many months to come, would be fantastic.

I used to buy bitcoin with EUR with bitstamp and kraken. Both are very good exchanges and I have nothing to complain. I believe you can use any of them in UK.

You can also buy a few altcoins in those exchanges as well.

The best service I used was Bittylicious which is P2P. You have to keep an eye on the premiums though. Sometimes they go nuts. Other times they can cost less than the main exchanges.

http://bittybot.co/uk/buy-bitcoin-uk/  gives some ideas too.

Coinbase Pro will accept faster payments for amounts over £10,000

I tried my credit card with coinbase,but Visa won't allow payments

I think the same £10k limit applies to Coin Base for debit payment, and faster payments has been removed for now.

It may still be possible to send them a cheque, but I haven't tried this.

As long as you're dealing with a company and not individuals, the KYC/AML procedure will only be done once. You have Bittylicious and Coinfloor. They both seem to have UK faster payments. Alternatively, I suggest checking this list.

I must say I'm not from the UK, but since Coinbase is for now out of game (they have new bank, but it will take some time to get everything working again), there are some other options for people in UK.

It might be best to look first to those exchanges that are trusted by a large number of users, and Binance is just one of such crypto exchanges. Some will say why Binance and UK, but this exchange is open their operation in Jersey under name Binance Jersey and they offer buying / selling crypto with GBP and EUR.

Regarding KYC some reviews say it take only 5-10 minutes, but it should not be taken for granted. In any case, I think it's worth a try, and I think that this would be quite appropriate for beginners who want to buy some coins.

https://www.binance.je/en

Hello,

Asking here on behalf of my newbie friends.
Looking for the easiest possible service for purchasing Bitcoin. I am using Coinbase Pro myself, but recently they closed UK banking completely, no faster payments, no debit card, SEPA transfer to Estonia only, minimum £1k. And for non-Pro users, Coinbase normal service requires a minimum deposit of £10k. So last time I purchased Bitcoin I had to use my old Localbitcoins account.

EDIT: I am reading on Coinbase, that users can still purchase using their debit card, but my account shows £750 purchase limit via card

So the question remains - what is easiest possible service for a newbie wanting to buy Bitcoin? Requirements:

• One off KYC/AML procedure, without need to do it multiple times (on Localbitcoins for example, each seller may request your ID/face again and again, extra hassle, I want to avoid that)
• Must have UK banking - UK bank transfer or debit card payment (SEPA or SWIFT is not good enough for my newbie friends who have no idea how this works anyway).

it could be an exchange or Shapeshift-like service, it doesn't matter - but it must meet two requirements mentioned above.

Thank you for all your answers.