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

Interested to see whether this banking relationship lasts any longer. I guess the bank forcing out Zcash means they're paying attention at least, even if it's rather odious. I'm not super confident myself.

Coinbase has reinstated GBP Faster Payments today. 

Your page doesn't even support GBP, no UK Faster Payment either. [facepalm]

ohhhh really? time to make someone throw his cookies around then  i suppose its just as bad as some exhanges trying to charge a fortune to withdraw when the markets shoot up (yobit im looking at you)

Let us be honest with ourselves, most people just want more dollars or pounds out of it. By keeping it as just an extra menu item they save themselves a whole lot of ball ache and their customers too. I wonder where they're buying and selling the actual coins to back it.

I wouldn't call it scammy but it is a tad misleading and it would be better if they billed it for what it really was. Funnily enough if you use Revolut for buying real crypto elsewhere they often toss their cookies.

Fair point.... i wonder why that is then seems to be a bitty scammy to me... maybe theyll do it in time
at the very least they should let you withdrawn or deposit them...

Show me some crypto addresses then.

They let you buy an IOU. You can never take possession of the coins and you can't send your own to sell there. I'm sure it's all above board but in no way are you taking ownership of actual coins. Etoro is the same.

https://www.revolut.com/legal/cryptocurrency-terms/  there's no mention of anything other than them keeping hold of the actual coins.

think you need to have a look again as they now let you buy and swap bitcoin (and i think a few altcoins) iv used them a few months and prices are quite good for UK standards they have a full crypto side to it now

"Instantly exchange any of our 29 currencies directly into Bitcoin, Litecoin, Ethereum, Bitcoin Cash and XRP, and all without breaking a sweat."

You can't buy Bitcoin with Revolut and it's definitely no type of wallet either. You can only get price exposure to a few coins inside the app. There's no way of depositing or withdrawing actual crypto with it. That may suit for some. I'd rather have the real deal.

i always used
localbitcoins
bittylicious
and ofcourse here

ill have to have a look into Binance

a new one i found is https://www.revolut.com which is suppose to replace XAPO (used Revolut a few times and seems good so far and can send money via bank transfer (can send refferal code so you get a free card is you ask)

Just deposited this morning again via UK Faster Payment. 50 minutes later my deposit is already credited to my balance. Now I don't need ever to return to Coinbase, Binance JE exchange is much better compared to what I had to endure before: Faster Payment to Coinbase, 5 days wait, transfer to Coinbase Pro, purchase BTC. Urgent purchases (non Pro, but normal Coinbase) incurred high fees, double fucked.

Not anymore. Thanks, Binance Jersey!

If someone is considering registering there, PM me I can give you referral link.

I use my credit card a lot. Not for the credit, as I clear the balance every month,but to help me keep track of minor payments such as coffee in McD. I'm concerned that if I register an interest in Bitcoin, then it may affect my use of the credit card for fiat payments. I don't think that Visa and the major banks have decided how to treat crypto payments yet.

What would be ideal is a way to deposit cash into a coinbase account, but I can't see that happening in the foreseeable future. Coinbase do seem to allow the purchase of Eth using BAT, and I hope they will extend that to allow the purchase of Bitcoin. This would allow me to earn BAT from content production, and using those earning to accumulate Bitcoin.

I think most banks are doing it now and it's any crypto, not just coinbase. Debit cards should be fine in theory with most places. Same goes in America.

It's a carder's paradise so I get why.

I wouldn't extend a relationship with a bank which blocks Coinbase. I'd rather dump them and get a credit card somewhere else.

He said credit card and plenty of banks don't allow that with crypto any more. Mind bendingly, they're happy to let you use one to deposit to a gambling site.

I wouldn't be making plans based on Coinbase getting faster payments again. It may well be fine but these things have a habit of disappearing into the distance.

Thanks, can you tell me please if they do domestic UK transfers? I am not interested on SEPA/SWIFT transfers as they come with extra fees, this must be a domestic payment.

Coinbase Pro allows min. £1,000 deposit. Coinbase is indeed £10,000.
Binance Jersey which I am testing right now has no such restrictions, my deposit of £500 arrived 5 hours later, 1AM at night, meaning the use automatic Faster Payment.

If your Bank or Visa blocks the transaction to CB Payments Ltd (Coinbase company), just give them a call saying that is you doing the payment, they will whitelist it for you.

Pretty soon the UK will be out of the EU, and we aren't using the dying Euro either. What is ideal is for us to use the Faster Payments system rather than Swift. This was the big advantage that Coinbase had. You can still use Faster Payments for amounts in excess of £10,000. and I believe that they will be re-introducing lower limits for the standard Coinbase account later this month. This should allow one to fund a Coinbase account, and transfer the balance to a Pro account.

I tried using a Visa credit card, but Visa blocks the payment.

When it comes to buying BTC in EU, I can recommend you CoinDeal. That's the best option in my opinion. Just take a look at their security standards, it's pretty impressive by comparison with other exchanges. Moreover, CoinDeal was named as the best exchange for EU according to the cryptomag.me

Five hours later, notification on e-mail from Binance JE:


Nice.

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.