Cheapest way to buy Bitcoins with GBP in UK Bank Account.

Ten98

sr. member

Activity: 1008

Merit: 250

Quote from: BTCnewbie on August 15, 2011, 05:23:33 PM

I use mtgox UK account and they place dollars in my mtgox account within a couple of days. Buy the bitcoins, sell them for profit on britcoin and withdraw direct to my UK bank account.
The circle is quite tedious.

Just a friendly warning, if you do that enough times with enough money, your bank & the inland revenue are going to start asking some questions about what it is that you're doing...

Callius

newbie

Activity: 25

Merit: 0

Personally I'd use britcoin as you'll get no fees so not have to account for them if you're speculating.

BTCnewbie

newbie

Activity: 28

Merit: 0

I use mtgox UK account and they place dollars in my mtgox account within a couple of days. Buy the bitcoins, sell them for profit on britcoin and withdraw direct to my UK bank account.
The circle is quite tedious.

Ten98

sr. member

Activity: 1008

Merit: 250

Britcoin all the way.

nibor

sr. member

Activity: 438

Merit: 291

I only want to buy a few 10's so market liquidity is not that important.

Has anyone done the analysis?

Options I seem to have are:

1) Transfer to MtGox in GBP. They convert into USD and then buy their.
2) Use Britcoin. Here I think I will incur lower fees, but not such a tight spread?

Any other options that are more efficient?

Thanks

Topic: Cheapest way to buy Bitcoins with GBP in UK Bank Account. (Read 1810 times)