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I have come across multiple websites offering bitcoins for UK bank transfer. What site have people had the best experience with?
I've come across a few so
www.blockchain.info
Ideas?
What's the safest way to buy bitcoins in the UK?
Answers
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I have purchased from both http://quickbitcoin.co.uk and http://bitbargain.co.uk and have had good experiences with both.
If I had to recommend one, I would go with http://quickbitcoin.co.uk as you are dealing with a company rather than a random individual (which is the case on bitbargain). I have found that quickbitcoin is very fast, and usually takes 10-15 minutes from sending you money to receiving your coins.
This is great. quickbitcoin takes UK bank transfer. I just tried them and got my coins in about 10 minutes. I figured I didn't want to wait for days for my bitcoins ;)
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The safest way (though perhaps not convenient) is to create a two-party legal contract with signed witnesses. This way if either party reneges you have legal recourse in the civil courts. The contractual arrangement would be somewhat similar to when a freelancer charges bitcoins for their goods or services.
Escrow doesn't provide the same level of protection, as your legal contract with the escrow company (if any) usually includes a clause that final binding arbitration is made by the escrow company - not you. However, a reputable escrow service or currency exchange will typically suffice for people with moderate risk appetites.
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I've used localbitcoins.com quite a few times with UK bank transfers and haven't been disappointed yet. Transactions have been generally very fast and prices are getting better as the arbitrage opportunities are being soaked up. You should of course follow their safety guidance and if you are nervous then stick to users with high numbers of previous transactions.
I have had funds stuck in exchanges that had their bank accounts closed in the past though. So as the regulatory landscape changes then these kind of companies are carrying some risk, especially in the US where the practice has been freeze assets first, talk later.
Generally if you are only buying then bitcoin are hardly ever 'seized' and it's only if you have fiat funds in someone elses account that you are likely to have a problem.
Yes. I used localbitcoins many times. Make sure you buy from somebody with some reputation already. It uses escrow regulated by the company and is clear on how to use it properly without getting conned. – Piotr Kula – 2013-09-13T16:10:38.080
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I'm from the UK and I've had no problems doing the following;
- Bank transfer to MtGox
- wait 3-4 days until money is credited
- Buy bitcoins
- Withdraw
MtGox are a reputable exchange and are quick to process GBP deposits (At least for me anyway).
Bank transfer to MtGox costs a lot. If you want to buy only a little it's expensive. – Hugh M Halford-Thompson – 2013-09-13T09:32:16.543
It costs me £16, no matter if I transfer $1 or $100,000 and this it not a MtGox fee, MtGox Processing GBP has no fee, this is purely a bank fee for sending the money to a foreign bank. – ManreeRist – 2013-09-13T11:03:52.760
Well, seems to me that Hugh is much closer to the $1 than the $100k. ;) – Murch – 2013-09-13T11:29:32.290
£16 is fine for 100k but as you say Murch - I was thinking £50 or £100. – Hugh M Halford-Thompson – 2013-09-13T14:02:24.013
Don't forget the banks usually round (up) the conversion rates. – Edson Medina – 2014-08-21T11:17:15.230
The problem is that there are no real customer satisfaction surveys for exchanges yet, and your question falls into the "recommendation questions can't be factually answered" category. Personally, I have made good experiences with Bitstamp, but who knows. See my answer to a very similar question here: http://bitcoin.stackexchange.com/a/12718/5406
– Murch – 2013-09-12T13:44:52.857possible duplicate of Best trader from an European perspective
– Murch – 2013-09-12T13:45:21.953check out Kraken or bitstamp. I know bitstamp accepts SEPA and kraken is very legit.
– Loourr – 2013-09-13T01:17:21.750Question asked, directed, and answered by Hugh Halford-Thompson - the founder of quickbitcoin.co.uk. Please ignore this post as it is nothing more than an advert. – None – 2014-01-19T11:28:18.960
I am indeed the founder. I asked this a while back to find out people's experiences with other sites and to find a steady supply of bitcoin. It was really hard to know who to trust when we started. – Hugh M Halford-Thompson – 2014-02-24T12:40:14.800