UK buying BTC bitstamp v GDax

uk

#1

Hi,

I have a friend looking to buy bitcoin.

The last time I bought any btc was via Fidor and bitstamp.

Now I sort of hear that the cheapest way might be:

Revolut -> CoinBase -> GDax

Is this still the cheapest for sub £1k purchasing?

Cheers MX


#2

Yes this is still the best route. It can be hit and miss as to whether you need to go from Revolut to Fire first before Coinbase people seem to have mixed results!!


#3

Why would you go from Revolut to Fidor UK, unless your Fidor UK account was demoninated in Dollars?

If you did have a Fidor USD account it would make sense as it will be coming from a proper named account but you will have gained on GBP to USD conversion at real FX spot price.

I wasn’t aware you could get a free USD or EURO account with Fidor UK? ANYBODY?


#4

@peter It’s very interesting to note that if CoinBase are allowing USD payments via Revolut, they are breaking European AML guidance, as they permitting USD to be deposited by SWIFT proxy accounts…


#5

Many thanks, I’ve updated my page!

They will have mixed results because paying by Revolut’s proxy SWIFT account system is strictly speaking breaking EU AML guidance. Bitstamp allowed me to use a large UK FX broker then got pissy about it.

Even though my broker had FX license, Money Bureau license and Gambling license. Bloody ridiculous.

CoinBase must know some people in the right places to be turning blind eyes to this…

http://www.cointales.com/how-to-buy/


#6

I think you misread my post. I said from Revolut to Fire (app).

You use Revolut to move the money out of your UK Bank and exchange in to Euros for “free” then move to the Euros to the Fire app to send onto Coinbase for no charge.

Some people have to do this step others seem to be able to send direct from Revolut.


#7

Hi this is really important, I was unaware of the Fire App https://fire.com/personal/ app. I thought it was a typo on your part.

This is a very important part of the jigsaw as it give you an IBAN number for EUROS. This means bitstamp will take it as an incoming. Allowing you to loose as little as possible at the GBP => EUROS stage.

MANY THANKS

The sterling account has its own sort code and account number and the euro account has its own IBAN so you can send and receive bank transfers to/from any bank account in the UK or Euro zone.

I have updated my UK bitcoin buying guide. If anyone spots any rubbish - please PM here.

Cheers MX

http://www.cointales.com/how-to-buy/


#8

Have you heard of or ever used a UK site called https://bittylicious.com/

I have used it for about 4 years now as its a 10 minute process to get the coins into your Trezor, it may be a more expensive route than the ones on your site Im not sure.

Current example buying one Ether will cost you $10 over the current market rate.
They have various payment methods but I find bank transfare to be the quickest & cheapest method.

Cheers:+1:


#9

I like your site by the way some really interesting looking information especially around adding btc for pension purposes, I will be doing some in-depth reading of it over the weekend.

Thanks for sharing


#10

Yes, they’ve been going for years but it’s soooo expensive I never highlight it anyone who personally asks me. There is normally someone in my home town desperate for a few hundred quid.

Then the other crowd tend to want to punt 1 to 5k and ignore it for a few years.

I put the site together because I got sick of people asking me.

I kicked off here the other day because I was bound to be out of touch. And @spacebuzz got me up to speed about fire for UK and NI residents.


#11

If you know of any UK hodlers, if they aren’t doing it as part of their pension and getting 20% extra index fund linked bitcoin value for free from the UK government they are clinically mad… @peter

The most important issue is when you sell a block at 55. Zero capital gains.

That’s right when I’m 55 in 5 years time and cash 25% of my 100% bitcoin pension to buy property I will pay ZERO tax.


#12

I will certainly be having a closer look at your site & seeing if the pensions route is for me, I like the sound of an extra 20%. I had other ideas for getting my BTC out tax free which I have already used to a degree but there certainly wasnt a 20% bonus involved.

Thanks again
I really need to review this part as that’s currently me 55 & UK tax payer, but I have little or know knowledge of the UK tax system.
“That’s right when I’m 55 in 5 years time and cash 25% of my 100% bitcoin pension to buy property I will pay ZERO tax.”