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    • mbzon
    • By mbzon 7th Jan 18, 4:48 PM
    • 19Posts
    • 0Thanks
    mbzon
    Cheapest (safe) place to buy bitcoin/ethereum?
    • #1
    • 7th Jan 18, 4:48 PM
    Cheapest (safe) place to buy bitcoin/ethereum? 7th Jan 18 at 4:48 PM
    I know there are quite a lot of articles and posts about bitcoin, but because there are so many scammers, spammers and annoying ads it's hard to get a trustworthy answer to this question...

    So does anyone have any suggestions on where to buy crypto currencies for the best possible exchange price, but of course safely?

    I'm considering to buy around £1000 by bank transfer, might decide to get a mix of bitcoin, ethereum, and other currencies.


    (just for the record I am not buying bitcoin to get rich quick or anything like that, it's actually been something I've wanted to buy into for several years now)
Page 1
    • markj113
    • By markj113 7th Jan 18, 4:52 PM
    • 127 Posts
    • 94 Thanks
    markj113
    • #2
    • 7th Jan 18, 4:52 PM
    • #2
    • 7th Jan 18, 4:52 PM
    Localbitcoins

    You can pay by bank transfer. You can also see the sellers feedback and number of trades + Escrow is used for the transaction.
    • ivormonee
    • By ivormonee 7th Jan 18, 6:58 PM
    • 108 Posts
    • 81 Thanks
    ivormonee
    • #3
    • 7th Jan 18, 6:58 PM
    • #3
    • 7th Jan 18, 6:58 PM
    it's actually been something I've wanted to buy into for several years now)
    Originally posted by mbzon
    If you've procrastinated for "several years" what's made you finally decide now is the time?
    • mbzon
    • By mbzon 7th Jan 18, 9:25 PM
    • 19 Posts
    • 0 Thanks
    mbzon
    • #4
    • 7th Jan 18, 9:25 PM
    • #4
    • 7th Jan 18, 9:25 PM
    Localbitcoins

    You can pay by bank transfer. You can also see the sellers feedback and number of trades + Escrow is used for the transaction.
    Originally posted by markj113
    Yeah I was also thinking to go with them actually, partly because they were the only other one I'd heard of other than coinbase. Any suggestions for Ethereum or Ripple though? I'm thinking to get a mix.

    If you've procrastinated for "several years" what's made you finally decide now is the time?
    Originally posted by ivormonee
    It's not why now, but why not until now. And that was because I was lazy and kept putting it off. And now it's back in the news, and yes I really wish I did it sooner... but oh well. The reasons I wanted to do it last year didn't change, nor have my expectation of it in the future.
    • Theta101
    • By Theta101 8th Jan 18, 3:58 AM
    • 90 Posts
    • 13 Thanks
    Theta101
    • #5
    • 8th Jan 18, 3:58 AM
    • #5
    • 8th Jan 18, 3:58 AM
    I use Hargreaves Lansdown in my SIPP.

    XBT Provider AB Bitcoin Tracker One (BIT-XBT)
    XBT Provider AB Ethereum Tracker One (ETH.XBT)

    Good luck.
    • MoneyGeoff
    • By MoneyGeoff 8th Jan 18, 2:57 PM
    • 79 Posts
    • 41 Thanks
    MoneyGeoff
    • #6
    • 8th Jan 18, 2:57 PM
    • #6
    • 8th Jan 18, 2:57 PM
    I use Hargreaves Lansdown in my SIPP.

    XBT Provider AB Bitcoin Tracker One (BIT-XBT)
    XBT Provider AB Ethereum Tracker One (ETH.XBT)

    Good luck.
    Originally posted by Theta101
    How were you able to buy those? If I select them on HL it says "Please note that due to current regulations, you cannot place a dealing instruction for this security in your existing accounts"
    • Bonnie151
    • By Bonnie151 8th Jan 18, 4:04 PM
    • 267 Posts
    • 15,993 Thanks
    Bonnie151
    • #7
    • 8th Jan 18, 4:04 PM
    • #7
    • 8th Jan 18, 4:04 PM
    How were you able to buy those? If I select them on HL it says "Please note that due to current regulations, you cannot place a dealing instruction for this security in your existing accounts"
    Originally posted by MoneyGeoff
    I also have some of the XBT Bitcoin in my SIPP. Itís because they are such high risk that you need to go through additional checks. I phoned HL and they asked me a few questions about my investment history/risk attitude. Iíve had money in an AIM VCT for years and am very happy with high risk so they put the transaction through for me.

    They did mention that they were looking to do the questions online in future, but phoning sorted it quickly.
    Hmmmm, need new siggie
    • Theta101
    • By Theta101 9th Jan 18, 12:47 AM
    • 90 Posts
    • 13 Thanks
    Theta101
    • #8
    • 9th Jan 18, 12:47 AM
    HL Bitcoin/Ethereum
    • #8
    • 9th Jan 18, 12:47 AM
    How were you able to buy those? If I select them on HL it says "Please note that due to current regulations, you cannot place a dealing instruction for this security in your existing accounts"
    I've had no issues trading Bitcoin and Ethereum trackers on HL platform.
    I have traded both since they first became available, maybe HL now ask users to confirm they understand the risks. Once you've traded them at least once, they are just like any other Share or Fund.

    Here are links to the actual exchange:
    Bitcoin Tracker.
    https://markets.ft.com/data/etfs/tearsheet/summary?s=BITCOIN/XB:STO:SEK

    Ethereum Tracker.
    https://markets.ft.com/data/etfs/tearsheet/summary?s=ETHEREUM/X:STO:SEK

    They are both in the top 20 of 'stocks' traded by HL.
    http://www.hl.co.uk/shares/top-of-the-stocks

    DYOR
    • mbzon
    • By mbzon 9th Jan 18, 1:24 PM
    • 19 Posts
    • 0 Thanks
    mbzon
    • #9
    • 9th Jan 18, 1:24 PM
    • #9
    • 9th Jan 18, 1:24 PM
    If I'm completely honest this is getting a little technical now but as I know on these websites you don't actually own the currency correct?

    I would like to own the currency myself in my own desktop or hardware wallet. Also want to pay by UK bank transfer (without international fees or exchange rates).

    Localbitcoins definitely is great for bitcoin for example but they don't have other currencies like Ethereum and other younger currencies...
    Last edited by mbzon; 09-01-2018 at 1:28 PM.
    • Curos
    • By Curos 9th Jan 18, 1:53 PM
    • 8 Posts
    • 1 Thanks
    Curos
    I've used Bittylicious (bittylicious dot com) to buy both Bitcoin and Ethereum and it's been easy and fast. I can't claim they're the cheapest/safest exchange right now but the rate was pretty good when I bought some a few months ago.

    As for 'smaller' cryptos, the only place I've found so far that works/has lots of cryptos/has good reviews (doing a very basic amount of research) is bitfinex dot com - I've already transferred some Bitcoin to the platform and that went through fine (although the transaction speed was very slow, due to how busy the network is rather than any fault of the platform). I'll be buying some other cryptos using the Bitcoin I transferred over and then transferring all funds away from the exchange and into my wallet(s).

    In addition to the above I'd check out the Bitcoin UK subreddit r/BitcoinUK and read through the posts there as there's plenty of people in similar positions who have asked this question before.

    EDIT: If you aren't already aware, be prepared to go through an authentication process where you have to submit documents for proof of identity, address etc because no matter which exchange you pick this is standard and may well take a few days to sort out.

    Let me know how you get on.

    Cheers, Joe.
    Last edited by Curos; 09-01-2018 at 1:55 PM. Reason: Relevant information added
    • moshady
    • By moshady 9th Jan 18, 5:23 PM
    • 1 Posts
    • 0 Thanks
    moshady
    Other options:
    - For buying Bitcoin, coinfloor - you can do bank transfer in, though it's an international transfer, so your bank will still likely charge you. Also it's a min of 2500GBP deposit.
    - For buying Bitcoin, Xapo is another option. When I first signed up I was able to transfer GBP in at a cost of just 50p, but couldn't do that again. Not sure if it was a sign-up offer, or if they've just stopped accepting GBP by bank transfer. You can deposit by other payment sites, like Neteller, but you will end up incurring credit cards fees as a percentage (approx. 5% if I recall)

    Once you have Bitcoin, you can use an exchange to buy other coins.

    - Kucoin - transfer Bitcoin to Kucoin and then buy other coins using the Bitcoin. They have most of the other major altcoins, though Ripple is missing - supposed to be coming soon. You can then transfer coins out to your own wallet.
    - Binance, as for Kucoin - they're one of the biggest exchanges but they're not accepting new registrations at the moment, which is why I'm using Kucoin.
    • mbzon
    • By mbzon 11th Jan 18, 11:04 PM
    • 19 Posts
    • 0 Thanks
    mbzon
    So I decided to go with GDAX, exchanging and transfering the money for free and with the inter-bank rate on revolut app (which is an amazing app btw!). But now they tell me they want not one but TWO IDs.... And they only accept passport, driving licence or government ID, of which I only have a passport...

    Anyone have any suggestions about that?

    So guess I'll have to transfer my money back out and see what else there is....

    Bitfinex looks popular but unfortunately they are not taking new accounts at the moment... Binance as well... Who would have known how hard it would be to get some of these damn currencies :/

    Will update once I actually get some.
    • Cactus_Jack
    • By Cactus_Jack 12th Jan 18, 1:12 AM
    • 559 Posts
    • 75 Thanks
    Cactus_Jack
    Your best bet may be to contact GDAX/Coinbase support and explain you only have a passport. They should have a pretty good support service. Worth a try while waiting for other exchanges to open up again.
    • mbzon
    • By mbzon 12th Jan 18, 10:34 AM
    • 19 Posts
    • 0 Thanks
    mbzon
    Your best bet may be to contact GDAX/Coinbase support and explain you only have a passport. They should have a pretty good support service. Worth a try while waiting for other exchanges to open up again.
    Originally posted by Cactus_Jack
    I did, but they are not replying. Actually their support seems quite bad, at least in the current time. I had to go through their support pages 3 times, email them, be replied with more support pages and have to click in the email that my answer wasnt there, then they replied again with an automated answer copied from the support pages which I'd now read 4-5 times and said reply if this doesn't cover you which I did, and now I am waiting almost 2 days so far, not even sure if they will reply at all...

    Binance just opened their registration and I signed up, only to find out that they don't take fiat currency deposits, actually just noticed almost all of the exchanges are like this I guess you need a certain legal status for it.

    I might just have to get through localbitcoins and change to other currencies from there... Gonna have to crunch the numbers how much money I'm going to lose on that :/

    Edit:
    Scrap that last bit, the best price on localbitcoins is 4% higher than GDAX.

    Am now looking for any high volume exchange that accepts UK bank transfer or SEPA...
    Last edited by mbzon; 12-01-2018 at 11:32 AM.
    • hopon
    • By hopon 12th Jan 18, 12:47 PM
    • 125 Posts
    • 52 Thanks
    hopon
    Kraken (assuming they're currently accepting new accounts) accept SEPA transfers
    ..........Insert amusing tagline here..........
    • ivormonee
    • By ivormonee 12th Jan 18, 2:11 PM
    • 108 Posts
    • 81 Thanks
    ivormonee
    Kraken is completely down. Gdax ID verification keeps failing. Support not responding. Shambles.
    • rtt2017
    • By rtt2017 13th Jan 18, 4:08 PM
    • 27 Posts
    • 0 Thanks
    rtt2017
    I did, but they are not replying. Actually their support seems quite bad, at least in the current time. I had to go through their support pages 3 times, email them, be replied with more support pages and have to click in the email that my answer wasnt there, then they replied again with an automated answer copied from the support pages which I'd now read 4-5 times and said reply if this doesn't cover you which I did, and now I am waiting almost 2 days so far, not even sure if they will reply at all...

    Binance just opened their registration and I signed up, only to find out that they don't take fiat currency deposits, actually just noticed almost all of the exchanges are like this I guess you need a certain legal status for it.

    I might just have to get through localbitcoins and change to other currencies from there... Gonna have to crunch the numbers how much money I'm going to lose on that :/

    Edit:
    Scrap that last bit, the best price on localbitcoins is 4% higher than GDAX.

    Am now looking for any high volume exchange that accepts UK bank transfer or SEPA...
    Originally posted by mbzon
    Why not use the REVOLUT APP? It is free to buy, and although the bitcoin/eth price is usually -5 percent off other exchanges, you can buy and sell instantly, so has its advantages

    you dont need any ID, and you can fund via uk bank or debit card
    • ivormonee
    • By ivormonee 13th Jan 18, 5:58 PM
    • 108 Posts
    • 81 Thanks
    ivormonee
    As for 'smaller' cryptos, the only place I've found so far that works/has lots of cryptos/has good reviews (doing a very basic amount of research) is bitfinex dot com - I've already transferred some Bitcoin to the platform and that went through fine (although the transaction speed was very slow, due to how busy the network is rather than any fault of the platform). I'll be buying some other cryptos using the Bitcoin I transferred over and then transferring all funds away from the exchange and into my wallet(s).
    Originally posted by Curos
    Might be worth noting that Bitfinex has a minimum deposit of $10,000 so unless you have around £7,300 you may need to try somewhere else.
    • AnotherJoe
    • By AnotherJoe 13th Jan 18, 6:33 PM
    • 7,894 Posts
    • 8,487 Thanks
    AnotherJoe


    (just for the record I am not buying bitcoin to get rich quick or anything like that, it's actually been something I've wanted to buy into for several years now)
    Originally posted by mbzon
    Been speaking to your shoe shine boy ?

    Anyway, IMNSHO if you arent buying them to get rich, you shouldn't buy them since there's no other point.
    • mbzon
    • By mbzon 17th Jan 18, 11:07 PM
    • 19 Posts
    • 0 Thanks
    mbzon
    Been speaking to your shoe shine boy ?

    Anyway, IMNSHO if you arent buying them to get rich, you shouldn't buy them since there's no other point.
    Originally posted by AnotherJoe
    My original reason 1+ years ago was because I don't trust in the regular financial system, especially in the last few years with the whole world going a bit crazy. Having a little money in crypto could be good if there's any major crisis it will most likely increase in value.

    I'm also interested in learning how to trade it for educated investing so 1k will be a nice amount to practice with and see if I want to add more later on.
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