Klicker2

by Klicker2

Buying BTC in the UK

Hi all, Binance is borked, won’t take any of my cards, can’t buy in GBP.
How are you all buying BTC now days? Any recommendations? Thanks!

Oro Verde Inc 9.7/10

Hello my friend,

Binance was flawed from the start but yes most high street banks are clamping down on BTC purchases as we all know.

Coinbase is a good shout if one wants to use let’s say a Monzo or Wirex account to buy smaller amounts of BTC (£100-£500)

Stay away from Revolut at all costs the horror stories just keep piling up on dw forums around the net

There are many that will sell you BTC for another commodity but unless you know them personally or have established a relationship online over time be very careful

The end goal here is to buy whatever amount you want and get it on a cold storage wallet ASAP.

Trezor or Ledger preferably, these devices only cost around £150 and as long as you don’t loose your key / password your BTC will be safe and sound

If you have friend who’s an electrician “wink wink” then there’s still time to set up a few antminers or build some yourself and get mining.

Then obviously there the option that you could supply a service that generates BTC

Basic start….

Coinbase account
Wirex / Monzo account
Pair them together
Keep BTC buys under £500
Store BTC in cold wallet

Objective is to buy BTC and store it in a cold wallet so if HMRC ever do come knocking you have obviously lost it and are devastated

Love OV ❤️

Bennybe1

Moonpay do a good service, use a non custodial wallet like exodus to receive the coin

HighTimes

Create a Revolut account.
-Bank trans GBP to Revolut
-Trans GBP from Revolut to Coinbase
-Use Coinbase advance to swap GBP for your choice of crypto
(Revolut crypto fees are high-avoid)
good luck 🍻

the_Cs_1888

Exactly as High Times except I use Kraken. All works together smoothly, never had any hold ups & fees stay relatively low unless the market goes super crazy

acezero68

Same except I use exodus.... fees ain't to bad with them

RealD 9.8/10

Hodlhodl.com
Is a peer2peer exchange where you buy btc via bnk transfer.. it’s the same as LB has escrow and everything expect your buying crypto and not drugs.

Also Open a revolut account and you can buy crypto directly from there just don’t send payment from revolut to LB .. use a private wallet like exodus or mycelium.

Bobbybingo

Hi Real D, I also use Revolut. I transfer money to Revolut account, buy bitcoin then send straight to LB….I don’t have an interim wallet. Is it really that risky doing it that way? Fees are usually £1.49 to buy the BTC and around £4.30 to send. It always lets me know the fee before I send. What’s the worst that could happen doing it that way? Cheers

RealD 9.8/10

Well revolut only allows a maximum of 50 address and after you sent to 50 different wallet addresses your fucked basically..

So it’s better to send to interim wallet like exodus.

Also to reduce revolut fees just join the revolut + or something .. you pay £10 a month abd your fees will reduced to 0.1% or something like that ..

Bobbybingo

Ah i didnt know that about only 50 addresses, cheers.
So if i have an interim wallet does it go something like this...
fee for buying bitcoin
Revolut fee for sending to interim wallet
Interim wallet fee for sending to seller
And also the fluctuation of the bitcoin as i am going through the process
Could get expensive?

RealD 9.8/10

if you upgrade to the Revolut X you’ll pay minimal fees when purchasing and sending btc.

From revolut you wanna send to your exodus wallet and from there you make payment .. should Cost roughly $1 in fees to send payment.

From exodus you can send to as many wallets you want there is no Wallet Address Cap like Revolut.

Shouldn’t cost too much.. main cost is paying revolut to purchase btc

Bobbybingo

Ah nice one, it’s finally sinking in to my Luddite brain. Much appreciated.
Real D that Rainbow Runtz kush stuff is bloody lovely

joedassinmosquito2

If you’re using Revolut X do you also need to upgrade to ‘Revolut +’ in order to minimise fees?

And thanks so much for the advice - I use Bittylicous but end up paying £6-7 in fees often just to send to my Exodus wallet, so was looking for the cheapest option!

RealD 9.8/10

So I just checked and REVOLUT X is a separate crypto exchange backed by revolut.

If you wanna save on crypto fees you’ll have to upgrade to the Premium plan Not the + plan.. the + plan is useless and doesn’t save you on crypto fees.

You’ll need the premium plan for £7.99 a month which will reduced your fees to 0.29%-0.99% or £1 based on that months trading volume.

The most expensive plan Ultra is £45 per month and your fees are reduced to 0%-0.49%.

joedassinmosquito2

Thank you! 🙏

MightyRux

Your only additional fee sending to your external non-KYC wallet (like Exodus) then onwards is the gas fees for the transaction between there and Transaxe (so like an extra couple of quid at most). Gives you a layer of separation, and it counts as 1 wallet address of your 50, even if you do that 100 times.

Bobbybingo

Right I’m gonna do that then thanks to both for your help.
Part of me thinking oh well I’ve only had 16 buys, that leaves me with another 34 addressed to use. But that will creep up quick and then as Real D says…. I’m fucked

Wambamthankyoumam1 10/10

Sometimes investors like to cash out in cash. I imagine there's a few about at the moment looking to cash out. Other than that how about Hodlhodl

milkshake

Kraken lets you link your paypal to it, high fee's and crypto is held for 3 days on the exchange. but could get you out of a situation