The cheapest ways to buy BTC/ETH etc with GBP

in bitcoin •  7 years ago 

There are only few exchanges with good reputation that accept GBP.
As far as I know, One of them is Coinbase, as everybody should know; another one is Kraken, and it only supports Swift transfer, which is supposed to be much slower than SEPA.
Although there are some other websites, their exchange rates are ridiculous... Normally $100-$500 more expensive per BTC there.

If you want to buy BTC/LTC/ETH INSTANTLY with GBP, the only (cheap) choice is Coinbase. You can buy with Credit Card or Debit Card here (Get $10 if you register with my link). Although there is still a premium in price and you have to pay 3.99% processing fees. But still much better than the other rippers.

If you are rational enough to wait for a few hours or days before you can buy crypto, follow me and I will tell you the cheapest way.

  1. You need a better way to convert your GBP to EUR.
    There are a number of FX websites claiming no fees, but actually their rates are higher. The ideal thing is: what if I can exchange my GBP to EUR with mid-market rate (which is shown on google) and do not need to pay any fees? Well there is a way! Check out Circle (Get £5 with my link). You can link your bank card with circle and top up GBP with no fees. Circle can exchange your GBP to EUR with truly mid-market exchange rate at NO COST!

  2. You need a EUR bank account to send money to exchanges
    Most crypto exchanges don't accept 3rd party money transfer. That means, you have to transfer EUR to them with a bank account under your name. This is for some KYC (know your customer) and anti money laundering regulations. Don't open an account with your bank because they charge fees when you transfer money in and out and it takes weeks to wait till it is open. You now need a Fire account (no award this time). Fire will give you a true bank account with your unique BIC, IBAN, and most importantly your NAME as the sender! You can deposit EUR to your fire account and then make a SEPA transfer to Coinbase or Kraken.

Q&A

  1. How can I transfer money to Fire from Circle?
    Circle is more an IM than a finance app, so you cannot directly send money to a bank account. However, once you have registered Fire, request a debit card from them for free right away! Then you link this card with circle when you got it. Set the Circle main currency to EUR in your profile, so every time you pop up with your GBP card, money will be automatically converted to EUR. Then you request money back to your linked Fire bank card. Wait for a few hours, you will get EUR at the best exchange rate.

  2. Why not revolut?
    Revolut is another app which offers mid-market exchange rate with no commissions. In some ways, it is better than Circle: you will have a debit card from Revolut, and with that Card you can exchange and move EUR to Fire instantly instead of waiting for a few hours with Circle. However, there are more limits: You have a total top-up limit of £25,000 per year unless you can prove your source of income, and you have a £5,000 free exchange limit per calendar month (0.5% fee if you go beyond that). You can pay to be a premium member at about £7 to get unlimited free exchange though. If either of those limits will apply to you, go for Revolut (no award, sad)!

  1. What fees do Fire and Circle and Revolut charge?
    If you only do what I have written above, no fees! But if you want to play with your Fire/Circle/Revolut account, make sure you check out their fees first. Fire:https://www.fire.com/fees-and-charges/index.html Circle: No fees at all Revolut: https://revolut.com/faq/#are-there-any-charges
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good article friend

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