Fidor Bank vs. Fire Bank - Funding an Exchange : BitcoinUK

Why I believe we're on the cusp of the 3rd great Bitcoin bubble

We've recovered from the last crash
You might think it's a bit early (based on the time frame for the last recovery), but things are looking a lot different than in 2011. I would suggest its because the last bubble popped prematurely due to Mt. Gox's failure of a trading engine.
Interest in buying Bitcoins has gone up to its highest point since the last bubble.
There's a similar spike in general interest. Partly helped along by the Silk Road news.
The network is being used at the same rate as during the last bubble.
The Bitcoin ATM story (see below) is causing Bitcoin to trend in Canada on Google (was #1 for a bit). The $27 story (see below) will almost certainly cause a large spike worldwide in Google trends once they're updated up to yesterday.
Lots and lots of new businesses now accept Bitcoins
One legitimate criticism of Bitcoin last year was the lack of places to spend them. We basically just had Alpaca Socks, Reddit and Wordpress, we've grown a lot since then!
Charities and others are taking donations
The first Bitcoin I ever spent was to donate to Wikileaks. More and more places are setting up Bitcoin donation buttons, because why not?
The $27 story is going massively viral
I think the attention this story is getting took a lot of us by surprise. We're thinking "of course if you bought Bitcoins in 2009 you're rich" and it didn't make much of a splash. But to the rest of the world it's a very novel and interesting story.
The first Bitcoin ATM has been installed
Easier way for people acquire Bitcoins with cash. Lots of free publicity. More machines are on their way and will generate more and more news.
Institutional money is coming
Afraid with the price at $200 that it will be hard to find enough moms and pops to keep money coming in faster than miners are selling? Don't be, there are individuals out there with a net worth higher than the entire Bitcoin ecosystem.
Interesting new developments
Cool things that didn't exist before the last bubble (as far as I remember).
Governments are explicitly saying it's not illegal
More and more governments are either saying Bitcoins are legitimate currency, or releasing guidelines for exchanges to comply with anti-money-laundering laws.
New generation of exchanges
Mt. Gox's terrible trading engine was a huge factor in the last crash. They couldn't keep up with all the new interest.
This time around there are more exchanges in more countries, and not a single point of liquidity.
submitted by DTanner to Bitcoin [link] [comments]

Anti Competitive Behavior in the EU

Neteller is forced to disable bitcoin top ups (MasterCard)
Fidor Bank is having issues to access the UK payment system (Barclays, HSBC, Lloyds and RBS)
Coinbase struggles to launch its UK exchange
The list might go on. I think we have come to a point, where regulatory bodies should have a look into these cases. Why are they hindered to do their legal business.
Probably a case for the European Commissioner for Competition Margrethe Vestager
Relevant EU law:
submitted by Egon_1 to Bitcoin [link] [comments]

How to get started buying bitcoin in the UK? Need guidance

So after seeing the post about bitcoin rising over 9000 usd on the front page a few days ago I started kicking myself for not buying it when I was considering a year ago. I bought 15 pounds worth at 10,000 usd through a blockchain wallet and after seeing it now skyrocket to 14000 usd I'm now kicking myself again for not buying more. Unfortunately I can't for the time being as it says on blockchain that it will take multiple days to verify my payment info till I can buy again.
I want to make a larger investment ASAP but whats the best way for someone in the UK? I've read various methods online and tbh am almost more confused than when I started with all the various options.
Here's what I've gathered: To buy bitcoin I shouldn't be using sites like the one I've just used because of fees. Instead I should use GDAX as per this video
GDAX doesn't take GBP but only EUROS. So I need to convert my GBP to Euros. The fees with my bank are insane so the best way to do it is with Fidor who charge just a 2.50 flat fee then a low exchange rate. Use EUROS to buy bitcoin with no fees on GDAX.
Buy a hardware wallet and transfer majority of bitcoins to it after buying them.
Is that everything? I'm sure its far more complicated then that, I keep seeing Kraken mentioned a lot but where does it fit in. And at what point do potential fees with converting to EUROS add up to the point where its better (or the difference is so negligible) to just continue buying bitcoin how I've been doing them through a site that charges fees? Thanks.
submitted by scarras_ballsack to BitcoinUK [link] [comments]

UK Friendly/Hostile Banks for Withdrawals

Anyone from the UK and have a decent system in place to withdraw to fiat once the time comes?
I've seen here that many banks in the UK seem to be unfriendly to any transactions via crypto exchanges and you run a risk of immediate account closure.
I signed up for a Fidor account but they don't allow incoming SEPA/SWIFT transfers so it's useless for receiving withdrawals. I assume Nationwide is next best but I'd be interested to hear of any experiences so far.
Other option is ETH->BTC then sell for fiat on localbitcoins but I'd rather avoid adding BTC to the mix during a volatile period (and while the transaction times are so long).
Thanks in advance
submitted by hungryim to ethtrader [link] [comments]

Crypto Beginner

Hi Folks, Been thinking about investing for a while, and have decided to take the plunge. Just want to write down my plan and let the experts out there see if what I'm doing is correct. I only plan to invest £200 or so at a time in bitcoin, ethereum and hopefully litecoin, with the intention to sell at some point in the future.
So I've opened a fidor bank account, got verified, and I'm currently waiting for the arrival of my physical debit card in the post. I've joined and verified myself on there, will verify my card on there when it arrives. Then I guess the next step is to just purchase my coins.
I've read about wallets, do I need one of these or can I just leave my coins in my account? I hear a lot of people talk of private offline keys, do I need one of them? Is what I'm doing the best way to buy? Only using fidor as I've read about main UK high street banks not looking too friendly at deposits to bitcoin exchanges. I'm not looking at anyway to avoid paying taxes on any income either btw.
Thanks for reading!
submitted by dbayes to BitcoinUK [link] [comments]

Can anyone provide or suggest a good, current overview of how best to get hold of Bitcoin in the UK for a complete beginner?

Apologies if this has been covered already. I'm completely new to the Bitcoin world and very keen to get involved, but it seems much of the information on how to get started is a bit outdated or not directly applicable to the UK.
I've seen a few posts on here about changing GBP into EUR and setting up a Fidor bank account in order to do SEPA transfers... and admittedly I'm a bit lost.
If anyone is able to provide a comprehensive overview of how to get up and running I'd be very grateful! (And equally, if anyone is able to recommend a good wallet, exchange etc for a beginner that would be great!)
submitted by Tezto91 to BitcoinUK [link] [comments]

How can I get my Euros from Kraken Exchange to a bank account?

I have some Euros currently in my Kraken Exchange account and I have a Fidor UK bank account but Fidor UK bank doesn't have IBN (SEPA transfer). Does anyone know of any alternatives I could use?
I know a lot of banks are very strict about receiving money from bitcoin exchanges, so I'm worried about transferring to a mainstream bank such as Nationwide, RBS, Barclays etc.
Any ideas would be great thanks!
submitted by Deos93 to BitcoinUK [link] [comments]

TIP: UK bitcoiners - instant Sepa

So somebody told me last night that Kraken (Bitcoin exchange) use a bank called 'Fidor Bank' and they have a UK company set up, so you can sign up online and provide photo ID via webcam (current wait time about 30 mins).
I am yet to do a transfer but I hear funds instantly reach your kraken account with a Sepa transfer rather than waiting 2-3 days.
submitted by 22_UK to Bitcoin [link] [comments]

I'm on the fence and I can't seem to make the jump :/

So I have been scouring thread after thread and online posts and coming up with conflicting information really.
I have read and read and probably will read more
but my sole issue still is this:
What is the safest way of investing in bitcoin within the UK?
All these scare stories of banks freezing accounts, while others have no issues if they withdraw relatively small amounts.
I think a lot of newbies like me are simply confused about this particular issue and any help on top of the great info found here would be greatly appreciated.
So first okay there is Solidi
Would the bank see a transaction into coinfloor ? and would it be an issue? I can't really see any info online that buying bitcoin directly from UK bank on coinfloor is an issue - but what about withdrawing the bitcoins directly to your bank account, would this raise issues? Or it would raise issues if you keep trading and there are a large number of transactions going back and forth ( and the size of them)?
Are there any banks that seem to be more lenient on dealing with bitcoins?
From scanning different threads and the like, seems like co-op, nationwide and natwest are okay-ish?
Whereas HSBC is quite hostile towards bitcoin in general. Of course, this is just my understanding from all that I've read, hence just wanted some clarification.
So my question really is, what bank in UK would be the best best to use an exhange for eg coinfloor?
Especially those who are new to bitcoin and have started off and not came across any problems, but anyone really, could you guys by any chance outline which banks or exchanges you use?
I know all of the revolut stuff etc, but even then issues keep popping up with them.
Fidor bank keeps coming up in some older threads but newer ones say that some accounts that use bitcoin for trading get closed etc.
any help would be greatly appreciated by me and I'm sure many MANY others.
Thank you for reading lads
edit: Also it just feels unreal that simply wanting to buy some bitcoins I have to feel almost like a criminal of finding ways of how to not get fucked in the ass - even tho I am not breaking any laws.
submitted by ConfuzedPotato to BitcoinUK [link] [comments]

Best way to invest in bitcoin - my very basic understanding, a brief guide written for myself

Hi all
I just wrote a mini guide, for myself and a couple of relatives, as to how I am going about investing in bitcoin. Please feel free to shout if I betray any fundamental misunderstandings. There may be a small bit of value in this for any other newbies who follow?......
Firstly, you need a wallet in which to house your bitcoins. The wallet can be setup on your mobile phone, or on your desktop computer. Alternatively you can setup an “online wallet” – which effectively means your bitcoins are housed on someone else’s device – such as those devices controlled by the bitcoin Exchanges. A final alternative is to house the bitcoins within dedicated, physical “cold” storage – devices that are impenetrable to cyber-attack. If you make a significant investment in bitcoins, you should pursue this final option. Popular cold storage devices include:
(i) The Trezor Hardware Wallet
(ii) The Ledger Wallet Nano
In the meantime, a wallet setup on your mobile phone or desktop computer will suffice. Popular choices (which you can easily download and register ownership of) include;
(i) Electrum
(ii) Jaxx (I have this one)
(iii) Armory
Secondly, when you have setup your wallet, you need to actually buy bitcoins. You have two major routes: Bitcoin Marketplaces, or Bitcoin Exchanges.
(i) Marketplaces, such as Bittylicious, Bitbargain, Localbitcoins (popular choices), offer access to relatively smaller pools of potential sellers. It is very easy to buy bitcoins by entering in your bank card details and specifying amount of bitcoin to buy.
(ii) Exchanges, such as Kraken, Poloniex, Bitstamp, Coinbase, Bittrex (big players), offer access to the widest pool of potential sellers. It is more difficult to buy bitcoins, because to use these exchanges you must make an international bank transfer – which incurs fees as high as £30.
A serious investment in bitcoin requires that you take the Exchange route. As at 13 Mar 2017, the price per bitcoin offered on popular Marketplaces such as Bittylicious, is over £1400 per coin. I have confirmed that the equivalent price offered on popular Exchanges including Kraken, is closer to £1340. I have registered with Kraken.
Thirdly, getting funds in play - making international bank transfers to the Exchange. If you attempt to wire funds from your UK bank account (E.g. Halifax) to a popular bitcoin Exchange like Kraken, there are 2 problems you face:
(i) You will incur heavy fees each time you do so. It might be over £10. If you keep investing money in bitcoin, these fees represent a bad leakage.
(ii) Your UK bank account may be suspended. Barclays and Santander are known to have closed customer accounts that have been wiring funds to well known bitcoin exchanges and marketplaces. The Reddit community is agreed that the best way forward is to open (for free), an online banking account with Fidor. It can be done in one evening. Fidor are bitcoin friendly and will not close accounts. They offer very low transaction costs meaning you can wire money with almost no leakage from your UK bank, to Fidor, to the Exchanges (and back again when the day comes).
One you're all setup, you should probably diversify across several coins. The following screenshot provides some insight as to the major coins at the moment, and areas of potential growth. These figures are based upon number of subscribers to the associated subreddits.
submitted by Harry_Hindsight to BitcoinUK [link] [comments]

How can I get my Euros from Kraken Exchange to a bank account?

I have some Euros currently in my Kraken Exchange account and I have a Fidor UK bank account but Fidor UK bank doesn't have IBN (SEPA transfer). Does anyone know of any alternatives I could use?
I know a lot of banks are very strict about receiving money from bitcoin exchanges, so I'm worried about transferring to a mainstream bank such as Nationwide, RBS, Barclays etc.
Any ideas would be great thanks!
submitted by Deos93 to Bitcoin [link] [comments]

How do you make FREQUENT moderate sized cash deposits into Bitcoin exchanges from the UK?

Okay, to begin with I have spent quite a lot of time looking for an answer to my question and I cannot seem to find an adequate answer. Therefore, I thought I would make this post to try and get some answers for myself, but also for anyone else in a similar situation (who I am sure must exist). Hopefully this post will also provide some information for people who are interested in the hurdles to overcome buying bitcoins from exchanges in the UK, I would recommend to just use localbitcoins or IBWT maybe. It's a lot easier and the rates are usually not much more. Unfortunately that is not an option for me and I need to use exchanges. The specific question is as follows:
If someone wants to make transfers of a couple thousand £s, say 3 times a week into bitstamp, what is the best way to do this from the UK?
So I have written off the following options but please correct me if I am wrong:
1) Transfer directly from my UK current account: I have done this and besides from the ~ £15 charge and poor exchange rate, I have read on numerous posts that the minute banks notice you are sending money to bitcoin exchanges regularly they freeze your account. Does anyone know what size transactions need to be for banks to become suspicious?
2) Use a transferwise type service: I previously used transferwise to send money to bitstamp, but they stopped allowing that back in like May I think. Apparently transfergo was working until recently. But it seems none of these work any more and I even saw someone suggest that all transfers to exchanges must come from your own account now. So that excludes this option.
3) Set up a Euro account with a UK bank: I went to a few different banks today enquiring about euro accounts. Although this would eliminate exchange rates and only requires a small monthly fee, none seem to allow transfers to be made online, they must be done over the phone. I suspected that it would arouse more suspicion actually speaking to someone every time I sent money to an exchange.
4) Set up an offshore bank account: Right so, with the help of google translate I have been looking into offshore bank accounts. So I started with Fidor bank as I knew they were bitcoin friendly due to new partnerships with Kraken (I think?), but turns out you need to be a German resident. I then looked at DKB and set up an application and realised you can do this from the UK. I got all excited until I read loads of posts on german bitcoin forums saying how DKB closed people's accounts for transferring money to exchanges regularly. Then I looked further east to polish and slovenian banks, i.e. the ones used by the exchanges, but it seems you must travel to these countries to set up such acccounts (which I may end up doing).
So, am I being paranoid about the British banks? Do they only freeze accounts with more much larger sized transactions? Are there any other foreign banks that can be set up online and are bitcoin friendly? Or... is this a lost cause?
Sorry for the rant, but this is driving me crazy. I understand that banks have concerns about money laundering but I still find it ridiculous that it is so hard for me to do something that is entirely legal.
submitted by otk47 to BitcoinUK [link] [comments]

Interview with Matthias Kröner of Fidor Bank on Digital Banking and Bitcoin 80 Trillion Dollar Bitcoin Exit Plan - YouTube The Best (& Worst) UK Crypto Exchanges! (UK Cryptocurrency ... How to Buy and Sell Bitcoins, Bitpay Exchange UK Best Crypto Exchanges To Buy Bitcoin & Trade ...

July 2013: Fidor partners with, a German bitcoin exchange, to offer near real-time trading based out of a FidorPay giro account. They are also providing them with a “liability umbrella”, enabling them to prove that they’re adhering to official financial regulations like AML. October 2013: Kraken partners with Fidor to provide their EU customers with banking facilities. May 5 ... Fidor Bank’s Bitcoin Express. The bank is also known in Germany for welcoming innovations like bitcoin, even launching a service called “Bitcoin Express” for its clients in the country. Through this, customers can be able to buy and sell bitcoin through the bank’s bitcoin exchange partner, Fidor announced its UK launch very soon after Coinbase expanded their wallet services to the country, adding GBP to their exchange options. Coinbase’s official bank partner in Europe is the Estonian bank LHV. UK banks are notoriously unfriendly to bitcoin businesses and tend to close down accounts that are involved in operations with bitcoin. In February, the Safello bitcoin exchange had to ... Withdraw Bitcoin to Fidor Bank Account, Sell bitcoin with UK Fidor Bank Transfer, Exchange bitcoins using Bank Fidor Bank account in UK, Best Bitcoin Instant Exchanger‎ in united kingdom, International Bitcoin Exchange in united kingdom, Fidor a Dream Bank for Bitcoin, Bitcoin friendly Fidor Bank working in United Kingdom, Cashout Bitcoin to Bank account in… Mainly for newcomers or for those looking for an alternative to their current solution, I thought it would be useful to have views/votes on the 2 below options for getting fiat to an exchange in one place. Option 1 - Open a UK Fidor Bank account, fund the Fidor bank account from your main UK based bank account i.e. Santander/Nationwide etc. and ...

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Interview with Matthias Kröner of Fidor Bank on Digital Banking and Bitcoin

Bitpay Exchange is a place for everyone who wants to simply Buy and Sell Bitcoins. In diesem Video zeige ich euch, wie ihr auf dem Portal mit eurem vorher eingezahlten Bargeld bei einem der Partner von zusammen mit der Fidor Bank Bitcoins und andere ... Bitcoin - 80 Trillion Dollar Exit. I talk about how Bitcoin will eventually become an exit ramp from the crashing 80 trillion dollar financial system, the ec... DEINE ANMELDUNG BEI BITCOIN.DE (Bitcoins kaufen) DEINE ANMELDUNG BEI DER FIDOR BANK (Damit Du kaufen kannst!) https://bank... Ripple & Fidor: enabling cross ... Bitcoin-Express-Handel leicht gemacht - Fidor Bank - Duration: 2:20. Fidor Bank AG 85,686 views. 2:20. Why Simple Is Better Than Your Bank, Both Online And On ...