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Group Cryptocurrencies
Started by JD on 17/04/2015


Discussion

Withdrawing FIAT from Kraken

From Lemon on 28.07.2017 at 19:37

Given that Fidor does not accept SEPA transfers in, how are people in the UK withdrawing fiat from Kraken? I currently have euros stuck in my Kraken account. I want to get them into my UK bank account as cheaply as pos.


user0001 wrote on 29.07.2017 at 11:47

From my research, the cheapest and simplest way is to use Revolut. Their (free) personal product has just added a Euro account with IBAN for receiving SEPA transfers. Their service also includes the ability for currency conversion using the inter-bank exchange rate (this is their main feature).

I tried a small withdrawal using this method and it is still listed as "sending" on Kraken 5 business days later. Kraken's support page says that transfers typically take 1-5 business days but can take longer, so I will try and update this when it actually goes through.

If you found this helpful, please consider using my referal link to sign up to Revolut:
https://revolut.com/r/lalithrvt


user0001 wrote on 02.08.2017 at 18:06

Update: Please DO NOT use Revolut to directly withdraw EUR from Kraken. I have not received my withdrawal. I received the following message from Kraken's customer support:

"Thank you for your email. Please note that we do not accept deposits from or withdrawals to third party payment processors.

The withdrawal you placed was sent to Revolut Limited rather than a bank account in your name. Revolut currently does not credit transfers from Kraken to their clients. Your withdrawal was sent out on the day you requested it, and it is now with Revolut.

We are currently working to resolve this matter and will let you know as soon as we have an update."

An alternative that I have seen described on Reddit is to open an account with Fire Bank (based in Ireland) which offers personal users sort code and account number for GBP and IBAN for EUR. Redditors have claimed success withdrawing to Fire and then converting EUR to GBP through Revolut.


DavidLV wrote on 12.08.2017 at 18:49

have you checked out the transferwise borderless account? I use it for holding and transacting Euros without having to swallow the onerous charges and bad exchange rates the banks give on multi currency accounts http://echeck.org/transferwise-borderless-bank-account-review/



Crypto wallet in GBP

From Tangaroa on 06.05.2017 at 22:23

I joined Fidor bank to add funds to my Kraken account but Kraken is taking ages in verifying my tier 3 ID. So I am thinking of adding funds to my Coinbase wallet but due to the fact that Fidor bank does not have an IBAN I cannot use it for this purpouse. This leave me with the option of using my other bank account international transfer, which charges me tons.

I guess I would be happy to buy bitcoins from localbitcoins or coincut and deposit on my kraken or coinbase account.

3 questions:
1) Does anyone know of any other method to transfer money cheaply to coinbase?
2) Does anyone know of any wallet/exchange that accept transfers in GBP?
3) Why if the current market value of bitcoin/GBP (coinbase) is 1224.... coincut sells at 1284...? The £60 difference sounds a bit steep.
ANy comments, ideas, feedback welcomed.

Show all 9 comments

csl wrote on 31.05.2017 at 09:06

Honestly I think it'd be best to wait for Kraken to verify you. I'm sure they'll have seen a surge in new users recently, which will be extremely time consuming to check through. But I do this it's the easiest way to get fiat into crypto for Fidor users without having a hefty fee levied against you.

Yes, SEPA incoming would be amazing, but I don't see if happening any time soon. I'm sure it's a regulatory nightmare.


mwri wrote on 21.06.2017 at 17:36

If you are in Europe, coinbase is not for you, you cannot trade on USD pairings and the volume is not there for trading on EUR.

You are better off on Kraken, better security, better volume. Kraken wait times are 2-4 weeks due to load (says on their page).

Coinbase also has too high fees for SEPA area, Coinbase are focusing on the US market and investors/broker deals.

Use coinmarketcap website to check exchanges and volumes.

To trade, you want VOLUME on the order book for your selected currency pairings otherwise you will get scalped by their bots and buying from their front page, will always get you the worst price.

Kraken also tends to have lower prices than coinbase exchange on some crypti pairings.

Also when selecting an exchange, I would be aware of USDT (USD Tether) it is another false coin, it is no longer 1:1 tether as far as I see.

Open a support ticket, they will get back to you (eventually).


Lemon wrote on 28.07.2017 at 19:28

I had the same problem with waiting for Kraken verification and ended up using coinfloor instead. The verification was way quicker. I think you can pay in pounds but I used SEPA transfer from Fidor as I assumed it would work out a little cheaper. Not sure if it actually did.



Taxation

From mjrich on 20.09.2016 at 19:01

Do es anyone have any experience with digital currency taxation? Does every digital to digital trade need to be marked and taxed like in the U.S.A or does tax only apply to the money coming in to a bank from the act of selling digital currencies?

And does anyone know wether you would pay corporate/income or cap. gains if you were selling via an exchange or peer-2-peer exchange in to your bank account and not trading fiat pairs?

Show all 6 comments

mjrich wrote on 20.09.2016 at 21:46

Thank you for the information Sian!

I have read through the PDF, some of the wording is a little opaque like most tax law, but it seems to me like you would be solely paying capital gains tax if you were simply selling coins you are "holding" and thus transferring the value from Bitcoins to GBP.

But does that mean if you have traded and ended up with 10 more Bitcoins than you started, but have not sold them to anything other than other digital currencies, you pay income tax on the GBP value of those 10 Bitcoins at the time of the trade or at the end of the tax period?


JoelDalais wrote on 20.09.2016 at 22:13

Only when you change the Bitcoin to GBP are you liable for tax, which would count as CGT. You are liable for correct tax paid to HMRC, see thresholds - https://www.gov.uk/income-tax-rates/current-rates-and-allowances


mjrich wrote on 20.09.2016 at 22:46

Thanks Joel. So there is no income tax from trading digital currency to digital currency? Just an "entry" and "exit" price of which the CGT would be derived when selling digital currency to GBP? That would simplify accounting a lot but it almost seems like a bit of a loophole.



Monero, Dash, Ethereum for GBP

From miaoux on 18.08.2016 at 16:05

Hello all,

If anyone is interested in buying non-bitcoin digital currency (altcoins) easily with GBP/£, now's your chance.

We've has just launched our service at Coincut.com which allows you to buy Monero, Dash & Ethereum. We also do bitcoins in case the boring sideways movement is your thing too ;)

Dax

Show all 17 comments

grouch wrote on 19.08.2016 at 13:32

Joel

I received a direct reply from the Fidor help line regards my question. I think you should be careful stating official Fidor policy if you do not represent Fidor. I would consider the Fidor help line the source of official policy.


JoelDalais wrote on 19.08.2016 at 18:24

That's nice.

But anyone is free to quote the official policy of Fidor (which we encourage members to communicate with each other in this fashion), whether or not they work for Fidor is irrelevant.

If you are unsure whether what anyone tells you is correct you are of course free to seek an answer from an official representative.

As a Moderator it is part of my duty to quote the official policy line whenever asked, which, you did ask.


JoelDalais wrote on 19.08.2016 at 20:11

As an extra note - while moderators are on duty we do represent Fidor, though we do not represent them in an 'official' manner.

If that's unclear for you let me know and I will try to explain it further.



Selling up to 0.5 btc at market average +2%

From JoelDalais on 27.07.2016 at 02:34

The market average can be found here - https://bitcoinaverage.com/#GBP

So if its £500, then that means I am selling up to 0.5 (£250) + 2% (£5). You don't have to buy the whole 0.5, you can just buy £10's worth, or more, etc, a minimum of £10 though (I don't want to make tons of <£10 sales).

PM me or leave a message, selling only through Fidor.


JoelDalais wrote on 27.07.2016 at 02:36

As a note, its a rarity I sell any coins these days so don't expect/ask me to sell anymore.



Fidor Tap card can't be verified when trying to add it to Circle & Coinbase accounts. How do you buy BTC/ETH?

From csl on 22.07.2016 at 10:26

I'm really struggling with my Fidor Tap card at the moment. After initially setting up an account I ordered a Tap card in order to add a card to Circle or Coinbase to make buying bitcoin easier. But I can't seem to get the card verified. How have you dealt with this? Must I make a normal purchase first to 'initialise' the card? (e.g. At the supermarket, as I haven't used it apart from trying to add it to Circle/Coinbase.)

How have you used your Fidor account to buy crypto? Any tips on how to get this rolling? Thanks!

Show all 14 comments

JoelDalais wrote on 22.07.2016 at 17:48

Though I do suggest buying from another Fidor member as its quicker and safer.


grouch wrote on 22.07.2016 at 17:52

Happy to help with selling you some bitcoins, or buying some.


csl wrote on 22.07.2016 at 17:52

Hi Joel -- shall send an email through now.



Great run up on Bitcoin and Ether

From grouch on 16.06.2016 at 17:25

It seems Brexit, Chinese capital controls and other items are driving Bitcoin higher



Scam Coins

From JoelDalais on 06.06.2016 at 10:37

How to spot a scam coin - these are a few warning signs, but you should not limit yourself to just these warnings. This is not to say that coins with these attributes are definitely scams, but if they have these attributes then you should do extra due diligence.

1) Closed source code.
2) Developers own the majority of hashing.
3) The developers/backers/'investors' (all or either) are anonymous.
4) Comes with huge partnerships statements (mastercard/visa, etc), which so far, in 100% of cases is false.
5) States itself as 'the next bitcoin'.
6) Vastly overstates its market value (see https://coinmarketcap.com/).
7) Massive pre-mine.*
8) Zero technical capabilities detailed.
9) Technical capabilities are a clone of bitcoin with nothing extra (or very minimal, e.g. total/rate of supply).

*Note - a lot of times a pre-mine is a valid way for developers to fund themselves, but in combination with all the other factors is when you should be wary.

Feel free to add to this list.


MIROW wrote on 06.06.2016 at 11:56

OneCoin raises all the flags of being a scam and their social events and membership fees have all the hallmarks of a pyramid scheme or MLM.



Survey - please participate

From grouch on 01.06.2016 at 00:05

Could you give feedback. Do you own a crypto currency? If yes what one/s

What do you use it for. For example investor, money transfer (remittance) etc

Show all 6 comments

dnair28 wrote on 01.06.2016 at 03:34

international money transfer


JamieMcNaught wrote on 01.06.2016 at 06:07

XBT - Trading (https://www.solidi.co), speculating and spending (Humble Bundle / Scan / ssls.com)


spikezz wrote on 02.06.2016 at 05:03

Bitcoin small amount. Thinking about Ethereum.



Bitcoin for transferring money

From grouch on 28.05.2016 at 16:43

I have been able to use Bitcoin for a number of years now for moving money between countries, small quantities at a time to suit my travel plans it works really well and i have avoided a significant amount of fees.

However finding a good bitcoin exchange in the UK linked to a UK bank appears to be lacking

Show all 17 comments

JamieMcNaught wrote on 28.05.2016 at 18:53

Circle have partnered with Barclays. It took them a very long time to get where they are.

Solidi is an exchange under the hood. However, when we discovered that even though we could tick all the boxes in terms of ID checking, KYC, etc we would still not get a bank account, the decision was taken to retailer to a marketplace, very similar to what Coinfloor did.

We're working on the banking - but as Circle proved, it takes time.


miaoux wrote on 28.05.2016 at 19:12

Interesting.
Yup - a marketplace seems like a reasonable route to go in many instances. We're going to be incorporating many of those features into Coincut as well as an intermediary step.
I hadn't realised that Circle started in 2013, they've been around for a while.


csl wrote on 11.07.2016 at 11:13

Unfortunately Circle only accept 3-D Secure debit cards, which doesn't seem to be supported by Fidor -- at least I can't buy bitcoin using my new card, which is a huge disappointment, as it was the only reason I ordered a card.



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