RE: Crypto Exchanges: Fiat on/off ramps (Part 1)
I usually do a direct P2P transfer via BitBargain or LocalBitcoins, because otherwise, being in the UK, I get hit by steep transfer fees from Swift, and that's really what I started using crypto to avoid. Obviously the trader adds commission, but I still find that it generally works out more cost-effective, and easier. I've done several of these transfers and have had no problems, as the security of these two exchanges is tight.
However I did almost run into problems when buying Litecoin through Cryptomate, which I think is a new exchange. I noticed that their security seemed very lax. The first transfer went through with no problems, but with the second, the seller did not send my coins for over an hour. Luckily when I contacted customer service the coins came through immediately, but I wouldn't use them again unless they improve their security a lot.
I avoid Bitcoin these days, as it's so slow and the transfer fees are expensive. Recently I've been using Litecoin and Loafwallet, which is delightfully quick, easy and cheap.
The steep transfer fees I was referring to are the commission fees for transferring from dollars or Euros to Sterling, as I don't know of any exchanges that transfer directly from LTC to GBP (only the P2P ones). They're not massively steep, but steep enough to eat significantly into any value you make from the trade.
There are risks with the P2P methods, and I wouldn't transfer large sums of cash this way.
Have a check at the Coinjar exchange, I think (I'm not 100 percent sure), that they offer GBP account against the main Crytpos. However, if you are planning on bouncing out quickly, be careful, there is a 7 day lock up. So I would only suggest buying to crypto after the lockup has expired.
Ok - thanks for the tip!
I didn't realise UK transfers connected a fee? You aren't linked into the SEPA system for banking?
Anyway, thanks for pointing out the P2P methods of buying. I knew of them, but have been quite hesitant to trust them. Glad that they have worked out well for you and that your problem was worked out quickly.
I can see that the speed and cost of BTC transfers would be a problem in these P2P situations, but it is much less of a problem when buying on an exchange. That said, the congestion is pretty low these days, so the speed and cost are pretty low, and the second layer (lightning) solutions are very promising. Also, the BTC is pretty much required for trading on altcoin exchanges. I'm too lazy to convert LTC to BTC before trading... Although, I was doing that when the congestion was high earlier in the year!