Jump to content

XRP, UK users and Uphold


Recommended Posts

Hi all, 

So the purpose of one of my rare threads is to try and help UK users. This is specifically UK, it won't be the same for the USA or elsewhere. I went to find this out as I am a UK resident.

Rightio, as a hodler there will come a day when I want to withdraw to GBP and into a bank account, I imagine others will want to aswell.

The problem I have pondered is how am I going to do that? What steps do I need to take?

This afternoon I have been speaking with Uphold as for me I feel they offer the best chance of avoiding the sheer panic if and when the day comes when XRP starts making us wealthy individuals.

I am happy to share how I do and how I want to do things when the time comes, now I understand how Uphold will work for me and people wishing to withdraw to GBP and to a UK bank account.

So currently I deposit GBP into Coinbase as BTC this is painless really, I have had no issues doing this.

From Coinbase i then send the entire balance as a BTC deposit into Binance. 

I then trade XRP/BTC, I'm not fussed on the price of XRP at the moment as I'm hodling.

Once I have more than 20 XRP which is the minimum to withdraw, I then send them to my Toast wallet. Where they will remain for the foreseeable.

Now, fast forward 3/5 years I want to withdraw my millions :D (or smaller accepted amounts haha!) what am I going to do? I am of the opinion exchanges will be carnage with people trying to withdraw and panic buying/selling crashing etc, so I will be keeping away.

Based on my conversation with Uphold this is what I am going to do. 

Transfer the contents of my Toast Wallet into Uphold, using a virtual XRP card as the holding card. I will then transfer the XRP to the virtual GBP card. This is important as once I have a balance in GBP I am done, there is no more exchanging that needs to take place. I can then utilise the the max daily withdrawal amount to my UK bank. Letting them know I will be depositing this daily amount, it will also be fully traceable.

At the moment Uphold have suspended a lot of the GBP services they provide, however they have informed me that they are updating the GBP side of things and that XRP (and other crypto) does not have a maximum about when transferred to GBP. This is great news because it means that the overall total in GBP is secure, away from the exchanges. There might come a time when there is a higher threshold than the 10k daily maximum, but I am happy that if the virtual GBP card is secure, then my finances are secure. Whether or not my bank will be happy in me doing that, that's another issue and I'll switch banks if not.

This has really helped me and it's given me a clear way to come out of this game when I need to.

Hope it is of some use to you guys too.

 

Link to post
Share on other sites

XRP-EUR has more liquidity than XRP-GBP. Moving EUR around via  SEPA is cheap, and some GBP bank accounts allow incoming SEPA payments. The XRP-->EUR-->GBP route is therefore worth keeping an eye on.

Link to post
Share on other sites

When the time comes, perhaps also consider looking into your Over-the-counter (OTC) options. If this thing does blow up (please please please!), an OTC place might give you a better price and get you all done in one settlement, rather than going back and forth with Uphold. 

And make sure you are keeping records for tax purposes. CGT will be the silent killer in all of this.

Link to post
Share on other sites
1 hour ago, stevo7790 said:

...Uphold ... does not have a maximum about when transferred to GBP. This is great news because it means that the overall total in GBP is secure, away from the exchanges. ... I am happy that if the virtual GBP card is secure, then my finances are secure.

Just be aware though, that all you are doing here is transferring your risk to that of one company, Uphold.  You have to be sure they will be solvent for long enough to extract your money to your bank account at the max amount per day for as long as it takes.

Use of a crypto Exchange to make the switch from XRP to EUR (or USD), and then the transfer of that amount to a USD or EUR holding bank account, might be a good alternative choice to consider, and then you can transfer to GBP accounts as you wish (or partial hold in USD or EUR accounts as desired).

What guarantees do Uphold (or any other exchange or company) provide to your capital if they can't cope or are hit with a scandal, while your money is sitting there waiting to be extracted at 10k/day?  The banks aren't much better but at least there is some protection.

Worth exploring other options, perhaps.

Link to post
Share on other sites

as above even if they have the usual UK coverage is this not just £65k?

Ignoring any future developments I also want to get some proper GBP plans in place.

I have wirex but have yet to confirm with them that GBP on their card would be an easy withdraw to my UK bank account, so the above does have that in it's favour. Food for thought & something I need to check on.

Worth checking how much your fees are for using BTC with coinbase & sending to binance? I found it much cheaper & quicker to buy ETH by whatever means & send to binance. For more recent small £1k per day purchases wirex has been comparable as a direct GBP>XRP than I had previously done with a GBP>ETH>(send to binance)>XRP route.

Link to post
Share on other sites

Also going to be important to check the rates offered by different services when transferring back to GBP. Not doubting/hoping that both uphold & wirex will be offering the standard rate but when we start talking big numbers I'm still going to be a tight sod looking for every fraction of a %

 

I really need to open & check other accounts & options. I had a note that coinfloor & LBX London block exchange could be good UK options to investigate...…..

 

CGT should be easy, at least by comparison with our US brothers, thought it was 20% on anything over £11850 gained but appears on govt calc it's 10% on anything between your salary & top rate of income tax & 20% beyond that?

Link to post
Share on other sites

I appreciate all your responses guys :)

I'm not suggesting what I have posted is the ultimate solution, but I've had to find a way to atleast begin to plan and more importantly understand this process. 

Even if XRP falls away and becomes a non-entity I still need to be able to withdraw whatever I can or have left. 

Perhaps in time we will all have an exit strategy,  or there will be a solution we cal all use. I also appreciate we will have in our mind different ways to do things, I'm not a financial guru or adviser and will not attempt to help on that front, but I am able to contribute by doing things like this, especially if there are other people in my position. I'd like to be able to look back on my time here in the future and know that I've been able to help even in the smallest way :)

 

Edited by stevo7790
Link to post
Share on other sites
21 hours ago, scoobysi said:

as above even if they have the usual UK coverage is this not just £65k?

Ignoring any future developments I also want to get some proper GBP plans in place.

I have wirex but have yet to confirm with them that GBP on their card would be an easy withdraw to my UK bank account, so the above does have that in it's favour. Food for thought & something I need to check on.

Worth checking how much your fees are for using BTC with coinbase & sending to binance? I found it much cheaper & quicker to buy ETH by whatever means & send to binance. For more recent small £1k per day purchases wirex has been comparable as a direct GBP>XRP than I had previously done with a GBP>ETH>(send to binance)>XRP route.

The UK Deposit Guarantee (which is what I believe you are referring too, with the £65k figure) is actually £85k per account.

I also live in the UK and will probably use Kraken to withdraw XRP --> EUR, and then do a SEPA payment from Kraken EUR ---> to my GBP Bank account, I will lose some money exchanging EUR ---> GBP but Kraken have a 200k Eur withdrawal limit per MONTH. 

SO if my small holding turns me into a Millionaire, I can wait whilst I do 5 months of withdrawals, and not really have to worry to much about the exchange losses, as that means it's less for the tax man to take :)

Link to post
Share on other sites

although difficult, from my experience, the best thing investors can probably do during a run is to just hold and sell AFTER everyone else sold for lower. if XRP ever hits $50, to me it means it will probably hit $100.. and if it can do that.. why not $200? repeat.

exchanges are going to crash, theyre going to close, be prone to scandals, the news will have a field day with it scaring investors to sell. indeed, people are calling crypto the 'wild west' right now, when in reality we havent seen anything yet. just wait until XRP is at $50 and we'll see human nature at its worst trying to sell for profits. 

totally illogical rationale, but it makes sense to me.

Edited by XRPto50dollars
Link to post
Share on other sites
15 minutes ago, XRPto50dollars said:

although difficult, from my experience, the best thing investors can probably do during a run is to just hold and sell AFTER everyone else sold for lower. if XRP ever hits $50, to me it means it will probably hit $100.. and if it can do that.. why not $200? repeat.

exchanges are going to crash, theyre going to close, be prone to scandals, the news will have a field day with it scaring investors to sell. indeed, people are calling crypto the 'wild west' right now, when in reality we havent seen anything yet. just wait until XRP is at $50 and we'll see human nature at its worst trying to sell for profits. 

totally illogical rationale, but it makes sense to me.

From 100$ to 200$ its the same from 1$ to 2 $

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.