baobeiiiii Posted December 29, 2018 Share Posted December 29, 2018 (edited) im getting ready to buy about 10k British pounds of xrp. I'm signed up with bitstamp but they only deal in usd and euros. I don't want to get killed with exchange rate fees. Anyone know good options for UK residents who want to buy xrp in GBP? I just want to get the most xrp for my money, it'll be withdrawn to a ledger nano s after purchase anyway. Not even sure if can deposit GBP onto bitstamp.. Edited December 29, 2018 by baobeiiiii Link to comment Share on other sites More sharing options...
XRP-JAG Posted December 29, 2018 Share Posted December 29, 2018 Depends on your bank really. With HSBC it's a flat £2.50 "non-sterling" transaction, and the exchange rate on the Visa debit is very good. Therefore I use Wirex in USD... seems to work the best for me. I've not found a place to buy directly with GBP at a decent rate as yet. Link to comment Share on other sites More sharing options...
baobeiiiii Posted December 29, 2018 Author Share Posted December 29, 2018 11 minutes ago, XRP-JAG said: Depends on your bank really. With HSBC it's a flat £2.50 "non-sterling" transaction, and the exchange rate on the Visa debit is very good. Therefore I use Wirex in USD... seems to work the best for me. I've not found a place to buy directly with GBP at a decent rate as yet. With bitstamp it seems SEPA deposit would be best... i go to my bank, give them 10k and ask them to exchange that into euros, then i SEPA xfer those euros to bitstamp. There are no fees other than exchanging at the bank. I can't see an easier way... Although maybe USD would be better? I wonder what the liquidy is like for euro vs usd on bitstamp. Link to comment Share on other sites More sharing options...
XRP-JAG Posted December 29, 2018 Share Posted December 29, 2018 5 minutes ago, baobeiiiii said: With bitstamp it seems SEPA deposit would be best... i go to my bank, give them 10k and ask them to exchange that into euros, then i SEPA xfer those euros to bitstamp. There are no fees other than exchanging at the bank. I can't see an easier way... Although maybe USD would be better? I wonder what the liquidy is like for euro vs usd on bitstamp. Probably the best way. No SEPA deposit fee, or fee to send XRP to wallet (unlike say Uphold!). Banks GBP/EUR rate should be competitive. baobeiiiii 1 Link to comment Share on other sites More sharing options...
baobeiiiii Posted December 29, 2018 Author Share Posted December 29, 2018 Just now, XRP-JAG said: Probably the best way. No SEPA deposit fee, or fee to send XRP to wallet (unlike say Uphold!). Banks GBP/EUR rate should be competitive. British pound is weak atm but I guess that would be reflected in price of xrp per GBP. Should i have any preference over going the SEPA route to end up with USD or euro on bitstamp? Link to comment Share on other sites More sharing options...
XRP-JAG Posted December 29, 2018 Share Posted December 29, 2018 5 minutes ago, baobeiiiii said: British pound is weak atm but I guess that would be reflected in price of xrp per GBP. Should i have any preference over going the SEPA route to end up with USD or euro on bitstamp? Not sure, but I doubt much (if any) difference in buying GBP/EUR/USD. If you had some more obscure currency, then maybe more of a consideration. You may be able to save 1-2% being clever, especially with a large buy in. But, when Crypto will happily move that in an hour... you just a likely to make bigger gains/loss through the randomness of when your funds clear. Link to comment Share on other sites More sharing options...
baobeiiiii Posted December 29, 2018 Author Share Posted December 29, 2018 1 minute ago, XRP-JAG said: Not sure, but I doubt much (if any) difference in buying GBP/EUR/USD. If you had some more obscure currency, then maybe more of a consideration. You may be able to save 1-2% being clever, especially with a large buy in. But, when Crypto will happily move that in an hour... you just a likely to make bigger gains/loss through the randomness of when your funds clear. Indeed, ripple is going up and down all the time. Obv I'll try buy in with a limit order at a support level. Any idea of the minimum deposit into bitstamp? I might like to try a trial run with just 100 gbp first and see how long it takes... it's my first time buying on an exchange then xfer to a wallet. Link to comment Share on other sites More sharing options...
XRP-JAG Posted December 29, 2018 Share Posted December 29, 2018 1 minute ago, baobeiiiii said: Indeed, ripple is going up and down all the time. Obv I'll try buy in with a limit order at a support level. Any idea of the minimum deposit into bitstamp? I might like to try a trial run with just 100 gbp first and see how long it takes... it's my first time buying on an exchange then xfer to a wallet. You mean XRP, right? I presume you want to buy some digital assets, and not shares in the company? I don't know what the minimums are. Anyway, if you sure you want to buy in, then just go for it. Support levels etc all mean nothing in crypto, particularly when the whole market is following BTC for the moment. You may save some money on the buy in, or the price may inexplicably jump 12% like it did today. Who knows Link to comment Share on other sites More sharing options...
baobeiiiii Posted December 29, 2018 Author Share Posted December 29, 2018 (edited) 6 minutes ago, XRP-JAG said: You mean XRP, right? I presume you want to buy some digital assets, and not shares in the company? I don't know what the minimums are. Anyway, if you sure you want to buy in, then just go for it. Support levels etc all mean nothing in crypto, particularly when the whole market is following BTC for the moment. You may save some money on the buy in, or the price may inexplicably jump 12% like it did today. Who knows I just say ripple when i mean xrp. I'm not going to be day trading but holding for years and years. Up 1000% ? Still holding. But it would be really nice if it fell before I buy in so that I can get more xrp with the 10k. ATM it looks like 33k xrp if i bought today. That's not a huge stack. but it might be 5 years from now when ppl sell and buy in for fewer xrp at higher prices. Edited December 29, 2018 by baobeiiiii Link to comment Share on other sites More sharing options...
XRP-JAG Posted December 29, 2018 Share Posted December 29, 2018 3 minutes ago, baobeiiiii said: I just say ripple when i mean xrp. I'm not going to be day trading but holding for years and years. Up 1000% ? Still holding. But it would be really nice if it fell before I buy in so that I can get more xrp with the 10k. ATM it looks like 33k xrp if i bought today. That's not a huge stack. but it might be 5 years from now when ppl sell and buy in for fewer xrp at higher prices. Would make you a 2%'er.... could be worse! https://ledger.exposed/rich-stats#percentage Link to comment Share on other sites More sharing options...
baobeiiiii Posted December 29, 2018 Author Share Posted December 29, 2018 3 minutes ago, XRP-JAG said: Would make you a 2%'er.... could be worse! https://ledger.exposed/rich-stats#percentage ha, not seen those stats before. I would have expected the 2% er's to have wayyy more considering how cheap xrp was not long ago. Clearly my uk bank isn't using ripple, it'll cost me 20 gbp just to do the sepa transfer even after i convert it into euros on this end. Still wondering what the minimum deposit is on bitstamp.. maybe there is none. Link to comment Share on other sites More sharing options...
FlyingFox Posted December 29, 2018 Share Posted December 29, 2018 Download Revolut for your smartphone. For £10k or more transfers, pay the yearly fee of around £70 (from memory) to get fee-free currency exchanges. Then transfer GBP from your bank to Revolut as GBP (ie no fees). When you want to convert to EUR, do it in Revolut and it’s instantly converted at the spot rate. This is much better than any bank rate (even if they advertise no fees!) and by paying the yearly Revolut premium fee you’ll get all future exchanges to/from EUR free of fees too (relevant if you plan to add to your stack in months to come). Once changed to EUR, send to the Bitstamp account as a SEPA transfer. No fees, takes usually about a day or so. Then buy XRP/EUR pair as you desire. £100 starter should be no problem at Bitstamp. I’ve done this process many times. Saves big time on bank fees and even services such as TransferWise which still have quite high fees for large exchanges of GBP in comparison. If you’re only buying a few hundred pounds worth, it won’t make much difference but for larger transfers, it’s probably the best way to go at present. XRP/EUR pair good liquidity at Bitstamp. Hope this helps. Link to comment Share on other sites More sharing options...
baobeiiiii Posted December 29, 2018 Author Share Posted December 29, 2018 Are bank currency exchange rates really bad? 70 pounds seems like a hefty yearly fee... i won't be continuously buying just this stack then holding for years. I wonder if after March i'll even be able to do a SEPA xfer as the UK is leaving the EU. Link to comment Share on other sites More sharing options...
TOON_XRP_ARMY Posted January 3, 2019 Share Posted January 3, 2019 On 12/29/2018 at 12:40 AM, baobeiiiii said: im getting ready to buy about 10k British pounds of xrp. I'm signed up with bitstamp but they only deal in usd and euros. I don't want to get killed with exchange rate fees. Anyone know good options for UK residents who want to buy xrp in GBP? I just want to get the most xrp for my money, it'll be withdrawn to a ledger nano s after purchase anyway. Not even sure if can deposit GBP onto bitstamp.. Did u get sorted yet ? Link to comment Share on other sites More sharing options...
zenkert Posted January 4, 2019 Share Posted January 4, 2019 SEPA transfer to Bitstamp as long as there is no Brexit, but who knows the UK might still be a part of the SEPA-zone after that. Link to comment Share on other sites More sharing options...
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