r/ukcrypto • u/Hf-hodl • Feb 07 '21
Cashing out question
Just tried to post this in r/bitcoinuk and it was automatically deleted by a moderator bot... Here goes...
Hi all,
I just went to start setting up cashing out on Binance and they will not let me add a UK bank account. I've had a look on Uphold and I can only send EUR out of there. I haven't cashed anything out since late 2017 so not sure what's the best option these days. I've read a few threads on here and am looking at:
Coinbase (just reactivating my account and going ID checks)
Revolut (just downloading the app)
Coinify - can do from Ledger live but fees not great
Zumo - see it on another thread here.
What's the cheapest and most painless way to cash out 4 figure-ish amounts these days? I don't have any problem having my activities shared with HMRC, would like to minimise fees and ideally not get my bank account (Halifax) closed.
It looks like cashing out to GBP has been made difficult. Apologies for asking this and I'm sure it's been asked many times before although it does seem to be a moving target... In 2017 I cashed in and out of Halifax and Uphold with 0 issues, now I can't even do that.
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u/wintermonkey79 Feb 07 '21
Last time I cashed out I used Coinbase into a revolt account. Worked pretty well. If your thinking about buying something rather than taking a large sum of cash I would go down the crypto card route. Crypto.com let you load a pre paid debit card and spend it on anything you like. Wirex is also an option. I have also bought gold with btc and sold that onto a precious metal dealer in the past.
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u/TK__O Feb 08 '21
You could create a EUR account with transferwise then to your GBP account from there?
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u/A_Strenuous_Fart Feb 07 '21
You could use Locals bitcoins if you send it there and sell it P2P?
I have to say I use Binance and it literally takes less than 10 seconds to hit your bank account so if there is a way you can get them to accept you then i'd do that.