Don't think I mentioned this in the video, and I know it's obvious, but please don't leave funds sat on centralised exchanges and ideally move to cold storage asap to protect it. Safety and security should always come first in my opinion
James just had an message from etoro stating change coming in on 8th January 2024 regarding buying crypto can you help myself understand what they are asking please
Just for your info revolut only allow 1 off chance to take your crypto off their exchange and won't allow you back on. This is purely what I have read.
The banks funded the kryptos from the start. . They invent money out of thin air .so can buy and control . . Anti bank idea was used as means for adoption. .
I would like to have seen people trade p2p for goods and services, its the ramp on and off that makes legislations have so much control, issue is that we always measure things in USD/GBP, thats why I fell in love with an algo stablecoin/flatcoin called ampl, it tracks CPi and regulates itself to fight inflation. 95% of people wont give it the time to be understood. the funny thing is back in the day crypto was considered as gambling, and in my opinion legislation wise, we should put it back there! but who cares what i think, the dumb masses that missed out will be glad to see heavy taxation on an asset they missed out on @@anthonykirkman
I can’t speak for all crypto currencies, but bitcoins very nature is that it’s distributed. Nothing the government/central banks/any individual can really do to change that or make it ‘more centralised’. It’s the beauty of it! I welcome the FCA’s involvement to some degree because there are so many investors speculatively throwing money into Bitcoin/crypto that they can’t afford to lose, hoping it will make them rich in a few weeks because of past wild returns.
The UK government need to stop, they are putting a unhealthy stranglehold on this space. I thought the whole idea originally was to embrace crypto. We will lose if they continue. Take a leaf out of the UAE book!
Well I had Halifax internet banking frozen and severe withdrawal limits imposed in 2021. Natwest stopped payments to exchanges, even small amounts in November this year@@Seadog61
Nexo for me too. Coinbase still works but they’re fees are the worst. I’m going to have to use more Dexs and a suitable on ramp. Barclays occasionally stop me and keep changing my debit card, but so far still got access
Also their fees mean you loose about 9% total value going from FIAT to crypto asset. Also Coinbase only allows maximum of £300 of crypto which is insane.
I don't think there's any fully "safe" UK banks to be honest. But Cheeky Crypto did a video on this after he got debanked from Santander for using crypto services. This might be worth a look. ruclips.net/video/cwK03LN95GM/видео.html
I know we all get ticked off by the FCA regulation, but I was unable to stake with CELCIUS due to this FCA regulation. As a consequence, I still have my Crypto!!
@@gazat4 Even Wallets R being Blocked web access. especially staking/earning r being blocked. questions r being asked from where to where crypto going.
All the blame can't be on binance as they did try to comply only to have their new uk partner removed from the list. Uk gov and the Fca are trying to shut out retail investors under the guise of protecting people this is total BS as you can still go to the bookies and blow your lifesaving if you wish.
Transferring money from Halifax account to Kraken had some issues about a month ago - every time I had to do a 30 minute call with the fraud department, luckily one day they stopped bothering.
I don’t think you spoke about off ramping. Most banks won’t allow you to deposit fiat from selling crypto (via an exchange ) I am surprised more people aren’t talking about this issue! Only BTC biker on RUclips..
Hi James Monzo works great for UK 🇬🇧 cryptonians 💪 I used Binance all last cycle and it was by far the best and I hope they find a new UK partner !! Great videos and thanks 🙏
Hugely helpful. Binance emailed me 45 minutes ago to say existing UK users will not be able to use Crypto Loans or Swap Farming after January 4th 2024 and that the services outstanding loans and rewards will be resolved by 29th January 2024.
Thanks for the update and am glad it was helpful! I actually covered Binance in a previous video here in November: ruclips.net/video/v2_6od2mlQk/видео.html. They are seemingly still trying to comply with FCA regulations and find a new UK approved company that can offer crypto financial promotions for them in the UK
It's the closing of the on/off ramps that bothers me more than anything. We can use self custody to hold our crypto and DEX to trade but it's the getting money in and out that'll be the problem if the markets take off and we want to take profits. Disgusting.
No, I posted this yesterday as a reply to another comment about Nexo: Nexo is not currently registered to operate in the UK and is not accepting new UK users at the moment. However, it has reduced some services to try to meet with the new FCA regulations (e.g. removed Nexo Pro, Cashback, Referral and Affiliate Programs, the promotions it runs are not available to UK or US users...) and it is apparently currently in conversation with FCA-authorised firms based in the UK to try to get approval. I contacted their customer service team and they were proactive and ready with their response, so I think they are trying to get approved in the UK: "...we have temporarily phased off new registrations and access to our website for UK nationals. Nexo remains steadfast in its commitment to the U.K. market, prioritizing compliance and ongoing dialogue with FCA-authorised firms. This collaboration underlines our shared goal of fostering a vibrant crypto ecosystem, transcending mere compliance. Our proactive approach to regulatory changes is central to our mission, ensuring that our platform not only adheres to FCA standards but also offers a hassle-free experience for our users... For further details, please read more here: nexo.com/blog/nexo-continued-commitment-to-the-uk-market"
I’ve been with Nexo for a few years so hope they get renewed access to the UK as they have my main stash Though I’ve started moving assets to a Tangem wallet and an looking into DEXs
I use a cold wallet for 95% of my holdings but still often use Nexo for spot buys that I don't want to stake or trade with as they are so quick and are reasonable value for money. Use a couple of others exchanges for trading but Nexo certainly has its uses. @@RandomUser25122
Thanks very much james, great video. I trade on the Binance Exchange using a third party AI, things are working now but for how long i don't know all my on and off ramps are on the list you showed! will have to rethink my strategy, need to get out of the rat race.
MEXC has 120 hour wait on crypto purchases from the UK. The customer service is shocking as well. There not FCA regulated but their fees are incredible cheap.
Binance, swissborg and kracken work fine. Swissborg and Kracken for on/off ramps and binance to sell, buy or trade. Revolute, barclays, RBS and monza are crypto friendly banks
Are Kraken actually regulated as specified here? The only reason that I'm asking is because in the small print shown at the bottom of the Kraken page it says that cryptoasset services offered by Payward Ltd are unregulated. If I've missed something I'd be grateful to know. I wish somebody would regulate the British Government.
Wow! Thank you for creating this video. When I was living in Turkey, investing in crypto exchanges was a breeze - it was easy and quick. However, since relocating to the UK, my experience with crypto has been almost like going through hell.
MY CDC experience has forced me to seek alternatives to trading Crypto in the UK specifically off/on boarding. It has become almost impossible for a UK resident, and even worse if you are a Retail trader
Any UK crypto exchanges allow you to buy SPOT only. The rest of the stuff you are blocked by Uncle Sam to baby seat you adults who dont know what you doing with your money they say.
I got emails from bitget, 1 said they are delisting 10 GBP pairs as I presume no-one uses them and they have little liquidity, then the other said they were temporarily disabling GBP deposits for a system upgrade, other than that everything seems to be working fine
Would maybe be good to have a video on explaining how to off ramp and which banks are best for this? I have heard that banks can freeze your account if they see it as suspicious activity, so how do you navigate this? Good video though, thanks 👍
Thanks for the comment and I'm glad it's useful! It's difficult to create definitive advice on which banks will accept on ramps/off ramps from exchanges, as they seem to differ a lot and there aren't many that will accept transactions. There was a post on this in my previous exchange video where people mentioned the banks that were working for them if you wanted to check that out. Revolut, Monzo, and some people had success with Barclays it seems, but again they may not work for everyone
Was able to on-ramp fiat to Bitget for the last few months up until last week from Halifax but today it failed. I think they have just been chopped. Will try from HSBC but not confident
Hi James. thank you for creating your Uk crypto channel . After 6 years of banking crypto profits into TSB bank im told its to risky for me to continue , so in my own interest and safety they blocked future transactions !!. I hope when the BITCOIN ETF is cleared to start trading on the stock market , the banks will be forced to treat crypto as an asset . I would be keen to get your view on this . Many thanks. G.
Why are people allowing this? Crypto should be used as an alternative to money. There is no need to involve banks or governments. It is a step towards an anarchist option which would offer us a better life. Politicians can't do anything about it unless we allow them to become involved.
Do you have any idea the technology and effort that would take? Fees? Networks? Just buying the crypto currency itself? The government don’t like that we have our own assets stored on a blockchain which you need key phrases for. Unfortunately it’s a war
@@charliehallett8760 Yes it is a war. So why allow the enemy to just walk in and tell us they are taking over? We need to stop listening to politicians and think for ourselves. I would abolish capitalism completely. But having our own currency with no government involvement is the next best thing.
Thankyou for this video. I’m doing research into my future need to off ramp crypto. As a U.K. bloke, Im planning my usdt to fiat future issues. I could always welcome hmrc along for the journey 😉
I need to trade derivatives on an exchange - seems this is blocked for UK users. Why? Why are we being baby-seated like this - why? We are adults who want to do as we wish with our earned and fully taxed money thus even if it means losing it all on a trade.
All under the guise of protecting consumers. Only applicable to 'retail' consumers. You would need to use a DEX, but please DYOR. I did a video with an update on crypto derivatives that you can check out here: ruclips.net/video/sVNnUpcdixY/видео.html
@@jameskay428please stop saying such bullshit like protecting customers. Smoke is not good for you. Neither alcohol or sugary food. Should they ban your purchases on those goods?
@@jameskay428 ok, let me put it this way especially if you said "I didn't agree with it" - nor say u did... regardless if you're in crypto space you do it for some idea behind it i guess so as honorable person you should say i.e "banks are shitting their pants brown up to tits as they realize people no longer have trust in corrupted fiduciary currency so they do whatever they can, even illegaly, to stop you from transfering currency to real money as they would simply lost a job and start shoveling road ditches as where their place is" But to say that, of course in slightly more polite manner, you need to have balls, piss on political correctness and say something people are so scared: TRUTH by pushing forward propaganda nonsense, language they use, you just approve it. Remember ricky gervais? No longer yo can say pedophole but child addicted. Please respect your viewers and if you give answers dont behave like copy paste answers, I got that enough from chat bots I must deal with anytime I want to fight for my rights
@@jameskay428 I just received this email today 🤣😂 ::: Dear Binancian, We are writing to let you know that we will stop offering Swap Farming and Crypto Loans to UK users from 4 January 2024 to ensure our ongoing compliance with local regulatory requirements. Please refer to the details of the changes and take any actions necessary to avoid potential losses: Crypto Loans Trading and subscription will be blocked on this date by 4 January 2024. If you have an existing Crypto Loan, please close out any outstanding loans before 29 January 2024 to avoid potential losses due to loan liquidations. Swap Farming: Please take note that trading and subscriptions will no longer be available from 4 January 2024. Any remaining rewards will be claimed from 29 January 2024.
Barclays is great. They are friendly to Crypto and it shows by their Barclays mobile app - when sending money, they have transfer reasons and one of them is "investments or cryptocurrency". I've not had a single issue with them.
I had problems with Lloyd's multiple times blocking my crypto transactions to coinbase. This was a couple of years ago so maybe they are more pro crypto but I seriously doubt it being a traditional bank. I use monzo now, far better service than Lloyd's and crypto friendly. In the last bull run many had issues with Lloyd's, at the time monzo also blocked crypto transactions but they have u turned thankfully. During this time I used nationwide for my on ramps as they are a building society and won't block international payments. Which is a good option for everyone If faster payments stop working to the exchange you like. Can just take a bit longer for the cash to get there.
Hi James, Great video i have used Kraken for 1 year with no problems also use Kucoin which is not regulated with the FCA been using them for about 2 years with no problems.
James do you know much about the Binance trading policy in the Uk? We can’t appear to take part in Launchpools or Launchpads on Binance, but no information as to why and the official response from Binance on twitter doesn’t even list the UK as a country that can’t partake. Real lack of information on how Binance can trade in the Uk at the moment
You can still indirectly participate by holding the token or BNB and gaining temporary large APY increases on relevant platforms on the BNB Chain. Although I made a video on Binance explaining why UK users have essentially lost access to it. You can check that out here: ruclips.net/video/v2_6od2mlQk/видео.html. I also did a video with an update on crypto derivatives in case that is of interest: ruclips.net/video/sVNnUpcdixY/видео.html
I look forward to the day when we can avoid banks and just buy anything with Bitcoin as we do now with cash. I think it will come and that's what banks are afraid of.
I think this is decades if not longer away. Bitcoin can’t currently compete with the volumes of transactions that the likes of PayPal, Visa and Mastercard can process and record without increasing its block size (which people have tried and failed to implement). Imagine the processing power every node on the network would need to replicate the ledger of every transaction made every single day 👀 What Bitcoin is perfect for, is as a store of wealth. Just as good if not better than gold. Hold what you have, keep buying more where you can afford to and don’t ever sell. Of course, this last bit is just my opinion! :)
Thanks for the comment! I am not sure how much longer Swissborg and LCX will be available for UK users to be honest as both are not registered. LCX say they their team is working on it in the background, but there is no news yet
Their email last night 19/03/24 was a little scary about no more deposits until future notice - i have unstaked everything and am pulling off the platform till its all sorted.@@paulanthony7002
I’m in the UK. I’m buying Bitcoin from Swan which requires purchases to be made in US dollars via a Wise account. Not bothered whether it meets any approval.
Thanks for the comment! Uphold is FCA approved, but I am not sure how much longer Swissborg will be available for UK users to be honest as it's not registered yet.
i've had not issues from hsbc to gemini and vice versa in the past. although hsbc did like to verify each transfer by phone. although now they have enforced a 5K a month limit to exchanges....
I bank with lloyds and mostly use Binance and have had no issues buying crypto and withdrawing off the cex. But i can confirm there is no option now to convert crypto back to fiat. Does anyone know the best exchange to use on and off ramp services and had no issues? Thanks
Hello James, Do you have an affiliate link for HTX? I see some negative reviews on it so I’m just wondering what you think. I also live here in the UK. thanks, Philip.
Uk gov wants you to soon buy crypto from them, with their fee... Meansbif btc is for 50k, uk bank can sell you it for 52, but if you want sell, peopabky arround 48. Make my words
Thanks, am glad it's helpful! No idea about Binance to be honest, it has been putting things in place to try to meet with the FCA requirements and has been trying to find a UK company to run its crypto promotions, but has been unsuccessful so far. I'm sure what happened recently in the U.S. hasn't helped its case with the FCA either
OKX will delist 11 privacy tokens on 4th and 5th January 2024 including Monero, Zcash, Dash and Horizen. cointelegraph.com/news/okx-exchange-delist-privacy-tokens
best one out of the above mentioned for simple long and shorts (standard futures)? trying to find a website thats nice and easy for long and shorts like bing x, needs to be open 24/7
We in the UK should be INNOVATORS in the crypto space. The FCA needs YOUNG PEOPLE to take us forward, not old farts who still ask their grandkids to show them how to do online banking.
Thanks very much for the information and update! Perhaps OKX is waiting for its payment provider to gain approval in the UK? Think it partnered with Alchemy Pay according to this: finance.yahoo.com/news/okx-deploys-alchemy-pays-fiat-094500219.html?guccounter=1&guce_referrer=aHR0cHM6Ly9zZWFyY2guYnJhdmUuY29tLw&guce_referrer_sig=AQAAAFf2bjI23KjsWxRxjxfrP-X2Ufn0MT_rUlEcEFSKhBY-WWww8C5O3jYs81zVFGRYzSF-OJ4l3vHYbAFERj-2MJTPcF9-Wh1kLclYmvPyXH09eUiWYgln0nJhCT-NQS-dISjcpSzmVVZO2AjcP8kCrLeHobX2wAnOh5IAqJ6Xkrjd
Just found your channel. Great video! Clear, concise and informative, if a little disheartening 😔So how are people who had existing accounts and funds with Binance off ramping into their U.K. bank accounts?
I'm in the uk and use etoro with no problems, but there's not many coins on offer. I'm also using binance and I'm slightly concerned that I won't be able to withdraw my money, any tips would be much appreciated?
Buying not the problem you need to cover the exchanges implementing the Travel Rule which prevents you from withdrawing from an exchange to a non custodial wallet.
WTF that should be illegal, that’s like saying you can buy this bottle of water but you’re not allowed to let anyone else drink it. How can they have that much invasive control.
I added kraken after you said it was OK for UK. You can't convert dollars to pounds other than small balances it's pointless using it if you can't get your money converted 🤷🏻
That's annoying, so you have to withdraw dollars from the exchange? It's been approved by the FCA to operate in the UK and has partnered with a UK company called Payward Ltd that's based in London, so perhaps there are plans to offer this soon. You could try to contact their customer service. It suggests on the Kraken website that you can withdraw GBP and other currencies: support.kraken.com/hc/en-us/articles/360000423043-Cash-withdrawal-options-fees-minimums-and-processing-times-
Great video, thanks ! Which Crypto exchange with a visa card available (for instance binance has a the binance visa card) is your personal favourite or the one you would recommend ? Thanks !
I'm with revolut and have not seen any changes with the rules. I did have to answer some silly questions about how much I have bought and going to buy but that's the only thing I have seen from the norm..
The thing that really gets me is that I didn't ask or even vote for these changes. A) why can't receive staking reward but can get interest my bank, albeit not much. B) why should I pay income/ capital gains tax and tge government reap the rewards for my risks. I can go to a betting shop a blow an month's salary, bet on horses or bet on one arm bandits all day and night. Seems one sided to me and really unfair. 😢
Revolut will not allow staking no more from 8 jan or something ,till then you can still stake after you can keep stake what was previously there and get regard till you decide to unstake
Thanks for the content... on ramp to kraken and then bitget for derivatives, not sure how long that will last though,as they are planning a uk only site which i guess wont allow futures
I believe MEXC isn't approved with the FCA in the UK, so I'm not sure how long it will work for UK users. Let's see. The exchange was also warned in Germany for not registering there. There have been recent reports on X of users having their funds and transactions frozen on the exchange, so I would urge caution and please do your due diligence
Don't think I mentioned this in the video, and I know it's obvious, but please don't leave funds sat on centralised exchanges and ideally move to cold storage asap to protect it. Safety and security should always come first in my opinion
James just had an message from etoro stating change coming in on 8th January 2024 regarding buying crypto can you help myself understand what they are asking please
Just for your info revolut only allow 1 off chance to take your crypto off their exchange and won't allow you back on. This is purely what I have read.
Sure, what does the message say?
Pretty sure it only applies to the in app crypto purchase not the use of revolute for sending money to exchanges@kidMclean
Coin Corner in the Isle of Man works from the UK since 2014. £3 a trade BTC, ETH, LTC, USDT, Euro and Pounds.
the whole point of crypto was to avoid all this bs, but people fell for the trap and now crypto is more centralised than ever
The banks funded the kryptos from the start. . They invent money out of thin air .so can buy and control . . Anti bank idea was used as means for adoption. .
So true. What banks still allow cash to crypto still
I agree and I’m not happy with the control, but it was always going to happen. Main stream adoption = regulations.
I would like to have seen people trade p2p for goods and services, its the ramp on and off that makes legislations have so much control, issue is that we always measure things in USD/GBP, thats why I fell in love with an algo stablecoin/flatcoin called ampl, it tracks CPi and regulates itself to fight inflation. 95% of people wont give it the time to be understood. the funny thing is back in the day crypto was considered as gambling, and in my opinion legislation wise, we should put it back there! but who cares what i think, the dumb masses that missed out will be glad to see heavy taxation on an asset they missed out on @@anthonykirkman
I can’t speak for all crypto currencies, but bitcoins very nature is that it’s distributed. Nothing the government/central banks/any individual can really do to change that or make it ‘more centralised’. It’s the beauty of it!
I welcome the FCA’s involvement to some degree because there are so many investors speculatively throwing money into Bitcoin/crypto that they can’t afford to lose, hoping it will make them rich in a few weeks because of past wild returns.
The UK government need to stop, they are putting a unhealthy stranglehold on this space.
I thought the whole idea originally was to embrace crypto. We will lose if they continue.
Take a leaf out of the UAE book!
Yup
They banning crypto but not gambling 👍🏼
How do we STOP the FCA - How can they do this to the UK. I'm leaving this s...t country.
Been using Kraken and Nexo for a couple of years now without any problems. UK banks have been a problem, in particular Natwest and Halifax.
Well I had Halifax internet banking frozen and severe withdrawal limits imposed in 2021.
Natwest stopped payments to exchanges, even small amounts in November this year@@Seadog61
I found kraken to be very restrictive the withdrawal is awful you have to wait a week.
NatWest and Halifax are both rbs
Nexo for me too. Coinbase still works but they’re fees are the worst. I’m going to have to use more Dexs and a suitable on ramp.
Barclays occasionally stop me and keep changing my debit card, but so far still got access
Also their fees mean you loose about 9% total value going from FIAT to crypto asset. Also Coinbase only allows maximum of £300 of crypto which is insane.
Fantastic video. One of the most informative on uk exchange uses on RUclips. Keep up the great work 👍🏻👍🏻
Thanks very much and am glad it was helpful!
Uk banks that allow crypto exchange transactions list would be good
I don't think there's any fully "safe" UK banks to be honest. But Cheeky Crypto did a video on this after he got debanked from Santander for using crypto services. This might be worth a look. ruclips.net/video/cwK03LN95GM/видео.html
Monzo
Hsbc (sometimes)
Barclay
RBS
Lloyds too
No problems with Monzo.
yep, did this last year.@@LSDHECKLER
Just discovered your channel. Excellent UK based information. Invaluable. Subscribed.
Thanks, glad it's useful!
I know we all get ticked off by the FCA regulation, but I was unable to stake with CELCIUS due to this FCA regulation. As a consequence, I still have my Crypto!!
Agreed, there's a balance in everything. Look at FTX in Japan...all those assets were protected from the buffoons.
yes it looks like we will have to stick to staking on decentralized exchange's. They can only interfere with uk investors that use a cex.
@@gazat4 Even Wallets R being Blocked web access. especially staking/earning r being blocked. questions r being asked from where to where crypto going.
@@gazat4 Agreed, but cometh the time you want to convert some of the crypto to FIAT, then, if you are in the UK you are stuffed.
HEALTH IS YOUR WEALTH CRYPTO IS YOUR FREEDOM
Binance really need to get their shit together. This isn't the first time in the last 3 or 4 years that their UK on/off ramps have disappeared.
All the blame can't be on binance as they did try to comply only to have their new uk partner removed from the list. Uk gov and the Fca are trying to shut out retail investors under the guise of protecting people this is total BS as you can still go to the bookies and blow your lifesaving if you wish.
It's political east west. . The world is going towards WW. If you have been sleeping
Great content. I made a few withdrawals recently from Kraken to Barclays. No problems whatsoever.
Glad it was useful! Well done and thanks for the update!
Me too! I closed my account with Chase UK Bank and opened Barclays a/c on and off ramping via Payward absolutely seemless
How long did it take for the money to deposit?
@@shahidhamid962 Almost immediately!
An extremely wealthy family of Redtshields are connected to kraken.
Transferring money from Halifax account to Kraken had some issues about a month ago - every time I had to do a 30 minute call with the fraud department, luckily one day they stopped bothering.
A trick I have found generally with banks is to schedule the transfer, don't send it now. It is less likely to get stopped by their fraud teams.
I don’t think you spoke about off ramping. Most banks won’t allow you to deposit fiat from selling crypto (via an exchange ) I am surprised more people aren’t talking about this issue! Only BTC biker on RUclips..
Hi James Monzo works great for UK 🇬🇧 cryptonians 💪
I used Binance all last cycle and it was by far the best and I hope they find a new UK partner !! Great videos and thanks 🙏
Thanks for the update and I'm glad the videos are useful!
BARCLAYS, no problem yet
Hugely helpful. Binance emailed me 45 minutes ago to say existing UK users will not be able to use Crypto Loans or Swap Farming after January 4th 2024 and that the services outstanding loans and rewards will be resolved by 29th January 2024.
Same for me - we are being baby-seated by our government - crazy.
Thanks for the update and am glad it was helpful! I actually covered Binance in a previous video here in November: ruclips.net/video/v2_6od2mlQk/видео.html. They are seemingly still trying to comply with FCA regulations and find a new UK approved company that can offer crypto financial promotions for them in the UK
It's the closing of the on/off ramps that bothers me more than anything. We can use self custody to hold our crypto and DEX to trade but it's the getting money in and out that'll be the problem if the markets take off and we want to take profits. Disgusting.
i never managed in the past to get a transfer from hsbc uk to binance to go through, always had to use gemini to get fiat to crypto
i live in 'communist' vietnam and far less regulation around crypto than the uk@@kevinisawake
Coinbase to Halifax and Monzo always been a piece of cake for me
What’s interesting is that the banks have no issues with the amounts you bring in from crypto
Yes they do. An acquaintance got questioned over it from her bank.
Yes they certainly do! We’ve been told they won’t accept it!!
Which crypto platform do you advice me to invest with?
I've used Mexc, Nexo and Kraken within the past month to buy and transfer crypto in the UK.
Don't use MexC - too much risk, they are a bad actor
When did you open nexo account ? Just tried to open new account, will not allow.
No, I posted this yesterday as a reply to another comment about Nexo:
Nexo is not currently registered to operate in the UK and is not accepting new UK users at the moment.
However, it has reduced some services to try to meet with the new FCA regulations (e.g. removed Nexo Pro, Cashback, Referral and Affiliate Programs, the promotions it runs are not available to UK or US users...) and it is apparently currently in conversation with FCA-authorised firms based in the UK to try to get approval.
I contacted their customer service team and they were proactive and ready with their response, so I think they are trying to get approved in the UK:
"...we have temporarily phased off new registrations and access to our website for UK nationals.
Nexo remains steadfast in its commitment to the U.K. market, prioritizing compliance and ongoing dialogue with FCA-authorised firms. This collaboration underlines our shared goal of fostering a vibrant crypto ecosystem, transcending mere compliance. Our proactive approach to regulatory changes is central to our mission, ensuring that our platform not only adheres to FCA standards but also offers a hassle-free experience for our users...
For further details, please read more here: nexo.com/blog/nexo-continued-commitment-to-the-uk-market"
I’ve been with Nexo for a few years so hope they get renewed access to the UK as they have my main stash
Though I’ve started moving assets to a Tangem wallet and an looking into DEXs
I use a cold wallet for 95% of my holdings but still often use Nexo for spot buys that I don't want to stake or trade with as they are so quick and are reasonable value for money. Use a couple of others exchanges for trading but Nexo certainly has its uses. @@RandomUser25122
Thanks very much james, great video.
I trade on the Binance Exchange using a third party AI,
things are working now but for how long i don't know all my on and off ramps are on the list you showed!
will have to rethink my strategy, need to get out of the rat race.
Thanks for the comment and am glad it was useful!
MEXC has 120 hour wait on crypto purchases from the UK.
The customer service is shocking as well.
There not FCA regulated but their fees are incredible cheap.
Binance, swissborg and kracken work fine. Swissborg and Kracken for on/off ramps and binance to sell, buy or trade. Revolute, barclays, RBS and monza are crypto friendly banks
Thanks for info. Once you’ve sold in binance do you just transfer to kraken to withdraw to Revolut or Monzo?
I generally use swissborg as only recently started using kracken.@donkeykong..
EToro you can use too.
I use etoro and nationwide are fine.
Yeah I have had no problems with etoro 👍
Are Kraken actually regulated as specified here? The only reason that I'm asking is because in the small print shown at the bottom of the Kraken page it says that cryptoasset services offered by Payward Ltd are unregulated. If I've missed something I'd be grateful to know.
I wish somebody would regulate the British Government.
Exactly. On, one hand regulated on another unregulated😮
OKX introduces new UK rules under FCA requirements:
crypto.news/okx-introduces-new-uk-rules-under-fca-requirements/
Wow! Thank you for creating this video. When I was living in Turkey, investing in crypto exchanges was a breeze - it was easy and quick. However, since relocating to the UK, my experience with crypto has been almost like going through hell.
Great contact James. Will be reaching out in the new year to discuss crypto tax guidance from you.
MY CDC experience has forced me to seek alternatives to trading Crypto in the UK specifically off/on boarding. It has become almost impossible for a UK resident, and even worse if you are a Retail trader
Bitget axed the UK today no email warning either which really sucks! At least other exchanges emailed you in advance
Any UK crypto exchanges allow you to buy SPOT only. The rest of the stuff you are blocked by Uncle Sam to baby seat you adults who dont know what you doing with your money they say.
I got emails from bitget, 1 said they are delisting 10 GBP pairs as I presume no-one uses them and they have little liquidity, then the other said they were temporarily disabling GBP deposits for a system upgrade, other than that everything seems to be working fine
Would maybe be good to have a video on explaining how to off ramp and which banks are best for this? I have heard that banks can freeze your account if they see it as suspicious activity, so how do you navigate this? Good video though, thanks 👍
Thanks for the comment and I'm glad it's useful! It's difficult to create definitive advice on which banks will accept on ramps/off ramps from exchanges, as they seem to differ a lot and there aren't many that will accept transactions. There was a post on this in my previous exchange video where people mentioned the banks that were working for them if you wanted to check that out. Revolut, Monzo, and some people had success with Barclays it seems, but again they may not work for everyone
Nexo is sound and works well.
Thanks for the update James. Great video, happy new year!
Glad to hear it was useful and thank you! Happy New Year!
Was able to on-ramp fiat to Bitget for the last few months up until last week from Halifax but today it failed. I think they have just been chopped. Will try from HSBC but not confident
Thanks for the update!
Hi James. thank you for creating your Uk crypto channel . After 6 years of banking crypto profits into TSB bank im told its to risky for me to continue , so in my own interest and safety they blocked future transactions !!.
I hope when the BITCOIN ETF is cleared to start trading on the stock market , the banks will be forced to treat crypto as an asset . I would be keen to get your view on this .
Many thanks.
G.
Why are people allowing this? Crypto should be used as an alternative to money. There is no need to involve banks or governments. It is a step towards an anarchist option which would offer us a better life. Politicians can't do anything about it unless we allow them to become involved.
Do you have any idea the technology and effort that would take? Fees? Networks? Just buying the crypto currency itself? The government don’t like that we have our own assets stored on a blockchain which you need key phrases for. Unfortunately it’s a war
@@charliehallett8760 Yes it is a war. So why allow the enemy to just walk in and tell us they are taking over? We need to stop listening to politicians and think for ourselves. I would abolish capitalism completely. But having our own currency with no government involvement is the next best thing.
Thankyou for this video.
I’m doing research into my future need to off ramp crypto.
As a U.K. bloke, Im planning my usdt to fiat future issues. I could always welcome hmrc along for the journey 😉
Same here. I'm beginning to stress that I won't be able to convert my crypto to GBP and then withdraw it with all the barriers in place in the UK.
I need to trade derivatives on an exchange - seems this is blocked for UK users. Why? Why are we being baby-seated like this - why? We are adults who want to do as we wish with our earned and fully taxed money thus even if it means losing it all on a trade.
All under the guise of protecting consumers. Only applicable to 'retail' consumers. You would need to use a DEX, but please DYOR. I did a video with an update on crypto derivatives that you can check out here: ruclips.net/video/sVNnUpcdixY/видео.html
@@jameskay428please stop saying such bullshit like protecting customers.
Smoke is not good for you. Neither alcohol or sugary food. Should they ban your purchases on those goods?
Hence I said 'under the guise of'. I was simply answering the question and didn't say I agreed with it!
@@jameskay428 ok, let me put it this way especially if you said "I didn't agree with it" - nor say u did... regardless
if you're in crypto space you do it for some idea behind it i guess so as honorable person you should say i.e
"banks are shitting their pants brown up to tits as they realize people no longer have trust in corrupted fiduciary currency so they do whatever they can, even illegaly, to stop you from transfering currency to real money as they would simply lost a job and start shoveling road ditches as where their place is"
But to say that, of course in slightly more polite manner, you need to have balls, piss on political correctness and say something people are so scared: TRUTH
by pushing forward propaganda nonsense, language they use, you just approve it. Remember ricky gervais? No longer yo can say pedophole but child addicted.
Please respect your viewers and if you give answers dont behave like copy paste answers, I got that enough from chat bots I must deal with anytime I want to fight for my rights
@@jameskay428 I just received this email today 🤣😂 ::: Dear Binancian,
We are writing to let you know that we will stop offering Swap Farming and Crypto Loans to UK users from 4 January 2024 to ensure our ongoing compliance with local regulatory requirements.
Please refer to the details of the changes and take any actions necessary to avoid potential losses:
Crypto Loans
Trading and subscription will be blocked on this date by 4 January 2024. If you have an existing Crypto Loan, please close out any outstanding loans before 29 January 2024 to avoid potential losses due to loan liquidations.
Swap Farming:
Please take note that trading and subscriptions will no longer be available from 4 January 2024. Any remaining rewards will be claimed from 29 January 2024.
Thank you for sharing your knowledge
can you make a video on the best uk banks to use, thank for the excellent content for the uk
Lloyds bank is good for crypto, santander and natwest bad for crypto from my experience using all of them above
Barclays is great. They are friendly to Crypto and it shows by their Barclays mobile app - when sending money, they have transfer reasons and one of them is "investments or cryptocurrency". I've not had a single issue with them.
Thanks for the information about Lloyds, I have heard that too. Also agree with NatWest not being good
Thanks for confirming and for the comment! This is the second comment praising Barclays
I had problems with Lloyd's multiple times blocking my crypto transactions to coinbase. This was a couple of years ago so maybe they are more pro crypto but I seriously doubt it being a traditional bank. I use monzo now, far better service than Lloyd's and crypto friendly. In the last bull run many had issues with Lloyd's, at the time monzo also blocked crypto transactions but they have u turned thankfully. During this time I used nationwide for my on ramps as they are a building society and won't block international payments. Which is a good option for everyone If faster payments stop working to the exchange you like. Can just take a bit longer for the cash to get there.
Glad I found you James great upto date content .!👏👏👏
That's great to hear and thanks for the comment, I really appreciate it!
are these all the FCA approved exchanges we have access to in the UK? have you thought about making a video about UK crypto friendly banks?
very helpful james, thanks
Glad it was useful and thanks for the comment!
Hi James, Great video i have used Kraken for 1 year with no problems also use Kucoin which is not regulated with the FCA been using them for about 2 years with no problems.
Thanks very much for the comment and information! Glad the video was useful
Can I buy crypto from kucoin if am in the uk
Kucoin does not seem to allow GBP deposits.
@pyroluke2010 Kucoin stopped fiat deposit for GBP this week due to the fca but you can still transfer crypto onto Kucoin. 😁
For GBP Deposits I have used Swissbourg and Kraken both no problems both good Swissbourg more expensive but easiest and there within seconds. 😀
James do you know much about the Binance trading policy in the Uk? We can’t appear to take part in Launchpools or Launchpads on Binance, but no information as to why and the official response from Binance on twitter doesn’t even list the UK as a country that can’t partake. Real lack of information on how Binance can trade in the Uk at the moment
You can still indirectly participate by holding the token or BNB and gaining temporary large APY increases on relevant platforms on the BNB Chain. Although I made a video on Binance explaining why UK users have essentially lost access to it. You can check that out here: ruclips.net/video/v2_6od2mlQk/видео.html. I also did a video with an update on crypto derivatives in case that is of interest: ruclips.net/video/sVNnUpcdixY/видео.html
Thanks, James it's really informative. please keep it up.
Thanks for the comment and am glad it's useful!
I look forward to the day when we can avoid banks and just buy anything with Bitcoin as we do now with cash. I think it will come and that's what banks are afraid of.
I think this is decades if not longer away. Bitcoin can’t currently compete with the volumes of transactions that the likes of PayPal, Visa and Mastercard can process and record without increasing its block size (which people have tried and failed to implement).
Imagine the processing power every node on the network would need to replicate the ledger of every transaction made every single day 👀
What Bitcoin is perfect for, is as a store of wealth. Just as good if not better than gold. Hold what you have, keep buying more where you can afford to and don’t ever sell. Of course, this last bit is just my opinion! :)
EToro offers cryptocurrency
BitGet has temporaliry suspended deposits and withdraws
From 30th August, 2024 Kraken Futures will no longer service professional clients in the UK.
Coinbase, swissborg, LCX
Thanks for the comment! I am not sure how much longer Swissborg and LCX will be available for UK users to be honest as both are not registered. LCX say they their team is working on it in the background, but there is no news yet
You forgot Uphold. Easiest exchange to use in my opinion
I did include Uphold at about 5:20 in the video. But thanks for the recommendation!
Well done, thank you for your information
Thanks for the comment and am glad it was helpful!
SwissBorg are good on off ramp for UK. HSBC and monzo work with it. I don’t think it’s regulated though by uk.
Agreed, Swissborg is an excellent platform for on-off ramp (and they're working diligently towards securing FCA registration).
Their email last night 19/03/24 was a little scary about no more deposits until future notice - i have unstaked everything and am pulling off the platform till its all sorted.@@paulanthony7002
I’m in the UK. I’m buying Bitcoin from Swan which requires purchases to be made in US dollars via a Wise account.
Not bothered whether it meets any approval.
@@alan6 (BTC, ฿, ₿) BTC is Bitcoin! Swan sells nothing else.
Revolut ->Coinbase->Binance->Coinbase->hardware wallet
Uphold and swissborg work well for me 👍
Thanks for the comment! Uphold is FCA approved, but I am not sure how much longer Swissborg will be available for UK users to be honest as it's not registered yet.
Not as of today. Shame as SB have been so epic so far. Did you see the emai?
i've had not issues from hsbc to gemini and vice versa in the past. although hsbc did like to verify each transfer by phone. although now they have enforced a 5K a month limit to exchanges....
It happened to me as well
Thanks James for your useful video!
I used the Kraken from Uk a few days before and i could do everything! I could buy USDT from Barclay`s.
Thanks very much for your comment and glad it was useful! It seems like Kraken and Barclays are certainly working for a lot of people
Thanks for the update. Which investment platform do you advice for some that wants to invest in crypto.
Have used coinbase with natwest with no problems. I did have issues with binance so moved everything over and no longer use them
I heard the fees are high on coinbase. Any experiences on that?
Coinbase is a NIGHTMARE because of these changes. “Restricted investor” no more than 10% bs. I just need an exchange that lets me off ramp MY money.
OKX closed my account and not available in the UK!
Coinbase sucks
currently on/off ramping with coinbase and trading on kyc'd bitget exchange. living in jersey channel islands uk. thank you for these great updates
Glad they are helpful and thanks for the update from Jersey!
Using binance got me de-banked in the uk.
Caused me massive problems.
What's happened?
Well explained ! Tks
Thanks for the comment and am glad it was helpful!
I bank with lloyds and mostly use Binance and have had no issues buying crypto and withdrawing off the cex. But i can confirm there is no option now to convert crypto back to fiat. Does anyone know the best exchange to use on and off ramp services and had no issues? Thanks
Hello James, Do you have an affiliate link for HTX? I see some negative reviews on it so I’m just wondering what you think. I also live here in the UK. thanks, Philip.
Uk gov wants you to soon buy crypto from them, with their fee... Meansbif btc is for 50k, uk bank can sell you it for 52, but if you want sell, peopabky arround 48. Make my words
Thanks James for the video. It is quite helpful. Any idea when Binance will be back to work in UK?
Thanks, am glad it's helpful! No idea about Binance to be honest, it has been putting things in place to try to meet with the FCA requirements and has been trying to find a UK company to run its crypto promotions, but has been unsuccessful so far. I'm sure what happened recently in the U.S. hasn't helped its case with the FCA either
Swissborg is fabulous. Works fine in the UK. Cannot stand the nanny state UK approach to this.
OKX will delist 11 privacy tokens on 4th and 5th January 2024 including Monero, Zcash, Dash and Horizen. cointelegraph.com/news/okx-exchange-delist-privacy-tokens
So avoid all the ones the FCA have listed, gotcha!
Thanks for the comment, love it!
REPEAT BITGET IS DONE NOW ALSO
Great work 👍👍👏👏
Thanks!
best one out of the above mentioned for simple long and shorts (standard futures)? trying to find a website thats nice and easy for long and shorts like bing x, needs to be open 24/7
I have been using kraken for years with no issues.
We in the UK should be INNOVATORS in the crypto space. The FCA needs YOUNG PEOPLE to take us forward, not old farts who still ask their grandkids to show them how to do online banking.
Leaving the UK before end of this bull run for good ...I'll spend my crypto profits in Europe
I've recently joined OKX, but discovered it doesn't have a FIAT on/off ramp.
Thanks very much for the information and update! Perhaps OKX is waiting for its payment provider to gain approval in the UK? Think it partnered with Alchemy Pay according to this: finance.yahoo.com/news/okx-deploys-alchemy-pays-fiat-094500219.html?guccounter=1&guce_referrer=aHR0cHM6Ly9zZWFyY2guYnJhdmUuY29tLw&guce_referrer_sig=AQAAAFf2bjI23KjsWxRxjxfrP-X2Ufn0MT_rUlEcEFSKhBY-WWww8C5O3jYs81zVFGRYzSF-OJ4l3vHYbAFERj-2MJTPcF9-Wh1kLclYmvPyXH09eUiWYgln0nJhCT-NQS-dISjcpSzmVVZO2AjcP8kCrLeHobX2wAnOh5IAqJ6Xkrjd
Just found your channel. Great video! Clear, concise and informative, if a little disheartening 😔So how are people who had existing accounts and funds with Binance off ramping into their U.K. bank accounts?
James, just ask Matt and Rishi what way they are using to invest in crypto.
I am UK based and use Barclays to Kucoin without a problem but Revolut for me doesnt work any longer.
So go with exchanges that aren’t regulated then
I'm in the uk and use etoro with no problems, but there's not many coins on offer. I'm also using binance and I'm slightly concerned that I won't be able to withdraw my money, any tips would be much appreciated?
You could send it to another exchange and withdraw it from there if needed
No mention of the only Fintech floated on the UK stock market. Tap Global 🙈
Buying not the problem you need to cover the exchanges implementing the Travel Rule which prevents you from withdrawing from an exchange to a non custodial wallet.
WTF that should be illegal, that’s like saying you can buy this bottle of water but you’re not allowed to let anyone else drink it. How can they have that much invasive control.
Luno which has a wallet in London and many other countries they have been in London for many many years
good job
I added kraken after you said it was OK for UK. You can't convert dollars to pounds other than small balances it's pointless using it if you can't get your money converted 🤷🏻
That's annoying, so you have to withdraw dollars from the exchange? It's been approved by the FCA to operate in the UK and has partnered with a UK company called Payward Ltd that's based in London, so perhaps there are plans to offer this soon. You could try to contact their customer service. It suggests on the Kraken website that you can withdraw GBP and other currencies: support.kraken.com/hc/en-us/articles/360000423043-Cash-withdrawal-options-fees-minimums-and-processing-times-
You what?.. You can withdraw gb fiat no problem.. Why don't you convert to a stable coin and sell
@@jameskay428 You can definitely withdraw GBP. 🙂
Kraken 🐙
Thanks for clarifying!
Sell crypto into GBP or into USDT. Then buy GBP with USDT, or send USDT to an exchange where you can convert (e.g. Nexo).
Basically no exchanges available in the UK.
Great video, thanks ! Which Crypto exchange with a visa card available (for instance binance has a the binance visa card) is your personal favourite or the one you would recommend ? Thanks !
I use kraken and Coinbase Australia
Amazing, thanks for the comment!
I'm with revolut and have not seen any changes with the rules. I did have to answer some silly questions about how much I have bought and going to buy but that's the only thing I have seen from the norm..
They've just stopped staking services for new clients, I don't get why really but obviously the FCA doesn't like it. 😡
@@shanus101 ahh ok thank you, I was freaking out a bit 😅
The thing that really gets me is that I didn't ask or even vote for these changes. A) why can't receive staking reward but can get interest my bank, albeit not much.
B) why should I pay income/ capital gains tax and tge government reap the rewards for my risks.
I can go to a betting shop a blow an month's salary, bet on horses or bet on one arm bandits all day and night. Seems one sided to me and really unfair. 😢
Revolut will not allow staking no more from 8 jan or something ,till then you can still stake after you can keep stake what was previously there and get regard till you decide to unstake
Where can I trade IOTA in the UK that I currently hold. Getting worried about hodling this coin now 😢
Etoro
Thanks for the content... on ramp to kraken and then bitget for derivatives, not sure how long that will last though,as they are planning a uk only site which i guess wont allow futures
Is why anyone that's done well is moving from uk to Dubai
Mexc works fine for me.
I believe MEXC isn't approved with the FCA in the UK, so I'm not sure how long it will work for UK users. Let's see. The exchange was also warned in Germany for not registering there. There have been recent reports on X of users having their funds and transactions frozen on the exchange, so I would urge caution and please do your due diligence
is Etoro authorized in UK? Thanks!
You don't believe you own the crypto asset on etoro, you can't withdraw to wallet?
Binance and OKX south east Asia
Thanks for the comment and information from South East Asia!