Vela Exchange saves me a lot of hassle…
When London Gold Exchange developed the new Global Digital Pay e-currency it upset Liberty Reserve to the extent that is no longer possible to buy or sell Liberty Reserve via London Gold Exchange.
For me that created something of a headache as I had gladly used London Gold Exchange to buy and sell Liberty Reserve for several years. The service was fast and efficient and as I could make deposits directly from my UK bank account it saved several intermediary steps.
I thought I would have to resort to using bank wires to an e-currency exchanger who would then provide the Liberty Reserve I needed.
Bank wires are effective but they can cost quite a bit especially if intermediary banks are involved and there is generally a time penalty involved whilst the system grinds its way through.
I decided that pain of bank wires was a bit much to bear so undertook to do some more investigation to see if anyone else was out there who could provide the same service as London Gold Exchange.
What I found was Vela Exchange. Here I could transfer funds directly from my UK bank account, obtain Liberty Reserve all at a reasonable fee. So it seems that once again I can rest easy knowing that my fund transfers will be quick and easy.
The Vela Exchange website is pretty basic and opening an account is very straightforward. You use an email address and password and you have to verify your details from an email sent to the named account. As with other processors you have to provide details of id and proof of address but this is pretty painless and they have live assist available if you run into problems. My account was setup within and hour and even though there was a problem with their online banking connection for a short while I transferred funds to my Liberty Reserve account very quickly, much faster than a bank wire would be.
So if you miss the convenience and efficiency of London Gold Exchange to buy and sell Liberty Reserve don’t despair as Vela Exchange is just as good (although the website is of a simpler design).
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Nice writing style. Looking forward to reading more from you.
Chris Moran
I’m glad to see you blogging about Liberty Reserve. I’m using it almost daily for sending and receiving payments Happy camper here
I tried to buy LR using my UK bank account, but they stopped this saying that it was not possible. I could only use my Credit Card, after becoming “verified”. For this I would have to supply them with a lot of information, including a photocopy of my credit card (front and back).
I would have no problem with this except . . . . . .shouldn’t that work both ways?
They claim to be “a licensed and accredited Digital Currency Exchange Provider”. Licensed by whom? Accredited by whom? I cannot find ANY information about Vela Exchange anywhere! Especially, not on their website.
Arch: Vela have had this policy for some time now although their website has not been updated to reflect this. I’m no fan of payment processors to be honest but when they were accepting bank transfers Vela were pretty good. To be honest I’ve pretty much given up trying to obtain LR as it’s becoming an increasing hassle. Perhaps other readers have some suggestions.