- User Experience
- Customer Service
Bittylicious is a peer-to-peer marketplace that taps into the UK Faster Payments network to let anyone with a UK bank account quickly buy cryptocurrency. But this convenience comes at a cost. Brokers on Bittylicious charge a steep markup, especially if you’re only buying small amounts of cryptocurrency via debit card or bank transfer.
As Bittylicious is a non-custodial exchange, you will need to set up your own wallet to receive your cryptocurrency. This added complexity makes Bittylicious a poor choice for new cryptocurrency buyers.
If you’re looking for a cheaper and easier way to buy cryptocurrency in the UK, try Solidi or Wirex.
Is Bittylicious safe?Established in the summer of 2013, London-based Bittylicious is one of the oldest British Bitcoin exchanges. While it is not as closely regulated as Wirex, it is a legitimate business and represents a well-trodden path for Brits buying bitcoin with over one thousand positive TrustPilot reviews. Bittylicious CEO Mark Warne has been active in the crypto community for years, and has staunchly defended cryptocurrency from the censorship of banks.
Bitcopy Rating: 8 of 10
- Pricing: 6
- User Experience: 9
- Security: N/A
- Customer Service: 7
Buy and sell 12 cryptocurrencies: Bitcoin, Bitcoin Cash, Dash, DigiByte, Dogecoin, Ethereum, Feathercoin, Groestlcoin, Litecoin, Stratis, Vertcoin. (Be aware that liquidity is very limited on these smaller coins so they may not be available).
Quickly and conveniently buy small amounts without verification
Buy crypto with British pounds, euros, or dollars from anywhere in the world with a credit or debit card
Bittylicious Pricing: 6
Bittlycious does not charge fees directly. Instead, brokers are charged a fee, and this fee is then passed on to the customer through the markup. This effectively means you end up paying a higher price for bitcoin than you would on other exchanges. On the flipside, if you are selling to a broker they will also only offer a price lower than available elsewhere.
To get an idea of the price bitcoin is trading at across all exchanges you can check Brave New Coin’s Bitcoin liquid index (BLX). This provides an average bitcoin price based on activity on the most reputable exchanges.
You can check the markup of other cryptocurrency brokers using BittyBot.
User Experience: 7
The appeal of broker-baked exchanges like Bittylicious and Solidi is that they take all the bother out of dealing directly with brokers. Instead of having to fumble around proving your identity and chatting with a seller or buyer, you can meet through a centralized service which has already independently verified each party.
Against the spirit of bitcoin and peer-to-peer transactions? Perhaps… but also much easier.
To buy more than around £50 worth of cryptocurrency on Bittylicious you will need to verify your identity. This means surrendering your mobile number, along with photos or scans of documents confirming your name and address. The more documents submitted for verification, the higher your buying limits are lifted.
CAUTION: Although the streamlined Bittylicious interface looks appealing, it is only one half of the story.
Unlike competing service Solidi, Bittylicious does not store customer funds because it is not a custodial exchange. This means that before buying cryptocurrency on Bittylicious you will need to set up your own wallet for the cryptocurrency you intend to buy. Sure, this might be simple for those who know, but it does make Bittylicious more difficult for beginners to use.
In its own buying guide, Bittylicious recommends generating a web wallet—specifically Blockchain.com for Bitcoin and Ethereum, and GreenAddress for Bitcoin alone, or buying a hardware wallet.
As a non custodial exchange, Bittlycious sidesteps the responsibility of actually keeping your cryptocurrency safe. No customer or broker funds are actually held by Bittylicious, so there is no opportunity for a security breach.
To keep customers safe, all Bittylicious needs to do is verify the broker by checking their ID, and securing the transaction between you and the registered broker.
Transactions are secured through escrow: Both parties place funds in an escrow contract, and then once the broker confirms that payment is received, the cryptocurrency is sent to your chosen wallet.
Customer Service: 9
Bittylicious has live chat support, but it doesn’t run 24/7 and the user interface isn’t particularly appealing. It looks sort of like a developer chatroom from 1998.I emailed the support team at firstname.lastname@example.org with a small query during UK working hours and received a response five or six hours later.
Bittylicious Review: What else should I know?
Bittylicious is almost as old as Coinbase, and has outlasted some of the most iconic exchanges like Mt Gox.
Bittylicious celebrates its birthday on Bitcoin pizza day.
- Founder and CEO Marc Warne denies any association with the Destiny’s Child single Bootylicious, or Snoop Dogg who actually coined the term!
Bittylicious vs Solidi
- Bittylicious’ closest competitor is Cambridge-based Solidi.
- Solidi is preferable for beginners because it is custodial: The exchange has a built in wallet that lets newcomers store their purchase before they send it to their own wallet. (Remember—not your keys, not your bitcoins!)
- Brokers on Solidi also typically offer better rates than Bittylicious.