- User Experience
- Customer Service
Solidi Review Summary
As the name suggests, Solidi is a sound option for buying Bitcoin, Litecoin, or XRP in the UK with GBP.
The exchange brings together different brokers on a peer-to-peer platform that works directly with Faster Payments. Buyers and sellers benefit from an easy user interface, and monthly saving options to allow for pound cost averaging (this feature is coming soon!)
Is Solidi legit?
The exchange is regulated by the UK HMRC for Anti Money Laundering as a Bureau de Change, and is rated very highly on Trustpilot with an average of five stars from more than 70 reviews. Solidi is a former participant of Accelerate Cambridge — a startup accelerator program at the University of Cambridge that provides startups with advice, resources, and mentoring.
The exchange is pursuing registration with the Financial Conduct Authority (FCA) as a Money Services Business, and is a member of the third cohort of the FCA’s regulatory sandbox—an initiative that allows innovative firms to test new products in a live market with certain protections in place.
In terms of track record, Solidi has not been subject to any known security breaches and claims to have successfully processed hundreds of millions of pounds in transactions with a fraud rate of less than £3 per million.
Perhaps most reassuringly, Solidi has a UK phone number on the website so you can get in touch for help if you have any problems. (Disclaimer: I haven’t actually tried calling them yet).
Bitcopy Rating: 8.5 of 10
- Fees: 8
- User Experience: 9
- Security: 9
- Customer Service: 9
- Buy, sell, and store Bitcoin, Litecoin, and XRP
- As a broker-backed exchange, Solidi is not the only buyer and seller on the Solidi platform. Other brokers use Solidi’s automated system to buy and sell cryptocurrency 24 hours a day.
- Solidi vets all brokers on the platform
- Fast deposits and withdrawals: GBP deposits are processed instantly with Faster Payments (50p charge) and withdrawals can also be made in less than a minute — making Solidi one of the fastest ways to sell your bitcoin for pound sterling.
- Low fees
- Personal service with fast response times from support
- All transactions are double-checked and secured by Escrow.
How Solidi works
As a broker-backed exchange, Solidi matches buyers and sellers with brokers. These brokers buy and sell 24 hours a day, meaning there is plenty of cryptocurrency for Solidi customers to buy or sell.
Brokers registered with Solidi must pass a vetting process, and be registered and verified.This means customers don’t need to concern themselves with vetting brokers, or getting stiffed on a deal. And, customers don’t need to trisk identity theft by providing their valuable identity documents to the broker, -as on services like LocalBitcoins
Solidi is one of several broker-backed exchanges in the UK, including Bittylicious.
Solidi Fees: 7
As a broker-backed exchange, fees are set by individual buyers and sellers. Most brokers will make a profit by selling slightly above exchange rates on bigger exchanges like Coinbase or Kraken, but Solidi benefits from not having any hidden fees.
Overall, fees on Solidi are some of the most competitive available to British crypto buyers that don’t want to use a complicated exchange.
To quickly compare prices, you can use BittyBot.
Solidi Deposit Fees
Pounds can be deposited within minutes by bank transfer for just a 50 pence fee, though certain banks are not approved. Faster Payments are accepted from both individuals and businesses.
Solidi Withdrawal Fees
The cost of withdrawing funds from Solidi depends on how quickly you want the transaction to be processed. There are two options:
- Instant — if you need cash fast , you can get the money almost instantly via Faster Payments. This option is limited to £500, and is charged at 0.00020 BTC.
- Free — free withdrawals are processed within 8 hours, and you can send up to £25k in a single transaction.
User Experience: 9
Solidi advertises itself as the easiest place to get started with Bitcoin, and this is quite close to the truth. The user interface is silky smooth, and you can sign up and verify your address in less than five minutes.
But if you want to buy more than £12.50 of cryptocurrency every 10 days, you will need to upload identification documents to increase your buying limits. (I uploaded my verification documents on Saturday morning at 12 noon and they were processed the following day).
To increase your limits to £10,000 per month you will need to record a quick video from your web browser to verify your identity. This is very quick and easy to do.
Trading Limits: These bothersome limits are not unique to Solidi. All exchanges in the UK are governed by laws that set a monthly limit on the amount that can be traded without proving your identity. These limits can be increased by completing Know Your Customer checks by submitting photo identification such as a passport or driving licence. While authorities argue this verification helps minimise fraud and guard against criminals using hacked bank accounts, KYC can still be fooled by fake documents.
.Solidi has a unique approach by prompting users to verify themselves through a quick video. Personally I found this to be far easier than fannying around trying to photograph annoyingly reflective identity documents.
The Solidi web interface is very smooth and minimal, and the website works well on my Android phone. The Solidi app is currently under development and expected soon-ish!
Solidi does not yet buy or sell Ethereum because of the complex deposit requirements required, but the functionality is in development.
Reassuringly, Solidi is part of the FCA sandbox and supported by Cambridge University.
The website that Solidi stores 100% of funds offline in cold storage, which is generally thought to be the most secure way to store cryptocurrency. CEO Jamie confirmed to me via email that this is the case, but that the exchange also uses a hot wallet to hold company funds for ease of access.
All trades are apparently double-backed and conducted by fully ID checked and verified brokers.
Solidi claims to use advanced monitoring systems that make levels of fraud on the platform 100x lower than competing British platforms.
Customer Service: 9
There is not yet any live chat available on the website, but I submitted an email enquiry about brokering and received a fast response. Trustpilot reviewers also report swift response times from customer support via email. For emergencies, there is a UK phone number available on the website.
Solidi Review: What else should I know?
- Solidi is currently testing an automated purchase platform that would allow you to make regular investments in cryptocurrency without having to manually buy each day, week or month. If you’re interested, you can join the besta test by emailing email@example.com. (This could be a good way to stock up cheaply with bitcoin as there are no fees on the trial.)
- An anonymous Solidi representative — SolidiFX — is active on Reddit, and often pops up with advice on buying and selling bitcoin in the UK.
- Solidi founder Jamie McNaught hails from the investment banking world, and has been involved with cryptocurrency since 2011. You can follow him on Twitter here.
- The word Solidi is the plural form of solidus — a gold coin issued by Constantine in the late Roman Empire that was great ‘sound money’ for two centuries before eventually ending up worthless after successive emperors debased the coins with copper)
Is Solidi not the exchange for you?
Check out these alternative British bitcoin exchanges: