BC Bitcoin Review (2018)

BCBitcoin.co.uk
  • Ease of Use
  • Beginner Friendly
  • Payment Options
  • Speed
  • Fees
4.1

Summary

BCBitcoin.co.uk is a UK-based cryptocurrency brokerage who have great customer service, are easily contactable, and will process orders for any cryptocurrency. The only downside? For purchases less than £5000, you’ll pay 4% in fees. In the bitcoin (BTC) market, that’s not competitive. For other cryptocurrencies (e.g., monero), it might be.

Pros & Cons

Pros

  • Process orders for any cryptocurrency.
  • Transparent and upfront fees (no additional costs).
  • Makes it simple and easy to buy/sell bitcoin.
  • Friendly & professional customer service.
  • Easily contactable (even via WhatsApp).
  • Low minimum order value (£100).

Cons

  • They’re not a 24/7 service (Mon-Sun, 8am-8pm).
  • High fees (4% for purchases less than £5,000).

Who Are BC Bitcoin?

BC Bitcoin is a UK-based cryptocurrency brokerage which was established in October 2017. They’re listed under J&M Trading Limited on Companies House (1138596), with Jamie Green and Mark Lemon listed as the directors. Their team is made up of veteran traders and investors.

They offer standard services like other cryptocurrency brokers, where they’ll buy and sell various coins. However, they advertise themselves as bespoke brokerage service who will customise their service to suit each individual customer.

What makes BC Bitcoin unique?

Here’s what they said (in full) when I asked them what made BC Bitcoin unique (I’ve bolded the main points).

Our service can be tailored to the clients specific needs and instruction, this gives them a lot of flexibility.

We are easily contactable and our customer support is unrivalled.

We have never turned a customer away or failed to assist them with any technical difficulties. I have even personally visited clients to assist them at no charge. Purely to help more people to engage with Cryptocurrency and resolve technical difficulties such as token migrations, wallet maintenance or upgrades, etc. (we really do care).

We are transparent with our fees. You will never receive any additional costs as we will bear all costs associated with transactions. Exchange rate, trading fees, withdrawal fees, etc. Once we receive a payment we look across the best exchanges, markets, and liquidity to fill the order at the best price on the customers behalf.

Our team is made up of veteran trades and investors. We deliver significant savings and value to the customer in service and trade execution.

All information is transparently communicated via our transaction reports.

They currently have a 5* Trustpilot rating, with 64 reviews. I found lots of praise for their professional customer service and how easy they’ve made the buying/selling process.

How’s It Work?

The buying process for a completely new customer would take about 30 – 40 minutes.

Here’s how the process would look:

  • Create a new account (2-3 minutes).
  • Submit ID documents for KYC compliance (5-10 minutes).
  • Place an order and make the payment (5-10 minutes).
  • Once payment arrives, BC Bitcoin checks that the wallet address is valid (2-3 minutes).
  • If it’s valid, they’ll purchase and send the coins to you (5-10 minutes).
  • Finito! You’ll be emailed a report of the transaction and asked to confirm when the coins arrive in your wallets.

Supported Cryptocurrencies

BC Bitcoin support all of the most popular cryptocurrencies (including Bitcoin, Ethereum, Litecoin, Monero, and Ripple). In total, they support 100 cryptocurrencies on their website (which includes most of the top 100 coins listed on CoinMarketCap).

Even if a specific coin isn’t listed, I’ve been told that:

“[BC Bitcoin] support and process orders for any cryptocurrency requested by clients”

Coins listed on BC Bitcoin Website

CTRL-F to check if a cryptocurrency is supported on their website.

  • Bitcoin
  • XRP
  • Ethereum
  • Bitcoin Cash
  • Stellar
  • EOS
  • Litecoin
  • Tether
  • Cardano
  • Monero
  • Tron
  • Dash
  • IOTA
  • Binance Coin
  • NEM
  • Ethereum Classic
  • NEO
  • Zcash
  • Tezoz
  • Bitcoin Gold
  • Ve Chain
  • Ontology
  • Maker
  • OMG
  • Doge Coin
  • Qtum
  • 0x
  • Decred
  • BAT
  • Byte Coin
  • Lisk
  • Tru USD
  • Bit Shares
  • USD Coin
  • Aeternity
  • Bitcoin Diamond
  • Nano
  • Zilliqa
  • Paxos Standard Token
  • Digibyte
  • ICON
  • Aurora
  • Sia Coin
  • Chain Link
  • Steem
  • Bytom
  • Pundi x
  • Waves
  • Verge
  • Populous
  • Augur
  • Golem
  • Maid Safe Coin
  • Holo
  • Cryptonex
  • Komodo
  • Electroneum
  • Stratis
  • WQASH
  • Status
  • Dai
  • IOST
  • Metaverse ETP
  • Ku Coin Shares
  • WAX
  • Moac
  • Decentraland
  • Revain
  • MonaCoin
  • Huobi Token
  • Waltonchain
  • Mithril
  • Factom
  • Ardor
  • ODEM
  • GXChain
  • Insight Chain
  • Wanchain
  • Aion
  • Nasdacoin
  • Bancor
  • Ravencoin
  • Horizen
  • Nexo
  • Dentacoin
  • Mixin
  • Sirin Labs Token
  • Dropil
  • DigixDAO
  • Reddcoin
  • Pivx
  • Polymath
  • Crypto.com
  • Theta Token
  • AELF
  • Digitex Futures
  • HyperCash
  • Ark
  • Loopring
  • Mobilego

Supported Countries

BC Bitcoin’s services are available to residents in the UK, EU, and many other countries.

As of November 2018, these countries can’t use BC Bitcoin:

  • Algeria
  • Bolivia
  • Cambodia
  • Ecuador
  • Bangladesh
  • Nepal
  • USA

Fees

Fees are dependent on how much cryptocurrency you’re buying or selling.

Buying Fees

Fee AmountVolumeRepresentative Cost Per £1,000
4% (minimum £10)£100 - £100,000£40
3%More than £100,000£30

Compared to the alternatives available in the UK, this doesn’t seem like a great deal.

Selling Fees

Fee AmountVolumeRepresentative Cost Per £1,000
3%£100 - £50,000£30
2.5%More than £50,000£25

Again, this doesn’t seem that competitive.

On the plus side, their fee schedule is transparent. They’re not hiding any fees within their exchange rate. They’ll always execute the trade at the best possible market price.

OTC Sales

If you’re an experienced trader or institution looking to make a large buy/sell, then you’ll want to check out their OTC desk. It’s appropriate for purchases/sales which are worth more than 25 BTC. You’ll probably get lower rates than shown above.

Payment Methods

BC Bitcoin accepts the following payment methods:

  • SEPA
  • SWIFT
  • Bank Transfer
  • Wire Transfer

According to their website, they will (on request) consider supporting other payment methods too (on a case-by-case basis).

Their default payment method for UK residents is UK bank transfers (with Faster Payments). This allows payments to be received quickly (usually within 1-2 minutes) by BC Bitcoin.

The buy and sell minimum is £100.

Additional Services

In addition to buying and selling cryptocurrency, BC Bitcoin offers the following services:

  • Merchant Services: Lets businesses accept bitcoin (BTC) payments from their customers (min. £500 spend, with a 2% fee).
  • Trade via Dedicated Broker: Execute cryptocurrency trades through a dedicated broker (via phone) who keeps custody of the balance until requested (for an unknown fee).
  • Escrow Services: Mediate large transactions between buyers/sellers (charges 1% fee, split between both sides).
  • Cold Storage Solutions: Store your cryptocurrencies with BC Bitcoin (charges 0.5% entry/exit fee and 0.75% annual management fee). This isn’t insured, but assets in their possession are guaranteed by the directors.
More about BC Bitcoin's cold storage process

  • Consists of several offline wallets and devices which aren’t held on their premises.
  • Held within regulated financial instructions (e.g., safety deposit boxes at banks).
  • To access these funds, a director must go to the secure premises and complete:
    • ID check.
    • Bio-metric security check.
    • Key card and PIN check.
  • Consistently re-assess possibility of insuring assets, but do currently guarantee assets in their possession (in the event of breach/loss).
  • Prefer to educate customers about safely storing their own cryptocurrencies.

Summary: Best Bespoke Cryptocurrency Broker?

I was impressed by the sheer number of cryptocurrencies which you could buy and sell on BC Bitcoin with a GBP bank transfer. Given that many cryptocurrencies don’t have fiat on-ramps (i.e., you can’t buy it with GBP), BC Bitcoin has made it simple and convenient to buy and sell them.

But BC Bitcoin isn’t cheap. They’ll charge 4% fees for purchases less than £5,000.

In the bitcoin (BTC) market, this isn’t competitive. As I’ve expanded upon in this post, there are numerous options in the UK which are quick and convenient but charge less than 2% in fees. Bittylicious, Solidi, and BeyondCC all offer an equivalent service (in my opinion).

Screenshot from BittyBot.co

Alternative brokers charge less than 2% above the real GBP to BTC exchange rate.

For other cryptocurrencies though, BC Bitcoin’s rates might align with similar options.

When I checked the monero (XMR) market, I found that their rates matched those offered on LocalMonero (a P2P marketplace). While it’s less convenient, it’s still cheaper to buy altcoins like this with bitcoin (BTC) on a cryptocurrency exchange (e.g., Binance).

 LocalMonero.coMoneroForCash.comLiberalCoins.comBCBitcoin.co.uk
Fees & Markup (Approx.)5%10%7%4%
PlatformP2PP2PP2PBroker

As always, there’s a tradeoff between fees and customer service. With options like BC Bitcoin, you have a real person you can talk to – but you’ll pay more for that support. Cheaper routes won’t include this level of customer service.

You can check out their website here.

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