BeyondCC Review (2018)

BeyondCC has burst into the UK bitcoin marketplace and is offering excellent rates (<1% above the mid-market rate) when you buy bitcoin with a UK bank transfer.

But who are they? How are they offering such competitive rates? And are they legit?

Read this quick review and find out.

Advantages & Disadvantages

Advantages

Disadvantages

Who are BeyondCC?

BeyondCC is a UK-based company which was established in March 2018, with registered offices in Reading. The registered directors are Danny Aston and Mark Butler.

They claim to be “Europe’s biggest brokerage specialising in cryptocurrencies”.

Their mission is to make buying and selling bitcoin as simple and effortless as possible.

According to their site:

  • People behind BeyondCC have traded cryptocurrency since 2015.
  • They’ve served over 250,000 customers.
  • Facilitated over £50 million worth of transactions.
  • Process over 600 trades a day.

As BeyondCC is a fresh company, they don’t have many reviews on Trustpilot.

I reached out to BeyondCC to authenticate an existing account on Localbitcoins in lieu of this. Danny was happy to oblige and verified ownership of this account.

(Click to expand)

 

How does BeyondCC work?

When you buy or sell bitcoin to BeyondCC, you’ll be buying or selling directly to BeyondCC.

BeyondCC are a group of brokers who work across all the major OTC sites in the UK (e.g., Localbitcoins, BitBargain, and Bittylicious). With BeyondCC, they’re essentially looking to cut out the middleman/platforms and deal directly with customers.

These platforms take a fee of about 1% from sellers. By cutting them out, BeyondCC is able to offer better bitcoin rates (i.e., closer to the actual exchange rate) than their competition (while maintaining their profit margin).

Payment Methods

BeyondCC only accepts UK bank transfers.

As most high street banks use the faster payments service (which sends bank transfers quickly), this means that you buy bitcoin – and have access to it – very quickly. Less than 5-10 minutes is normal.

How to Buy Bitcoin with BeyondCC

Registration is simple.

Although you’ll need to submit identity verification documents, they’ll usually confirm your identity quickly (i.e., less than an hour).

Once that faff is sorted, you can buy bitcoin with a UK bank transfer and have bitcoins in your wallet in less than 15 minutes.

Interested in the details? Expand the sections below.

(You can enlarge all images by clicking on them)

Register

Signing up is quick and easy.

Verification

Before you can use BeyondCC, you’ll need to verify your identity. This is done to:

  1. Prevent fraud.
  2. Comply with KYC (know-your-customer) regulations.

You’ll need to provide:

  • Selfie holding your driving license/passport and debit card (linked to the account you’re intending to use on BeyondCC).
  • Picture of ID and a note, confirming you’re not a money launderer.
  • Proof of address.

Once I’d submitted these, I was approved within an hour.

Buying Bitcoin

  • Select 'Buy' (located top right of website).

  • Input the amount (in £ or BTC) which you want to buy.
  • The BTC-to-GBP exchange rate (that they're using) is clearly shown.
  • Happy? Click 'Next'.

  • The next page confirms the details.
  • Still happy? Click 'Confirm Transaction'.

  • The next page shows the payment details.
  • You'll have 30 minutes to complete the payment.
  • Load up your online banking and input everything.
    • Include the payment reference. If this is wrong, you'll face issues/delays.
  •  Paid? Click 'Payment has been sent'.

  • You'll be taken back to the dashboard.
  • Status will show as 'Payment Marked as Paid' while you wait for BeyondCC to confirm the payment.

  • You'll receive an email once the payment is confirmed. The bitcoin(s) will now be in your BeyondCC wallet.
    • Mine took less than 5 minutes to confirm.

Withdrawing Bitcoin

  • Go to your dashboard and click 'Withdraw Funds'.

  • Input how much you'd like to withdraw, your external wallet address, and your 2FA code.
  • Wallet withdrawals are free (unless fees go crazy again).
  • Happy? Click 'Next'.

  • This page confirms the withdrawal details.
  • Happy? Confirm it!
  • Now just wait for this to be processed.
    • Mine took less than 5 minutes to process.

Fees

Screenshot from BittyBot (25/06/18)

BeyondCC has the most competitive bitcoin rates (<1%) in the UK at the moment.

Since being added to BittyBot (on 21st June 2018), they’ve been sitting snug at the top. Although their rates do fluctuate, they tend to be less than 1% above the real BTC-to-GBP exchange rate. When I tested BeyondCC, it was about 0.88% above the real BTC-to-GBP exchange rate.

I thought this might just be an introductory rate, so I reached out to BeyondCC about it:

“Due to the volume we process daily these rates are sustainable and unless market conditions change we will keep them this low going forward.”

Conclusion

BeyondCC seems to be the cheapest way to buy bitcoin with a bank transfer in the UK (<1% markup).

The only cheaper ways to buy bitcoin as a UK resident is to use the Revolut route (for smaller amounts) or Coinfloor (for larger amounts).

Once they’ve verified your identity (which takes about 1 hour), you’ll be able to buy and sell bitcoin with UK bank transfers in under 10 minutes.

While they are a new company (established March 2018), they do seem reputable.

I tested them with a small purchase and had no issues. I’d give them a shot and decide for yourself. 

What do you think?

Have you used BeyondCC? Want to share your experience?

Or did I miss something?

Let us all know in the comments section below!

Notes

How did you verify their Localbitcoins account?

Nothing complicated. This was the process:

  • Opened a trade on Localbitcoins with this account.
  • Emailed BeyondCC letting them I’d opened a trade (and my username).
  • Waited for a reply on Localbitcoins from them.
  • They copied my most recent email into Localbitcoins chat.

Want proof? Get in touch.

How do I calculate the % markup?

  • Go to Coindesk’s price calculator. Click ‘USD’ and change that to the GBP/EUR. Copy that value (1).
  • On BeyondCC (or elsewhere), copy the quoted price (2).
  • Plug numbers (1) and (2) into something like this. It’ll tell you the % difference.
    • Alternatively:
      • Divide (1) by (2). This usually gives you a result <1.
      • 1 – ANS
      • ANS x100 = % difference between (1) and (2)
        • Positive = (1) < (2)
        • Negative = (1) > (2)
    • Alternatively: Use BittyBot. It does all the price comparisons for you.

Leave a Reply

%d bloggers like this: