Bitstocks Gravity Review
Bitstocks Gravity is a UK-based platform (launched 2019) that allows you to buy, sell, and store Bitcoin (BTC) and a handful of other cryptocurrencies.
You can only deposit GBP with a UK bank transfer though. It says that you should expect to pay a fee of 1% (included in the exchange rate) when buying or selling a cryptocurrency, but it could be higher than that too.
Bitstocks Gravity is an up-and-coming platform where you can buy and sell cryptocurrencies. It prioritizes user-friendliness above all else, and offers speedy purchases of Bitcoin (BTC) and Bitcoin SV (BSV), among other assets.
But is Bitstocks Gravity the right place to purchase crypto for your needs?
In this Bitstocks Gravity Review, I’ll take a closer look at the company and its advantages and disadvantages. By the end, you’ll have all the information you need to decide if it’s the right choice for you.
Advantages & Disadvantages
- UK-based company.
- All features are available to UK investors.
- Super quick and straightforward new investor onboarding.
- Streamlined and user-friendly trading terminal with quick trade processing times.
- Client assets are all stored in dedicated cold storage facilities.
- Identity verification is required for all accounts.
- Lack of transparency about trading fees (usually around 1%).
- Doesn’t have an Android app.
- Relatively slow withdrawals.
- Difficult to find information about the platform online.
- Can’t deposit or withdraw any cryptocurrency except Bitcoin (BTC) or Bitcoin SV (BSV).
What is Bitstocks Gravity?
Bitstocks Gravity is the trading platform for Bitstocks, a crypto-focused investment firm. The London-based company (company number 08994234) was founded in 2014 by Michael Hudson. However, Bitstocks Gravity wasn’t launched until 2019.
The company’s mission is to “harness the power of Bitcoin and technology to enable individual sovereignty and, eventually, the next evolution of humanity.” However, Gravity is currently Bitstock’s primary public-facing feature.
With Gravity, investors can quickly trade a handful of cryptocurrencies. However, the firm hopes to expand its offerings in the future to include a range of crypto-focused features.
Although Bitstocks is a well-established company, Gravity was only launched a couple of years ago. As such, Bitstocks doesn’t have as long of a track record of safety as some other popular platforms, like Gemini. But, as of the time of writing, the company has never been successfully hacked.
Additionally, Bitstocks currently has a 4.4* review (50+ reviews) on Trustpilot. This is a high rating for a crypto company, though this is based on a small number of reviews.
Nevertheless, more than 75% of reviewers currently give the firm a 5* rating and most of these account holders note the efficiency of the firm’s sign-up process. That being said, some of the lower-rating reviews mention the fact that the Bitstocks Gravity doesn’t have an Android app.
How Does Bitstocks Gravity Work?
Bitstocks Gravity is a brokerage that integrates a number of cryptocurrency exchanges. This means that the firm provides liquidity for its supported tokens by processing your trades in other places.
By working with multiple exchanges, Bitstocks Gravity claims that it can help you quickly process crypto trades at the best possible market price.
Here’s a quick video that shows how it works:
Bitstocks Gravity has a particularly streamlined onboarding process.
With this process, you can open and fund an account in a matter of minutes. This is a major advantage over the onboarding process in some other places – which can take days to complete.
To sign up, you simply need to enter your personal identifying information, like your name and email address. Then, you need to provide a government-issued ID and setup 2-factor authentication.
You should then get instant access to the firm’s trading terminal where you can buy and sell cryptocurrencies.
When designing Gravity, Bitstocks set out to make the world’s simplest and fastest crypto trading platform.
You can buy cryptocurrencies on the Bitstocks website or the Bitstocks Gravity iOS app.
To buy crypto on Bitstocks Gravity, do the following:
- Log into the Gravity platform either online or in the Bitstocks iOS app.
- Select the cryptocurrency that you want to buy.
- Enter the amount of crypto that you want to purchase.
- Review the current market price for that asset.
- Confirm your transaction.
- Check your Bitstocks Gravity portfolio to view your updated crypto balance.
You only have 15 seconds to confirm your transaction. If you don’t confirm your transaction within this time, the firm will give you an updated market price.
Also keep in mind that all trades on Bitstocks Gravity are processed as market orders and there currently isn’t an option for limit or stop orders.
Bitstocks Gravity currently supports these cryptocurrencies:
- Bitcoin (BTC)
- Bitcoin SV (BSV)
- Ethereum (ETH)
- Ripple (XRP)
- Litecoin (LTC)
- EOS (EOS)
- Cardano (ADA)
- Dogecoin (DOGE)
- Solana (SOL)
Bitstocks Gravity provides quick and easy crypto purchases for UK citizens and residents.
You can also use Bitstocks Gravity if you’re from the bulk of Europe (except Germany, Switzerland, and the Netherlands).
All Bitstocks Gravity account holders can fund their accounts using British Pounds (GBP) and Euro (EUR).
GBP deposits and withdrawals are generally processed within minutes through FPS – although your first deposit can take a little longer. EUR deposits and withdrawals are usually processed in 1 to 3 working days.
You can deposit either Bitcoin (BTC) or Bitcoin SV (BSV) to your Bitstocks Gravity wallet. However, you cannot deposit or withdraw any of the firm’s other supported crypto assets to your account.
Bitstocks Gravity Fees
For the most part, Bitstocks Gravity is a relatively low-fee platform. The firm doesn’t charge any account or maintenance fees, though they do have a number of transaction, deposit, and withdrawal fees.
Bitstocks Gravity doesn’t have a fixed trading fee. Rather, the firm aims to include a fee of about 1% in the exchange rate that you’re quoted. The actual fee that you’ll be charged depends on the trading volume and liquidity of a given asset at the time you place your order.
But keep in mind that this fee can change at any time. For example, the fees for BSV were up as high as 2.5% on 22 July 2021.
As far as deposit and withdrawal fees go, this is what Bitstocks Gravity charges:
|Fiat Deposit Fee||Free|
|Fiat Withdrawal Fee||£2 or €2|
|BTC Network Fee||0.0002 BTC|
|BSV Network Fee||0.00001 BSV|
Basically, you’ll only pay a fee for withdrawing fiat from your account. You’re also charged a flat fee to cover the network fees of withdrawing Bitcoin (BTC) or Bitcoin SV (BSV).
According to its FAQ, Bitstocks Gravity doesn’t have specific trading, deposit, or withdrawal limits.
Though, keep in mind that there’s usually a daily £250,000 maximum transaction limit for FPS transfers at most banks. But if you’re planning on making that kind of trade, then you’ll want to look at over-the-counter (OTC) services provided by places like Coinfloor or Solidi.
Additionally, the firm has a reference table that lists the minimum trade size for all of its supported assets.
Bitstocks Gravity Mobile App
Bitstocks Gravity offers a mobile app for iOS devices.
Some of the best features of the Bitstocks Gravity mobile app include Pots, Price Alerts, and Pricing Graphs.
With Pots, you can create different portfolios within your account. This allows you to separate out your investments into different themes or investing strategies so it’s easier to keep track of your assets.
Meanwhile, Price Alerts and Pricing Graphs make it easier for you to access market data for any of Bitstocks Gravity’s supported coins. These pricing graphs aren’t as advanced as what you might find at Kraken, but they’re sleek and easy to use.
So, what is security like on Bitstocks Gravity?
When you open an account with Bitstocks Gravity, you’ll need to activate and use 2-factor authentication. AES-256 encryption is also used to protect all accounts.
Additionally, Bitstocks Gravity provides free cold storage for all crypto assets held on the platform. This means that user assets are stored in the firm’s dedicated cold storage facilities, not on an online wallet.
We should note, however, that since all client assets on Bitstocks Gravity are stored in cold storage devices, it can take a while before your withdrawals on the platform are processed. In fact, the firm manually processes withdrawals a few times a day. This means you may not get your crypto withdrawal for a few hours after you request it.
If you’re looking for a quick and easy way to buy a larger array of cryptocurrencies, CoinJar is worth checking out.
With CoinJar, all trades have a flat 1% fee. Additionally, CoinJar offers trades on more than 50 different cryptocurrencies, as well as the ability to buy crypto using a debit or credit card. Check out my CoinJar review to learn more.
If you want access to an even wider array of cryptocurrencies – plus a slew of additional crypto-focused features – then Coinbase is another place to check out.
The standard Coinbase trading terminal charges higher fees than Bitstocks Gravity, but it comes with a handful of extra features – like the ability to stake crypto and the ability to earn free crypto for watching videos.
At the same time, Coinbase offers a more advanced trading terminal, Coinbase Pro, that’s ideal for experienced investors. This makes it a good destination for beginners and experienced traders alike.
The Bottom Line
Here’s what stood out to me about Bitstocks Gravity:
- It has a super-fast onboarding process. You can get verified and make your first trade in a matter of minutes.
- The trading interface is simple and intuitive (on both its web platform and iOS app).
- 100% cold storage available for all crypto assets held in Bitstocks Gravity accounts.
Of course, there are some downsides to Bitstocks Gravity, including the firm’s lack of transparency surrounding its transaction fees. It aims to include an average fee of about 1% in the exchange rate you’re quoted, but it can be higher.
You can also only deposit and withdraw Bitcoin (BTC) and Bitcoin SV (BSV). If you buy these other cryptocurrencies on Bitstocks Gravity, you’ll be locked into keeping them on there.
To learn more, check out the Bitstocks website.
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