Bittylicious Review (2020)

Bittylicious
  • Ease of Use
  • Beginner Friendly
  • Payment Options
  • Speed
  • Fees
4.3

Summary

Bittylicious is easy to use, convenient, and usually has reasonable Bitcoin (BTC) rates (2-3% above the mid-market rate). They’re well established and well-recommended across the crypto-community too.

However, alternatives with better rates are available – especially if you’re looking to buy Bitcoin (BTC) with a credit or debit card in the UK.

Bittylicious is a well-known cryptocurrency broker which has been a familiar name in the UK crypto space since 2013.

But what is Bittylicious? Who are the people behind it? How does it work? Are they legit?

In this Bittylicious review, I’ll start with an overview of the pros and cons then move onto how it works, payment methods, and fees.

Advantages & Disadvantages

Advantages

  • Fast and convenient to get started (usually less than 1 hour).
  • UK-based (London).
  • 5* Trustpilot Review (over 1200 reviews).
  • Competitive markup (usually 2-3%) for Bitcoin (BTC).
  • Bitcoin (BTC) & 10 other cryptocurrencies available (see below for list).

Disadvantages

What is Bittylicious?

Bittylicious is a UK-based company which has been around since 2013, with registered offices in London. The listed directors are Nicole Gera and Marc Warne.

They have a 5* Trustpilot rating, with more than 1200 reviews. On top of this, you’ll find them frequently recommended across the UK crypto-community.

Their mission is to: “make the bitcoin buying experience as easy as possible”.

Bittylicious reported in 2017/2018 that they had:

  • 67,000 new users register on their website.
  • Verified 150,000 pieces of documentation.
  • Facilitated 220,000 unique trades.
  • More than £99 million had traded hands.

How Does Bittylicious Work?

When you buy or sell any supported cryptocurrency on Bittylicious, you’re not buying or selling to them.

Bittylicious act like a marketplace which connects everyday people (looking to buy or sell cryptocurrency) with registered brokers (who will sell to, or buy from, these customers). While alternatives like Localbitcoins allow you to complete a trade with anyone in a truly P2P manner, you’re restricted to trading with registered brokers on Bittylicious.

Bittylicious matches trades, but you’re not sending any funds to them. Instead, you’ll deal directly with a broker who Bittylicious have verified. Not just anyone can become a broker on Bittylicious though, as it requires an application process to establish legitimacy. This is all handled backend by Bittylicious. As an everyday customer, this means you don’t have to worry about vetting the broker yourself or handing over your ID to multiple different people.

Even though you’re dealing directly with a registered broker, Bittylicious do hold the cryptocurrency in escrow when you’re buying cryptocurrency via their website. Once the broker confirms that they’ve received the payment, this is released to your chosen wallet.

How To Use Bittylicious

The interface isn’t fancy, but it’s simple, intuitive, and easy-to-use.

Your purchase is usually confirmed in less than 5 minutes, with Bitcoin (BTC) or other cryptocurrencies credited to your wallet in less than 1 hour.

As Bittylicious doesn’t host online wallets, you’ll need to already have a Bitcoin (BTC) wallet setup to buy Bitcoin (BTC) through their website. If you don’t have one already, then check out my list of the best hardware wallets that are available.

Expand the section below to see what the buying process looks like on Bittylicious.

What's the buying process?

Once you’ve registered and verified yourself, buying Bitcoin (BTC) goes something like this:

  • Go to the Bittylicious homepage and login to your account.
  • Input your Bitcoin (BTC) address.
  • Select the payment type you want to use.
  • Input how much Bitcoin (BTC) you’d like to buy. As you do this, the ‘total cost’ shown at the bottom will change. Refresh the total cost (press the green icon) and select ‘Get some coins’ when you’re happy.
  • A new screen pops up with payment information. Use all that information to make the bank transfer. It’s VERY important that you check that the reference is correct, otherwise your purchase will be delayed.
  • Once you’ve made the payment, select ‘Click here only when you have sent payment’.
  • You’ll be sent to a new page. You’ll then need to wait for Bittylicious to verify that the funds have landed in the broker’s account. My experience is that this takes less than 2-3minutes (but it can take longer).
  • Shortly after, you’ll receive a transaction ID so that you can track the transfer to your Bitcoin address. This could take up to 1hour (but usually less).

Supported Countries

In addition to the UK (GBP), Bittylicious supports:

  • European Union (EUR)
  • Australia (AUD)
  • Thailand (THB)
  • Worldwide (Credit/debit card purchases can be made in EUR, GBP, or USD)

Supported Cryptocurrencies

At the time of writing (August 2020), you can purchase 11 cryptocurrencies on Bittylicious:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Dash (DASH)
  • DigiByte (DGB)
  • Dogecoin (DOGE)
  • Ethereum (ETH)
  • Feathercoin (FTC)
  • Groestlcoin (GRS)
  • Litecoin (LTC)
  • Stratis (STRAT)
  • Vertcoin (VTC)

Payment Methods

The following payment options are available:

  • UK Bank Transfer (Faster Payments)
  • SEPA Bank Transfer
  • Credit & Debit Card
  • PAYM
  • Barclays PingIt
  • RBS/Natwest PYC

You’ll get the best rates when buying with a UK bank transfer. You’ll need to make sure that your bank:

I wouldn’t recommend paying with credit or debit card. You’ll typically get rates that are more than 5% above the actual market-rate. If you want to buy Bitcoin (BTC) using a credit or debit card, buying through Wirex is the cheapest option.

Limits

You’ll need to verify your identity before you can buy more than approx. £50 worth of cryptocurrency.

Verifying your identity requires you to provide a mobile phone number, proof of name, and proof of address. The more documents you submit for verification, the higher your limits will be. I’m fully verified and can purchase a maximum of 2.6 BTC at once.

You’ll be forced to upload identification after you’ve bought about £1200 worth of cryptocurrency on Bittylicious (in line with KYC regulations).

Fees

As a buyer, you’re not charged an explicit fee to use Bittylicious. However, you will be quoted prices above the actual market-rate for Bitcoin (BTC). The brokers that are using Bittylicious set the rates that are shown, with the cheapest offer provided to you.

Bittylicious’ brokers tend to be competitive. Although the markup charged varies depending on market volatility, it usually hovers between 2-3% above the mid-market rate for Bitcoin (BTC).

For other cryptocurrencies available to buy on their platform, the markup can be considerably higher.

When I checked:

  • Litecoin (LTC) had a 3% markup.
  • Bitcoin Cash (BCH) had a 6% markup.
  • Dogecoin (DOGE) had a 7% markup.

Bittylicious always chooses the network fee which is recommended by the Bitcoin Core wallet. This means it’ll usually get in the next block or two. Unfortunately, this does mean that their Bitcoin (BTC) prices can be less competitive when the average network fees are high. This problem isn’t unique to Bittylicious.

This isn’t the case for some alternatives like Localbitcoins though, where your purchases are deposited into a web wallet instead. With these alternatives, you’ll get stung by these network fees when you eventually decide to withdraw from this web wallet.

Network fees are currently quite low, so this isn’t an issue. It’s something to keep in mind when conducting price comparisons though.

How do I calculate the % markup?

  • Go to Coinbase Pro (you don’t need to signup/login) and look for the ‘Last trade price’ at the top of the page. Copy that (1).
  • On Bittylicious (or elsewhere), copy the quoted price (2).
  • Plug numbers (1) and (2) into something like this. It’ll tell you the % difference.

Bittylicious Alternatives

Bittylicious’ closest competitor is Solidi.

Solidi logo

Solidi are based in Cambridge UK, accept UK bank transfers, and have similar advertised prices. They appear to operate slightly differently, but it does seem like comparable user experience.

Two main differences:

  • Purchases on Solidi are initially deposited into their online wallet.
  • Solidi buy and sell fewer cryptocurrencies (Bitcoin, Litecoin, and Ripple)

From my observations, Solidi has a consistent record of offering better cryptocurrency rates than Bittylicious. Check out my Solidi review to learn more about them.

Conclusion

If you’re looking to buy Bitcoin (BTC) as quickly as possible, then it’s worth considering Bittylicious.

With Bittylicious, you can usually buy Bitcoin (BTC) and have in your private wallet in less than 1 hour. You could Bittylicious to purchase any of the other cryptocurrencies they support directly with GBP too.

Although you can use other methods to get better Bitcoin (BTC) rates, Bittylicious is a simple, quick, and reputable option. From my observations, alternatives which operate in a similar manner like Solidi are cheaper though.

If you haven’t already, give them a shot and decide for yourself.

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