Solidi Review (2021)

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Solidi.co
  • Ease of Use
  • Beginner Friendly
  • Payment Options
  • Speed
  • Fees
4.4

Summary

Solidi is a UK-based service (established 2015) that allows you to buy Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Chainlink (LINK) with UK bank transfers at competitive rates (usually around 1.5% above mid-market rate).

As Solidi’s process is entirely automated, you can expect access to your cryptocurrency (in their web wallet) immediately after the payment clears (which is usually just a couple of minutes after you make the payment).

What is Solidi? How does this platform work? Can you trust them?

To clear up these questions (and more), check out this Solidi review to learn more about why it remains one of the top places to buy Bitcoin (BTC) in the UK in 2021.

Advantages & Disadvantages

Advantages

  • Fast and easy (takes minutes to get started).
  • 4.8* Trustpilot rating (95+ reviews)
  • UK-based (Cambridge).
  • Fully registered as a cryptoasset business by the FCA.
  • Competitive markup for Bitcoin (BTC). It’s usually about 1.5% above the real rate.
  • Provides online wallet (100% cold storage).
  • FREE cryptocurrency withdrawals (when you make a £500 or more BTC purchase).
  • Allows you to buy, sell, and store Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Chainlink (LINK) too.

Disadvantages

What Is Solidi?

Time for a punt?

Solidi is a UK limited company which is based in Cambridge and was established in 2015. The sole listed director is Jamie McNaught. In August 2021, it announced that it was fully registered as a cryptoasset business with the Financial Conduct Authority (FCA).

Solidi’s aim is to “make buying, selling, spending and holding digital currencies as easy as using cash while retaining all the benefits of an unforgeable digital token.” They’ve currently got a 4.8* Trustpilot rating (95+ reviews).

Solidi were previously members of ‘Accelerate Cambridge’ (run by the University of Cambridge) which aims to accelerate the growth of start-ups with advice, mentoring, and resources. They have also previously worked with the FCA (third cohort of its regulatory sandbox).

Why doesn't Solidi have more Trustpilot reviews?

Solidi doesn’t prompt users for Trustpilot reviews once they’ve completed a purchase or sale. Without a prompt, most people won’t think about leaving a review.

The Trustpilot reviews which Solidi do have are from people who’ve gone out of their way to review them.

How Does Solidi Work?

Much like Bittylicious, you’re not buying or selling to Solidi when you use their service.

Instead, Solidi works by matching customers (either buyers or sellers) with brokers who have registered and verified themselves with Solidi.

As an everyday customer, this means that you don’t need to worry about vetting the broker yourself (as you might do when using alternatives like Localbitcoins or Paxful). That all happens behind the scenes. You also don’t need to provide your ID to anyone other than Solidi.

Supported Cryptocurrencies

Solidi currently allows you to buy, sell, and securely store:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Ripple (XRP)
  • Chainlink (LINK)

Payment Methods

Only UK bank transfers are supported.

You’ll need to make sure that your bank supports Faster Payments Service (FPS).

Most high street banks do, but you can check here.

What banks are NOT supported by Solidi?

You can deposit GBP from most UK bank accounts in the UK.

The following banks are NOT currently supported by Solidi:

  • Fidor: Payments are delayed for 2 hours (and not processed around the clock).
  • Moneese: Don’t transmit payer information correctly.
  • Revolut: Payments don’t seem to be processed immediately. Payer information can sometimes be missing too.

Limits

Without any verification whatsoever, you can purchase £12.50 worth of cryptocurrency every month. To increase that to £10,000 per month, you’ll need to provide proof of identity and address. Verification shouldn’t usually take too long.

TierLimitVerification Required
1£12.50 every monthEmail Verification
2£15.00 every monthPhone Verification
3£10,000 per monthFull Identity Check
4No LimitContact Support

If you want to increase your limits beyond £10,000 per month, then you’ll need to contact Solidi.

For more details, check out this page.

Fees

The brokers using Solidi’s platform set the rates which determine its competitiveness, NOT Solidi themselves.

These brokers tend to be competitive with other similar options (e.g. Localbitcoins, Paxful, and Bittylicious), but it does depend on market conditions.

From what I’ve observed, their prices tend to be about 1.5% above the actual BTC-to-GBP exchange rate. Solidi doesn’t have any other fees. The headline price is really what you pay.

The only exception is when you deposit GBP into Solidi or make a GBP withdrawal. In either case, you’ll pay a small additional charge of £0.50.

Solidi isn’t as cheap as buying on an exchange like Coinbase Pro – but it is definitely easier and more convenient.

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 Solidi (or elsewhere), copy the quoted price (2).
  • Plug numbers (1) and (2) into something like this. It’ll tell you the % difference.

Fast & Convenient

Buying Bitcoin (BTC) from Solidi with a UK bank transfer is quick and easy.

The whole process took about 5 minutes for me. When I tested it out, they confirmed the payment in less than 1 minute.

Once the payment was confirmed, the Bitcoin (BTC) was instantly credited to my Solidi wallet. You can then immediately transfer it to an external Bitcoin (BTC) wallet. If you make a purchase of more than £500 worth of Bitcoin (BTC), this withdrawal will be FREE.

If you want Bitcoin (BTC) ASAP, then Solidi is a solid choice (sorry, couldn’t help myself).

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

What's the buying process?

Enlarge any screenshot by clicking on it.

  • Login and select ‘Buy’ at the top of the page.

  • You’ll see a screen that looks like shown below. It’ll also show you the BTC to GBP exchange rate (useful when comparing prices).
  • Enter how much you’d like to buy (in GBP or BTC) and select “Buy Now”.

  • You’ll see something like this. Send GBP to the account details you’re provided (within 30 minutes).
  • Once you’ve transferred the money, click “I have paid” at the bottom.

  • While Solidi checks for your payment, you’ll see something like this.

  • Once Solidi has confirmed the payment, you’ll see a page like this. The Bitcoin (BTC) will now be in your Solidi wallet!

Wallet

When you buy Bitcoin (BTC) on Solidi, your purchases are initially deposited into a wallet hosted by them (on their website). 100% of the cryptocurrencies in these wallets is held offline in cold storage.

In an email conversation with Jamie, he noted that:

“[Our cold storage wallet] is something our customer greatly value. It enables new users to get up and running instantly without needing to worry about storing their own coins.”

If you buy more than £500 of Bitcoin (BTC) on Solidi, you’ll be able to make a withdrawal to an external wallet for FREE. This means you can send a transaction that enters the next block (which usually clears in less than 1 hour).

How do I batch transactions?

If you’ve just bought Bitcoin (BTC) from Solidi, it is possible to batch multiple transactions while using a single withdrawal credit. This would allow you to send multiple ‘immediate’ transactions at once (i.e. they’d all enter the next block and clear in <1 hour).

Example: Sending 0.3 BTC to 3 different addresses (A, B, and C).

  1. Send 0.1 BTC to address A, selecting ‘Free – Sent in 8 hours – No Fee!’ from the dropdown box.
  2. Send 0.1 BTC to address B, selecting ‘Free – Sent in 8 hours – No Fee!’ from the dropdown box.
  3. Send 0.1 BTC to address C, selecting ‘Immediate – Sent in 10 mins’.

By doing this, you’d be able to send 3 immediate transactions without any additional cost.

Even when Bitcoin’s (BTC) network fees have been higher than usual, Solidi has continued to allow free withdrawals from their wallet. Regardless of how much you buy, many alternative cryptocurrency brokers and exchanges will usually pass along these costs to you.

Not intending to buy more than £500 worth of Bitcoin (BTC)? With Solidi, you can specify a ‘Low Cost’ withdrawal. This takes a while to be processed but means that you don’t have to pay exorbitant fees.

If you are intending to leave funds in Solidi’s wallet, make sure you enable two-factor authentication (2FA).

If you’d like to withdraw to an external wallet (but don’t have one already), then check out my roundup post about the best hardware wallets.

Alternatives

Solidi’s closest competitor is Bittylicious.

Bittylicious is also UK-based and offers a similar user experience. Rates offered by Solidi tend to be slightly better than Bittylicious, but this isn’t always the case.

Check out my Bittylicious review to learn more about them.

Summary: Buy Bitcoin (BTC) with a UK Bank Transfer

If you’re looking to buy Bitcoin (BTC) in the UK quickly and easily, then Solidi is worth giving a shot.

With Solidi, you can buy Bitcoin (BTC) with a UK bank transfer and have it credited to your wallet in less than 5 minutes.

Although it is possible to get better bitcoin rates, Solidi is competitively priced – typically around 1.5% above BTC’s actual market rate. They’re usually head-to-head with a number of alternatives in the UK (like Bittylicious) and remain a consistent member of my list of the best places to buy Bitcoin (BTC) in the UK.

Visit Solidi’s website to get registered now.

Share Your Thoughts

Thanks for reading this Solidi review!

Have a question? Or want to share your experience?

Let us know in the comments section below!

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