- Ease of Use
- Beginner Friendly
- Payment Options
Solidi is UK-based service (established 2015) which allows you to buy Bitcoin (BTC), Litecoin (LTC), and Ripple (XRP) with UK bank transfers at competitive rates (usually less than 2% 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’s one of the top places to buy Bitcoin (BTC) in the UK.
Advantages & Disadvantages
- Fast and easy (takes 5mins to get started).
- 4.7* Trustpilot rating (74 reviews)
- UK-based (Cambridge).
- Working with the FCA.
- Competitive markup for Bitcoin (BTC). It’s usually about 1.5%.
- Provides online wallet (100% cold storage).
- FREE cryptocurrency withdrawals (but can take 8 hours to process).
- Allows you to buy, sell, and store Litecoin (LTC) and Ripple (XRP) too.
- Verification required to buy more than £12.50 every 10 days.
- Alternatives with lower fees available in the UK.
What Is Solidi?
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.”
Solidi are 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 Financial Conduct Authority (third cohort of its regulatory sandbox).
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). That all happens behind the scenes. You also don’t need to provide your ID to anyone other than Solidi.
Solidi allow you to buy, sell, and securely store:
- Bitcoin (BTC)
- Litecoin (LTC)
- Ripple (XRP)
Over the course of 2020, they’re intending to make more popular cryptocurrencies via their online platform.
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.
The following banks are NOT currently supported by Solidi:
- TSB: Excluded due to security issues and fraudulent payments.
- 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.
Without any verification whatsoever, you can purchase £12.50 worth of cryptocurrency every 10 days. To increase that to £10,000 per month, you’ll need to provide proof of identity and address.
|1||£12.50 every 10 days||Email Verification|
|2||£15.00 every 10 days||Phone Verification|
|3||£1000 per month||Proof of Address & Partial Identity Check|
|4||£10000 per month||Full Identity Check|
|5||No Limit||Contact Support|
If you want to increase your limits beyond £10,000 per month, then you’ll need to contact Solidi (more details here). Document verification shouldn’t take longer than 48 hours.
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 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.
You can always quickly doublecheck Solidi’s (and anyone else’s) competitiveness with BittyBot.
Solidi isn’t as cheap as buying on an exchange like Coinbase Pro – but it is definitely easier and more convenient.
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 for FREE.
If you want Bitcoin (BTC) ASAP, then Solidi is a solid choice.
Expand the section below to see what the buying process looks like.
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!
When you buy Bitcoin (BTC) on Solidi, your purchases are initially deposited into a wallet hosted by them (on their website). 100% of the funds in these wallets are 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.”
With each purchase you make on Solidi, you’re given a single withdrawal credit. This means you can send a transaction which enters the next block (which usually clears in <1 hour).
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).
- Send 0.1 BTC to address A, selecting ‘Free – Sent in 8 hours – No Fee!’ from the dropdown box.
- Send 0.1 BTC to address B, selecting ‘Free – Sent in 8 hours – No Fee!’ from the dropdown box.
- 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 were high (late 2017), Solidi still allowed free withdrawals from their wallet. However, you did have to wait at least 8 hours so they could batch all withdrawals together. You could have continued to withdraw immediately, but you would have paid a high network fee.
If you are intending to leave funds in Solidi’s wallet, make sure you enable 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.
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.
Interested in Bittylicious? Check out my Bittylicious review to learn more.
Conclusion: 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 with a UK bank transfer and have the Bitcoin (BTC) credited to your wallet in less than 5 minutes.
Although it is possible to get better bitcoin rates, Solidi is competitively priced – typically about 1.5% above BTC’s actual market rate. They’re usually head-to-head with (or undercutting) alternatives like Bittylicious. They’re a consistent member of my list of the best places to buy Bitcoin (BTC) in the UK.
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!
- Solidi’s fraud rate is about £3 per £1m transacted (i.e. 1 fraud per 10,000 trades).
- Support 13 different banks.
- 1% fee to use Solidi (a normal fee).