Solidi Review (2018)

Solidi.co
  • Ease of Use
  • Beginner Friendly
  • Payment Options
  • Speed
  • Fees
4.5

Summary

Solidi is UK-based service (established 2015) which allows you to buy bitcoin with UK bank transfers at competitive rates (<3% above mid-market rate). As Solidi’s process is entirely automated, you can expect access to your bitcoin (in their wallet) immediately after the payment clears.

Who are Solidi? How does their platform work? Can you trust them? To clear up these questions (and more), check out this quick review of Solidi.

Advantages & Disadvantages

Advantages

Disadvantages

Who are 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. They’ve got a 5* Trustpilot rating (but only 44 reviews).

Their 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’re members of ‘Accelerate Cambridge’ (run by University of Cambridge) which aims to accelerate the growth of start-ups with advice, mentoring, and resources. Solidi are also working with the Financial Conduct Authority (third cohort of the regulatory sandbox).

All excellent signals.

Why don't Solidi have more Trustpilot reviews?

Solidi doesn’t prompt users for Trustpilot reviews once they’ve completed a purchase/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 been registered by 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.

Without any verification, you can purchase 0.0025 BTC per month. To increase that to 2 BTC per month, you’ll need to provide proof of identity and address. If you want to increase your limits beyond this, then you’ll need to contact Solidi (more details here). Document verification shouldn’t take longer than 48 hours.

At the time of writing, only bitcoin (BTC) is available for purchase on Solidi.

Payment Methods

Only UK bank transfers are supported.

You’ll need to make sure that your bank supports Faster Payments. Most do, but you can doublecheck easily.

Fast & Convenient

Buying bitcoin from Solidi with a UK bank transfer is quick and easy. The whole process took about 5 minutes for me.

When I tested Solidi out, they confirmed the payment in less than 1 minute.

Once the payment was confirmed, the bitcoin was instantly credited to my Solidi wallet. You’re able to immediately transfer it to an external bitcoin wallet (if you want to) for free.

If you want bitcoin ASAP (but don’t enjoy getting ripped off), then Solidi is a solid choice.

Looking for a buying guide? Expand the section below.

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 this.
  • 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).
  • Happy? Select 'Buy now'.

  • You'll see something like this.
  • Send funds 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(s) will now be in your Solidi wallet.

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 and Bittylicious), but it does depend on market conditions. From what I’ve observed, their prices tend to be about 1.5 – 3% above the actual BTC-to-GBP exchange rate. You can always quickly doublecheck Solidi’s (and anyone else’s) competitiveness with BittyBot.

Solidi doesn’t have any hidden fees, so the headline price is really what you pay.

Granted, Solidi isn’t as cheap as alternative methods (i.e., Revolut Method) – but it is definitely more convenient.

Wallet

When you buy bitcoin 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).

How do I batch transactions?

If you’ve just bought bitcoin 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 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 already), check out some suggestions here.

Alternatives

Solidi’s closest competitor is Bittylicious.

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

To easily compare rates, check out BittyBot.

Interested in Bittylicious? Check out my Bittylicious review to learn more.

Conclusion

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

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

Although it is possible to get better bitcoin rates, Solidi is competitively priced – typically about 2% above BTC’s actual market rate. They’re usually head-to-head with (or undercutting) alternatives like Bittylicious and Wirex.

Share Your Thoughts

Want to share your experience? Let us know in the comments section below!

Other notes

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.
    • 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 😉

'I'm a broker. What are the benefits of using Solidi?'

  • Solidi’s fraud rate is about £3 per £1m transacted (i.e., 1 fraud per 10,000 trades).
  • Support 14 different banks.
  • 1% fee to use Solidi (a normal fee).

Find more details about becoming a broker on Solidi here.

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