Bittylicious markets itself as an easy-to-use cryptocurrency exchange in the UK. When you open the site for the first time, it looks nothing like any other cryptocurrency exchange. There are no graphs and order books. Instead, you get a field to set your order and your payment method.
While this looks extremely simple, we had to dig a little deeper to understand their business and fees. Make sure to read our complete review to know everything about Bittylicious.
Bittylicious was established way back in 2013. They have positioned themselves as the exchange for people who’re just getting started with cryptocurrencies. On the surface, if you’re looking to buy Bitcoin, you enter the amount you want to buy and then transfer the money using the method you chose.
The entire process looks like Bittylicious itself is selling cryptocurrencies. However, like most other exchanges, they’re only facilitating the trade. Bittylicious has a process where anyone can become an authorised broker. It is these brokers who make the trade while Bittylicious acts as an escrow middle-man.
Bittylicious was founded by Marc Warne and initially registered in the UK. However, by the end of 2020, the registration moved to the Isle of Man. Apart from that, there are very little details about the company online.
According to TrustPilot, Bittylicious has a Review score of 4.8, from more than 1,200 reviews. That is extremely high for a cryptocurrency exchange. This shows that the exchange has done a good job of helping out its customers and solving their problems so that they do not resort to leaving bad reviews.
Most reviews appreciate the simplicity of the exchange along with its convenience and quick service.
Bittylicious fee is different from other exchanges. Customers are not charged a fee directly. Instead, there is a markup compared to other exchanges while buying. Similarly, while selling, you are offered less than other exchanges. It is this difference where both Bittylicious and its brokers make a profit.
This whole system could be advantageous for newcomers as they do not have to deal with fees, and they get what they see. However, this fee can be very high. At the time of writing this review, the markup for bank transfers was 4.4%, and Credit cards was at 6.5%. This is very high compared to most other exchanges, which charge less than 1%.
Bittylicious Supported Cryptocurrencies
Bittylicious currently supports eight different cryptocurrencies:
Except for Ether, all other cryptocurrencies are also available for selling. However, cryptocurrencies are subject to the availability of brokers. While Bitcoin is always available, some might not have brokers at all times. You’ll have to wait for a broker to come online.
Bittylicious Payment Methods
Bittylicious supports 6 different payment methods:
SEPA Bank Transfer
Similar to the supported cryptocurrencies, payment methods are also dependant on the brokers. Most only accept bank transfers and credit/debit card. You should also consider the fee, which is different depending on the payment method you choose.
The first limitation is the IP address. If you’re not accessing the site with an IP address from the UK, you cannot make a purchase. The next is the buying limit. You can buy up to £50 worth of Bitcoins without any verification. This limit increases depending on the age of your account and the various verifications you’ve done. There is also a hard limit where you have to upload your ID if you’ve purchased more than £900 worth of cryptocurrencies in total.
If you’re looking for an easy, bank-friendly cryptocurrency exchange in the UK, we recommend Binance. Binance supports all major cryptocurrencies, including BTC, ETH, XRP, and supports multiple payment methods such as Credit card, debit card, and bank transfers. You can check out our guide on how to buy Bitcoin.
Alternatively, you can check out our complete guide to Bitcoin Debit Cards if you’re looking to cash out directly.
How to use Bittylicious
A Bitcoin Wallet is required for buying Bitcoin on Bittylicious as they do not store your cryptocurrencies. You need to enter your Bitcoin address, your email address, the payment method, and finally, the amount of Bitcoins you want to buy.
On the next page, you get the payment details for the mode you selected. Make the payment within the given time, and select “I have sent payment.” After confirmation from the seller, the Bitcoin you purchased reaches your wallet.
How to sell on Bittylicious
Selling Bitcoins on Bittylicious is similar to buying. Enter your banking details and send the Bitcoins you’re trying to sell to Bittylicious, which acts as an escrow. Once you get the money from a suitable buyer, mention that you’ve received the payment and Bittylicious releases the Bitcoin to them.
How long does Bittylicious verification take
Bittylicious has a 4-step verification process. First, you need to verify your email when you sign up. The next step is to verify your phone number through SMS. These verifications are instant. After this, you can verify your name and address. Your address can be verified with an ID such as a passport or driving license. The proof of address can be verified with your internet bill, utility bill, bank statement, etc.
It is not necessary to do these verifications. However, they increase your credibility, which then lets you make much bigger purchases.
How secure is Bittylicious
Bittylicious has been around for a long time, and there is no history of it getting hacked. Bittylicious itself acts as an escrow instead of a full-fledged exchange. So they only store your Bitcoins during the time of your trade. Once it is done, it is safe inside the wallet, which you are responsible for.