Bittylicious Exchange Review 2022 - Is It Safe?
Bittylicious is a UK-based cryptocurrency exchange. It was founded in 2013. The headquarters of the company is located in London. A CEO and founder of Bittylicious is Marc Warne.
The target audience is the UK traders who can deposit fiat money to the exchange via UK bank transfers and holders of the cards of European banks. Moreover, traders can sell cryptocurrencies to the brokers working for the exchange. It's worth mentioning that since the launch of the exchange, Bittylicious is expanding the range of opportunities provided to customers. In several years Bittylicious became available in more countries.
- Bittylicious Features Review
- Functions Unavailable on Bittylicious
- How to Buy and Sell Cryptocurrencies on Bittylicious?
- How to Create an Account on Bittylicious?
- Bittylicious Fees Review
- Bittylicious API
- Registered Brokers
- Customer Service and Security
- Is Bittylicious Safe?
- Conclusion
It is regarded that for many Bittylicious is the easiest way of swift buying or selling of Bitcoin. Indeed, this exchange can be convenient as it doesn't require registration — at least, in case if the user is going to buy or sell certain amounts. The users wanting to participate in trading in large amounts are obligated to register and share personal data with the company.
By some accounts, the entire process of buying BTC on Bittylicious takes only about 10 minutes. This is much faster than the average speed of other services that provide the opportunity to exchange fiat money for cryptocurrencies.
As Bittylicious is a centralized cryptocurrency exchange dealing with fiat money, there's nothing surprising that it is KYC and AML-compliant. The users that have bought at least £1,200-worth in crypto should provide data for KYC. The company may request the following data: a verified email address, a verified mobile phone number, and the verified documents confirming identity. Besides that, the bank account should be verified by miiCard, and the user should have a history of trading on the platform (the fresh users cannot complete KYC immediately). The support team is available 24/7.
Bittylicious Features Review
This platform is rather an entry-level exchange. Unlike most of the cryptocurrency exchanges, it doesn't provide such basic opportunity as a crypto-for-crypto market. Moreover, there are no graphs, order books, and so on. This exchange significantly differs from the rivals on the market. The functionality is limited to the exchange of several cryptocurrencies for fiat money and Vise Versa.
It is safe to say that Bittylicious has one of the simplest interfaces. The user is only should specify the type and amount of currency he/she is going to buy and choose the payment method. There are the following available methods: SEPA bank transfer, Instant SEPA bank transfer, and credit/debit card.
When one is choosing the Sell option, the system reports if there are any buyers in the EU at the moment. If there are no buyers, the unregistered user won't be able to sell cryptocurrencies.
At the moment of writing this review, Bittylicious supports 12 cryptocurrencies. One can trade Bitcoin, Ether, Litecoin, Bitcoin Cash, Dash, Dogecoin, DigiByte, Feathercoin, Vertcoin, MonetaryUnit, Groestlcoin, and Straits on Bittylicious. Also, one can choose such an option as Euro while default fiat currency is the Pound Sterling.
The chosen coins can be bought really swiftly at a price that is higher than the average market price. Accordingly, when one sells cryptocurrencies, the price is lower than the average market price.
Among alternatives to Bittylicious some name such platforms as Local Bitcoins and Solidi.
Functions Unavailable on Bittylicious
Probably the main trait of this exchange is simplicity in use and minimalist design. This simplicity is possible only through the reduction of functions peculiar for most of the cryptocurrency exchanges. In some sense, Bittylicious is not a cryptocurrency exchange in a usual sense. This platform doesn't even set the prices. All it does is providing some working interface for the exchange of money, matching buyers/sellers with brokers eager to buy or sell some cryptocurrencies at prices set by them, maintaining security and verification of the user data, customer support, listing and delisting currencies, and working with banks to ensure transactions. Other functions are not presented at all.
Bittylicious doesn't provide a wallet. Users should have their own ones. Beginners may find it not convenient, but actually the opportunity of receiving money straight to a personal wallet not controlled by the exchange is a good feature making the process more secure. Besides wallet, there's no app. It means that the users sending or receiving money via the mobile version cannot scan the QR code to copy and paste the wallet address. According to some reports, the mobile version of the website is not very convenient.
Those traders who need such options as leveraged trading, margin trading, and OTC (over-the-counter) trading won't find any of that on Bittylicious. Traders actively using such tools as stop-limit orders and other means to protect themselves from losses won't find any similar functionality there, as well. Moreover, traders on Bittylicious are always trading at prices that are less profitable than the market price. This exchange doesn't provide even a basic candlestick graph or the ability to see and compare market prices. All one sees at the trading page is the only available price and all the needed info to know where to send money to in order to exchange one asset for another.
This makes Bittylicious not suitable for day trading. It's more likely that the primary purpose provided by this platform is the opportunity to securely buy bitcoins or other cryptocurrencies for fiat money in minutes. Also, it's easy to sell these cryptocurrencies quickly, too.
How to Buy and Sell Cryptocurrencies on Bittylicious?
In order to purchase some cryptocurrencies on Bittylicious, the user should get an actual cryptocurrency wallet to send coins to. Moreover, the trader will have to share an active email address with the exchange. No other data is needed in most cases.
The buyer should proceed to the main page of the Bittylicious website and insert the desired crypto wallet address to the [Cryptocurrency Name] Address section. Below there's an email address section. That's where the trader must put her/his email address. The next step after inserting all this information is to click on Get Some Coins button.
There's a complex algorithm that limits the amount that users can purchase. The following factors determine how much cryptocurrency the user might buy: account age, IP location, the use of VPN, how much time has passed since the previous purchase, the level of verification, and so on.
When the user taps on the "Get Some Coins" button, the next page opens. The user should check the wallet address, the amount of money she/he is going to buy. There's a Reference section. The buyer should put the reference taken from her/his bank account. Purchase is not possible without this reference code. Also, there is a list of banks that are not supported on Bittylicious. It's important to use the banks that are not on the list.
If everything is correct the buyer confirms the transaction by clicking on "I have sent payment" button. If something is not the way it was expected there's an option to reach out to the support team.
Then, the payment should reach a broker's bank account. Usually, it happens in minutes, although at times it may take much longer. Bittylicious provides 2 hours for that. In case if the payment fails to arrive in 2 hours, the company promises to make a refund. When the payment reaches the bank, the user gets the transaction ID that can help to track the bought cryptocurrencies. The website has a section with detailed instructions on how to buy Bitcoin on Bittylicious.
Selling cryptocurrencies is conducted the same way. The user places the order via the main page of the website and the platform is offering a matching broker. Broker confirms that she/he has received the payment and send money to the Bittylicious escrow wallet. Then the platform sends this money to the user.
How to Create an Account on Bittylicious?
The registration starts with clicking on the Register button in the upper section of the homepage. The user should provide a full name, email address, set the password for the account, and agree to the terms and conditions of the platform. Then the user should confirm registration via an email sent by the company.
The next step is identity verification. Bittylicious requests users to provide the following data: location of the user (current address), phone number, date of birth, country of birth, and nationality. Only if all of that is provided, the user should download the documents. The documentation should prove the user's phone number, address, name, and bank account.
Verification time on Bittylicious is not specified. As soon as the platform staff verifies the info, the user can access the full functionality of the exchange without limitations.
Bittylicious Fees Review
The fee policy on Bittylicious is another reason to admit that this exchange is extremely unusual. Buyers can’t see the fees they pay at all. All they see is the final price (fees included). According to the website, the recommended network fees are included in the final price. Withdrawal fees don't exist on Bittylicious as cryptocurrencies are sent straight to the wallet address. The exchange doesn't store the assets. As there’s no such action as depositing money on Bittylicious, hence there are no deposit fees, as well.
Bittylicious API
The exchange provides an API that can be used for a quick check of the current prices of the assets available on Bittylicious. The details on how to set this API can be found in the FAQ section of the website. Currently, it is the only API available for this platform.
Registered Brokers
Bittylicious is hiring brokers through the open call on the homepage of the website. Under the box with payment options, on the right, there is a "Become a broker" section where people may apply.
To become a broker user should register first. There are many requirements for people going to work for Bittylicious as brokers. The company is looking for Bitcoin enthusiasts with technical knowledge of cryptocurrencies. The minimum weekly trading volume for each broker is around £1,000 so the applicant should be prepared for unhampered circulation of such amount of money through her/his bank account. If the applicant fits these requirements, she/he should proceed to the application form and fill it out. Moreover, potential brokers should generate SSL keys.
UK residents should have bank accounts supporting Faster Payments and displaying the names of the senders. The use of RBS and Natwest is not allowed.
EU residents can become brokers, too. The company needs more European brokers as the UK marketplace is already well-developed. It is important that they should be able to accept SEPA payments instantly.
Customer Service and Security
As was already mentioned before, the support team is working 24/7 although at night the response from Bittylicious can be a bit slower. There are the following options for getting assistance: a live chat and email address of the support team. Those who want to get more information about the platform may proceed to the Help Index at the bottom of the main page of the website and find the answers.
Bittylicious is not an exchange that custody user assets, but rather a marketplace connecting buyers or sellers with brokers. It makes this platform quite safe to use. There’s no such possibility that users’ assets can be stolen as a result of a hack. There are two possible concerns: whether the platform is keeping the user data properly and what to do if the money user should get is not arriving?
As the platform collects and stores user data, the customers should be confident that this data is kept securely. According to the company, the only situation in which it can share the user info is the request by law enforcement. The platform is a registered Data Controller within the Information Commissioner's Office and complies with the Data Protection Act (the UK).
The account can be deleted after the user request. The accounts that were not involved in any trading activity get deleted in a couple of days after the request while ones that have been participating in trading get deleted a year after the request. This time frame is needed because the data might appear to be useful in case of fraud investigations.
Sometimes there are delays. For example, a user is sending money to buy some amount of BTC. Then, she/he gets the transaction ID, but the coins still didn't hit the wallet. The platform advises to wait longer as at times it takes up to several hours for Bitcoin to hit the wallet. On average it takes 10 to 20 minutes. If after a long period of time the coins are still not in the wallet, the platform recommends synchronizing the wallet with the Bitcoin network. If the wallet is not handled by the user, she/he should contact the receiving party's service provider. There's no anything Bittylicious will do in case if the money doesn't reach the wallet. It may sound tough but after monitoring the reports made by users since 2013, it is safe to say that there were no reported cases when this exchange was to blame for delayed transactions.
Also, there's a possibility of a different situation — the coins that the user has paid for are not entering the network for too long. If the waiting period lasts for at least 2 hours, the deal gets canceled and the buyer/seller gets a refund. The refund process can take some time as it requires sending additional data to the company. There's no data on how often such cases take place.
Among account security measures there are SSL encryption and 2-factor authentication (a security option that makes it impossible to enter the account without physical access to the user's mobile device generating one-time passwords).
Is Bittylicious Safe?
The company is not anonymous and has an affiliation with financial institutions. Bittylicious is paying attention to what users say about the platform online (on such platforms as Twitter, BitcoinTalk, Reddit, etc). The company representatives respond to criticism and help to solve the occurring problems. It is fair to say that there are not many negative reports about Bittylicious and in general it seems the users are satisfied with the service. Some reviews warn users of possible risks because Bittylicious is not regulated.
Nevertheless, the exchange is providing its service well for years and showed no signs of malicious activity. Definitely, there is no basis to allege that Bittylicious is a scam. Without a doubt, the use of this platform is safe.
Conclusion
In general, Bittylicious is not a place to go for cryptocurrency traders in an ordinary sense. Those who want to get profit from active trading operations won't be able to benefit from this exchange due to its minimalist functionality and design. There are different reasons to buy cryptocurrencies, and trading isn't the only purpose of owning cryptocurrencies. Those who want to buy or sell cryptocurrencies quickly can favor Bittylicious for its swift decent service and user-friendly interface. The company exists for many years and continues to develop. Obviously, this exchange cannot please everyone, but definitely it's a worthy platform meeting the needs of some people.
They say that the website is extremely fast and nobody has any issues, apparently, I'm at a disadvantage here. Have no clue why, but from my side it doesn't look quick. Sometimes, I spent a couple of days just to confirm my transfers and it's annoying. The support told me that they are going to check it, well, I hope so. At least, the support works fast I appreciate that.
