Most cryptocurrency exchanges do not involve third-party brokers in their operations to avoid unnecessary add-ups on the trading fees. But employing brokers in the crypto trading operations has its benefits; the most important one is that a broker helps validate a buyer before executing a trade on the platform and thus involves less risk of default. In this Bittylicious review, both the positive and the opposing sides of an escrow service provider (one that involves brokers in the trade operations) and how to use Bittylicious are discussed to understand whether the platform would be convenient or not.
|Supported Fiat Currencies||EUR, GBP, USD, AUD, THB|
|Supported Countries||Worldwide with few exceptions|
|Transaction Fees||Depends on Cryptocurrency|
|Withdrawal Fees||Charges Network Fee|
|Customer Support||Email, Live chat, Phone, Open a Ticket, & FAQ Support|
What Is Bittylicious?
Bittylicious is a UK-based cryptocurrency trading exchange that works more like a third-party escrow provider facilitating trades between cryptocurrency buyers and sellers. The cryptocurrency exchange allows traders to buy cryptocurrencies with fiat money, but day trading is impossible on this platform. Although the exchange was launched in 2013, Bittylicious is still in its infancy stages and is not regulated under any regulatory authorities.
The Bittylicious website has a fundamental design, making it easier for crypto beginners to start their cryptocurrency trading career from this platform. However, Bittylicious does not offer too many crypto coins for trade on its platform. Although the platform is more geared towards the UK market, they accept payments from other countries of the world as well.
How Does Bittylicious Work?
Unlike other cryptocurrency exchanges that charges a trading fee for each trade facilitated on their platform, Bittylicious operates in a slightly different manner; it works like a third-party escrow provider facilitating crypto trades with fiat currencies. Here the rate at which cryptocurrencies are purchased on the platform is predefined by the users as soon as they place the “Buy” order and enter the amount they want to purchase.
Bittylicious then matches the buyers with a registered broker, who must deposit the coins into the Bittylicious wallet. As soon as the broker confirms that the buyer has deposited funds directly into their account, Bittylicious releases the coins into the trader’s private Bitcoin wallets or crypto wallets. The transaction ends as soon as the purchase is completed and the coins are released, which implies that the traders cannot engage in day trading at the Bittylicious exchange. Thus, the exchange is best for long-term investments.
Though it is a safe process, as per various Bittylicious reviews available online, traders have to wait for the brokers till they confirm that the payment has been received. Moreover, some brokers also allow traders to use a debit card or a credit card in certain countries.
The Bittylicious platform host the following unique features to cater to the crypto trading needs of its clients:-
- It is a peer-to-peer crypto exchange platform connecting cryptocurrency buyers and brokers.
- It supports multiple cryptocurrencies (even not so popular ones that are not listed anywhere else)
- As it is a web-based platform, it can be operated from any country in the world.
- It offers competitive markup for popular crypto coins but charges much higher fees for other crypto transactions.
- KYC verification is mandatory when the trading volume is beyond a certain limit.
- The speed of transactions, permissible trade limits, and trading fees depend on various factors like banking options chosen by the traders, type of coins to be traded, etc.
Is Bittylicious Regulated?
As per our Bittylicious review and research, the platform is still in its infancy stages, and it focuses more on its overall development to establish itself better in the crypto market; the regulation part is still not upgraded.
Bittylicious Review: Pros and Cons
|Easy to use interface.||Fluctuating rates differ for each cryptocurrency.|
|Validated Brokers.||Does not have a mobile application.|
|Supports several cryptocurrencies and fiat money transactions.||Fiat currency purchases are available only for European traders.|
|Allows varied instant payment methods.|
|No cyber hacks have been reported since its launch.|
|Allows traders from some countries to use their debit or credit cards.|
How to Buy and Sell Cryptocurrencies on Bittylicious?
Here is a step-by-step guide on how to buy and sell crypto coins on Bittylicious:-
Register With Bittylicious
This is the first step where the users need to visit the official website of Bittylicious and click on the “Register” button on the top right-hand corner of the page, which will open a registration form that has some mandatory fields like full legal name, email id, and password. After filling these fields correctly, the user should accept the terms and conditions before clicking on the ‘Register’ button. An activation mail will be sent to the user’s email id that they would need to click on to activate their account on Bittylicious.
As soon as a user logs into his account with the registered credentials, he will be asked to upload some government-issued ID verification purposes. This is required if users intend to buy cryptocurrencies on the platform with fiat currencies.
After successful verification, users can place their orders from the homepage of the exchange’s website, where they can select their preferred cryptocurrencies from a drop-down box. Users also need to choose what they want to do, buy or sell the picked crypto coins, and choose the amount. Next, they need to enter the cryptocurrency wallet address where they want the coins to be deposited. Finally, users need to select the preferred payment method that they want to use.
In this step, the users need to enter the account details they need to transfer. Alternatively, they will be directly taken to the payment process if they pay with a debit/credit card.
At this point, the cryptocurrency broker from whom the users are indirectly buying the crypto coins will deposit the coins into Bittylicious’s escrow account.
Wait for the Broker’s Confirmation for the Receipt of Funds
As soon as the brokers confirm that they have received the funds, they will notify this cryptocurrency exchange (here Bittylicious). Finally, the Bittylicious team will transfer the coins to the seller’s wallet address that the buyer has entered in the 3rd step.
Bittylicious charges the following fees from its users:-
Unlike many exchanges, at Bittylicious, traders are quoted above the actual market rate for BTC (Bitcoin). The brokers at Bittylicious set the cryptocurrency exchange rates displayed on the website that they claim to be the cheapest offers provided to users.
Although the markup charged on the trades executed depends on market volatility, it varies somewhere between 2-3% above the mid-market Bitcoin (BTC) rates. However, for other cryptocurrencies available for trade on the Bittylicious platform, the markup is slightly higher. For Ethereum, the markup is around 2.4%, Litecoin has a markup of 2.9%, whereas, for Dogecoin, it is about 2.7%. Bittylicious chooses the network fee recommended by the Bitcoin Core wallet. This does not mean that the Bitcoin prices will shoot high if the average network fees are higher because the exchange rates are added to the quoted price, which depends on the payment methods used by the traders.
Bittylicious Accepted Payment Method
The payment methods available on the Bittylicious exchange depend on the trader’s location where he is based. Fiat money deposits are only available for residents of the European Union (EU).
Traders can use the following payment options to deposit funds into their accounts registered on the Bittylicious exchange:-
- SEPA bank transfer. (for residents of E.U only)
- UK Faster Payments.
- Debit/Credit Card. (for residents of Europe only)
- iDeal. (for residents of Netherlands only)
- Mister Cash / Bancontact. (for residents of Belgium only)
The best exchange rates apply when traders use UK bank transfers for depositing funds. However, those users need to ensure that their banks support Faster Payments (which most high street banks usually do) and correctly send the bank account name and reference Id. On the other hand, the purchase of Bitcoin (BTC) or other cryptocurrencies with a credit card or a debit card tends to be expensive as bank charges add to the processing charges. In most cases, an extra 4% is charged over the trading fees.
Bittylicious Supported Currencies and Countries
Bittylicious supports a total of 15 various cryptocurrencies that can be found on the exchange’s website. Here in Bittylicious review, below we have some of the supported crypto coins:-
- Bitcoin Cash
- Monetary Unit
The complete list of supported countries can also be found on the exchange’s website. Bittylicious is more focused on the UK market but accepts crypto users from other nation-states as well, with a few exceptions as follows:-
- North Korea
Moreover, Bittylicious also imposes prohibitions in using certain payment methods to residents of certain countries; only residents of Europe can use fiat currencies to buy crypto coins on the platform.
How Bittylicious Is Different From Others?
As per our Bittylicious review and research, the platform differs from other exchanges because it is more of an escrow service provider than a cryptocurrency exchange platform. On Bittylicious, which is considered as one of the safest & top crypto exchanges the traders are allowed to pre-define the rates at which they want to purchase their preferred cryptocurrencies on the platform; Bittylicious only matches the buyer’s preferences as to the rates to the seller’s, and as soon as they match, a trade is executed on the platform for which it charges a fee. Unlike other crypto exchanges,, Bittylicious does not allow day trading, and also trading with fiat currencies is only available for European crypto traders.
Bittylicious Security Measures
Although the Bittylicious exchange does not have any records of cyber-attacks, still its security features are a significant concern for most investors, perhaps because this cryptocurrency exchange is still not regulated by any regulatory authorities. Moreover, the platform operates as a peer-to-peer escrow service that can only hold customer funds and assets for a small amount of time, which is again a primary concern for investors. This is because, amidst such an environment, a situation can arise when Bittylicious fails to forward the coins to the users as soon as the seller releases them. These situations will always be there, and the platform cannot do more about these than employing some robust security features as follows:-
- Two-factor authentication. (2FA)
- SSL Encryption.
- Customers identified when using fiat currency.
Bittylicious Customer Support
As per our Bittylicious review and research, customers can directly contact the customer support team at Bittylicious in several ways, like email or via live chat. Though there is a dedicated phone number for the exchange on the website, the team does not provide direct support via telephone. There is a toll-free UK telephone number displayed on the exchange’s support page, but that cannot be used for account support. There is also a dedicated FAQ section with all the common queries of the traders answered in an elementary and lucid language. It also has social media accounts that may help out the users.
Bittylicious Review: Conclusion
Thus, according to this Bittylicious review, the United Kingdom based platform appears reliable even though it is not regulated under any apex regulatory authorities. Bittylicious offers a competitive exchange rate, but users should be careful while choosing the banking options and compare the prices so that they do not lose much on any cryptos transaction. The platform provides the users with new crypto coins every time to buy coins within an hour and without any challenges on the way. However, for availing of this benefit, users should register themselves on the platform to increase their purchase limits and agree that the exchange is not regulated anywhere, so there are always some risks involved while operating on the platform.
Is Bittylicious Legit?
Yes, according to the various reviews Bittylicious is the platform that appears to be a legit one.
What Are Bittylicious Fees?
Bittylicious fees are somewhat different from other cryptocurrency exchanges, partly because it is an escrow service provider that involves brokers in their operations. Thus the broker’s commissions are included in the trading fees. Therefore, when buying a coin from Bittylicious, the price offered is a little higher than the actual market price, whereas while selling a coin on the platform, the price shown is a bit lower than the actual market price.
How Do You Use Bittylicious?
Bittylicious can be used by registering an account on the platform and depositing the requisite funds into that account.
Why Is Bittylicious So Expensive?
Unlike other cryptocurrency exchanges that only provide a platform for trading cryptocurrencies, Bittylicious operates as an escrow service provider with multiple Bitcoin brokers working at the back end. Each can choose their trading price, and the best one is provided to the users, which means that the price shown in the list is the best price that these brokers are willing to trade at.
Do You Need an Id for Bittylicious?
Yes, Bittylicious requires an ID for KYC (Know-your-customer) verification for processing trades beyond a specific permissible limit. Moreover, the user’s spending limits can be increased significantly when his ID is validated because that would make his account more trustworthy.
Is Bittylicious Safe?
Yes, Bittylicious is a safe platform, and there have not been any hacking incidents reported against the platform since its launch in 2013.