Bittylicious (bittylicious.com) is a rather ambitious UK-based crypto-currency trading project, which supports no fewer than 11 virtual currencies. The operation is essentially an exchange: it works by matching up buyers and sellers of various crypto currencies like Bitcoin. Unfortunately, due to this business model, Bittylicious regularly struggles with lack of liquidity. Unlike other apparently similar operators, such as Localbitcoins, Bittylicious does not allow for anonymous cash exchange.
The registered office of the operation is at Unit 132, 275 New North Road, London, N1 7AA, UK. The company is registered in Wales and in England, under the company number 08540541. Press and business inquiries can be directed to [email protected] The office phone number is: +44 870 2955078.
Bittylicious’ CEO is Mark Warne, who is something of a Bitcoin celebrity. The business model seems to be in order and the community feedback is overwhelmingly positive as well.
The Bittylicious platform is an extremely simple, web-based one, which allows traders to enter the amount of Bitcoins they want to buy/sell, right on the homepage. After choosing the payment method, the transaction can be completed. Obviously, in order to be allowed to buy and sell at the site, one needs to register an account with Bittylicious. To do that, one needs to have a MasterCard or VISA registered in his/her name. The minimum purchase has been set to 0.00078895 Bitcoins (equal to $1 at the time of writing), which is very manageable indeed, even for beginners or for those who aren’t looking to bet the house on the virtual currency.
Bitcoin sellers with a passion for the concept and a certain degree of dedication to the community, can become Bittylicious brokers. If they do, they’ll be required to trade at least a few Bitcoins every day.
There is just one account type offered at Bittylicious, though the transaction limits which come with it, can be expanded through several steps of identity verification. Unverified accounts are limited to buying 0.09 Bitcoins. Limits can be raised through email verification, mobile phone verification and name/address verification. The actual limits haven’t been made public by the site.
There are no fees involved for Bitcoin buyers at Bittylicious, though it has to be said that the prices are set by the brokers and as such, they are higher than the market prices. Sellers are charged a fee for the use of the platform. The exact size of this fee isn’t specified.
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The activities that Bittylicious currently performs do not require regulation. The operation used to be registered with the HMRC’s Money Laundering Regulations Scheme, but as the authority made it clear it did not regulate crypto currencies in any shape and form, the registration isn’t valid anymore. Nonetheless, strict anti money laundering and anti abuse policies are observed.
A ticket-based support system is available at Bittylicious, in addition to a support email ([email protected]). IRC and live-chat support is available as well.
Five payment options are currently available: bank-transfer, credit- and debit cards, Paym, Barclay’s Pingit and RBS/Natwest PYC.
Bittylicious offers a convenient solution to bitcoin trading in the UK. Its low liquidity makes its survival questionable in a liberalized UK bitcoin market though. However, in the meantime Bittylicious seems like an excellent service provider.
Do you agree? If you are a Bittylicious user, please leave a comment below and share your experience with this exchange.
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