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Bittylicious Review - is it scam or safe?

Bittylicious Review - Is bittylicious.com scam or safe cryptocurrency exchange?

RATING: 2.6 / 0 REVIEWS Bittylicious

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

Account type Leverage Taker Fee Deposit Fee
Standard N/A N/A Unspecified



Bittylicious is a place where one can buy cryptoccurrencies. We hesitate to call it an exchange, as it isn’t an actual trading venue. If you want to buy Bitcoin from them, you have to provide a wallet to which they will be sent. This is more of an old school approach, which is not used by many other exchanges.


Bittylicious Advantages



No hacks – one of the main benefits of such a P2P approach is the fact no coins are actually stored in a centralized exchange. This means that if the security of a single wallet is compromised, only the coins of that seller will potentially be stolen. There simply isn’t anything to hack.



Simple interface – the “trading platform” provided by Bittylicious is actually an order form. It doesn’t get any easier. Here is a preview:





 

SEPA and Credit Card support – the only supported payment options at Bittylicious are European bank transfers and credit cards. This isn’t much, but it still gets the job done. Few exchanges support e-wallets like PayPal or Skrill.
 

Positive user reviews – most of the comments about this service we found were relatively dated. However they were all positive.


Decent variety of assets – this is by no means an altcoin heaven, but a total of 16 coins are available. The most popular ones are Bitcoin, Ethereum, Liteccoin and Dash.




Bittylicious Disadvantages



 
No actual trading platform – the fact Bittylicious is not centralized also has a negative aspect. This is obviously the fact there is no actual trading software, with charts and instant executions.



No clarity on pricing – while the previous point is a turn-off for most experienced traders, this is potentially a bigger one. When one places an order, he sees the total costs of the transaction, but no information on the actual fees charged by the company.



High markup – with the previous point in mind, we must say that at the time of writing of this review the price of a Bitcoin at Bittylicious was substantially higher than the one at most exchanges. The markup was around 10%, which is pretty high, even for such a volatile asset. 



Not easy to sell coins – in order to sell coins via this service, one must have slightly more technical knowledge than most people. It’s not necessary a bad thing, but is simply impractical.



Not easy to use out of EU – the prices of all coins at Bittylicious are quoted in EUR. With support of European banking only, anybody who is not living there will have a harder time.


>>US Based cryptocurrency exchanges<<



No trading on margin – at this point it should be obvious, but we must mention that no leverage is provided at this website. This is imply a way to enter the cryptoverse. On the other hand if you are looking to trade more actively, doing so with a forex broker is a solid alternative.



 
>>Bitcoin CFD brokers<<




These are companies which usually offer CFD trading. This means that instead of actually buying Bitcoin, you are getting a different financial instrument which only mimics its price fluctuations. This is an effective way to speculate, but there are some things you must know before participating in such trading.


 
Conclusion



 
Bittylicious is a peer-to-peer network where you can buy cryptocurrencies. No actual trading platform is provided. Instead one must provide a wallet where he wishes to receive the coins. This has its pros and cons – for instance the security is rather higher, but the execution isn’t instant. In essence, this isn’t everybody’s cup of tea. Such an exchange will probably never be as popular as Coinbase or Bitstamp. A more appropriate competitor will be BTC Direct.


The main downside of Bittylicious is the massive markup. This may have simply been a current lack of liquidity, but at the time of writing of this review, the “exchange” charged 10% more on Bitcoin transactions.


While the security at such a company may be higher than what is provided at centralized exchanges, there are still security concerns in the world of crypto. In case you are only interested in the speculative aspect of Bitcoin, trading with a highly regulated forex broker is much safer.


 
>>List of regulated Bitcoin brokers<<



 
Here is a summary of Bittylicious:

Pros Cons
No hacks No actual trading platform
Simple interface No clarity on pricing
SEPA and Credit Card support High markup
Positive user reviews Not easy to sell coins
Decent variety of assets Not easy to use out of EU
  No trading on margin

 

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Traders` reviews for Bittylicious

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