- Fiat currencies
- Supported assets
While Solidi purports to offer instant crypto transactions from as little as £2, the lack of assets, clunky interface and poor liquidity doesn’t make it a great choice if you’re looking to buy and sell popular cryptocurrencies.
With the wide range of easy-to-use, professional crypto exchanges available these days, Solidi is unlikely to be the go-to choice for most beginner or experienced investors.
Offers instant transactions for a handful of major cryptocurrencies
Sign up process is quick and straightforward
You can invest small amounts
You don’t need to provide identity documents as a Tier 1 starter
Limited number of currencies to invest in
The prices you’re offered may not be very competitive
You may encounter a lack of liquidity when trying to buy and sell
There is not a dedicated mobile app
|Solidi Cryptocurrency Exchange
|BTC, LTC, ETH, XRP
|No transaction fees
|No fee for crypto deposit. £0.50 for GBP deposit.
|Variable fee for crypto withdrawal. £0.50 for GBP withdrawal.
Estimated reading time: 2 min
Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.
What are the key risks?
1. You could lose all the money you invest
- The performance of most cryptoassets can be highly volatile, with their value dropping as quickly as it can rise. You should be prepared to lose all the money you invest in cryptoassets.
- The cryptoasset market is largely unregulated. There is a risk of losing money or any cryptoassets you purchase due to risks such as cyber-attacks, financial crime and firm failure.
2. You should not expect to be protected if something goes wrong
- The Financial Services Compensation Scheme (FSCS) doesn't protect this type of investment because it's not a 'specified investment' under the UK regulatory regime – in other words, this type of investment isn't recognised as the sort of investment that the FSCS can protect. Learn more by using the FSCS investment protection checker.
- The Financial Ombudsman Service (FOS) will not be able to consider complaints related to this firm or Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA regulated firm, FOS may be able to consider it. Learn more about FOS protection here.
3. You may not be able to sell your investment when you want to
- There is no guarantee that investments in cryptoassets can be easily sold at any given time. The ability to sell a cryptoasset depends on various factors, including the supply and demand in the market at that time.
- Operational failings such as technology outages, cyber-attacks and comingling of funds could cause unwanted delay and you may be unable to sell your cryptoassets at the time you want.
4. Cryptoasset investments can be complex
- Investments in cryptoassets can be complex, making it difficult to understand the risks associated with the investment.
- You should do your own research before investing. If something sounds too good to be true, it probably is.
5. Don't put all your eggs in one basket
- Putting all your money into a single type of investment is risky. Spreading your money across different investments makes you less dependent on any one to do well.
- A good rule of thumb is not to invest more than 10% of your money in high-risk investments.
If you are interested in learning more about how to protect yourself, visit the FCA's website here.
For further information about cryptoassets, visit the FCA's website here.
Overview of Solidi
Solidi is a UK cryptocurrency platform and exchange that lets you buy, sell and transfer crypto assets like Bitcoin and Ethereum instantly. While it offers a quick account setup and lets you transfer with the click of a button, it only lists 4 cryptocurrencies. It also doesn’t have a dedicated mobile app, meaning that the only way you can access the platform is through your web browser. Solidi is on the Financial Conduct Authority’s register of crypto firms that have passed checks for anti-money laundering.
There are no transaction fees applied to trades, but do expect deposit and withdrawal fees for both fiat and crypto. Solidi is also severely lacking in any extra services, providing just the basics of a crypto exchange.
- If this is your first exchange: You will benefit from being able to make trades instantly without having to go through identity verification. You can also start investing from as little as £2.
- If you’re switching exchanges: There’s not much to offer experienced investors. Beyond quick account set up, Solidi doesn’t have much in the way of extra services.
Finder ratings for Solidi
|Transferring money or assets
|Fees and costs
|Ease of use
What to know about Solidi
Solidi is relatively basic with a limited number of supported cryptocurrencies. Its user interface is pretty basic and doesn’t have things like a dashboard to see multiple live market rates. While you can see your transactions all in one place, it doesn’t really stack up to what other exchanges like Zumo offer. The absence of a mobile app also means that users can’t easily make trades on the go.
Solidi’s main selling point is instant transactions. The signing up process is quick and easy, and as a Tier 1 Starter you can make low value transactions almost immediately. While Solidi has a set fee for fiat deposits and withdrawals, its fee for crypto withdrawals varies. There is an option for a low cost withdrawal, which will see withdrawals processed in batches every 8 hours. Alternatively, you can opt for a high priority withdrawal at a higher cost which occurs every 2 hours, or there is an immediate withdrawal that is broadcast in 10 minutes.
What is it like to use Solidi?
Does Solidi have good customer support?
Solidi offers customer support via the phone or by email. Reports on Trustpilot say that response times are quick and that staff are helpful and kind.
|Available Monday to Friday, 9 to 5
|1 business day
List of services on Solidi
Solidi doesn’t have an extensive list of additional services. Its offering is rather basic, mainly catering just to trades.
Trading on Solidi
You can buy and sell the 4 supported cryptocurrencies through the platform. It works by you placing your order and making your payment including the deposit charge. Prices are guaranteed for 30 minutes, so if you don’t make your payment within that time your order will be cancelled.
Due to liquidity restraints, crypto withdrawals can also take time. To keep costs low, Solidi typically processes withdrawals of crypto coins in batches.
Solidi has not had any past hacks.
Solidi is registered with the Financial Conduct Authority and claims to be the only instant purchase exchange to be on the register. It stores 100% of a customer’s crypto offline in secure storage and has 2FA enabled for its accounts.
Solidi does not have any insurance in place, so if the company goes bust your assets cannot be recovered.