Bitstocks’ Gravity was launched in February 2020 to all UK residents and expanded to EU residents (except Germany) in April 2020.
But what is Bitstocks’ Gravity? How does it work? Is it a good place to buy Bitcoin (BTC) and Bitcoin SV (BSV) in the UK and EU?
In this Bitstocks’ Gravity review, here’s what we’re going to cover:
- Main Features
- The Roadmap
- What Is Bitstocks?
- How Does Bitstocks’ Gravity Work?
- Supported Cryptocurrencies
- Supported Countries
- Payment Methods
Here are the main features of Bitstocks’ Gravity platform:
- Responsive and intuitive interface (usable on desktop, tablet, or mobile).
- Open an account and get verified within about 10 minutes.
- Supports Bitcoin (BTC) and Bitcoin SV (BSV).
- Deposit GBP with a UK bank transfer (via Faster Payments Service) or EUR with a SEPA bank transfer – without paying any fees.
- A fluid fee of approximately 1% when you buy or sell supported cryptocurrencies. See how competitive their Bitcoin (BTC) prices are with BittyBot.
- No additional fees when you withdraw supported cryptocurrencies (just the normal transaction fees).
- 100% cold storage of all supported cryptocurrencies.
Bitstocks doesn’t have a public roadmap at the moment. However, here’s a summary of what I pieced together from their website and conversations I had with them:
- Release a mobile app for iOS and Android devices.
- Get an e-money licence, then start the process of getting a full-blown banking licence (so they can offer a suite of services to businesses and consumers).
- Launch a debit card that’s connected with Bitstocks’ Gravity platform.
What Is Bitstocks?
Bitstocks was established in April 2014 by Michael Hudson (Founder & CEO). They launched a UK beta of Bitstocks’ Gravity in 2019, but it has been available to UK residents since February 2020 and EU residents since April 2020.
For now, Bitstocks’ Gravity just helps people to easily buy, sell, and store cryptocurrencies with GBP and EUR. However, the long-term objective of Bitstocks is to “provide everyday financial products and services, backed by Bitcoin SV (BSV)” which provide people with “true sovereignty of their finances”. In other words, they want to provide everyday financial products (current accounts, debit cards, loans) which allow for the adoption of cryptocurrencies without any technical knowledge.
Behind the scenes, they’ve built the platform in a manner which will mean that every action taken by a user is fully configurable. Once the API is made public, it will allow others to utilise Bitstocks’ Gravity “banking-as-a-service” functionality for fiat and digital asset banking.
Bitstock’s Gravity only has five reviews on Trustpilot, which makes it a little hard to draw any conclusions. I wouldn’t hold that against them though, as they’ve only been operating for a few months.
How Does Bitstocks’ Gravity Work?
The Bitstocks’ Gravity platform integrates with a mixture of cryptocurrency exchanges and trading houses. These provide liquidity for their supported cryptocurrencies. It uses these connections to find you the best deal when you’re buying or selling cryptocurrency on their platform. This is how Ziglu and the Crypto.com app work too.
To use Bitstocks’ Gravity, you’ll need to register and verify your identity. I had this sorted in under 10 minutes. Once you’re in, you’ll see a slick dashboard like this.
Initial GBP deposits can take a few hours to be processed, but subsequent GBP deposits from the same bank account are credited within minutes. This is because it’s handled via the Faster Payments Service (FPS) and automated.
Once you’ve added GBP or EUR to your account, the process of buying Bitcoin (BTC) or Bitcoin SV (BSV) is quick and easy. In just a few clicks, you can buy any of these cryptocurrencies. To see how fast it is, check out this video.
Bitstocks’ Gravity also has fully functional wallets for Bitcoin (BTC) and Bitcoin SV (BSV). These wallets allow you to send, receive, and store the supported cryptocurrencies.
Although there’s not a mobile app, the website is responsive and can be accessed and used through the browser on a mobile or tablet too. It looked pretty damn good on my phone.
Bitstocks’ Gravity supports the following cryptocurrencies:
- Bitcoin (BTC)
- Bitcoin SV (BSV)
They used to support Bitcoin Cash (BCH) – which is why you’ll see it in some of the screenshots in this review. However, Bitstocks’ Gravity stopped supporting it from the 14 November 2020.
It doesn’t sound like they’re interested in supporting other cryptocurrencies, as they don’t consider them a “viable, long-term solution to enable global trading and financial sovereignty”.
You can register and use Bitstocks’ Gravity platform if you’re a resident in the United Kingdom or Europe (excluding Germany). They’re looking to expand into other countries across Europe, Asia, Africa, Canada, and the US over the next five years.
Identify verification is required. This involves submitting a form of ID (e.g. passport or driving licence) and recording a small video on your laptop or mobile. I didn’t have any problems with identity verification, so it was instantly sorted.
Bitstocks’ Gravity only allows you to deposit GBP or EUR into your account with a bank transfer.
For UK users: GBP deposits are made via the Faster Payments Service (FPS). After your initial deposit into Bitstocks’ Gravity, subsequent deposits will be credited to your account almost immediately.
For European users: EUR deposits are made via a SEPA transfer. These aren’t processed on weekends and can take 1-2 business days to be credited to your EUR wallet.
The process of depositing money into the platform is simple. Check out this quick video to see how it works.
Buying & Selling Fees
Bitstock’s Gravity aims to charge a fee of approximately 1% when you buy or sell cryptocurrencies on Bitstocks’ Gravity. However, this isn’t guaranteed. The fee you’re charged will depend on things like:
- The amount you’re buying or selling.
- Market conditions.
- Liquidity and availability.
This fee isn’t transparent – it’s included in the exchange rate that they charge you. However, as shown above, they do show you what exchange rate you’re being charged when you get to the buy screen. This rate is locked in for 15 seconds, and then it’ll be updated.
Deposit & Withdrawal Fees
You won’t be charged any fees when you deposit GBP or EUR into Bitstocks’ Gravity. However, you will be charged a flat fee of £2 when you withdraw GBP and €2 when you withdraw EUR.
You’ll have to pay the transaction (i.e. mining) fees when you withdraw cryptocurrency from Bitstocks’ Gravity. However, you won’t pay any other fees when you deposit cryptocurrency into, or withdraw cryptocurrency from, Bitstocks’ Gravity.
When I checked, Bitstocks’ Gravity was charging these cryptocurrency withdrawal fees.
|Bitcoin (BTC)||0.0001 BTC|
|Bitcoin SV (BSV)||0.00001 BSV|
From what I can tell, there is no minimum or maximum deposit amount. You can deposit as little or as much as you’d like in GBP or EUR.
You can also withdraw as little or as much as you’d like in GBP or EUR. But remember: there is a flat £2 when you withdraw GBP or €2 when you withdraw EUR.
Bitstocks’ Gravity uses AES-256 encryption, enforces the use of a two-factor authentication (2FA) method, and stores ALL cryptocurrencies offline in cold storage. In their own words, their systems are “built with the best levels of security available”. Although they’ve “had many hacking attempts on our platform” (more than 10,000), they’ve not been breached since the company was founded in 2014.
Because 100% of cryptocurrency funds on Bitstocks’ Gravity are held in cold storage, you will find that cryptocurrency withdrawals aren’t processed instantaneously like on other platforms. Instead, transactions are processed batches throughout the day. This is the trade-off that Bitstocks’ Gravity has made, but one which “does provide the most secure storage of our clients’ assets”.
Deposits aren’t currently insured, but this isn’t something that’s fully developed in the cryptocurrency space. Here’s what they said when I asked them about this:
“From a compliance standpoint, we have ensured we have taken all other necessary measures to maintain the safety of users’ to that of a regulated financial institution. We are already set to become an EMD agent of an authorised & FCA-regulated Electronic Money Institution before the end of the year.
In addition, we are in the process of obtaining both our separate EMI & CCA (Consumer Credit Act) licenses. With these, we will be able to adhere to the best banking practices with regards to segregated funds and FSCS-coverage for all user fiat deposits, in particular.”
If you’re looking to buy Bitcoin (BTC), then you can find the cheapest alternatives to Bitstocks’ Gravity in the UK and Europe with BittyBot. It’s automatically updated every 5 minutes and includes all of the most popular options in the UK and Europe.
If you’re looking to buy Bitcoin Cash (BCH), you have fewer options. Ziglu offers a comparable experience, but that currently lacks full wallet functionality. Another option is the Crypto.com app. With this, you’ll pay nothing to deposit GBP or EUR and you’ll be able to buy Bitcoin Cash (BCH) without paying any fees. Find out more about this in this Crypto.com review.
For Bitcoin SV (BSV), the best alternatives in the UK are BuyBSV.com (powered by Coinify) and BC Bitcoin. With BuyBSV.com, you’ll pay about 1.25% (plus network transaction fees) if you buy with EUR or GBP using a bank transfer. If you want it faster, then BC Bitcoin charges fees of 4% and allows you to buy Bitcoin SV (BSV) and nearly any other cryptocurrency with a UK bank transfer.
Summary: Great Way to Buy BSV in the UK and EU
Bitstocks’ Gravity seems like a decent option if you’re in the UK or EU.
Here’s what I liked:
- The user interface is excellent, especially on mobile devices. It keeps everything simple and intuitive.
- It supports UK bank transfers (via the Faster Payments Service) for GBP deposits and SEPA bank transfers for EUR deposits.
- They aim only to charge fees of about 1%, which seems competitive in the UK.
- You won’t get charged excessive fees when you transfer cryptocurrency out of Bitstocks’ Gravity (just the normal transaction fees).
While there are places where you could buy Bitcoin (BTC) cheaper, it seems like one of the best places in the UK and EU to quickly, easily, and cheaply buy Bitcoin SV (BSV).
Want to find out more? Head over to their website!
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