What are the limits when purchasing Bitcoins?
Bittylicious is a marketplace
Before reading further, please be aware that Bittylicious is technically a marketplace where various sellers offer their Bitcoins for sale. Prices and minimum purchase limits are not set by Bittylicious itself, but by the sellers within Bittylicious.
Verification based limits
Bittylicious is designed such that unregistered users can only buy around £50 worth of Bitcoins. As you go through the verification processes, you are able to buy more Bitcoins. The amounts by which your Bitcoins go up regularly changes, but they increase as you:
- Register and verify your email address
- Verify your mobile phone number
- Upload your name and address identification (large increase here)
In certain situations, the amount you can buy might be less than the minimum permitted purchase. If this is the case, you will need to consider doing the above verification steps.
IP based limits
You should connect from a computer based in the country you are buying Bitcoins from. For example, if you are trying to buy Bitcoins using a UK bank account, please connect from the UK. If you are abroad or otherwise need an exception, please verify your ID and then contact us at firstname.lastname@example.org.
If your IP address and country you're purchasing from don't match, your limits will be reduced. If you attempt to buy from an anonymous proxy, your purchase attempt will be declined.
Your limits will also be significantly lower if you are using a mobile data connection.
Account age limit
Long term users are generally trusted more, so your overall purchasing limits increase with account age. When your account is 3, 7, 14 or 30 days old (since your first significant purchase), we increase your limits.
Once twelve hours have passed since your last purchase, half of that amount can be purchased again. Once 48 hours have passed, the entire amount can be purchased again. For example, if your limit was 1 BTC and you bought 1 BTC at midnight, at noon you would be able to buy another 0.5 BTC, or after 48 hours you would be able to buy a further 1 BTC.
Because of industry best practices when it comes to Know Your Customer regulations, we require that all users upload ID when they have bought around €1,000 (about £900 or foreign currency equivalent) of cryptocurrency. This is the total amount bought ever by the user.