UPDATE: 12th May 2021 – We’ve closed brokering – see the announcement.
UPDATE: 15th Jan 2018 – More details info on becoming a broker.
What is a Solidi Broker?
Solidi works by matching customers (either buyers or sellers) with brokers. Brokers are the people you pay when purchasing crypto currency on Solidi and who pay you when you sell crypto currency.
We’re now opening up our platform to new brokers!
What does being a broker involve?
To be a broker you need to have:
- Crypto currency to sell (Bitcoins)
You need to have a continuous supply of currency. If you just want to sell your holdings of BTC then please use our Sell option.
Currently we’re not talking on brokers to buy crypto currency, only sell.
- A bank account with one of the following banks
We’re expanding this list all the time. If you don’t have an account with one of these banks then you can open one online in a matter of days. Please contact us to check which one to open.
- UK Address and be ID Checked on Solidi
If you’re not already ID checked on Solidi we will ask you to go through this process.
- A Mac, Windows 10 or Linux computer to run the client.
This needs to be running 24/7 and have a reliable internet connection – you cannot use 4G or some other mobile network.
- Contact us to have a chat
Please email [email protected] – please include the following details:
– Bank you intend to use
– Computer Operating System
– How much you wish to sell on a daily / weekly / monthly basis and how you intend to source this
– Previous experiencing in crypto currency brokering
- Fill the license agreement for the client
We will send this to you after your initial enquiry.
- Download and setup the client
We have a Mac, Window and Linux client.
We’ll send you details once your account is setup for selling.
- Deposit currency
Send Bitcoins to our wallet ready to be sold.
Put sell offers on the site, sit back and relax.
Email us or leave a comment!
Do you have insurance if my coins get stolen from you?
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All your coins are stored in cold storage. We’ve investigated insurance and at this stage due to the custom nature of the insurance contracts involved the contract would currently cost more than the coins we have in cold storage and 100 times the coins in our hot wallet. We will keep revisiting this as customer deposits increase.
This feels sort of like putting a car in for repair and worrying that the garage could get robbed. Would I have a claim against you (the garage) in this case? Sorry for sounding negative, I’m just trying to evaluate risk to see if this is a good proposition (as you know, exchanges do get hacked).
Hi Dan, don’t worry about being negative, it’s a perfectly reasonable question.
So, I think you’re asking two different things here.
Firstly, “Do we have insurance?” – Simply, no, it’s too expensive / would cost more than the items covered – it just doesn’t make sense.
Secondly, “If you get hacked, do I get compensated?” – this is a much more complicated question and there are a lot of potentially gotchas in this. Our terms and conditions cover this. In short, assuming you’ve got TFA on your account and that Solidi has been compromised in a non user specific attack, then Solidi Ltd would attempt to make good any losses from it’s own funds. However, our terms and conditions do state that we have no liability for a failure of the platform (as does every website you ever use).
At this point I think it’s important to point out that no fintech in the UK would be legally liable to compensate you in the event of a hack and all fintechs (emoney and payment institutions) are not covered by the FSCS (Financial Services Compensation Scheme) guarantee – i.e. the government wouldn’t compensate you either.
e.g.: Transferwise – https://transferwise.com/help/article/2811591/borderless-account/how-is-my-money-protected
Hope this helps.
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Conversation threading seems broken… I can’t reply directly to your latest comment, so I’ll reply here instead… That all sounds reasonable, and (roughly) what I expected.
On this point: “… Solidi Ltd would attempt to make good any losses from it’s own funds. However, our terms and conditions do state that we have no liability for a failure of the platform (as does every website you ever use).” To be clear, this is a ‘verbal contract’ right? i.e. you would do this, but you’re not compelled to do it? In the case of a shortfall, would you aim to give everyone a percentage haircut, or would you aim to make good the biggest losses first?
Yes, when you reply it looks like you’re replying to the wrong thing, but it puts it in the correct place when you post the reply.
Re percentage haircuts, you’re getting into area’s we’ve not given a great deal of thought. Given the founders of Solidi are probably some of the biggest holders on the platform, it’s unlikely we could do anything other than give everyone an equal percentage haircut to avoid being accused of lining our own pockets.
Can you provide a PDF of the EULA?
Hi Dan, PDF is now linked to above.
[…] If you’ve got lots of BTC to sell and are technically minded, then why not become a Solidi broker? […]
if i i have private clients what want to deal with me via the through the website would that be possible ?
and also is there like a income that i would be making on a regular if i was a broker
for example typically what would be an income i would be receiving in a month or week from sales ?
While we’d love to be able to enable your private clients to deal directly with you that would create a problem as your clients would not always be guaranteed the best execution price (i.e. if there were a cheaper seller then your clients should be matched with that seller rather than you) which would make them unhappy and could potentially also cause regulatory issues.
This is the major difference between an exchange (such as Solidi) and a marketplace (such as Localbitcoins). At Solidi we run an exchange model where we offer clients a ‘best price’ and guarantee the best service regardless of who they trade and are matched with.
To help with bringing client to Solidi, we offer a referral system for large clients of brokers. Brokers normally pay a 1% fee on all trades. If you refer a large client to us as a broker then you get a percentage of all the fees that they generate when trading with other brokers. i.e. if someone you refer to Solidi is matched with a cheaper broker, then you get a percentage of the fee the broker pays, so in effect we guarantee your client the best price and continue to reward you for bringing the client to Solidi.
Hope this helps. Please do ask if you have any other questions.
[…] Solidi works by “matching customers (either buyers or sellers) with brokers” who have been registered by Solidi. As an everyday customer, this means that you don’t need […]