Our BitQuick review aims to provide an in-depth analysis of what makes BitQuick stand out in the crowded market. With its user-friendly interface and a range of features designed to facilitate the buying and selling of Bitcoin, BitQuick has positioned itself as a go-to platform for crypto enthusiasts and traders alike. Let’s delve into the specifics of what BitQuick has to offer and how it compares to other exchanges in the market.
BitQuick is a global bitcoin exchange that provides unrivaled transparency and lets customers buy Bitcoins with cash via cash deposit.
BitQuick was founded by Jad Mubaslat in 2013 and has carved out a strong niche in the global crypto scene. The company is based in Cincinnati, US, and operates as a global bitcoin exchange platform that provides full proof of reserves, including full disclosure of total bitcoin transactions and average selling prices.
One of BitQuick’s primary objectives is to streamline the Bitcoin purchasing process, and it does this by enabling cash-to-bitcoin transactions.
| Topic | Description |
|---|---|
| 💰 Pricing | BitQuick operates a flat rate of 2% on all purchases. No fees charged to the seller. 2% fee may be considered high compared to other sites like LocalBitcoins that charge no fee. |
| 🔍 Features | – Ease of Use: Clean and responsive interface, mobile-friendly. – Privacy: Minimal verification required, no release of personal information to third parties. – Security: Third-party Escrow wallet for transactions, proof of reserve display. – Supported Coins: Only Bitcoin (BTC) is supported. – Supported Countries: Available in 49 US states (excluding New York), and internationally in the USA, Canada, Europe, Russia, and Australia. – Funding Options: Cash purchases facilitated, no US-based wire transfers, EUR SEPA payments available in Europe. |
| 👍 Pros | – User-friendly and secure platform. – Comprehensive customer support via email, ticket, and social channels. – International support for traders in various countries. |
| 👎 Cons | – Only Bitcoin (BTC) is supported. – Not available in New York State due to Bitlicence legislation. – 2% fee may be considered high compared to other platforms. – No US-based wire transfers accepted. |
What you'll learn 👉
What is BitQuick?
In its simplest form, BitQuick is a digital currency exchange used for buying and selling Bitcoins. The platform takes much of the confusion out of bitcoin trading by focusing on cash-only deposits. It essentially acts as a third-party escrow agent that links buyers and sellers, holding both Bitcoin and fiat currencies, while buyer and seller complete the necessary steps for a successful exchange.
A simple fee structure and limited transaction method make BitQuick one of the easiest ways to purchase and sell the world’s traded cryptocurrency.
Buyers who use BitQuick’s platform do not need a traditional bank account to deposit money. They only have to deposit US dollars in person at a local bank branch into one of BitQuick’s accounts at one of several large US banks (e.g. Wells Fargo and Bank of America).
The site allows users to pay for Bitcoin with the following fiat currencies:
- US Dollar (USD)
- Australian Dollar (AUD)
- Russian Rubble (RUR)
- EURO (EUR)
- Canadian Dollar (CAD)
When it comes to cryptocurrencies, BitQuick accepts only Bitcoin (BTC).
Verification Process
It’s important to note that the verification isn’t needed in order to purchase or sell Bitcoins. In fact, users don’t even have to open an account to make a trade, and they just need to enter an external wallet address and provide an email. Sellers have to fill a slightly larger form that requires a couple of information about them. However, that’s still great compared to the verification processes on other exchanges.
In some cases, the document submission or SMS verification may be requested by the exchange.
The exchange usually requires a photo of driver’s license. However, in some cases, they accept Passports and national IDs.
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Payment Methods
BitQuick accepts cash-only deposits, which means you need to go to the bank of a bitcoin seller and deposit the cash into the seller’s account. The seller will release the Bitcoins to you on BitQuick once he/she sees the deposit in their account.
On the other hand, wire transfers, Automated Clearing House (ACH), and other payment methods are prohibited.
Fees
Buyer fees are 2% for cash deposit purchases, which is somewhat high for cash purchases of Bitcoin. However, the reliability and speed of BitQuick makes this fee worth paying for some.
BitQuick is a great platform if you plan on selling Bitcoins. You can often sell your coins for higher than market rate. Also, on top of that BitQuick does not charge sellers any fees.
Deposits and withdrawals can be made only with SEPA transfer and Cash transfer, and no other methods of payment are currently supported. It’s important to note that the orders must be paid for within 3 hours of the buyer hold is placed. A user will automatically get banned from the platform if he/she has three or more unpaid buyer holds in a 72-hour span.
As mentioned above, wire transfers, ACH, and other payment methods are strictly prohibited. On deposits, only bank fees apply and the exchange doesn’t charge anything. There are no fees for withdrawals.
However, other bank fees may apply depending on your financial institution.
The trading platform charges a massive 5% fee in case that the seller wants to withdraw Bitcoin from escrow address. The 5% of the amount is a colossal bite, so users need to be sure they want to sell their BTC on BitQuick before making a deposit.
Supported Countries
BitQuick is available all around the world and in 49 US states. The only state where BitQuick is unavailable is New York because BitQuick stopped service in New York due to the BitLicense.
Customer Support
BitQuick offers fairly comprehensive customer support via Facebook, email, and Twitter. You can contact the team almost anytime should you have any concerns, and they respond fairly quickly, within a couple of hours.
They are available Monday through Friday between 8 a.m. and 10:00 p.m. ET. The support team can also be reached Saturday and Sunday between 9:00 a.m. and 8:00 p.m. ET.
How Soon Will My Funds Be Available?
BitQuick’s streamlined service allows it to deliver Bitcoins to buyers fast. In most cases, users will receive their Bitcoins within three hours of making payment.
It’s important to note that a seller will receive a confirmation email indicating that a payment has been made.
Security – Is BitQuick legit?
The exchange really cares a lot about the security and is considered safe to use by the vast majority of its client base. They offer third-party Escrow wallet for storing the currency during the transactions. They also have a proof of reserve display that allows anyone to see the amount of coins held in each of the Escrow accounts.
For added security, the platform uses BitGo’s multi-signature wallet infrastructure. This feature insures Bitcoin deposits for up to $250,000.
Is BitQuick scam? BitQuick has established itself as a trusted Bitcoin exchange although it was hacked in March 2016, when the anonymous hacker got the access to their servers. No customer funds were lost in the hack, and the fact that BitQuick shut down until it fully understood the cause of the hack shows that it does care about the security of its customers’ personal information and funds
BitQuick is considered less private than other cash methods like LocalBitcoins or Wall of Coins. However, the exchange generally provides strong privacy standards for sellers. One more thing worth noting is that photo ID is required in order to buy Bitcoin on the exchange.
Ease of Use
The interface looks great; it’s clean and easy to use, and everything works like a charm.
The website is responsive, and it looks good on mobile devices. However, the exchange doesn’t offer iOS and Android apps.
Limits and Liquidity
As a third-party escrow agent, BitQuick enforces no limits and lets buyers and sellers agree on trades.
BitQuick’s buy and sell offers are publically available, and you can check the orderbook at anytime.
Next Steps
Getting started to BitQuick is as easy as visiting the site and clicking “Buy Bitcoin Now“, and after that you will be directed to a page that allows you to view all sell orders by bank and money transfer services.
Click “Sell Bitcoin Now” to register as a seller and proceed to submit your order.
User Experience
It seems that this exchange is a real deal, because there are many satisfied user reviews online. Some users complained about the missing funds. However, almost in every case, they were afraid that the buyer would somehow cancel the payment.
Conclusion
BitQuick is a perfect exchange for those traders who need to make quick transactions. It’s a great place for selling BTC, and some users report selling hundreds of BTC in the matter of minutes.
I’ve used BitQuick for years with great success.
But on 1/2/22 without my permission or knowledge the operators of the site zeroed out my account and effectively stole btc worth more than $100,000.
I’ve sent them several emails to no avail.
I do not believe I am the only one they’ve stolen from. They list best offers and sales within a 24hr period. That number for the last two days has been zero.
I don’t have a clue where to even start with the recovery of my funds. I decided a critical first step is to tell as many people, potential future victims, about their corruption as possible.