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.
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).
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.
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.
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On the other hand, wire transfers, Automated Clearing House (ACH), and other payment methods are prohibited.
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.
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.
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.
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.
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.
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.
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.
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.
BitQuick Pros and Cons
- Trading with cash
- Probably the quickest way to purchase and sell BTC
- Full transparency
- The site was previously subject to a server attack and was offline for a month
- High fees when compared with other bitcoin exchanges
- Markup of Bitcoin prices can sometimes be higher than the market price
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com