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BitQuick cash-to-bitcoin exchange review
BitQuick is a US bitcoin exchange that provides unrivaled transparency and the ability to pay with cash deposits.
Details
| Product Name | BitQuick P2P Bitcoin Marketplace |
|---|---|
| Fiat Currencies | USD |
| Cryptocurrencies | BTC |
| Deposit Methods |
Cash Western Union |
| Trading Fee |
Buyer: 2%
Seller: None |
| Deposit Fees | None |
| Withdrawal Fees | None |
Pros
- Easy-to-use interface
- Headquartered in the US
- Full transparency
- Quick transactions
Cons
- Comparatively high fees
- Bitcoin buy prices often above market rate
- Site has been subject to a server attack in the past
Which fiat and cryptocurrencies are supported?
- Supported fiat currencies: USD
- Supported cryptocurrencies: 1 cryptocurrencies
- BTC
Which payments methods are accepted?
- Cash
- Western Union
What is BitQuick?
In its simplest form, BitQuick is a digital currency exchange that allows users to buy and sell bitcoin. By focusing on cash-only deposits, the platform takes much of the confusion out of bitcoin trading.
BitQuick essentially serves as a third-party escrow agent that links buyers and sellers. It holds both bitcoin and fiat currency while buyers and sellers complete the necessary steps to finalize the transaction.
A limited transaction method and simple fee structure make BitQuick one of the easiest ways to buy and sell the world’s traded cryptocurrency.
Available countries
BitQuick is available in 49 US states.
New York is the only state where BitQuick is unavailable due to BitLicense compliance costs.
How much will it cost me to use BitQuick?
BitQuick operates a simple fee structure, which makes it easy to monitor and control your costs.
- If you’re a bitcoin buyer, the exchange takes 2% of the traded amount.
- Sellers pay no fees.
- There is no fee for withdrawals.
However, depending on your financial institution, other bank fees may apply.
How soon will my funds be available?
BitQuick’s streamlined service allows it to process transactions quickly. In most cases, you can receive your bitcoin within 3 hours of making payment.
If you’re a seller, you’ll receive a confirmation email indicating that a payment has been made.
Are there any transfer limits?
As a third-party escrow agent, BitQuick imposes no limits on buying and selling bitcoin. Rather, it lets buyers and sellers agree on trades. As such, buy and sell orders are available publicly.
Is it safe to use BitQuick?
BitQuick is considered safe to use by the vast majority of its client base. For added security, the exchange uses BitGo’s multi-signature wallet infrastructure, which insures bitcoin deposits for up to $250,000.
The proof-of-reserve auditing system also displays the amount of bitcoin held in escrow. This gives you full disclosure of the dealings taking place on the exchange itself.
BitQuick is considered less private than other cash methods like LocalBitcoins or Wall of Coins, but generally provides strong privacy standards for sellers. To purchase bitcoin on the exchange, photo ID is required.
Customer support
BitQuick offers fairly comprehensive customer support, which means you can contact the team almost anytime should you have any concerns.
The support team can be reached Monday through Friday between 8 a.m. and 10:00 p.m. ET. They are also available Saturday and Sunday between 9:00 a.m. and 8:00 p.m. ET.
BitQuick pros & cons
Pros
- A simple method for buying and selling bitcoin
- Despite the recent server attack, it remains a trusted US-based exchange service
- Full transparency
- Quick transactions
Cons
- Higher fee when compared with other bitcoin exchanges
- Markup of bitcoin prices is sometimes higher than the market price
- The site was previously subject to a server attack and sat offline for a month
Next steps
Getting started to BitQuick is as easy as visiting the website and clicking “Buy Bitcoin Now“. You will be directed to a page that allows you to view all sell orders by bank and money transfer services.
To register as a seller, click “Sell Bitcoin Now” and proceed to submit your order.
