BitQuick review - 2018 | Features & fees | finder.com
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BitQuick cash-to-bitcoin exchange – review August 2018

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BitQuick is a US bitcoin exchange that provides unrivaled transparency and the ability to pay with cash deposits.

Founded in 2013, the US-based BitQuick has carved out a strong niche in the global crypto scene. The company operates as a global bitcoin exchange 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 buying process. It does this by enabling cash-to-bitcoin transactions.

Product Name BitQuick P2P Bitcoin Marketplace
Fiat Currencies USD
Cryptocurrencies BTC
Deposit Methods Bank Transfer, Western Union, MoneyGram
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
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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.

BitQuick allows you to pay for bitcoin with the following fiat currencies:

  • US dollars
  • Canadian dollars
  • Euros

Available countries

BitQuick is available in 49 US states.

New York is the only state where BitQuick is unavailable due to BitLicense compliance costs.

Which payment methods are accepted?

  • BitQuick accepts cash-only deposits. This means you need to go to the bank of a bitcoin seller and deposit the cash into the seller’s account.
  • Automated Clearing House(ACH), wire transfers and other payment methods are prohibited.

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.

BitQuick bitcoin exchange

Frequently asked questions

Image source: BitQuick

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