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.
Sam Bourgi is a contributing writer to Finder.com, where he specializes in financial markets. He has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, Yahoo, CBOE and Forbes.
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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 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.
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
A simple method for buying and selling bitcoin
Despite the recent server attack, it remains a trusted US-based exchange service
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
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.
Frequently asked questions
Online purchases are not available. To buy bitcoin, visit the site and select an order from the current order book. You must then pay the sum in cash at your bank and upload the receipt to a link provided in your email.
Sell orders go live on the website after a single confirmation from the Bitcoin network. No timeline is specified for when this will occur.
The BitQuick escrow feature protects sellers by holding on to their bitcoin until they confirm that payment has been received into their account.
Disclaimer: 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.
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