BitQuick Review: With the fast changing world upgraded with technology with all the dimension, cryptocurrencies have marked the era of the new beginning of the digitized word.
Along with this, the tremendous rise in the price of Bitcoins with a value of worth $9000 has attracted much of the crowd within a short span of time. Everyone is now trying their luck in the world of cryptocurrency to get a great deal of return.
Not only Bitcoins but also the other cryptocurrencies are proving to be one of the most promising platforms among all. To buy Bitcoins and other coins in the easier way.
Nonetheless, there are several cryptocurrencies which have not been listed on these popular exchanges, therefore, such altcoins find their way to the lesser know exchanges.
Analyzing a cryptocurrency exchange with every aspect is quite difficult. We encounter with different types of the constant question before we finally choose the one. Questions like:
- Which is the best suitable platform?
- Which exchanges will provide the best deal of return?
- Which platform is legit for which coins?
- What are the fee structures involved?
- What is the process of verification?
- Is it easy to use? and many more.
Analyzing these questions with every dimension is such a time-consuming task. That’s why we here at coinscage are going to give you a detailed review of yet another platform for cryptocurrency exchange that is BitQuick.
Earlier, Buying Bitcoin took a lot of time and efforts but BitQuick made the process swift by allowing cash, which is a traditional way of paying method.
So, today I’m going to give you a complete review of BitQuick, the site which changed the way people used to Buy Bitcoins.
So without any further ado! Let’s get started with our review.
- 1 What is BitQuick?
- 2 How to get started?
What is BitQuick?
For all the technological advancements, buying bitcoin via cash is still a steady process, one some argue has been traditionally underserved by industry startups.
BitQuick, a peer-to-peer cash-for-bitcoin startup. BitQuick is a Bitcoin exchange that lets customers buy bitcoins with cash via cash deposit.
By paying emphasis on cash-only deposits, the platform eradicates much of the confusion out of bitcoin trading. One of the main objectives of BitQuick is to streamline the Bitcoins buying process. It does this by enabling cash-to-bitcoin transactions.
The focus of the exchange is not specific, they are focused on the worldwide market and accept traders from all continents.
Now after you know what actually BitQuick is. Let us see how to get started with BitQuick?
How to get started?
Firstly, visit Bitquick from here and tap on “Launch Quick Buy”.
- Mention your amount you want to deposit to buy your Bitcoins.
- After you enter your amount click next and select the most suitable payment method according to you.
- After you have selected the payment method you will be directed towards the page of matching order options available to you. Select the most suitable option for you and then again click on next.
After you have completed the above processes you will now get to the page of verification. Now its time to get verified with your details.
Let us see what are the steps to getting verified in BitQuick.
How do I need to verify my account?
The verification isn’t needed in order to buy or sell Bitcoins. In fact, users don’t even have to open an account to make a trade.
You just need to enter an external wallet address and provide an email.
On the other hand, Sellers have to fill a form that requires a few information about them, but that’s still great compared to the verification processes on other exchanges.
For the verification process,
- You need to verify your phone number by entering the code received on your phone number.
- Click on accept term and conditions then finally click on buy Bitcoin.
- Now the last final process is to receive your Bitcoin receipt provided by the bank and you need to upload the scanned picture of the receipt to get all the procedure done.
Once the receipt is received by the seller, they will release the Bitcoin and it will be transferred to your wallet, less a 2.0% fee.
BitQuick provides a timeframe of 3 hours from when you upload the receipt to when your coins are released, although it’s often shorter. Plan for three hours then is pleasantly surprised when it’s less.
Selling Bitcoin on BitQuick is a straightforward process, and it’s completely free. Selling Bitcoin on BitQuick is relatively easier than buying. It’s also a three-step process:
- Complete the sell form on BitQuick.
- Send the correct amount of Bitcoin into the escrow address that is provided after the order is created.
- Receive cash deposits from buyers, confirm them, and release the coins.
Sellers are able to set their own price for their Bitcoin. This allows sellers to buy Bitcoin from another source and sell them on BitQuick to make a profit.
Fees Schedule & Payment Modes:
The exchange process has a very simple fee structure. Traders take 2% of the traded amount from the buyer and no amount of fees is required from the seller.
Deposits and withdrawals of Bitcoins can be done via cash transfer and SEPA transfer only. No other methods of payment are currently supported by BitQuick.
The orders must be paid for within three hours of the buyer hold is placed. If the user has three or more unpaid buyer holds in a 72-hour span, it will automatically get banned from the platform.
ACH, Wire transfers, and other payment procedures are strictly restricted. On deposits, the exchange doesn’t charge anything, only bank fees apply. There are no fees for withdrawals.
In case that the seller wants to withdraw Bitcoin from escrow address, the trading platform charges a massive five percent fee. So, users need to be sure they want to sell their BTC on BitQuick before making a deposit because the five percent of the amount is a high fee.
The accepted FIAT currencies are as follows:
- US Dollar (USD)
- Canadian Dollar (CAD)
- EURO (EUR)
- Russian Ruble (RUR)
- Australian Dollar (AUD)
In terms of digital currencies, the exchange only accepts Bitcoin.
Now after you know the trading procedure, fee structure and accepted FIAT currencies, let us see what are the features of BitQuick and pros and cons involved.
Things to Know:
- Bitcoins are released after confirmation.
- Generally, user gets bitcoins within 1 Hour
- No limits are applied.
Pros and Cons:
Like every coin has two sides BitQuick has also some disadvantages along with advantages. These are:
- Suitable way to purchase Bitcoins with cash.
- A simple procedure for buying and selling Bitcoins.
- Instant transaction.
- Beginners friendly.
- High transaction fee.
- Markup price is higher than the market price.
- Hacked previously.
Now after you know about the feature, pros and cons let us see what are that countries in which we can access the feature of BitQuick.
What are the available countries on BitQuick?
BitQuick operates in 49 US states.
New York is the only state not supported because BitQuick stopped service in New York due to the BitLicense.
Below is the compared chart of BitPanda with some of the competitive exchange platforms.
There are many positive reviews of the BitQuick users, and it seems that this exchange is a real deal. Some users have also filed the complaint against the trader for their missing fund but that was only the intuition that ultimately the trader will cancel the payment.
The support on BitQuick can be reached only during business hours:
- Monday to Friday: 8 – 22h (EST)
- Saturday to Sunday: 9 – 20h (EST)
The support is offered only via email and ticket, and they respond fairly quickly, within a couple of hours.
Also, BitQuick has earned a good reputation as the response time is good to their users. They may be contacted through their online form or through following channels:
Is it safe to use BitQuick?
BitQuick is considered to be safe and secure by the majority of their users. BitQuick has a number of measures in place that bitcoin marketplace competitors like LocalBitcoins don’t possess.
Take for instance, in order to get secure and confirmed that both sides of the transaction ends are protected, BitQuick uses BitGo’s multi-sig wallet technology, which is allowed up to $250,000.
They provide the feature of third-party Escrow wallet for storing the currency during the process of transactions and also have a proof of reserve display which allows anyone to see the number of coins available in each of the Escrow accounts.
Currently, there is no feature of two-factor authentication as users don’t have to go ahead with the process of registration in order to trade.
However, you must know the fact that BitQuick was hacked in March of 2017. No funds of users were lost and the flaws were immediately detected. To protect all the funds and the platform the BitQuick went offline for a month.
My take on BitQuick Review:
BitQuick is one of the most promising platforms for all the beginners in crypto space. It is user-friendly and uses the traditional method of payment that is by depositing Cash to the bank account of trader for buying Bitcoins.
It is also extremely easy to use for the purpose of buying and selling of Bitcoins in small volumes.
BitQuick is a fantastic service for those who want to deal in cash. Other services require credit cards or bank accounts, but all you need is cash to buy Bitcoin with BitQuick.
One main feature is that you don’t have to physically meet the person and hand over the cash to them – you simply deposit the cash into traders bank account.
As a seller, since there are no fees involved and you can markup your own price, which is such a great deal. You can generally sell your Bitcoin for above market rates to people who are willing to pay those rates to pay with cash.
BitQuick is worth your time if you prefer to buy Bitcoin with cash.
So, overall BitQuick seems to offer a great experience, especially for the USA states excepts NewYork.
So, what do you think about BitQuick? Are you going to use this platform?
Let us know your review in a comment section down below.
Also, read these recommended articles:
- Binance Exchange Review: Things to Know Before using it
- Best Free Cryptocurrency & Blockchain Courses for beginners
- Best Hardware Wallets to keep your cryptocurrencies safe