In this article, we will learn about key information on BitQuick and review its service that the exchange provides. You should be able to decide for yourself once you are done the reading.
BitQuick is an exchange known for allowing their customers to buy Bitcoin using cash using bank deposits. BitQuick states on their official website that the average processing time to receive your Bitcoin is 3 hours. However, it sometimes takes up to 24 hours to get your bitcoins in your wallet.
The process is super easy:
- If you would like to buy bitcoins, deposit the cash into the seller’s bank account. Recently, BitQuick started to accept payments from buyers using wire transfers via Western Union.
- The buyer sends a proof of payment receipt to the seller.
- Finally, the sellers will verify the payment and release the bitcoins into the buyer’s wallet. If you don’t know what a bitcoin wallet is, read our ultimate guide to Bitcoin.
The only payment method used on BitQuick are cash deposits and wire transfers via Western Union. Let’s assume you want to buy one bitcoin. You will deposit the money into the seller’s account (which will be provided to you). Later, the seller will confirm the transaction and release the coins into your wallet address.
You will pay a premium price for each bitcoin you purchase, but this depends on BitQuick’s orderbook – plus a 2% that BitQuick charges for each transaction. For example, if Bitcoin is trading at $6,000, you might find sellers placing their prices between $6,100 and $6300 ($100-$300 premia), plus you will pay a 2% fees for BitQuick.
However, BitQuick doesn’t charge sellers any fees.
Is BitQuick Safe? – Security and Safety
One of the most important requirements you need to look for when dealing with an exchange is its security and safety. BitQuick is less of a target for hackers as the client’s private keys are not stored on their servers. However, the funds are only kept with them when their customers are completing an escrow transaction.
Back in 2016, BitQuick was hacked. Hackers were able to get access to usernames, emails and phone numbers. However, clients funds were safe, and no bitcoins were stolen. The platform decided to shut down until it fully understood the reason for the hack. This shows the excellent care of its customer’s security. BitQuick also has security procedures such as the multi-signature wallet and a fully SSL encrypted website.
BitQuick provides international support. However, we only recommend United States residents to use this service because all sellers are based on bank accounts in the US. Please note that New York is the only state not supported due to BitLicense.
Unlike other platforms like LocalBitcoins, BitQuick requires ID verification to buy Bitcoins, due to KYC requirements. Some customers and traders might see this as an invasion of their privacy. However, these documents are a requirement to prevent fraud and money laundering.
BitQuick Review – Conclusion
The service makes it easier for both buyers and sellers when making a transaction. You don’t need to meet up with a stranger – you only deposit the funds into the seller’s account, and BitQuick will do the remaining work.
Also, Sellers don’t need to pay any fees, which is excellent! All you have to do is place your price and wait for a buyer to purchase your Bitcoins. Just make sure you don’t set up price way above average is you will be competing with other sellers.