BitQuick Review

BitQuick LogoBitQuick is a peer-to-peer bitcoin exchange based out of Cincinnati. The brand is one of the safest places in the US to buy and sell bitcoins. BitQuick has recently started to support Bitcoin Cash, but its market is yet to fully mature. The platform is powered by CoinDesk and is very easy to use. The whole process is quite anonymous, and buyers can use cash to buy their bitcoins on BitQuick. Powered by high liquidity, the transactions are faster than the average and users can sell/buy bitcoins within 2-3 hours.

Buying Bitcoins on BitQuick

It is easy and anonymous to buy Bitcoins in BitQuick. You don’t need to create an account to buy bitcoins. Simply go to the BitQuick website and click on the Buy tab. This is open up the escrow list of BitQuick where you can find a list of bitcoin rates along with their Min/Max Purchase Amount, and Sell Quantity. You can also add filters to your search based on the bank you prefer. You can also select Quick Buy to instantly check out at the best available price.

Once you select the bitcoin purchase, you need to share your mobile number along with the area code (for communication purpose), your bitcoin wallet address, and the number of bitcoins you want to buy. A $-to-BTC calculator is embedded on the payment page to make it easier for you to choose the value you wish to buy. Then simply proceed with the Buy option.

If your order value is less than $400, a deposit receipt will be automatically generated and the seller BTC is locked in an escrow account. Next, you need to go to the nearest bank branch and pay the amount in the seller’s account number in cash.

Wire transfers, ACH transfers, online banking transfers, check deposits, Wells Fargo Sure Pay, Bank of America transfers and any other unauthorized deposit methods will not be accepted. Once you complete the payment, you need to upload the deposit receipt, and you will be credited with the bitcoins. The average time taken for the entire process is 2-3 hours.

Selling Bitcoins on BitQuick

It is easier to sell your bitcoins than buying in BitQuick. You have to simply list out your asking price on the website and provide the platform with your phone number for further communications. Sellers can be paid in either of the three ways; Cash deposits to your bank account, Cash deposits to your CO-OP credit union with shared branching, Pick up cash with Western Union or MoneyGram.

BitQuick Advantages

You can choose a fixed price for your bitcoins or select the dynamic price, which automatically updates the price from three top exchanges; bitcoinaverage.com, BitStamp, and Bitfinex. You need to give your bank name, account number, and state. You also need to generate a Modification Password or QR authentication through BitID, for allowing the platform to modify your bitcoin order. This allows faster authentication (locking of bitcoins in escrow).

Once your bitcoin is listed, you can find it on the website’s bitcoin/bitcoin cash list. Your orders will automatically get executed once a buyer confirms the payment. Your bitcoin will be stored in an escrow until the platform receives the payment confirmation. If the transaction is successful, you will receive your payment, or else your bitcoins will automatically be restored to your account and re-listed.

Banks on BitQuick

BitQuick recently expanded its banking network and now includes almost all major banks of the USA. Users can deposit cash in these supported banks while bitcoins/bitcoin cash. For sellers, they will receive their bank accounts of the supported banks. The banks include:

  • Money Gram
  • Santander Bank
  • Woodforest National Bank
  • Union Bank
  • TD USA
  • ANB Bank
  • BMO Harris Bank
  • First-Citizens Bank
  • PNC Bank
  • Citizens Bank
  • Capital One
  • Commercial Bank
  • Regions Bank
  • Sea Coast National Bank
  • Wintrust Bank
  • Wallis State Bank
  • M&T Bank
  • Capital Bank
  • Key Bank
  • Valley National Bank
  • Western Union
  • Commonwealth Bank
  • HSBC Bank of USA.

User Anonymity

The system is designed around user anonymity, and users don’t have to share any personal documents to get started. However, anonymity has a limit and its $400. Any transaction above that requires KYC/AML proof. The KYC procedure is very simple, and you simply need to upload scanned images of your documents to the website. You also need to verify your mobile phone number to start the KYC process.

Users are also provided anonymity in banking. BitQuick allows its users to pay with cash for their bitcoin purchases. Sellers need to share their banking information to sell their bitcoin/bitcoin cash. All users are required to share their phone number/email ID for communication purposes.

BitQuick Fees

BitQuick charges a flat 2% on all transactions (buying/selling) on its network. Users also need to pay the mining charges out of their pockets.

Market Volatility

The market liquidity is available for all to see in the buy and sell charts. You can also check out the buying/selling limits for each rate in the charts. Due to its high number of users, you can get a lot of volatility concentrated around a price band. The bitcoin prices are very competitive, and you can find some good deals. However, the volatility is nothing too great for you to trade between prices. It is great for simply buying average levels of bitcoins for investments and future use. The limit of purchase ranges between $1-10000, with most consolidating below $1000.

Conclusion

ApprovedBitQuick lives up to its name of being a quick bitcoin exchange. It is a highly efficient marketplace where you can buy and sell your bitcoins/bitcoin cash with a peace of mind. There is a nice mix of checks and balances on both sides to get you the best rate and yet maintain anonymity. However, as mentioned earlier, anonymity has a limit of $400, and users have to verify themselves through proper documentation. The service is fast and straightforward, and there is a little scope for complaint. The 2% fees may be higher than the industry average, but it is justified by the ease and pace of transactions.

Is this your final decision?

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General Risk Warning: The financial products offered by the company carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose.

7 Binary Options review: BitQuick: 4 stars

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