BitQuick Review – My Personal Experience Buying Bitcoin
Bitquick is a cryptocurrency exchange based in Cincinnati, Ohio. They are one of the best and easiest options for buying Bitcoin with cash. If you are new to cryptocurrency exchanges, you should be aware that there are three main categories of exchanges:
- Trading platforms: Trading platforms allow buyers and sellers to conduct instant trades with one another on the exchange and collect a fee for doing so. These platforms are usually highly liquid and the prices are constantly changing. Trading platforms typically offer advanced order options (like limit and stop orders) as well as advanced charting.
- Cryptocurrency marketplace: In a cryptocurrency marketplace, the sellers set their own prices (sometimes called “advertisements”) and trade directly with buyers. Typically, the exchange acts as an intermediary or escrow service that verifies deposits and ensures each party gets what they are due. These types of trades are not typically instant and can take hours to days to complete.
- Brokers: Cryptocurrency brokers set their own prices and charge a fee for their service.
Bitquick is a cryptocurrency marketplace that connects buyers and sellers together. There are several different types of marketplace exchanges:
- Fiat-only exchanges: Fiat exchanges only accept fiat currencies, such as US dollars or Euros, and allow you buy cryptocurrencies.
- Fiat and Wallet Exchanges: This type of exchange are the same as the first type but also provide cryptocurrency wallets where you can deposit and store cryptocurrencies. They also let you sell cryptocurrency for fiat currency.
- Crypto-only exchanges: This type of exchange only accepts deposits in the form of cryptocurrencies. Users can then use their deposits to trade for other crypto coins.
- Hybrid exchanges: These are the full service, do it all exchanges. They offer a combination of fiat and crypto deposits and also provide wallet services.
Bitquick is a fiat-only exchange. In this article we will be covering everything you need to know about this exchange.
At a glance
|Exchange Location||Cincinnati, USA|
|Account Minimum||$0. The minimum purchase is currently 0.000347448228 BTC ($2.33) to account for mining fees|
|Serving Customers In||All US states except New York (BitLicence compliance costs to high)|
|Purchase Options||Fiat to crypto - Supports payments in USD, CAD and EUR|
|Trading Commission Fees||Very low - They charge a 2% fee and a 0.000115816076 BTC mining fee for Bitcoin purchases with cash deposits. They charge no fees to sell Bitcoin|
|Withdrawal Fees||No wallet service provided|
|KYC or ID Verification Need to Trade?||Yes and no. ID is only required on transactions over $400|
|Social Security Number Required?||No|
|Volume & Liquidity|
|Overall Reputation & Trust|
|Withdrawal Speed||Fast. Average wait time is 1.5 hours|
|Security||High. BitQuick uses Two Factor Authentication (2FA) and accepts cash-only deposits. BitQuick’s wallet infrastructure is provided by BitGo|
|Trading Platform Features||No trading platform offered. It's more of a marketplace for buyers and sellers|
What is BitQuick?
BitQuick is a U.S.-based bitcoin exchange that was founded in 2013. It aims to streamline the process of buying bitcoins and achieves this by facilitating cash-to-bitcoin transactions.
To date, BitQuick has sold 56,353.75 BTC and has served over 81,000 customers with an average transaction processing time of one hour, 38 minutes. BitQuick provides full disclosure of its total bitcoin transaction and full proof of its reserves.
What we like and dislike
Commission and Fees
BitQuick has one of the simplest fee structures around. If you’re a bitcoin buyer, the exchange takes 2% of the traded amount. If you are a bitcoin seller, you pay no fees. There is no withdrawal fee.
There are only two ways to buy bitcoins on BitQuick and you are limited to orders of $400 or less if you don’t submit an ID.
For small amounts of $300 or less, you can either make a cash deposit to a seller’s bank or credit union account, or you can send money to a seller via Western Union or MoneyGram.
For amounts greater than $300, you will be presented with a list of adverts placed by sellers. They will all have different prices and different payment methods such as the financial institutions you need to use. You must choose a financial institution that has a location you can visit within three hours of placing your hold.
You select an order from the order book and enter your phone number and area code. Click to verify your number with a call or SMS and then enter your bitcoin payout address.
You then pay the agreed sum in cash (physical bills) by going to a local branch of the bitcoin seller’s bank and filling out a deposit slip.
As there are no other authorized deposit methods, there are no other hidden fees. However, if you’re interested in paying via bank wire, you can see if you qualify for Athena Investor Services.
BitQuick is best for:
Power Users (Advanced)
Bitquick provides a great way for customers of all experience levels to purchase or sell Bitcoin. While slightly more intimidating for rookies, just follow the instructions closely and you’ll be fine.
Sign up & Privacy
BitQuick has no sign-up unless you want to place a hold greater than $400. From the homepage of BitQuick, you can purchase up to $400 worth of bitcoin without having to submit a scan of your ID.
Anyone can buy bitcoin on BitQuick without having to register an account. The only information required is a phone number and an email address.
Buy bitcoin without ID
To buy bitcoin without submitting a scan of your ID or having to prove your identity, simply enter an amount of $400 or less into the buy box on BitQuick’s homepage. You’ll then be prompted to enter your phone number and verify it via a call or an SMS.
Buy bitcoin with ID
To buy more than $400 worth of bitcoin, you’ll need to register your phone number and submit a copy of government-issued identification. This ID, such as a driver’s license or passport, helps BitQuick comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) rules. It also helps to protect sellers on the platform from fraud.
Deposits & Withdrawals
How to order bitcoins on BitQuick
When you buy bitcoin on BitQuick, you are depositing cash directly into the bank account of the bitcoin seller (except on holds of $300 or less where you can use Western Union or MoneyGram). Therefore, you must physically go to a local branch of the bitcoin seller’s bank.
From BitQuick’s homepage, simply click on the ‘Quick Buy’ button and you’ll see the order book. This page shows you the available sellers with their bank name, the amount of bitcoin they have available and their price.
To help you find the best seller, you can filter the orders by their size (for example, orders under $2,000) or by the payment method (for example, sellers who use a particular bank). To place an order, click on its ID number and provide the following details:
- Your state
- Email address
- Phone number
- Amount of bitcoin
- Your bitcoin address
Click on ‘Place Hold Now’ and BitQuick will place the amount of bitcoin you want to buy into their escrow wallet.
How to pay for bitcoins on BitQuick
BitQuick will send you an email that contains the seller’s bank account number. You must physically go to any branch of the seller’s bank and make a cash deposit.
After making the deposit, you need to upload a photo of the receipt to a link provided in your email from BitQuick. This helps them to verify that you have made a deposit. As soon as the seller receives your deposit, they should release your bitcoin from escrow. If a seller tries to scam a buyer by refusing to release the bitcoin, BitQuick’s staff can independently verify that the deposit has been completed and take action.
When your deposit has been confirmed by the seller, BitQuick will move your bitcoins from their escrow account to your Bitcoin wallet address. In most cases, you can receive your bitcoin within three hours of making a payment.
How to sell bitcoins on BitQuick
When you sell bitcoin via BitQuick, you can choose how you want to be paid:
- Cash deposit to your bank account
- Cash deposit to your CO-OP credit union with shared branching
- Pick up cash with Western Union or MoneyGram (for holds less than $300)
BitQuick sets up an escrow account into which you move your bitcoin. When the seller has made a payment, BitQuick will email you to let you know. The processing time is less than three hours with an average time of one hour and 38 minutes. Once you have verified that the seller has paid you, you can release the bitcoin from the escrow account.
For added security, bitcoin deposits are insured for up to $250,000 and BitQuick’s wallet infrastructure is provided by BitGo. BitQuick features a proof-of-reserve auditing system that displays the number of bitcoins held in escrow. This gives both the buyer and seller full disclosure.
The last publicized major security incident occurred on March 14, 2016. A statement by Jad Mubaslat & Chad Davis stated that “no funds were taken” and that all photo IDs and emailed remained “secure”. This attack took BitQuick offline for four weeks. To date, no other such incidents have been reported.
BitQuick only supports Bitcoin (BTC). There are no plans to support additional cryptocurrencies.
BitQuick does not have an advanced trading or charting platform. It simply connects people who want to buy bitcoin with people who want to sell it. BitQuick users who wish to buy bitcoin have to choose from the list of available sellers. There is no fixed price: each bitcoin seller can set their own prices.
Ease of use
BitQuick was founded as a way of making bitcoin trading simpler and safer. As such, it is one of the simplest ways to buy bitcoin in the US. In terms of convenience, the main drawback is that Western Union and MoneyGram can only be used on holds of $300 or less. However, this rule helps to protect buyers and sellers from fraud.
All other holds must be paid for via cash deposits. Qualified BitQuick users can apply for Athena Investor Services if they wish to pay via bank wire.
BitQuick can be emailed at [email protected] or contacted online here. BitQuick’s support team provide fast and reliable support. When we tested their support system, we received a reply within three hours.
Although it’s not publicized on the BitQuick website, you can also contact the company via their Facebook page or via Twitter. There’s no advantage to doing this, however, as their response time to standard online inquiries is very prompt.
BitQuick has no mobile app but their website is responsive and works pretty well in mobile browsers.
- Is BitQuick safe? Bitcoin deposits on the exchange are insured for up to $250,000 and BitQuick’s wallet infrastructure is provided by BitGo.
- Can I use a bank account or credit card on BitQuick? For bitcoin holds of $300 or less, you can pay via Western Union or Money Gram. All other orders must be paid via cash deposit. You can apply for Athena Investor Services if you want to pay via bank wire.
- Does BitQuick sell their own bitcoin? To protect buyers, BitQuick holds the bitcoin from sellers in their own bitcoin wallet. This acts as an escrow account. Technically, BitQuick does not own this bitcoin. This escrow service helps to prevent fraud as the seller cannot prevent the bitcoin from being released provided that the buyer has made a payment.
For example, if a BitQuick user provides proof of payment to the BitQuick support team, the BitQuick employees can release the bitcoin with or without the consent of the seller.
- Is BitQuick decentralized? All bitcoins are held in an escrow wallet controlled by BitQuick prior to sale.
- Can I use BitQuick as a wallet? BitQuick does not provide a wallet service. To buy bitcoin on BitQuick, you need to have your own bitcoin wallet. Here are several wallet choices we recommend:
- Is BitQuick open to new registrations?Yes.
BitQuick is one of the safest and simplest ways to buy and sell bitcoin in the US. BitQuick’s fee structure is incredibly clear and simple and its user interface is highly intuitive.
- Volume & Liquidity
- KYC & Privacy
- Eas of Use
- Commission & Fees
- Customer Service
BitQuick is a U.S. based bitcoin exchange that was founded in 2013. By offering a simple escrow service, it streamlines the process of buying bitcoins by facilitating cash-to-bitcoin transactions.