BitQuick Review: Is BitQuick a Legitimate Way to Buy and Sell Bitcoin?
Anyone looking to buy or sell Bitcoin should at least be aware of BitQuick. Yes, even you.
BitQuick is a simple Bitcoin exchange that allows customers to easily buy or sell Bitcoin using cash or SEPA transfers. The process is straightforward:
- Buyers deposit cash into the seller’s bank account via cash deposit (wire transfers are not supported at this time)
- Buyers send the seller a picture of the receipt:, seller then verifies that funds have been received
- Sellers releases the coins from BitQuick’s escrow service
All of this happens without having to meet a stranger to hand them cash (I’m looking at you, LocalBitcoins). With BitQuick, you’re able to buy Bitcoin using cash with ease.
For sellers, you’re able to unload your Bitcoin at higher than market rates, since people who buy with cash are willing to pay those rates.
However, any service involving buying and selling Bitcoin should be highly scrutinized before being used; after all, that’s why you’re here, right? While there are many trustworthy sites in the Bitcoin world, there still is a fair share of misleading websites that aim to lure you into transferring your hard-earned Bitcoin or USD to them.
So, is BitQuick a legitimate service? All signs point to yes.
However, you should decide for yourself after reading this BitQuick review if the service is worth using.
BitQuick Review: Key Information
Known for simplicity and speed, BitQuick provides an easy way to convert your cash to Bitcoin, or Bitcoin to cash. However, for buyers, that comes with paying higher-than-market rates for Bitcoin and paying a 2% fee.
Unlike other services, you don’t need a credit card or bank account to buy Bitcoin. All that’s required from buyers is cash.
|Site Type||Peer-to-Peer Bitcoin Marketplace|
|Company Location||Cincinnati, Ohio, U. S.|
|Company Launch||2013 (Changed from BuyBitcoin.us)|
|Deposit Methods||Cash or SEPA Transfer|
|Withdrawal Methods||Cash or SEPA Transfer|
|Fees||2% for buyers / 0% for sellers|
If you’re new to Bitcoin, you are going to need a Bitcoin wallet and a working understanding of how to send and receive Bitcoin before getting started with BitQuick. Other than that, BitQuick is easy to use and great for beginners with cash looking to buy Bitcoin.
How to Buy Bitcoin on BitQuick
The developers of BitQuick have made it easy to buy Bitcoin. It’s a simple three-step process:
- Select the desired order from the order book, enter your email address and Bitcoin wallet address. You’ll be emailed a link – save this email.
- Head to the bank and pay the sum in cash to the account number that was shown on the order confirmation page. All that’s required is filling out a deposit slip and handing the bank your cash.
- Upload the receipt to the link that you were emailed.
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 be pleasantly surprised when it’s less.
How to Sell Bitcoin on BitQuick
Selling Bitcoin on BitQuick is arguably 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.
What is the Fee for Using BitQuick?
There is a 2.0% fee for buying with BitQuick. There is no fee for selling. The fees are deducted from the Bitcoin amount before it is released. While this policy is plainly stated on their website’s FAQ section, it has received a few complaints on some review sites.
Is BitQuick Safe?
Any service that is going to store Bitcoin or receive any of your personal information must be safe. BitQuick’s safety can be assessed by examining three elements of safety:
- Company Legitimacy. BitQuick has a great reputation in the Bitcoin community. While some complaints have been made regarding the fees and high price, they are vastly outweighed by praise. Back when the company was called BuyBitcoin.us (2013), they made an announcement post on BitcoinTalkForum and were well received by the community.
- Safe Keeping of Funds. BitQuick is not intended for use as a Bitcoin wallet. Instead, transfer your newly purchased Bitcoin to your wallet. A third-party escrow service is used to store the Bitcoin when a seller creates a listing. However, no information is made publicly available about their security protocols.
- Personal Account Security. Users do not have to register to trade. Instead, sellers create a PIN that allows them to accept, modify, or cancel orders. Buyers provide their Bitcoin address during the checkout process, which is used to fulfill the order after they’ve made payment.
It’s worth noting that BitQuick was hacked in March of 2017. No funds were lost, the breach was immediately detected, and the platform was immediately taken offline to assess the situation. No customers lost their funds due to the breach and resulting action.
Does BitQuick Have Customer Support?
Absolutely. BitQuick has earned a stellar reputation for being responsive. They may be contacted through their online form or at the following address:
9435 Waterstone Blvd #140
Cincinnati, OH 45249
BitQuick Supported Countries
International support is provided, but the platform seems to be exclusively used by United States residents. Officially, the following countries are supported:
At the time of this writing, there isn’t a single sell order in another currency.
Sending and Receiving Bitcoin with BitQuick
Many services call for holding your funds and transferring them to your wallet at your leisure. BitQuick has another plan in mind.
Buyers do not have to send their purchased Bitcoin to their wallet, it will happen automatically when the seller releases the funds.
Sellers will need to send Bitcoin to BitQuick’s escrow service after they’ve placed their listing. Once the transfer has received one confirmation from the network, the order will go live on the BitQuick website.
This process eliminates the confusion that accompanies many other Bitcoin buying and seller services; there is minimal transferring between your wallet at BitQuick. Not only does this make for an excellent user experience, but it also cuts down on network fees.
BitQuick Review: Final Thoughts
BitQuick is a seemingly fantastic service for those who wish to deal in cash. Other services require credit cards or bank accounts, but all you need is cash to buy Bitcoin with BitQuick. One key benefit is that you don’t have to meet a stranger in person and hand them cash – you simply deposit the cash to their bank account.
As a seller, since there are no fees and you can set your own price, it’s a dream scenario. You can usually 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.
- Beginner Friendliness
- Customer Support
- Community Sentiment
- Payment Methods
- Available Cryptocurrencies