Bitquick Review: All You Need To Know

BitQuick is an online service that allows users to buy and sell Bitcoins. It is not a brokerage that directly buys and sells, but rather an escrow service that connects customers and ensures that their transactions are valid. The service is among the best options for those interested in purchasing or selling Bitcoins because it's secure, fast, and easy, and is one of the few services that allows purchases in cash. Sounds like Bitquick is what you are looking for? Read our full review and learn all ins and outs!

Bitquick

9.6

Ease of Use

10.0/10

Reputation

10.0/10

Fees

10.0/10

Customer Support

10.0/10

Payment Methods

8.0/10

Available payment options

  • Cash

Unavailable payment options

  • Credit Card
  • Bank Transfer
  • Paypal

BitQuick's Pros and Cons

Pros:

  • Fast exchange service makes it easy to purchase or liquidate Bitcoin
  • Secure escrow service prevents fraudulent transactions

Cons:

  • Only deals in Bitcoins; no support for other popular cryptocurrencies
  • Reliance on physical banks could alienate customers in remote locations

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Is BitQuick Safe to Use?

BitQuick's business model is inherently safe; users can buy or sell Bitcoins without any risk of losing money in a fraudulent transaction. This is achieved through its escrow system: customers selling Bitcoins send their funds to a holding address maintained by the company, while the buyer deposits cash at the seller's physical bank. The Bitcoins are then sent to the buyer's address only after they send the company a picture of a valid deposit receipt.

BitQuick's other safety advantages are that there's no requirement to meet someone in person, as is the case with some of its competitors, and there's no need to provide the company with personal information that could be stolen. The few pieces of information that the service does require don't jeopardize security in any way.

Customer Support

BitQuick offers customer support seven days a week. They are only available during business hours, but these are surprisingly long: 8 am to 10 pm on weekdays, and 9 am to 8 pm on Saturday and Sunday. The company does not offer a phone number for customer service - they only process requests via email - but commenters online note that they typically respond very quickly. It's not clear which languages are supported.

There is also a sizable community online devoted to the service; discussions about BitQuick can be found on a number of forums and social media pages.

Countries Allowed

While there don't appear to be any codified restrictions against international customers using BitQuick, the service is naturally limited by the currencies accepted in users' countries, and physical access to banks. BitQuick's own website doesn't mention any limitations of citizenship or currency, stating only that "orders are bought and sold at the price listed in the currency used in the country of origin."

However, there are a few tacit restrictions that seem to limit its user base to the United States or other English-speaking countries. First, all existing offers as of April 2018 are listed in USD and seem to require access to a bank based in the United States. Second, the site is written in English and no translated versions seem to be available. Lastly, to comply with anti-money laundering laws, large or suspicious orders are subject to identification checks at the company's discretion, where the buyer must provide a picture of their driver's license or passport; in these cases, it's likely that foreign language identifications would be dismissed.

Bitquick homepage screenshot

Ease of Use

BitQuick is certainly among the easiest ways to purchase Bitcoins using cash unless you personally know someone who could offer that. The service does require more physical movement than most online brokerages since it necessitates going to the nearest location of the seller's bank in order to deposit cash, but the tradeoff is that no registration or identification is required except for particularly large or unusual transactions.

Other services that allow users to buy cryptocurrencies for cash require participants to meet in person, thus taking their security into their own hands, or are only available in select locations (such as ATM services). BitQuick, on the other hand, is available to any user who can travel to a location of the seller's bank.

Very good. I've tried several others and this one is it ! Did what they said at a fair price. Two transactions until now, both professional and timely.

Mike Floyd

Reputation

BitQuick has an excellent reputation online; reviews and online comments are almost universally positive. The service has an impressive following on social media, with nearly 10,000 followers combined on its Facebook and Twitter pages and hundreds of thousands of views on its YouTube videos.

Follow Bitquick on their social media below

Fees

It is free to sell Bitcoins through BitQuick, but buyers are subject to a 2% fee taken directly from the order. While BitQuick's 2% fee is higher than some other exchanges, it is among the lowest for services allowing cash transactions. Since sellers are able to set their own prices, customers may end up paying above or below market value for their purchase.

Earlier in its history, BitQuick charged a flat fee of 0.2 Bitcoins per transaction, but the currency's rise in value has made this unreasonable.

If you are interested in what other crypto exchanges offer in terms of fees, you can check them out in our ultimate crypto exchanges review comparison.

Payment Methods

BitQuick's most interesting selling point is that it allows buyers to purchase Bitcoins in cash; almost every other exchange requires integration with a bank account or credit card as well as strict identification requirements. BitQuick offers a degree of anonymity that should make it a favorite of libertarian-leaning Bitcoin users, combined with a simplicity and security that should appeal to everyone.

Selling Bitcoins Through BitQuick

In order to sell Bitcoins through BitQuick, users first complete the service's seller form. The form requires no personal information aside from their name and bank account number and allows users to enter a password they can use to modify their order after posting. Sellers enter the amount of Bitcoins they'd like to sell and select whether to ask a firm price or to fluctuate with market value. Many sellers are able to receive more than market value through BitQuick because buyers appreciate the convenience of using cash, will other sellers will ask slightly below market price in order to immediately liquidate their funds. Sellers can use the service for free.

After completing the sales form, sellers are sent a private escrow address where they can send their Bitcoins; they also have the option to use their own escrow service if they'd prefer, but this must be taken up with customer service. Their listing will not be active on the site until funds are received in the escrow account, thus ensuring that buyers will receive the entire amount they pay for.

Buying Bitcoins Through BitQuick

Anyone interested in buying Bitcoins for cash can browse through BitQuick's available offers; the offers will describe how many Bitcoins are for sale, the asking price, and the seller's bank where the buyer would have to go to deposit their cash. To accept an offer, they must provide a phone number for verification by text message or phone call as well as their Bitcoin address. Some sellers allow users to buy a fraction of their offered amount, in which case the buyer must select how much they'd like to purchase.

Once the offer is approved, the buyer must travel to the seller's bank and make a cash deposit into their account. Payment is required within three hours of a scheduled purchase, or the buyer may incur additional fees; this is a generous schedule that guarantees the seller's offer isn't offline for an unreasonable amount of time in case the buyer can't accomplish the transaction. The company makes it very clear that only cash is accepted; they do not work with checks, banking apps, wire transfers, or any other method.

After depositing cash into the seller's account, the buyer sends a picture of the deposit receipt to BitQuick, who will then verify the transaction and release the buyer's Bitcoins from the escrow account. Verification typically takes three hours during the company's business hours. In the case of very large of suspicious transfers, the BitQuick may ask for a picture of some form of identification, but this is uncommon. A 2% transaction fee will be removed from all buyers' purchases.

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Conclusion

Visit BitQuick's website today to begin trading or to learn more about this simple, yet powerful service. Both buyers and sellers will appreciate BitQuick's no-hassle interface, simple terms of service, low fees for cash transactions, and clever design that inherently guarantees their physical and financial security.

You can check out all of the most popular cryptocurrency exchanges in one article here.

Have you traded on Bitquick? Do you have any advice or suggestion for the other readers? Let us know in the comment section below!

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