BitQuick is a unique Bitcoin exchange where fiat currency is the only deposit method for buying and selling Bitcoins. The company which was first established by Jad Mubaslat in 2013 under the name “BuyBitcoins.us” is located in Cincinnati, Ohio, United States. It was renamed “Bitquick” in February 2014 after it provided public proof of Bitcoin reserve and thereby becoming the first Bitcoin marketplace. Even though this company is based in the United States, it operates solely among 49 of the 50 states. This is mainly due to the banks that are accepted among users of the service. Banks that are approved by BitQuick users include:
- Any Local Credit Union
- Bank of America
The most significant contrast between BitQuick and other exchange services, and even other peer-to-peer marketplaces like LocalBitcoins, Remitano, and Bitcoin.de, is that it only accepts cash.
Like most cash only Bitcoin exchange services, BitQuick offers its users some anonymity, as it does not require too much verification from users. Each BitQuick user, both the buyer and seller, must submit their telephone number and email address for communication purposes. Apart from that, the users can remain anonymous. According to its website, Bitquick will never release any of this personal data to any third parties and remain uninformed about its users’ identities.
BitQuick users are all treated as equals with no additional verification levels or special account statuses. BitQuick does not allow users to store bitcoins on the platform, and therefore, users’ Bitcoins are their responsibility and are kept in personal wallets.
The Bitcoin being offered by a seller will only be sent to an escrow account when the order has been executed, guaranteeing a higher level of safety for the seller.
As for the buyer, they always have control of their cash, and they, therefore, control the security of their money. Buyers don’t need to have an account on BitQuick before they can buy bitcoin on the platform, and they only provide their Bitcoin address upon purchasing Bitcoins. Seller accounts on the platform are protected with a security PIN that is used to confirm and cancel orders.
BitQuick has made it very easy and straightforward to buy and sell Bitcoins in three steps, and its platform is user-friendly and intuitive. Complete newbies can use it.
The simplicity with which a buyer may make purchase on the platform is remarkable. The user chooses a desired order from the order book, enters a valid email address, and clicks on the submit button. Once the order is filled, the buyer will then go to a bank approved by the seller, fill out the deposit slip with the associated account information of the seller, and make a cash deposit using the slip.
The buyer must then take and upload a photo of the receipt to the link they received in the order email.
This method is the only way to purchase and sell Bitcoins with BitQuick, no cheque deposits, e-transfers, bank wires, etc. are accepted. After the seller has received the funds, the buyer will get the coins within 3 hours.
Selling Bitcoin on Bitquick is a quite simple process, and it’s totally free. The seller is required to fill out the form with the details of the bank account needed for the transaction, as well as some of the personal information.Once that is done, the seller sets the amount of Bitcoin he intends to sell, and the minimum volume of transaction allowed. The demanded price can be set to follow one of the prices offered by Bitstamp or Bitfinex. There’s also a possibility to set the price for a percentage higher or lower than the average price.
After giving this information, a personal escrow address of the seller will be shown. The order will appear live on Bitquick platform when the seller sends the specified amount of BTC to this address. Once a buyer places a hold on the amount of Bitcoin, the seller gets a confirmation email, comprising two links – one to confirm the deposit and release the escrow and another one to oppose the deposit. The deposit should instantly arrive considering it’s paid in cash, and the seller is bound to answer within three hours of getting the confirmation email.
The accepted FIAT currencies on the platform include US Dollar (USD), Canadian Dollar (CAD), EURO (EUR), Russian Ruble (RUR), and Australian Dollar (AUD).
When it comes to cryptocurrencies, the exchange only accepts Bitcoin (BTC).
Selling Bitcoin on BitQuick is free of charge. Buyers on the platform pay a fee of 2% for buying Bitcoin. This fee is quite high for cash deposits, but compared to fees charged by many other crypto-exchange services, the fees are highly competitive.
Deposits and Withdrawals
This exchange is limited to just two deposit and withdrawal methods, being Bitcoin and cash. As noted earlier, this is what makes BitQuick so different from most other cryptocurrency exchanges. When depositing money to purchase BTC, the buyer will have to deposit cash in a supported bank by the seller. After the seller gets the funds in their account, they will release the Bitcoin to the buyer through the BitQuick platform, where it will go directly to the buyer’s personal Bitcoin wallet.
Is BitQuick Safe?
BitQuick is a US-based peer-to-peer Bitcoin marketplace established in 2013. And it has since then built a reputation for being a reliable platform.
All in all, this exchange is an excellent cash only Bitcoin marketplace. For US users who prefer to pay in cash, BitQuick might be their best option. This option is also ideal for users who do not have bank accounts or debit/credit cards. Moreover, the company’s fees are competitive with industry standards, and many users trust Bitquick; therefore, it offers a highly liquid market for Bitcoin buyers and sellers.