BitQuick Exposed (UPDATED 2018): Is it a Safe Place to Buy Bitcoin? | VKOOL

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What is BitQuick?

With BitQuick those interested in buying or selling Bitcoin can do so without setting up any account.  They have a simple process and explanation provided to show how to properly send or receive Bitcoin.

You can submit money straight into a seller’s bank account and after saving and sending a copy of the receipt, this will then allow the process for Bitcoin to be sent. With this people can set up a transaction of Bitcoin in a secure format without having to input more sensitive data in potentially compromised networks.

We’ll explain in detail what BitQuick has to offer and how it works in this review.

Fundamentals of BitQuick

The company began in 2013 and allows for SEPA transfer or cash transfer. Sellers can expect no fees at all, while buyers pay a 2% fee. The website is ways to navigate and offers a lot of key details about what to expect.

They’re unique in that they don’t require a credit card or even a bank account to get started. All you have to do is go into a bank and write a deposit slip to verify that money is on the way if you’re looking to sell. If you’d like more security you can sign up for an account.

Purchasing Bitcoin on BitQuick

There is a quick and easy to understand outline on what can be expected if you want to buy. First you visit their official website and from the order book decide on what the amount is you’re looking to get. After you verify this the company will email you a link.

Then you go to the eligible bank of choice and pay the total amount to the attached account number. This will appear when you visit the confirmation page. After you complete this deposit slip you give it to the bank along with the cash, and the transaction is complete. Finally you can take a copy of the receipt and email it to the provided link that BitQuick emailed.

After the seller gets his money, the Bitcoin will be transferred along with an additional 2% fee. This should take around 3 hours, which can vary and be less. They do specify it may take a full 2 hour period, but it’s mentioned that this is rare, and that the user should reach out to ensure there isn’t any issues that need to be corrected.

For visual learners they also have a short 2 minute YouTube video which explains the process. You can also download an exclusive wallet on Google Play or the App Store. You don’t have to use the online wallet, but instead you can make a 3rd party wallet of your choosing and take advantage of the funds via that method.

Selling Bitcoin on BitQuick

To begin you must first complete a sell form which is provided on the official website. You’ll then add details as what the price is you’d like to sell it for, and how you’d like to receive money. You can specify of getting it through a MoneyGram or Western Union Wire, or through a straight bank transfer.

You can then set up a password to help make the process secure.

Since it is a competitive market setting a reasonable price for your Bitcoin is suggested, such as looking at current market prices and placing it somewhere near that price range.

You can look at what others are charging for Bitcoin and what kind of form of deposit they require to set it up at a reasonable rate.

Fees for Trading on BitQuick

If you’re simply looking to sell then you do not have to pay any fees. If you’re buying however there is an additional 2% taken off the transaction which is already included into the transfer rate.

Keep in mind that this fee is mandatory and is openly stated by the official website.

If you want to cancel an already processed transition, there is a 5% fee with a maximum of 0.2 Bitcoin due to the need for escrow to function.

Can you Rely on BitQuick?

They have been around for some time and did change their names but have had a good reputation according to customers. They also provide an escrow service which is run by an unbiased 3rd party. This limits the possibility for any unwanted meddling which may lead to lost Bitcoin. Since they operate using bank slips, it makes it easier to trust that there is a paper trial to prevent disputes between customers.

You can also make your own PIN to sign in if you’d like to set up an account, and there are many different options which once processed, you’re able to get Bitcoin sold or purchased at the rate it was priced when it was selected.

They also ensure that any suspicious activity such as money laundering would result in government ID verification. The company can decide when they want to enact this, and this is done to ensure they are following laws as they are a US based company.

Consumer Support

Their contact information is publicly displayed and they have a full FAQ section. To reach them there’s this:

Email: [email protected]

Hours of Operation: Monday through Friday 8am to 10pm EST. Saturday through Sunday 9am to 8 pm EST.

They have a simple explanation proved on they function and make it easy to reach them. You can read all about how they function by examining their website.

Are you Eligible for BitQuick?

If you sell with USD, CAD, EUR, RUR, or AUD, then you’re eligible to make a transfer. They do not offer wire transfer however, and have no other substitutes for fiat currency.

Transaction on BitQuick

When funds are released and verified this allows for Bitcoin to begin the transfer process to the specified wallet. Unlike other similar services, you don’t have to retain your funds and wait at such a long time frame. This is why they mention it should take around 3 hours for a full transfer to occur.

Because they use a 3rd party escrow service this also makes it easier for transactions to be processed and that’s exactly why sellers don’t have to pay any added fees. You can also choose to select a different 3rd party escrow of your choice.

BitQuick vs Coinbase

By using Coinbase you can trade not just Bitcoin but Ethereum and Litecoin. Coinbase also provides mostly offline storage, and they have insurance up to $250,000 for USD currency. They are generally described as an easy to use market for cryptocurrency trading, and they allow sales through a bank wire or credit/debit card.

BitQuick vs Wall of Coins

Wall of Coins offers cold storage for safe storage of wallet addresses and personal information. There’s also open knowledge about what the amount of Bitcoin is which is being transferred, reducing the risk for potentially lost Bitcoin. You can also purchase a minimum of $5 USD worth of Bitcoin, or sell the amount you’d like without any needed fees for depositing.

BitQuick vs LocalBitcoins

With LocalBitcoins you can purchase Bitcoin through various means such as MoneyGram, Amazon gift cards, Google wallet, and many more. There are also many different rates listed online, and you can find the lowest price as long as it fits the sellers request for a minimum. This market is constantly changing and varies depending on what people want to sell for.

BitQuick FAQ

  1. Is there a BitQuick Reddit page?
    There is no official page, but a few users on Reddit have started threads on different crypto forums to talk about BitQuick.
  2. What are the BitQuick fees?
    For traders it is 2% and for sellers there are no fees.
  3. Can I get BitQuick stock?
    It appears they are a private company and do not currently offer any stock options.
  4. What are common BitQuick reviews?
    If you trust different review sites then this is often described as a fast way to sell and buy Bitcoin.
  5. Where is the BitQuick login?
    You don’t have to create an account but instead need to get a deposit slip from your bank to purchase Bitcoin. It’s all offered on their official website.
  6. Is BitQuick safe?
    People often said there were no issues with buying and selling.
  7. How to use BitQuick?
    Depending on whether or not you’re looking to buy and sell the process is slightly different. First visit their official website; select whether you want to buy or sell, and follow the simple follow up directions.

Summary

With BitQuick the process of sending and receiving Bitcoin through simpler means is secured with 3rd party verification. With escrow consumers can ensure that they will get their funds for sold Bitcoin, and that they will receive Bitcoin in a timely manner. The operating window of around 3 hours also makes it easier to trust that the funds will be quickly processed. This is a simple way to get a hold of Bitcoin with no added fees for sellers.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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