Review for BitQuick Exchange
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Other types of exchanges allow personal checks, money orders, bank transfer, and credit card when it comes to buying Bitcoin. In this case, the time taken to receive Bitcoin after buying varies from one jurisdiction to another, but it might take several days before one receives their Bitcoins. The delay is as a result of the payment methods used to buy Bitcoins.
Therefore, traders that do not want such delays have a perfect platform in the name of BitQuick. The fact that the platform allows you to use cash makes it different from traditional exchanges. You only need a few hours to complete a transaction when buying Bitcoin on the BitQuick platform.
The BitQuick platform is suitable for speculators who may want to benefit from price swings. The platform has become a major player in the Bitcoin market since it was established in 2013 and its weekly purchase volume is very impressive. BitQuick expects to launch operations in other countries in the near future. Currently, the platform only operates in the United States. This review will help traders to answer critical questions such as;
- Is BitQuick Legit?
- Is BitQuick Safe?
- Can I trust BitQuick?
What is BitQuick?
BitQuick is a peer-to-peer that allows traders to directly buy Bitcoin from each other with cash. BitQuick is a US-based Bitcoin exchange that operates in over 49 states in the United States.
The company began its operations in 2013. BitQuick has no limitations when it to Bitcoin buying or selling. The buying payment method is a cash-only deposit. The selling payment method for BitQuick is cash-only-deposit.
- The only available cryptocurrency for this platform is Bitcoin.
- The trading BitQuick fees include 0% to sell and 2% to buy.
- The platform allows an instant buy without verification.
Is BitQuick Safe?
The vast majority of BitQuick users consider the platform to be safe due to its security features. The platform allows up to $250,000 in Bitcoin due to its added security features. BitQuick has a multi-signature wallet infrastructure that guarantees the security of deposits. However, the platform is considered to be less private when compared to other cash platforms like Wall of Coins and LocalBitcoins.
BitQuick sellers have strong privacy standards that are provided on the platform. Also, buyers must provide photo ID in order to buy Bitcoin on the BitQuick platform. Moreover, the amount of Bitcoin available in escrow is normally displayed on the proof-of-reserve auditing system. This feature ensures that there is full disclosure of all the transactions taking place on the platform.
BitQuick displays all the transactions or dealings to ensure high levels of transparency. The platform has community trust as a result of its elaborate transparency measures.
Security- encryption, HTTPS, how they keep themselves safe?
BitQuick enhanced its security measures after a hacking incident that took place in early 2016. The fact that all transactions are done in cash and the platform does not require users to sign up for accounts makes it vulnerable to security issues like hacking.
After the hacking incident, the company enhanced its security protocols as it became aware of its vulnerabilities. To begin with, buyers must deposit cash into the seller’s bank account before Bitcoins are released from escrow accounts. Second, a buyer must have a third-party wallet where the purchased Bitcoins can be transferred directly after the payments have been confirmed. Third, all transactions involving more than $400 are characterized by strict ID verification procedures to prevent fraud. Such security measures guarantee the security of a customer’s funds and data.
BitQuick provides four options for customer support that customers can use to make inquiries and share their ideas on how to improve the platform. The four options that are available on the BitQuick Website include;
- The company’s official Twitter and Facebook accounts.
- Sending emails to the company’s official email account.
- Writing as a snail-mail letter.
- Sending a message through a contact form.
On average, the company takes one business day to respond to customer questions. The best way to receive a quick response is by sending messages to the social media platforms.
The platform is effective when handling speed as all the transactions are done in cash. It only takes a few hours to complete transactions on the BitQuick platform.
How to use BitQuick?
BitQuick is an easy platform to use when compared to other exchanges. It takes less time for users to understand the platform’s interface as one does not need to sign up for an account and all transactions are done in cash. In this case, there are no steps for a user to follow when trading on the account.
The platform has two video tutorials that guide leaders on how to buy or sell Bitcoin. It is always easy to make the first purchase after watching the videos. However, it is not mandatory for one to watch the videos due to the intuitive nature of the process. The key steps include;
- Selecting the “Sell Bitcoin Now” option or the “Buy Bitcoin Now” after visiting the website
- Submitting orders or viewing sell orders by bank transfer or bank services
BitQuick Review Summary
BitQuick is one of the best platforms when it comes buying or selling Bitcoin within the shortest time possible. The platform guarantees minimal security risk as one receives their Bitcoin in the Wallet immediately after the buying process has been completed.
Some of the pros associated with the company include;
- Quick transactions.
- No verification needed.
- Full transparency.
- Easy to use.
However, BitQuick has some cons that include;
- A history of server attacks in 2016.
- High Bitcoin prices as compared to market price.
- The transaction fee for buying Bitcoin is higher when compared to other similar platforms.
BitQuick is a suitable platform for Beginners as it is easy to understand the interface and the buying and selling process is less complicated.
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