Buzz
BitQuick is simply a Bitcoin exchange platform, allowing customers to execute bitcoin transactions with cash or via SEPA bank transfer. The transaction process is straightforward:
1. Customers deposit cash into the seller's bank account (bank transfers are not supported at this time).
2. The buyer sends the seller a photo of the invoice, and the seller confirms receipt of the funds.
3. The seller releases bitcoin from BitQuick's escrow service.
Conducting transactions where the seller and buyer don't need to meet for direct cash exchange is made easy with BitQuick. You can effortlessly purchase bitcoin with cash using this platform.
Reviewing BitQuick: Is this a legitimate bitcoin trading platform?
Sellers can adjust their selling prices lower than the market value as buyers are willing to pay in cash at that rate.
However, any transactions related to buying or selling bitcoin should be carefully examined before proceeding. While the Bitcoin world hosts many reliable websites, there are also some deceptive ones aiming to attract users to exchange bitcoin or USD with them.
The question arises: Is BitQuick a legitimate bitcoin trading platform?
BitQuick Review: Key Information
BitQuick is known as a straightforward and fast-executing trading platform. It offers users the option to make bitcoin transactions using either cash or bitcoin. However, for buyers, in addition to accepting a higher than market price, there is also a 2% transaction fee.
Unlike other services, users don't need to use credit cards or bank accounts to buy bitcoin. All that buyers are required to have is cash.
If you're new to Bitcoin, you need a Bitcoin wallet and must understand how to send and receive Bitcoin before diving into transactions. Unlike other trading platforms, BitQuick is very user-friendly, especially for beginners looking to buy and sell Bitcoin with cash.
How to Buy Bitcoin on BitQuick
The developers behind BitQuick have crafted a simple bitcoin trading platform. The process of buying bitcoin on BitQuick involves 3 straightforward steps below:
Step 1: Choose the order you want to purchase from the order list, enter your email address and bitcoin wallet address. You will receive an email with a link; keep this email safe.
Step 3: Download the linked receipt you received via email.
Upon receiving the receipt, the seller will release the bitcoin, and that amount will be transferred to your wallet, deducting a 2.0% transaction fee. BitQuick provides a window of 3 hours from the time you upload the receipt until the coins are released, although this process may be quicker.
How to Sell Bitcoin on BitQuick
Selling bitcoin on BitQuick is easier than buying. The process also involves 3 steps:
Step 1: Complete the sell form on BitQuick.
Step 2: Send the exact amount you want to sell in bitcoin to the escrow address provided after placing the order.
Step 3: Receive cash from the buyer, confirm receipt of payment, and release the coins.
Sellers can set their own Bitcoin selling prices. This allows sellers to buy Bitcoin from another source and sell on BitQuick to make a profit. However, knowing the latest Bitcoin prices is crucial; being aware of the Bitcoin price will significantly improve your trading advantage.
What are the fees for using BitQuick?
To buy bitcoin on BitQuick, buyers incur a 2.0% fee, while sellers do not face any fees. The fee is deducted from the Bitcoin amount before it is released. Although this policy is clearly outlined in the FAQ section on the website, some readers still express dissatisfaction with this issue.
Is BitQuick secure?
Any service storing bitcoin or personal information is secure. BitQuick's safety is assessed by examining three security factors:
1. Company Trustworthiness. BitQuick is well-regarded in the bitcoin community. Despite some reviews concerning transaction fees and high prices, the platform receives high user ratings. In 2013, the company rebranded as BuyBitcoin.us, posting announcements on the BitcoinTalk Forum and receiving positive recognition from the bitcoin community.
2. Secure Fund Handling. BitQuick does not cater to bitcoin electronic wallets. Instead, it transfers newly purchased bitcoin to your wallet. A third-party escrow service is used to store bitcoin when sellers create listings. However, no information is publicly disclosed about BitQuick's security protocols.
3. Personal Account Security. Users do not need to register for transactions. Instead, sellers generate a PIN code for buyers to accept, modify, or cancel orders. Buyers provide their Bitcoin address during payment, used to finalize orders after payment is made.
BitQuick experienced a breach in March 2017. Fortunately, no funds were lost; the vulnerability was immediately detected, and the trading platform was taken offline for assessment. No customers incurred losses.
Earning Bitcoin is not straightforward, so if you're entering the Bitcoin market, learn how to earn Bitcoin from experienced individuals who have already made profits in this field.
Does BitQuick have customer support services?
Users can contact BitQuick customer support through the online form or at the following address:
9435 Waterstone Blvd #140
Cincinnati, OH 45249
Which countries does BitQuick support?
Although the trading platform also facilitates international transactions, BitQuick is primarily utilized by U.S. residents. BitQuick supports countries including:
- US
- CA
- EU
- RU
- AU
At the time of writing, there are no individual sell orders in currencies other than the default on BitQuick.
Sending and Receiving Bitcoin with BitQuick
While many services hold and transfer funds to users' wallets, BitQuick follows a different approach.
Buyers don't have to send bitcoin to their wallets; this process is automated when the seller releases the funds.
Sellers need to send bitcoin to BitQuick's escrow service after buyers list their orders. Upon confirming receipt of the payment, bitcoin will be released online on the BitQuick platform.
This process eliminates the confusion associated with many other bitcoin buying and selling services, with minimal interaction with bitcoin wallets on BitQuick. This provides users with a new experience while reducing network fees.
Comprehensive BitQuick Review
BitQuick is an excellent bitcoin trading platform for those looking to transact bitcoin with cash. Other platforms require credit cards or bank accounts, but with BitQuick, all you need is cash for bitcoin transactions. The advantage of BitQuick is that users don't need to meet in person to conduct transactions; they only need to deposit money into their bank accounts.
Sellers of bitcoin on BitQuick incur no fees and can set their own selling price higher than the market price for buyers willing to pay in cash.
Moreover, buying and selling bitcoin with cash on BitQuick doesn't take much time.
Above is the BitQuick review, questioning its legality by Mytour. Alongside BitQuick, you can explore LocalBitcoins, review the HitBTC exchange, a reliable platform highly favored by many investors. Please leave your feedback in the comment section below the article.
- Read more: HitBTC Exchange Review
