BitQuick.co – Scam or Not?
Bitquick is known as the first Bitcoin marketplace to provide public proof of reserve in February of 2014.
The focus of the exchange is not specific, they are focused on the worldwide market and accept traders from all continents.
Verification at BitQuick
The verification isn’t needed in order to buy or sell Bitcoins. In fact, users don’t even have to open an account to make a trade. They need just to enter an external wallet address and provide an email. Sellers have to fill a form that requires a few information about them, but that’s still great compared to the verification processes on other exchanges.
In some cases, the SMS verification or document submission may be requested by the exchange. This was made official by Bitquick in July of 2015.
— BitQuick.co (@BitQuickco) July 23, 2015
The exchange usually requires a photo of driver’s license, but in some cases, they accept national IDs and Passports.
The accepted FIAT currencies:
- US Dollar (USD)
- Canadian Dollar (CAD)
- EURO (EUR)
- Russian Ruble (RUR)
- Australian Dollar (AUD)
When it comes to digital currencies, the exchange only accepts Bitcoin (BTC).
The exchange doesn’t support Wire Transfers.
The exchange has a very simple fee model. They take 2 percent of the traded amount from the buyers and 0 percent of the sellers.
Deposits and withdrawals can be made with Cash transfer and SEPA transfer only. No other methods of payment are currently supported. The orders must be paid for within three hours of the buyer hold is placed. If the user has three or more unpaid buyer holds in a 72-hour span, it will automatically get banned from the platform.
ACH, Wire transfers, and other payment methods are strictly prohibited. On deposits, the exchange doesn’t charge anything, only bank fees apply. There are no fees for withdrawals.
In case that the seller wants to withdraw Bitcoin from escrow address, the trading platform charges a massive five percent fee. So, users need to be sure they want to sell their BTC on Bitquick before making a deposit because the five percent of the amount is a colossal bite.
Bitquick.co Trading Analysis
Trading is very simple on Bitquick. The exchange offers quick FIAT to BTC trades, and that’s it. No support for margin trading. Derivates and futures are not in the offer.
Buying Bitcoin on Bitquick
After starting the “quick buy,” users are asked to enter the amount of Bitcoin they plan to purchase, as well as the email and BTC address. The user then gets to choose a bank from the list of supported banks, each with a corresponding price per Bitcoin shown.
After selecting a desired local bank, the user will receive a confirmation email with the bank account information to which the cash should be deposited. The amount can be paid at any branch of the chosen bank. Of course, it’s crucial to pay only with cash.
When the money is sent, the seller’s account is automatically credited. This is the reason why cash only transfers are required – any other payment method would take too long, and the seller wouldn’t be able to confirm the payment within the agreed SLA of three hours.
After the deposit is made, the buyer must take a photo of the receipt and upload it to the link provided in the confirmation email received from Bitquick earlier. This is required in order to prevent any disputes with the sellers who claim that the money never arrived.
Basically, the seller needs to notify the exchange about the received deposit. Then, the Bitcoin is transferred from the Bitquick escrow to the buyer’s wallet – all within three hours from the purchase.
There’s a video describing the entire process:
Selling Bitcoin on Bitquick
Selling Bitcoin on Bitquick is a straightforward process, and it’s completely free. The seller needs to fill out the form with the bank account details needed for the transaction and some of the personal data as well.
Afterward, the seller sets the amount of BTC he plans to sell, and the minimum size of transaction allowed. The requested price can be set to follow one of two price aggregators – Bitstamp and Bitfinex. There’s also an option to set the price for a percentage above or below the average price.
After providing this information, a personal escrow address of the seller is displayed. When the seller sends the specified amount of Bitcoin to this address the order will appear live on Bitquick platform.
When the buyer places a hold on the amount of Bitcoin, the seller receives a confirmation email, containing two links – one to confirm the deposit and release the escrow and another one to dispute the deposit. The deposit should arrive instantly since it’s paid in cash – and the seller is obligated to answer within three hours of receiving the confirmation email.
There’s a detailed video about selling on Bitquick:
Ease of Use
The interface looks great; it’s clean and easy to use. There are videos which explain the trading process (again, very simple) and everything works like a charm.
The website is responsive, and it looks good on mobile devices, but the exchange doesn’t offer Android and iOS apps.
The support on Bitquick can be reached only during business hours – Monday to Friday 8 – 22h EST and Saturday to Sunday 9 – 20h. The support is offered only via email and ticket, and they respond fairly quickly, within a couple of hours.
There are many satisfied user reviews online, and it seems that this exchange is a real deal. Some users complained about the missing funds, but almost in every case, they were afraid that the buyer would somehow cancel the payment. Nothing serious overall.
Analysis of Security on BitQuick
The exchange really cares a lot about the security. They offer third-party Escrow wallet for storing the currency during the transactions and have a proof of reserve display which allows anyone to see the amount of coins held in each of the Escrow accounts.
There’s no two-factor authentication primarily because users don’t have to register in order to trade. No information is available about the type of storage they use for BTC. Encryption is used for emails.
Bitquick has been hacked in March 2016, when the anonymous hacker got the access to their servers. No customer funds have been stolen in the attack, and the exchange decided to close for a month in order to carefully investigate the breach and make sure all their users can trade safely.
Bitquick Review Conclusion
Bitquick is one of the best exchanges for traders that need to make quick transactions. Some users report selling hundreds of BTC in the matter of minutes, which is pretty sweet.
- Probably the fastest way to buy and sell BTC
- Trading with cash
- High fees
- Need to go to the bank to make it happen
- Site was offline for a month after the attack
Great place for selling BTC, and a great place for buying it – if your life depends on it.
Do you have good or bad experiences with this Bitcoin Exchange? Please share them!