BitQuick Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.
BitQuick Review – is it scam or safe?
BitQuick is a US cryptocurrency exchange established in 2013. It offers spot exchange services for Bitcoin and USD. It claims its main advantage is the fast transaction: “The premier service to buy bitcoin in just 3 hours”.
By the look of it, BitQuick is a P2P exchange, similar to the popular LocalBitcoins, Remitano and Bitcoin.de, for example. The platform lets users list their buy or sell orders, for whatever price they choose, and connects them with the counterparty.
BitQuick Advantages
– Cash. Probably the greatest advantage of BitQuick is that clients can buy Bitcoin with cash, and instantly. As per BitQuick’s site, the buyer has to deposit cash into a bank account and get the Bitcoin, already held in escrow.
– Speed. Another major advantage of BitQuick is the speed of transactions. On its site the exchange promises processing time of up to 3 hours. But, based on the last 10 orders, the average processing time is even shorter: 2 hours and 20 minutes.
– Location. BitQuick is a US bitcoin exchange that serves US clients, but says it also accepts clients from other countries.
– Fiat currencies. BitQuick accepts deposits in USD, CAD and EUR.
– Escrow. BitQuick holds the bitcoins for sale in escrow, so scamming is fairly hard. The escrow service is offered by some other crypto exchanges like Remitano and CoinBox.
– Trading platform. BitQuick have made it very easy to buy and sell Bitcoins in three steps and its platform is intuitive and user-firendly. It can be used by complete newbies.
– Payments. As we have already said, BitQuick offers Bitcoins for cash. It accepts cash payments through deposits in banks like Wells Fargo, Bank of America or credit unions, with a processing time of up to 3 hours. Other payment options are money transfers through Western Union or MoneyGram, with a processing time of up to 24 business hours. There is also the option through a SEPA (Single Euro Payments Area) transfer. The payment method depends on the seller’s preferences.
– Reviews. The majority of customers seem to be satisfied with the service, judging by their comments and reviews. What they like the most, is the speed and ease of use. Naturally, there are some occasional hiccups, but the overall experience seems to be positive.
– ID policies. Despite defying the anonymity, which is one of the major selling points of Bitcoin, in this case we consider the identification policies as a plus. Obviously BitQuick requires that clients identify themselves with an ID selfie, which is quite useful whenever one is dealing with a P2P platform and could possibly prevent scam.
– Transaction confirmation. Obviously BitQuick has come up with a rather ingenious way to verify transactions fast. It asks for people to provide a photo of the bank deposit slips as confirmation for the payment made.
– Mobile app. The owner of BitQuick, Athena Bitcoin, has a bespoke mobile application that serves as a bitcoin wallet and can be used with the Athena Bitcoin ATMs in the USA. Additionally, the platform offers a mobile-friendly version of its site.
BitQuick Disadvantages
– Coins. BitQuick offers trading in Bitcoin only. Sure, it is the largest alt-coin by market cap, but there are similar platforms that offer more assets. LocalBitcoins is one such example.
– Fees. The 2% buy commission is relatively high, compared to other exchanges who charge much less. Remitano and Bitcoin.de, which are also P2P platforms, charge 1%.
– Credit cards. BitQuick does not accept payments with credit cards. Sure, it accepts bank payments, including SEPA (EU transfers), but the lack of credit cards as a payment option makes it somewhat inconvenient for clients.
– Charts. BitQuick offers some price charts on its site, but it seems that the ones for the shorter periods of time (days) do not work properly and display nothing. Switching between the longer and the shorter periods does not automatically refresh the chart either.
– Trading. In reality, BitQuick is not geared for serious traders, but rather towards small retail investors or simply people who need a small amount of Bitcoin (or a fraction of it) for whatever reason.
– Prices. Serving as an intermediary, BitQuick has no control over the buy and sell prices. Instead, they are defined by the users themselves. This can be both a good and a bad thing, actually, but generally the prices at such exchanges are a bit higher than the average.
– Amount limits. BitQuick users can set minimum and maximum amount limits themselves. Our check revealed that most are fairly reasonable.
– Leveraged trading. Being a P2P crypto exchange, BitQuick does not offer leveraged trading. There, however, are other exchanges who offer trading in alt-coins for fiat currencies, like Kraken, CexIo and Quoinex, for example. There are also numerous forex brokers who offer CFDs on some of the more popular cryptocurrencies and they can be traded on margin. There are other forex brokers, like eToro, who offer trading in the cryptocurrencies themselves.
BitQuick Review – is it scam or safe? Conclusion
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