That’s the only BitQuick review you need. Read this detailed analysis of BitQuick.co exchange and compare it to 4 alternatives. Do it now.
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Latest BitQuick Review Update: 2 Additions You Should Know
- They added SEPA transfer. It carries the same 2% fee as cash deposits. This payment method is available to people in Europe and accepts only euros.
- They added Bitcoin Cash (BCH). So you’ll see “SELECT CRYPTO” button on their homepage. BCH purchases carry an additional 3% fee. Bitquick’s BTC/BCH exchange rate includes this fee.
Summary Of This BitQuick Review That Takes Little Time To Read
BitQuick is an excellent bitcoin peer-to-peer marketplace. It beats competitors because of it’s
low fees and ease of use. The only downside is that it accepts only two payment methods.
But if you wanna pay with cash, it’s not a problem. So if you wanna pay with cash, you can feel confident about opening an account. Plus, your transaction will be fast because this exchange is really quick.
|Ease Of Use|
This bitcoin exchange doesn’t have an app. There’s no BitQuick app. However, you can use BitQuick mobile site.
BitQuick Reddit Review
There’s no consensus among the users of Reddit regarding this bitcoin exchange. However, it seems that most people on Reddit think that it’s a legitimate bitcoin exchange. This said, there aren’t enough posts on Reddit to draw a definitive conclusion about the sentiment of Reddit users.
Is BitQuick Legit & Safe?
BitQuick is definitely not a scam. It’s legit and safe for two reasons.
First, it has a publicly available proof of reserves. Proof of reserves means that an external auditor has verified that a company (in this case, BitQuick) has a certain amount of assets. So you can be sure that BitQuick is both transparent and solvent.
As a matter of fact, BitQuick has been the first bitcoin peer-to-peer marketplace to show proof of reserves. Other bitcoin businesses have followed this practice. So BitQuick in this respect is a pioneer.
Second, BitQuick is safe because it has escrow. Seller’s bitcoin is placed in escrow once he decides to trade on BitQuick. It’s held in escrow until the buyer uploads cash deposit receipt into their website. After that, BitQuick sends bitcoin to the buyer’s address.
In short, BitQuick is one of the few ways to safely buy bitcoin without verification. You can do so if you meet two criteria. First, you’re buying less than 400 dollars of Bitcoin. Second, you don’t live in New York. This state is the only US state where BitQuick isn’t available.
It’s also a good thing BitQuick doesn’t store cryptocurrency. You receive cryptocurrency to your own wallet. By the way, cryptocurrency experts recommend a hardware wallet. It’s much more secure than an app. So if you don’t have a hardware wallet, please check out the best hardware wallet right now. Please see how affordable it is right now.
You should know something else even more important. Not all hardware wallets are what their sellers claim to be. Some third party sellers scam people by selling them pre-configured wallets and taking their crypto assets. So it’s important that you buy only from the manufacturer. So please visit and bookmark this link right now because it’s the official manufacturer website.
How Much Bitcoin Can I Buy On BitQuick In One Transaction?
Maximum amount of money that a buyer can spend in one transaction is $9,999. If you wish to buy ten thousand dollars of bitcoin or more, you’d need to place a few separate orders.
Important Thing To Keep In Mind When Considering Fees
The majority of bitcoin exchanges that send bitcoin to your wallet pass on to you a bitcoin network fee. In recent years, that fee has fluctuated between two dollars and twenty dollars most of the time.
So the exact amount you’ll be paying in dollars to BitQuick depends on current bitcoin price. The only ones that do not charge you this fee are those that have this fee built into their bitcoin prices. Talking about prices, feel free to check out 5 Great Men Whose Bitcoin Price Predictions & Forecasts You Better Know.
How Does BitQuick Compare To Paxful And LocalBitcoins?
BitQuick is much better than other bitcoin peer-to-peer marketplaces. In particular, it’s much better than Paxful and LocalBitcoins. It has fewer negative reviews and lower bitcoin prices than either of them. That’s why many people who have used LocalBitcoins to buy bitcoin have switched to BitQuick.
Talking about risks, it’s important to mention that BitQuick is less risky than its competitors. That’s because there are fewer scammers on BitQuick. Paxful, on the other hand, has lots of scammers.
LocalBitcoins, in this respect, is slightly better than Paxful. So in terms of safety, BitQuick is the best of the three. However, it’s not the best of the three in terms of payment method variety.
BitQuick offers two payment methods. LocalBitcoins and Paxful offer dozens of payment methods. But variety of payment methods may be the reason LocalBitcoins and Paxful got lots of scam complaints.
Many payment methods used on LocalBitcoins and Paxful are reversible. PayPal is an especially bad one because PayPal would close your account for any Bitcoin-related activity. Furthermore, bitcoin buyer may scam you by doing a chargeback. So never accept PayPal when dealing in bitcoins.
In short, it’s a blessing in disguise that BitQuick has only two payment methods.
Coinmama Vs. Coinbase Vs. BitquickIf you're on a mobile device, place your finger on this table and slide it to the right to see all of the table content.
|Company||Fees||Support||Maximum Limits||Verification||Privacy Record||User Reviews||Average Purchase Time From Verification To Bitcoin Receipt||Conclusion|
|Good||One million dollars per month||Always required||Good||Excellent||1 hour - 1 day||You can use it if you're okay paying high fees to an established company.|
|Bad||$50,000 per day||Always required||Terrible. They track all your cryptocurrency activity.||Terrible||1 day - 5 days||Stay way from this evil exchange.|
|Bitquick||2%||Excellent||$9,999 in one transaction. You can place a few separate orders to get more cryptocurrency.||Not required for purchases of less than 400 dollars||Excellent||Excellent||2 - 3 hours||Two thumbs up. Excellent way to buy cryptocurrency. So here's the link to Bitquick website.|
These BitQuick fees don’t include a bitcoin network fee of 0.0001 BTC. Coinmama doesn’t charge it because it’s built into its relatively high fees. Coinbase charges it when you transfer bitcoin out of their wallet into your own wallet.
There’s a more in-depth comparison of BitQuick and Coinbase a few sections below. But all the most important information is above. So feel free to buy bitcoin from BitQuick right now because it is by any measure much better than Coinbase.
BitQuick Review: How Do I Buy Bitcoin On BitQuick?
You can buy bitcoin on BitQuick in 4 easy steps.
- Choose the offer you like.
- Verify your phone number with SMS message or automated phone call, put in your bitcoin address, and specify the amount of bitcoin you wish to purchase.
- Deposit cash into the seller’s bank account (or initiate a SEPA transfer if you’re in Europe).
- Upload cash deposit receipt within 2 hours and 45 minutes of your deposit.
What Are 3 Important Things To Keep In Mind When Using BitQuick?
Keep in mind these 3 things when using BitQuick.co and you’ll have a better time using it.
- Your order would be canceled if you don’t upload the cash deposit receipt within 3 hours.
- They would ban you if you don’t upload the cash deposit receipt within 3 hours for three different orders within three consecutive days.
- They would charge you additional 1% fee if you don’t upload the cash deposit receipt within 2 hours and 45 minutes.
Please continue reading this BitQuick review and learn more important information.
BitQuick.co Review: What Is Second Payment Method In The USA?
You may use a money transfer service, such as MoneyGram or Western Union, instead of cash deposit. However, there are fewer sellers who accept this payment method. Furthermore, this payment method carries a higher risk of fraud and will take a whole day. Cash deposit is much faster and safer payment method.
What If I Use Some Other Payment Method?
They would refuse to accept it and you would lose your money. There are some complaints of people who tried to pay in a different way and lost their money.
So please refrain from trying to pay in any way other than cash deposit, MoneyGram, Western Union, or a SEPA transfer if you’re in Europe. Or better yet, use only cash deposit. It’s the safest, fastest, cheapest, and most private method for buying bitcoin not only on BitQuick.co but everywhere.
BitQuick Review Continued: Is It Really Quick Or Not?
BitQuick is indeed quick. They fulfill the vast majority of orders in 3 hours or less. Occasionally, they fulfill orders in less than 2 hours. I also like the fact that they are transparent about their current processing time. You can see it on BitQuick page with offers. Screenshot of that BitQuick page is below.
Furthermore, no one has reported a waiting time of longer than one day. Most posts from nervous people on social media centered on bitcoin purchases that took slightly more than 3 hours. In the end, the vast majority of them got their bitcoin in less than 5 hours. For a few, it took one day.
BitQuick.co Review: BitQuick Vs Coinbase: Introduction
In this section, I compare Bitquick with Coinbase. I look at their respect for privacy, their buying and selling procedures, and their fees. In short, you’ll learn everything you need to know. So please continue reading this Bitquick review to learn all that important information.
Respect For Privacy
Coinbase has terrible privacy track record. Its user reviews are terrible as well.
“So why does Coinbase has such terrible privacy track record?” You may be asking yourself. The answer is well-documented on social media, in private emails, and most importantly, in its actions.
Coinbase keeps tracking your bitcoin after you move it out of their wallet. They confirmed it themselves numerous times through their actions. They banned users who transferred their bitcoins to gambling websites. However, there’s nothing illegal about those gambling websites.
Coinbase also banned users for transferring bitcoins to other types of websites. One type of these websites is peer-to-peer bitcoin marketplaces such as Bitquick. They confirmed the reason in writing.
So here’s an official response from Coinbase regarding reselling on Bitquick or LocalBitcoins:
If you are purchasing bitcoin on Coinbase, and re-selling it to other individuals through these types of services for USD, this would classify you as a money transmitter and require MSB licensing and AML/BSA policies… If you are not properly licensed, and do not have adequate AML/BSA policies in place at this time, we respectfully request that you do not re-sell bitcoin purchased on Coinbase, using services such as “Bitquick.co” or “Localbitcoins.com”.
Buying And Selling Procedures
Whether you’re buying or selling bitcoin, Coinbase requires your ID and personal information.
Bitquick doesn’t require your ID if you’re buying less than 400 dollars of Bitcoin. All you need to do is provide your bitcoin address, phone number, and email. You don’t even have to register. So there are no usernames or passwords to write down or remember.
In this way, Bitquick beats Coinbase. Instead of Coinbase annoying registration where you create and memorize password (which you can forget or misplace), you receive an email from Bitquick with a link where you can upload cash deposit receipt fast and easy.
If you’re selling bitcoin through Bitquick, you need to provide your name and bank account information. This way the buyer of your bitcoin knows the account where to deposit the cash. I believe this is a good thing that sellers are required to provide more information than buyers. This way the sellers can be held responsible if they misbehave. So buyers can buy bitcoin through Bitquick safely.
In short, it’s easier and faster to buy and sell bitcoin on Bitquick than on Coinbase.
Fees And Bitcoin Prices
Bitquick charges buyers 2% fee. Bitcoin network charges you additional 0.001 BTC fee. So if you are buying 200 dollars of bitcoin and the price of one bitcoin is 10,000 dollars, you would be paying 2 dollars to Bitquick and 10 dollars to Bitcoin network.
Sellers who trade on Bitquick pay no fees except for Bitcoin network fee.
Coinbase fees range from 1.49% to 3.99%. The greater fee applies for purchases with credit and debit cards. The lower fee applies for purchases with bank accounts.
Bitcoin prices on Bitquick are slightly higher than bitcoin prices on Coinbase. In most cases, they are only one or two percent higher. In some cases, they are much higher. However, most of the time, you’ll see plenty of offers that are only one percent higher than Coinbase price. So please pay attention to “Current Bitcoin Average” number on Bitquick home page and compare it to the seller’s price.
Coinbase has more payment methods than Bitquick, including credit and debit card options. But I don’t recommend using Coinbase for the reasons I described above.
Conclusion Of This BitQuick Review
Bitquick is one of the best options for buying bitcoin if you’re spending less than ten thousands dollars. It’s safe, fast, easy-to-use, and has low fees. So I’m happy to give it two thumbs up.
I hope this Bitquick review helped you make a decision. So if you made a decision, you can visit Bitquick.co to make a purchase.
3) Cointelegraph: Coinbase Is Tracking How Users Spend Their Bitcoins
4) Reddit: User Complaint Against Coinbase
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