BitQuick is a unique Bitcoin exchange in which the only deposit method for buying and selling Bitcoins is cash. The company was first established in 2013 under the name “BuyBitcoins.us” but has since changed to “BitQuick”. The company is located in Cincinnati, Ohio, United States and operates solely among 49 states in the US. The biggest difference between BitQuick and other exchanges is that it only accepts cash.
The way the exchange works is; The user selects a desired order from the order book, enters their email address, and clicks submit. The buyer will then go to a physical bank supported by the seller, fill out the deposit form with the associated account information of the seller, and deposit the cash with the deposit form. The buyer must take a picture of the receipt and upload it to the link you receive in your order email. This is the only way to buy and sell Bitcoins with BitQuick, no bank wires, cheque deposits, e-transfers etc. are accepted. After the funds have been received from the seller, the buyer will receive the coins within 3 hours.
Deposit and Withdrawal Options
BitQuick is limited to only 2 deposit and withdrawal methods, being Bitcoin and physical cash. This is what makes BitQuick so unique compared to most other cryptocurrency exchanges. When depositing cash to buy Bitcoin, the user will have to deposit the cash in a supported bank by the seller. Once the seller receives the funds in their account, they will release the Bitcoin to you through the BitQuick platform, where it will go directly to your personal Bitcoin wallet.
As for selling Bitcoin, this process is much easier than buying. All the seller needs to do is complete a sold form from BitQuick, send an amount of Bitcoin to the escrow address that is provided when an order has been fulfilled. Then receive the funds in your bank account from the buyer, confirm the transaction, and release the Bitcoin. It’s really quite simple.
BitQuick is currently only operating in the United States throughout 49 of the 50 states. This is largely due to the banks that are accepted among users of the service. Banks that are accepted are by BitQuick users include:
- Any Local Credit Union
- Bank Of America
Fees and Charges
BitQuick charges users a 2% fee for buying Bitcoin, but no fees for selling Bitcoin. This fee is quite high for cash deposits, but compared to fees imposed by many other cryptocurrency exchanges, the fees are highly competitive.
Limits and Liquidity
Buyers on BitQuick can purchase a variety of amounts, as low as $10 if they please. However, it all depends if there are sellers willing to sell the amount you desire. The most a user can buy at one time is $10,000 worth of Bitcoin through BitQuick. However, depending on the bank involved, there may be some limitations on deposits. The liquidity of BitQuick is very good for a cash-only Bitcoin exchange, especially since buyers and sellers can connect across 49 states in America.
Like other cash only Bitcoin exchanges, BitQuick is quite private as they do not require too much verification from users. Each user of BitQuick (both buyer & seller) must submit their email address and telephone number for communication purposes. Other than that, the users can remain anonymous. BitQuick will never release any of this personal information to any third parties and remain uninformed about their users’ identities.
Security and Verification Levels
Users of BitQuick are all treated as equals with no extra verification levels or higher account statuses. Users Bitcoins funds are kept safe by not storing them on BitQuick. A user’s Bitcoins are their responsibility and are kept in personal wallets. A sellers Bitcoin will only be sent to an escrow account when the order has been fulfilled, ensuring a greater level of safety for the seller. As for the buyer, they have control of their cash always, so the security of their money is in their control. Buyers on BitQuick are not required to have an account on BitQuick and only provide their Bitcoin address upon buying Bitcoins. Seller accounts on BitQuick are protected with a security PIN that is used to confirm and cancel orders.
The customer support offered by BitQuick is quite exceptional with fast response times and helpful support representatives. Their business hours are listed as Monday – Friday 8 AM – 10 PM and 9 AM – 8 PM on weekends. This is quite refreshing as many cryptocurrency brokers and exchanges tend to have very slow or delayed customer support. Also, BitQuick has an informative blog on new news surrounding Bitcoin, and an informative how-to guide for buying and selling Bitcoins with BitQuick. Unfortunately, there is no telephone support, but the excellent email support makes up for it.
Pros and Cons
- Fast and easy cash payment method
- Easy and intuitive interface
- Impressive limits and liquidity
- Only 1 buying method available
- Only Bitcoin is available for purchase and selling
- Where is BitQuick based at?
Their headquarters are located in Cincinnati, Ohio, United States.
- How do I fund my account at BitQuick?
With cold hard cash deposits at a bank.
- How long does a withdrawal normally take at BitQuick?
Within 3 hours of receiving of payment.
- How safe is BitQuick?
Very safe if the user knows what they are doing and how to deal with Bitcoin transfers.
- Is BitQuick a scam?
No, it is used and trusted by many Americans.
All in all, BitQuick is an excellent cash only Bitcoin exchange. For American users who prefer to pay in cash, BitQuick might possibly be their best option. As well, this option is perfect for users who do not have bank accounts or debit and credit cards. Also, their fees are competitive with industry standards, and the company is trusted by many which offer a highly liquid market for Bitcoin buyers and sellers.