US investors permitted
A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of BitQuick consists of four parts: general information, fees, deposit methods and security.
BitQuick’s domicile country is USA and, accordingly, they accept US-investors. A corresponding version of the platform has also recently launched in Chile. In Chile, the platform goes by the name of Mercado Athena.
The only cryptocurrency you can trade here is BTC. If you want to trade the less known coins (Centrality, Ethbits Token, Neutron Coin, Pareto Network Token, Rebellious Coin, or any coin with a similar market capitalization to those), you’ll have to look elsewhere. BitQuick calls itself the premier service to buy Bitcoin in just 3 hours. At the time of writing this review, it is stated on its website that the average processing time is only 27 minutes, which is very impressive.
Something worth considering with this exchange is that it has an industry-exclusive seller’s guarantee. It works as follows. As long as sellers correctly confirm deposits on time (within 3 hours upon request), those deposits will be covered by BitQuick in the event of a fraudulent transaction. This is quite rare among cryptocurrency exchanges.
BitQuick heavily arbitrate transactions and do KYC/AML evaluations to weed out fraud.
UPDATE 12 December 2018: BitQuick has just launched their new mobile-friendly site. It’s available here: https://m.bitquick.co/
BitQuick’s fees consist primarily of service fees and mining fees.
The fees here are simple to understand. Buyers pay 2.00% of the total order value of the trade as a fee to BitQuick. Sellers pay nothing at all (save for the mining fee mentioned below). So if you’re a seller looking to divest some BTC, this might be a good place to start.
More on these fees below.
BitQuick Trading fees
The one thing you must always remember is to check the trading fees of an exchange that interests you.
BitQuick is different from most top crypto exchanges in the way that it does not offer trading between cryptocurrencies. The only service offered is facilitating buying and selling BTC. You can view BitQuick as a market place where buyers and sellers meet in order to agree on transactions. But BitQuick takes a 2% service fee (from the buyers) and a 0.0001 BTC mining fee.
BitQuick Withdrawal fees
Considering how this exchange operates, withdrawal fees are irrelevant. One could, however, view the 0.0001 BTC mining fee (charged in every trade from both buyers, sellers and affiliates for transactions that BitQuick sends) as some sort of withdrawal fee.
This exchange do not allow wire transfers or credit card deposits. Only cash deposits are accepted here.
One might ask why security is even a feature that we at Cryptowisser have looked for at the different top crypto exchanges. Two reasons:
- Exchanges store a massive amount of valuable personally identifiable information. From names to addresses, to government identification details, taxpayer identification number and a lot more; and
- Exchanges naturally deal with a lot of cash or coin deposits and withdrawals.
This exchange’s security score is F, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is below industry average when it comes to top crypto exchanges. However, it should be noted that in absolute numbers, F is the most common score among all cryptocurrency exchanges in our Cryptocurrency Exchange List.
We hope you have enjoyed reading the above review. We also recommend checking out the following cryptocurrency exchanges. They are well established in the industry and have also received excellent ratings from the visitors on our site: