UPDATE 23 March 2023: There is something really weird going on with the domain Bitquick.com. It has changed from being a typical crypto exchange platform, based in the US, to some form of "exclusive and private crypto community" (in the website's own words), based in Sweden. The site is run down with pictures of a city in Sweden called Falsterbo. They have the following message on the website:
"Bitquick is an exclusive and private crypto community. Crypto, Real Estate, Cars, Boats and Internet stuff. Want an invite to join Bitquick?"
We have absolutely no idea what's going on here, but we have marked the platform as "dead" in our Exchange Graveyard. The crypto exchange service is at least MIA (Missing in Action).
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What is BitQuick?
BitQuick is what we call a "crypto shop". It has been active since 2013. The only cryptocurrency you can trade here is BTC. BitQuick calls itself the premier service to buy Bitcoin in just 3 hours. At the time of first writing this review, the average processing time was only 27 minutes. This time had increased when we last updated this review on 11 June 2019, to 1 hour 41 minutes. Still quite fast though.
The platform'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.
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 also heavily arbitrate transactions and do KYC/AML evaluations to weed out fraud.
On 11 June 2019, this exchange stated on its website that it had served 91,402 customers, selling an aggregate of 57,558.16 Bitcoins during its existence.
BitQuick Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. The “trading view” here is much simpler and more intuitive than at a normal centralized exchange. The below is a picture of the interface where you can buy or sell Bitcoin at BitQuick:
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. If you’re a buyer, 2.00% is very expensive. And this is in spite of Bitquick claiming that the fee is “low”.
Mining fees are fixed at 0.0001 BTC for BTC-deals (recently lowered from 0.001 BTC). 0.0001 BTC is indeed a competitive mining fee
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.
This player 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 dynamic BTC-mining fee (charged in every trade from both buyers, sellers and affiliates for transactions that BitQuick sends) as some sort of withdrawal fee. On the date of last checking the mining fee (29 May 2020), it was 0.0001 BTC. This fee is far below the industry average BTC-withdrawal fee.
This exchange do not allow wire transfers or credit card deposits. Only cash deposits are accepted here.