Bitquick.co 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.
BitQuick is run and operated by Athena Bitcoin Inc, which is based in the US and has offices in Chicago, Saint Louis and Dallas. It used to be called BuyBitcoin.us but decided to rebrand in 2013. This was done as they thought the new name was more aligned with their core business.
|Mining Fees||0.0001 BTC|
How To Start With Bitquick.co
To Start Trading With Bitquick.co Indian Residents First Have To Sign Up For An Account By Following The Steps Below.
Step 1. Click On The “Login/Signup” Link On The Top Right Hand Corner Of The Bitquick.co Website.
Step 2. In The Form, Fill In Your First Name, Last Name, Mobile Number, Email ID And Password.
Step 3. If You Have A Referral Code, Enter The Code While Creating Your Account.
Step 4. Submit The Form And Wait For An Activation Email To Be Sent To You.
Step 5. Click On The “Confirm Email” Link In The Activation Email.
Step 6. After Your Account Is Activated, You’ll Be Sent A 6 Digit One Time Password (OTP), Which You Have To Enter After Logging Into Your Bitquick.co Account.
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 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.
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.
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.
When it comes to cryptocurrency exchanges, one of the most important considerations is the security of funds. This is something that centralised exchanges have to grapple to a greater extent as they are a large target for hackers and external actors.
BitQuick is less of a target for these hackers as they do not store the client’s private keys on their servers. The only time that they have funds with them is when they are completing an escrow transaction. In this case, the amount stored is merely the amount that was sent for the purchase.