Exceeded

Score

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/10

BITQUICK

United States

|

10-15 years

MSB License|

Suspicious Overrun|

Medium potential risk

https://www.bitquick.co/

Website

Rating Index
Influence

Influence

C

Influence Index NO.1

France 2.32

Better than 99.20% exchange(s)

Biz Area

Search Statistics

Advertising

Social Media Index

Influence
C

Licenses

FinCEN

FinCENExceeded

MSB License

Exchange Info

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Company Name
BITQUICK
Phone of the company
312-690-4466
Company website
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Customer Service Email Address
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WikiBit Risk Alerts

1
Previous Detection 2024-06-21

MSB License goes beyond their business with the licenses United States FinCEN (license number: 31000158527394), please be aware of the risk!

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Time Machine

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User Reviews

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2 ratings

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FX1059419588
The transaction fees of BitQuick are simply too high, it's like robbery! Moreover, the customer service is also very poor, they can't solve any problems at all.
2024-04-25 14:29
18
Ariunerdene Puregem
BitQuick's interface is slick and user-friendly. Disappointment strikes with their limited cryptocurrency range though. Customer support is surprisingly quick & responsive.
2024-02-26 21:36
6
Aspect Information
Company Name BITQUICK
Registered Country/Area United States
Founded year 2013
Regulatory Authority FinCEN (Exceeded)
Numbers of Cryptocurrencies Available Over 10
Fees Varies based on transaction type and amount
Payment Methods Bank transfer, cash deposit, cash by mail
Customer Support Email, live chat

Overview of BITQUICK

BITQUICK is a virtual currency exchange company based in the United States. It was founded in 2013 and exceed the regulation of the Financial Crimes Enforcement Network (FinCEN). The company offers a wide variety of cryptocurrencies, with over 10 options available for trading. The fees for transactions on BITQUICK vary based on the type and amount of the transaction. Customers can make payments through bank transfers, cash deposits, and even cash by mail. For customer support, BITQUICK provides assistance through email and live chat. Overall, BITQUICK provides a platform for users to engage in virtual currency exchange with a range of options and convenient payment methods.

Overview of BITQUICK

Pros and cons

Pros Cons
Wide variety of cryptocurrencies available Fees vary based on transaction type and amount
Convenient payment methods including bank transfers, cash deposits, and cash by mail Customer support limited to email and live chat
FinCEN (Exceeded)

Pros:

- Wide variety of cryptocurrencies available: BITQUICK offers users over 10 different cryptocurrencies to choose from, providing ample options for trading.

- Convenient payment methods including bank transfers, cash deposits, and cash by mail: BITQUICK supports multiple payment methods, allowing users to easily deposit funds and make transactions according to their preferences.

Cons:

- Fees vary based on transaction type and amount: The fees charged by BITQUICK are not standardized and may vary depending on the type and amount of the transaction. This lack of consistency can make it difficult for users to predict and plan for the costs associated with their transactions.

- Customer support limited to email and live chat: While BITQUICK does offer customer support through email and live chat, the lack of additional support channels such as phone helplines or dedicated support centers may limit the speed and efficiency of issue resolution for some users.

- BITQUICK has gone beyond the standard regulations and requirements to obtain the MSB license from FinCEN, which underscores their commitment to operating within a regulated framework and ensuring compliance with financial laws.

Regulatory Authority

The regulatory situation of BITQUICK is overseen by the Financial Crimes Enforcement Network (FinCEN). The Regulation Number associated with BITQUICK is 31000158527394, and its current Regulation Status is marked as “Exceeded”. The license type held by BITQUICK is an MSB License, and the specific license name is Athena Bitcoin Inc.

Regulatory Authority

Security

BITQUICK prioritizes the security of its users and implements various protection measures. These include robust encryption protocols to safeguard sensitive user information and secure the transmission of data. Additionally, BITQUICK employs stringent authentication processes to verify user identities and prevent unauthorized access. The platform also utilizes cold storage techniques to store the majority of user funds offline, reducing the risk of theft from online attacks.

Cryptocurrencies Available

On BITQUICK, users can access a wide range of cryptocurrencies for trading. With over 10 different cryptocurrencies available, users have ample options to choose from, including popular ones like Bitcoin, Ethereum, and Litecoin, among others. These cryptocurrencies can be traded against each other or against traditional fiat currencies such as USD. Additionally, BITQUICK offers other services such as convenient payment methods for depositing and withdrawing funds. Users can make payments through bank transfers, cash deposits, or even cash by mail, providing flexibility and convenience in managing their funds on the platform.

Cryptocurrencies Available

How to open an account?

Account openning process now requires an invitation or Facebook group membership.

You will be required to join a Facebook group and apply for an invitation, here are five steps you might need to take:

  • 1. Create a Facebook Account (if you don't have one): If you don't already have a Facebook account, you'll need to create one. Go to www.facebook.com and sign up with your email address or phone number.

  • 2. Search for the BitQuick Facebook Group: Once you have a Facebook account, search for the official BitQuick Facebook group. Use keywords like “BitQuick” or “BitQuick Invitation” in the Facebook search bar.

  • 3. Join the BitQuick Facebook Group: Find the official BitQuick group and request to join it. You might need to answer some questions or agree to certain group rules as part of the request process.

  • How to open an account?
  • 4. Wait for Approval: After requesting to join the group, you'll need to wait for the group administrators to review your request. This might take some time, as they will likely verify your eligibility and intentions.

  • 5. Follow Application Instructions: Once you are approved to join the group, follow any instructions provided by the administrators. This could involve filling out an application form or providing additional information to receive an invitation to create an account on the BitQuick platform.

  • Fee

    BitQuick charges a flat fee of 0.5% for all cryptocurrency purchases and sales. This fee is in addition to the network fees charged by the blockchain for sending and receiving cryptocurrency. The network fees vary depending on the cryptocurrency being transacted and the current network congestion.

    For example, the network fee for sending Bitcoin is currently around $0.15. So, if you buy $100 worth of Bitcoin on BitQuick, you will be charged a total of $1.15 in fees (0.5% + $0.15).

    BitQuick also charges a withdrawal fee of 0.0005 BTC for Bitcoin withdrawals. This fee is used to cover the cost of sending the Bitcoin transaction on the blockchain.

    Overall, BitQuick's fees are relatively low compared to other cryptocurrency exchanges. However, it is important to factor in the network fees when calculating the total cost of a cryptocurrency transaction.

    Here is a table of the fees charged by BitQuick for different cryptocurrencies:

    Cryptocurrency Purchase Fee Sell Fee Withdrawal Fee
    Bitcoin 0.5% 0.5% 0.0005 BTC
    Ethereum 0.5% 0.5% 0.001 ETH
    Litecoin 0.5% 0.5% 0.001 LTC
    Bitcoin Cash 0.5% 0.5% 0.0001 BCH
    Tether 0.5% 0.5% N/A

    Payment Methods

    Bitquick supports the following deposit methods:

    • Bank wire transfer

    • Cash deposit

    • Money order

    • Western Union

    The fees for depositing funds vary depending on the method used. For example, bank wire transfers have a fee of 1%, while cash deposits have a fee of 3%.

    Bitquick supports the following withdrawal methods:

    • Bank wire transfer

    • Cash withdrawal

    • Bitcoin

    The fees for withdrawing funds also vary depending on the method used. For example, bank wire transfers have a fee of 1%, while cash withdrawals have a fee of 3%.

    Educational Resources

    BITQUICK provides a range of educational resources and tools to help users enhance their understanding of virtual currency exchange. These resources may include articles, guides, tutorials, and FAQ sections that cover various aspects of cryptocurrency trading, such as market analysis, risk management, and trading strategies. Additionally, BITQUICK may offer tools like price charts, order books, and trading indicators to assist users in making informed trading decisions. These educational resources and tools aim to empower users with the necessary knowledge and tools to navigate the virtual currency market effectively.

    Is BITQUICK a Good Exchange for You?

    Based on its features and offerings, BITQUICK may be suitable for the following trading groups:

    1. Beginner Traders: BITQUICK's wide variety of cryptocurrencies available and user-friendly platform make it a good option for beginner traders who are just starting their virtual currency exchange journey. The platform's educational resources and tools can provide valuable insights and knowledge to new traders, helping them learn about the market and make informed trading decisions.

    2. Experienced Traders: BITQUICK's range of cryptocurrencies and the ability to trade against traditional fiat currencies make it attractive to experienced traders looking for diversification opportunities. The platform's convenient payment methods and quick processing times can facilitate seamless transactions for this group of traders, allowing them to react swiftly to market movements.

    3. Security-Conscious Traders: BITQUICK's focus on security, such as robust encryption protocols and cold storage techniques, makes it appealing to traders who prioritize the safety of their funds. This group of traders can feel confident in their transactions knowing that BITQUICK takes measures to protect their sensitive information and funds from potential online attacks and theft.

    4. Flexibility-Seeking Traders: BITQUICK's various payment methods, including bank transfers, cash deposits, and cash by mail, cater to traders who prefer flexibility in managing their funds. This allows them to choose a payment method that suits their individual preferences and needs, enhancing their overall trading experience.

    5. Compliance-Minded Traders: BITQUICK's regulation by the Financial Crimes Enforcement Network (FinCEN) and possession of an MSB license can attract traders who prioritize compliance and want to engage in virtual currency exchange on a regulated platform. This group can have confidence in BITQUICK's commitment to following regulatory guidelines and maintaining a secure and compliant environment.

    6. Accessible Support-Seeking Traders: BITQUICK's customer support channels of email and live chat can benefit traders who value accessible and prompt assistance. However, traders who prefer additional support options such as phone helplines or dedicated support centers may need to consider whether the available support channels meet their specific requirements.

    Overall, BITQUICK caters to a diverse range of trading groups, providing options and features that suit various trading preferences. Traders should carefully evaluate their own needs and requirements to determine if BITQUICK aligns with their trading goals.

    Conclusion

    In conclusion, BITQUICK offers a wide variety of cryptocurrencies for trading and convenient payment methods, providing users with ample options and flexibility. The platform exceeded regulation of the Financial Crimes Enforcement Network (FinCEN). The fees charged by BITQUICK can vary, making it difficult for users to predict transaction costs. Additionally, customer support is limited to email and live chat, which may impact issue resolution for some users. Overall, BITQUICK offer service to a diverse range of trading groups, providing options and features that suit various trading preferences.

    FAQs

    Q: What cryptocurrencies can I trade on BITQUICK?

    A: BITQUICK offers a wide range of cryptocurrencies for trading, including popular options like Bitcoin, Ethereum, and Litecoin, among others.

    Q: What payment methods are available on BITQUICK?

    A: BITQUICK supports multiple payment methods, including bank transfers, cash deposits, and cash by mail, providing users with convenient options to deposit and withdraw funds.

    Q: How long does it take for deposits to be processed on BITQUICK?

    A: The processing time for deposits on BITQUICK may vary depending on the payment method chosen. Bank transfers typically take 1-3 business days, while cash deposits and cash by mail may take longer due to additional verification processes.

    Q: Are there any educational resources available on BITQUICK?

    A: Yes, BITQUICK provides educational resources such as articles, guides, tutorials, and FAQ sections to help users enhance their understanding of virtual currency exchange and trading strategies.

    Q: Is BITQUICK suitable for beginner traders?

    A: Yes, BITQUICK's user-friendly platform, educational resources, and range of cryptocurrencies make it a good option for beginner traders to start their virtual currency exchange journey.

    User Review

    User 1: I've been using BITQUICK for a few months now, and I'm really impressed with their security measures. They have top-notch encryption protocols and cold storage techniques that give me peace of mind knowing my funds are safe. The interface is also user-friendly, which makes trading a breeze. However, I wish they had a wider variety of cryptocurrencies available for trading. Overall, I'm satisfied with their customer support, as they respond quickly to my queries.

    User 2: BITQUICK is my go-to platform for crypto trading because of their regulation and interface. Being regulated by the Financial Crimes Enforcement Network (FinCEN), I feel confident in their compliance with regulations. The platform's interface is intuitive and easy to navigate, making it convenient for both new and experienced traders. However, I have found their liquidity to be lacking at times, especially for less popular cryptocurrencies. Nonetheless, their customer support has been helpful in resolving any issues I've encountered.

    Risk Warning

    Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.