How to use BitQuick?
BitQuick is a global Bitcoin trading platform that works on a Peer to Peer P2P basis. This means that unlike centralized exchanges Bitquick does not hold any user’s Bitcoin funds, or even manage them. Anyone can register on the platform; majorly accessible for users situated in the U.S. However before you get started you must know how to use BitQuick, so then you can easily buy or sell your assets.
- BitQuick is a platform that offers trading services on a P2P basis
- The buying and selling on the platform have a simple few steps process.
- The Safety measure taken by BitQuick makes it one of the safest Bitcoin trading sites.
The CEO of Bitquick is Jad Mubaslat, he founded the platform in coalition with Chad Davis. There are other sites like BitQuick, for instance, LocalBitcoins, which operates on almost the same mechanism of P2P trading. The main difference between the two is that as the name suggests Bitquicks offers faster transactions. Other than that there is Paxful another P2P- based platform.
Previously it was known as BuyBitcoin as it only allows Bitcoin trading. later, they changed the name to BitQuick referring to their faster transaction. Moreover, the decline in the lengthy verification process due to P2P trading reduces the transaction time to a great extent.
Easy Guide: How to use BitQuick?
This is a platform that lets you trade, sell or buy bitcoin in a fast transaction. You can either trade from your laptop or a mobile phone with Bitquick mobile app. The BitQuick fee for buying Bitcoin is flat at 2% on all purchases. While there are no fees for the sellers.
To carry your trade you’ll have to follow certain steps, it’s great if you already know how to use BitQuick but even if you don’t below you will find a convenient and easy guide on how to use it.
1. How to buy Bitcoin with Bitquick?
There are a series of steps you can follow to make your purchase.
- First, to begin with, the process you will select the ‘Buy’ option on the platform. You will be directed to a list of offers presented by various sellers. While with another ‘quick buy’ option you will get offers of your requirements. This will help in finding the best offer for you as soon as possible.
- After you have chosen an offer you may select a financial institution to deposit your funds. Though make sure to choose the one most convenient for you and closest. Each buyer is related to a different institution, thus different prices.
- Finally, you will be taken to the Bitquick verification page where the platform will verify your phone number. Furthermore, it will ask for your email ID and name. You will be given 3 hours to make the deposit, hence email address is to share your proof of deposit for the confirmation of your payment.
- The seller will confirm the payment from your proof of deposit. Until then Bitquick will keep the Bitcoin hold and will release it to your address immediately after receiving the confirmation.
- BitQuick may even ask you for identification at any time so be prepared for that too. Moreover, you must be careful and do your research before investing as P2P comes with its risks.
2. How to sell Bitcoin on this platform?
If you’ve already learned how to use Bitquick to buy Bitcoin then coming forth to sell Bitcoin won’t be a big deal. Here’s what you can do:
- You’ll have to register as a seller first, then fill out a form with the details it asks for.
- Once you’ve provided the details like your bank account, price, and the amount of bitcoin, you can move on to the next step of adjusting a price.
- The price you’re offering must be adjusted according to the fluctuating Bitcoin market value.
- After you’re done with the form, you will receive a Bitcoin address to the buyer to send funds.
- The buyer will send you the proof of payment, which you will confirm. As soon as you confirm receiving the payment the exchange will release the funds.
Is BitQuick safe to use?
One of the crucial factors to know when choosing any crypto exchange is it secure. Similarly when opting for BitQuick to carry Bitcoin trade many would consider if BitQuick is even a trustworthy site. Especially when it works on a P2P basis.
In light of all such concerns, it is important to note that BitQuick has rather lower risks of being attacked by hackers. One of the major reasons is that they don’t store the private keys of their clients on their servers. Moreover, the fund only remains on the platform during the escrow transaction. Also, only the amount required for the purchase is stored. All these things make the data breach harder.
However no matter what there is always a loophole which means there are ways hackers can still steal clients’ personal information by breaching the server’s security.
Following are some measures BitQuick carried out to make its platform more trustworthy;
- BitQuick is considered a pioneer in implementing advanced security measures. The BitQuick wallet is a multi-signature wallet, which means there is the implementation of multi-signature addresses through the BitGo platform. This involves requiring the administration at BitQuick and BitGo to use 3 keys to sign and process a transaction. Ultimately reducing the risk of a security breach.
- Another essential security step is the inclusion of SSL encryption. SSL encryption uses the advanced AES 256 encryption standards to secure all traffic between the platform servers and the user. This plays a major role in protecting the user against phishing and man-in-the-middle (MITM) attacks. Thus make sure there is a secure padlock present when accessing BitQuick.
If ever pondering trading Bitcoin then you must learn how to use BitQuick, as it is one of the most reliable platforms to trade your Bitcoin. This article will most certainly cover most of your trade-related concerns. The use is pretty straightforward as it has a user-friendly interface. The exchange offers an overall secure and convenient peer-to-peer exchange experience to its users.
The users can carry out their Bitcoin transactions will all comfort and ease. Especially sellers can enjoy the freedom of selling their Bitcoin without the hassle of paying any fees. Other than that the platform is suitable for people who prefer to do things their way.