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QuickBT Review - is it scam or safe?

QuickBT Review - is quickbt.com scam or good cryptocurrency exchange?

RATING: 2.5 / 3 REVIEWS QuickBT

RECOMMENDED BITCOIN BROKERS


 Trading accounts and conditions

 

Account type Leverage Fees
Standard 1:1 Vary

 

QuickBT is a Canadian cryptocurrency exchange that has been online since 2013. It is not a major platform, but offers simple, quick and reliable service, judging by the customer reviews.

 

The only trading option is to exchange Bitcoins, Litecoins and Ethereum for Canadian dollars and vice versa. QuickBT offers its services only to residents of Canada. The company has a FINTRAC license as a money service business.

 

QuickBT Advantages 

 

- Good Speed. As the name suggests, QuickBT offers a very fast exchange service, which, under normal circumstances takes no more than a few hours. Naturally, with the mass Bitcoin hysteria that has taken hold of the world, now the transaction can take a little longer, due to the increased network load and price volatility. 

 

- Accepts Cards. QuickBT accepts payments with credit cards, although it is a little bit more complicated than just typing in your credit card number. Instead, a potential client should buy a Flexpin voucher and use it as payment to QuickBT.

 

>> See crypto exchanges accepting credit cards <<

 

- Convenient Payments. As it has become clear, QuickBT works with fiat currencies and provides some easy payment methods. We have already mentioned the card payment through Flexpin voucher. There is also the option Interac Online, but there are some limitations with it. It only works with the following Canadian banks: RBC, BMO, many Credit Unions, and some TD/Scotiabank customers. There is also the cash and debit card payment option.

 

- Essential Coins. QuickBT has a small cryptocurrency portfolio, but it contains the most essential and among the largest coins – Bitcoin, Litecoin and Ethereum.

 

- Regulation. Even though Canada does not have clearly defined requirements for cryptocurrency exchanges, QuickBT is compliant as a money service business and has a federal FINTRAC license.

 

- Simple Verification. QuickBT requires just a phone verification for new customers. This is convenient and fast, unlike some exchanges that go through lengthy and cumbersome verification procedures with ID copies, proofs of residence, etc.

 

- Favorable Reviews. The customer reviews of QuickBT are a mixed bag, as with most companies. There are some people who got something wrong, or are not happy with the speed, or did not know about the limits, for example. The prevailing customer mood, however, is quite positive and the people are happy with the speed of transactions and the prompt customer service.

 

- Security. QuickBT says it uses the highest grade of security and does not see anyone's card details if purchases are done through debit card. It also says it requires multiple identity confirmations. Considering that the exchange does not offer a wallet and storage service, this should be enough.

 

QuickBT Disadvantages

 

- Location. QuickBT is a Canadian company, which suggests it is not a scam, despite the country not having clear defined regulation for the cryptocurrency exchanges yet. But it only accepts clients from Canada, which makes it impossible to use from elsewhere. There are quite a few Canadian exchanges, like QuadrigaCX, Bitcoin Solutions, Morrex, etc., and most of them are only accepting local clients. There are also major exchanges like Kraken and Coinbase who also operate in Canada.

 

- No Leverage. Most cryptocurrency exchanges do not offer leveraged trading and so does QuickBT. For the more serious and advanced investors, there are a few – Kraken, Quoinex, bitFlyer, CexIo – who offer this type of trading. On the other hand, a large number of forex brokers have included cryptocurrency CFDs in their instrument lists. This has some advantages, as they do not require new registration for their existing clients. Moreover, trading in the crypto CFDs is done on the familiar and usually quite advanced trading platforms offered by the respective broker.

 

>> See our list of regulated bitcoin forex brokers <<

 

- Daily Limits. QuickBT has a daily limit of CAD 200, which, it says, is in order to prevent fraud. Considering the prices of Bitcoin, this is not a lot, to put it mildly, and is not sufficient to meet the needs of more serious investors. 

 

- Platform. QuickBT does not offer a trading platform that we can speak of. Sure, the order form is very easy to use for the occasional buyer or seller, but it cannot meet the needs of serious traders. There are no price charts or an order book either.

 

- No info on Fees. We could not find information about the fees QuickBT charges. Most likely they are calculated in the price of the order, but it would have been nice to see them stated in a clear and concise manner, as most exchanges do. 

 

- No Wallet. QuickBT does not offer its own cryptocurrency e-wallet. It is not unheard of among exchanges, as a matter of fact a larger number do not offer this type of service, as it requires additional security, but it would have been convenient. 

 

 

Conclusion

 

QuickBT offers a fast and convenient service for the occasional trader of Bitcoin, Litecoin or Ethereum in Canada. It is compliant with the local regulations and requirements and appears to be a stable and reliable company. The payment options with cards and cash are fairly convenient, although there are certain limitations when it comes to the banks that work with the Interac payment platform. The verification process is also fast and convenient.

 

The main disadvantages of QuickBT are that it only accepts clients from Canada and that it has a fairly low daily order limit of CAD 200. The trading platform, if we can call it like that, is not intended for serious traders and is practically just a stripped-down order form. 

 

 

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Traders` reviews for QuickBT

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I never received it

It is small amount of money only--- what is, it is big???
I did not received ETH... nothing.


Thank you for your business.
You made a payment of $3.86CAD.
Your Receipt Number is: 316745

Gia 04/24/2018

Never got any transfer after exactly 24 hours

Got a phone confirmation request asking for my name and I spelled it out clearly earlier today. But it's just past 24 hours but no confirmation sent to me whatsoever which concerned me quite a bit... I wanted to invest more before I used the services.

John H 01/30/2018

Not 100% sure about them yet...

Not sure IF anyone else has had this …
Not sure IF anyone else has had this happen... I have been purchasing BTC and other Crypto for a while. Never bought Litecoin but my oldest son wanted some for his Christmas present.. So here I am at QuickBT. I must say it was rather easy... HOWEVER... somehow, not pilot error.. An O ended up at the end of the Litecoin address that was giving. I copied and pasted right from the email to this site. Double checked it.. I received a confirmation email :


Your 0.24 Litecoin will be sent to:

LfjdAJms9rh8t4SC8oZD79pan4pDBjtN1f0

ONLY problem as I said it was copied and pasted as :


Your 0.24 Litecoin will be sent to:

LfjdAJms9rh8t4SC8oZD79pan4pDBjtN1f

Now... no Christmas delivery from his Dad..

Mike Robinson 12/24/2017
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