QuickBT Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker in this QuickBT Review.
QuickBT Review
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
– 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.
– 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.
– 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.
– 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.
– 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.
– 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.
– 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.
– 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.
– 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.
– 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.
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.
QuickBT Review Conclusion
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