bitquick vs Coinbase: The Little Broker with lower fees

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Since Coinbase is a giant that offers a broad spectrum of cryptocurrency investment, trading, and staking, this evaluation compares apples to kumquats, not apples to oranges. On the other hand, bitquick’s P2P network allows for a simple exchange of bitcoins for cash. Instantly exchange bitcoin for fiat currency using a variety of local currencies and payment options.

Bitcoins are held in “escrow” when a user makes a deal, and they cannot be withdrawn by the buyer until there has been an agreement between both parties. If the buyer has paid the vendor, the seller will click or touch to release the BTC to the buyer’s wallet. If something goes wrong, anyone can file a claim. Overall, bitquick is an excellent bitcoin exchange for people who simply want to use cash. Users in the US who want to pay with cash may consider using bitquick. Users without bank accounts or credit cards would like this option as well. In addition, their prices are in line with industry norms. Bitcoin buyers and sellers will find a very liquid market thanks to the company’s reputation.

Trading and investing in over 100 tradable cryptocurrencies, such as bitcoin, Ethereum, Dogecoin, and other altcoins, are possible through Coinbase’s cryptocurrency trading and investment platform. With over 98 million users and $256 billion in assets on the network, Coinbase is a massive enterprise.

Using the traditional Coinbase platform for simple buy and sell orders are likely to be preferable for beginners. 

Bitcoin may be purchased through an online stockbroker like any other stock but beware of high costs and unresponsive customer care when using Coinbase. When investing and trading in cryptocurrencies, you can feel confident with Coinbase.

Feature
Fees Low - Medium High and Confusing
Speed Above Average Excellent
Ease Of Use Simple User Friendly
Customer Support Outstanding Minimal

bitquick Overview

bitquick is a US cryptocurrency exchange launched in 2013. It provides bitcoin and USD spot exchange services. According to their pitch, buying bitcoin using this business just takes three hours. It’s a peer-to-peer bitcoin marketplace exchange with a high reputation among its user base. This service is well-known for its ease of use, quickness, and anonymity when converting bitcoins to fiat currency or from fiat currency to bitcoin. The sole negative to bitcoin purchasers is higher than market prices, a 2 percent cost levied by bitquick, and a 0.001 BTC mining fee.

By the feel, bitquick is a P2P exchange, comparable to the popular LocalBitcoins. Platform users can publish their buy and sell orders at any price and are connected to the counterparty using this platform’s service.

The significant advantage of bitquick is that consumers may rapidly acquire bitcoin with cash. bitquick’s website states that the buyer must deposit money into a bank account before getting their hands on the current bitcoin in escrow.

bitquick’s transaction speed is another significant benefit. The exchange advertises a three-hour processing time on its website. On average, it takes about 2 hours and 20 minutes to complete an order based on the past ten orders.

bitquick

Coinbase Overview

One of the world’s most well-known and largest cryptocurrency exchanges, Coinbase, is based in the United States. Over 150 cryptocurrencies are traded on Coinbase, making it one of the significant cryptocurrency exchanges in the United States. To make matters worse, several customers have complained that Coinbase’s fees are both unclear and abnormally high. While Coinbase offers attractive advantages, bitcoin trading is very volatile, so constantly evaluate the dangers.

Founded in 2012, Coinbase is now a tried-and-tested path for individuals wishing to enter the industry. Coinbase is well-known for its user-friendly design, which makes it easy for newcomers to buy popular cryptocurrencies with large market capitalizations.

Educational information is delivered through Coinbase Earn, and customers are provided with a Coinbase digital wallet to initially store bitcoins. Coinbase Pro is available as a more complex trading platform.

coinbase

 

bitquick vs. Coinbase Service & Feature Comparison

Costs

Selling on bitquick, as previously noted, entails no fees. If you’re buying on bitquick, you’ll be responsible for a 2 percent exchange cost and a 0.001 BTC mining fee. Before the bitcoin is sent to your wallet, both fees are taken from the total value of the transaction. You’ll note this is clearly stated on the first form when you begin the purchasing procedure and in the website’s bitquick Terms of Service section.

To make matters worse, Coinbase’s fee structure is based on a tangled web of interdependencies among three distinct elements:

You’ll be charged a spread when you sell or buy bitcoin through Coinbase. While charges can change based on market swings, the business has previously indicated the cost is roughly 0.5 percent. The costs charged by Coinbase depend on various criteria, including the payment method used, the amount of the transaction, and market circumstances like volatility and liquidity.

Coinbase adds fees to cover the costs of executing transactions on the blockchain networks.

These characteristics might make Coinbase fees hard to forecast on its core platform. Before completing a transaction, the company says it discloses all costs to consumers. Coinbase Pro provides an alternative payment methodology, closer to bitquick, based on taker and maker fees.

Payment Methods

With bitquick, there are only two methods of acquiring bitcoin on the platform: Cash deposit and SEPA transfer. The implication is that you’ll have to physically travel to a bitcoin seller’s bank and put money into their account. Your bitcoins will be released to your bitquick account after the seller has seen the deposit.

Unfortunately, there are no additional payment methods available. Additionally, purchasers have three hours from the time they put their hold to pay the deposit.

To sell crypto, you must link a legitimate bank account to your Coinbase account. They employ the IMPS (Immediate Payment Service) bank transfer system as the payment mechanism to transfer payments to your bank account. You may use your bank debit card to join most accounts instantaneously. Many payment options, such as Apple Pay and PayPal, are available to Coinbase users worldwide because of the company’s global reach.

You can make a transaction using a credit or debit card if your card supports “3D Secure.” This payment option will not need pre-funding your account to place an order. A bank transfer does not have to be completed before making a purchase. To discover if your card supports 3D Secure, you can contact your credit/debit card provider directly. New credit cards can no longer be linked to Coinbase. Purchases of digital money using current credit cards are being blocked by some card providers.

Education and Research

There is a substantial repository of instructional materials on the Coinbase website. Coinbase Earn is a novel technique to encourage users to pay attention to what they’re doing on the platform. This enables you “earn as you learn” with video lessons and tests covering cryptocurrencies and how to trade them. Earning a certain quantity of the cryptocurrency while taking lessons is feasible.

bitquick does not provide any resources for learning or study.

Range of Investments

Because they exclusively exchange fiat currency for bitcoin, bitquick falls short in this regard. But this is their business strategy, and they do an incredible job.

Over 150 cryptocurrencies are accessible for trade on Coinbase, making it one of the most comprehensive cryptocurrency exchanges. While Coinbase doesn’t have everything, there aren’t any notable holes in its offering. Investors may also look forward to adding additional cryptocurrencies to this exchange.

Coinbase now offers trading in the most popular cryptocurrencies, including:

  • bitcoin (BTC)
  • Ethereum (ETH)
  • Cardano (ADA)
  • Dogecoin (DOGE)
  • Tether (USDT)
  • Bitcoin Cash (BCH)
  • Litecoin (LTC)
  • Uniswap (UNI)
  • Chainlink (LINK)
  • Stellar Lumens (XLM)
  • USD Coin (USDC)
  • Polygon (MATIC)

Trading Technology

bitquick’s user interface is appealing, with a minimalistic design that’s simple to navigate. The trading procedure is clearly explained in specific videos. The website is mobile-friendly and easy to use. However, there are no exchange applications for Android or iOS. The exchange offers a basic yet understandable interface. The simple layout allows consumers to get the information they’re looking for.

Customers appreciate Coinbase’s mobile apps, which are available on iOS and Android devices. You’ll find many of the same tools and options on the desktop version here. When you sign up for an account with Coinbase, you’ll have access to primary and more complicated trading tools. The basic trade option features a straightforward design that’s easy to utilize. Advanced trading includes extra tools, including charts, a live order book, and limit orders.

Users of Coinbase may transact across a variety of platforms. The initial Coinbase platform is a straightforward interface that allows customers to spend U.S. money to acquire cryptocurrencies. Coinbase Pro includes extensive charting tools and allows customers to perform crypto-to-crypto transactions and put, limit, and stop orders. With a new tool called Advanced Trade, Coinbase has brought some of Coinbase Pro’s features and cheaper pricing to its standard interface.

There is also a new alternative called Coinbase One that provides no-cost transactions and other advantages for a monthly charge. Although the software was still beta testing in the summer of 2022, the fee was around $30.

 

Mobile Apps

Even though the online platform can be viewed from mobile phones, bitquick does not offer a downloaded app for iOS or Android. You may still perform phone transactions, but the sensation is the same as if you were sitting in front of your computer.

In the same manner that the online platform is easy to use, the Coinbase mobile app is also. Suppose you’re planning to undertake any mobile crypto trading. In that case, this is a beautiful choice, thanks to its good ratings on both Google and Apple Play Stores.

Other Features

Customer Support

bitquick is well-known for its customer service and the speed with which it responds. An online form may be utilized to contact them, and answers typically take no more than a few hours. It should be mentioned that they only react within their working business hours.

Coinbase has recently implemented 24/7 live phone support. It also allows consumers to contact out by email or chat.

Security

bitquick offers a third-party Escrow wallet for keeping the money throughout the transactions and has proof of reserve display, enabling anybody to view the number of coins stored in each Escrow account.

Even though neither the FDIC nor the SIPC guarantees cryptocurrency exchanges, Coinbase claims that the digital money it stores online is secure. Coinbase.com. The business maintains it retains fewer than 2 percent of user cash online, with the remainder housed in offline cold storage – away from prospective cyber breaches

Anonymity

The bitquick system is structured around user anonymity, and users don’t have to provide personal papers to get started. Anonymity, on the other hand, has a cap of $400. Any transaction exceeding this threshold necessitates submitting KYC/AML evidence. Uploading scanned photographs of your identification papers to the website is the only need for completing the KYC process. Your cell phone number must also be verified to begin the KYC procedure.

In banking, too, customers have the option of remaining anonymous. bitquick allows its users to pay using cash for their bitcoin purchases. Sellers need to reveal their banking details to sell their bitcoin/bitcoin cash. For the sake of contact, each user must provide the other with their phone number or email address.

KYC (Know Your Customer) standards are met via Coinbase’s usage of Identity Verification. Customer identification and verification, or KYC, is the process of determining whether or not someone is who they claim to be. It’s a multi-step procedure for preventing the establishment and usage of fake accounts. Coinbase must identify our platform’s users as a licensed financial services firm. Per the Coinbase User Terms, all clients must prove their identity to continue using our service.

My Preference: bitquick Wins Over Coinbase

bitquick vs Coinbase: The Bottom Line

Think of a bitcoin marketplace where you may buy with cash and stay completely anonymous. In such a scenario, bitquick is definitely worth a look. Unlike other services, you won’t need anything except cash to acquire bitcoin. You won’t need to give identification if it’s less than $400. Bitquick also eliminates the requirement to meet a stranger face-to-face to make a payment. Instead, you just travel to one of your local banks and make a deposit to the selling account.

Using bitquick will be like a dream for sellers. Arbitrage bitcoin is possible since there are no fees, and you can choose your own price, so you can buy it at a lower price and then sell it at a higher price on bitquick.

Coinbase is one ot the most well known well liked crypto exchange. The UI for Coinbase’s principal service is speedy and user-friendly. Still, charges might be tough to manage unless you utilize the more powerful Coinbase Pro.

But note that investing in cryptocurrencies like bitcoin is highly risky and notorious for its volatility. A typical guideline: Never invest more than you can afford to lose.

bitquick is a well-renowned peer-to-peer crypto trading platform and Coinbase alternative, save for it enables only bitcoin trading with money. It may not be one of the better sites like Coinbase, considering that it is non-custodian and peer-to-peer. In terms of bitcoin trading, it is superior to Coinbase; otherwise, Coinbase is my preferred choice because it provides everything bitquick does and then some. The most significant advantage of bitquick is the coin-to-cash procedure with minimum KYC. You must ascertain just what your own requirements are. Keep in mind Coinbase costs for cash to coin are substantially greater than bitquick

If you want an excellent trading platform, straighforward mobile app, and access to a broad choice of cryptocurrencies to buy and sell, Coinbase wins hands down.

FAQ

Is bitquick or Coinbase better?

If you're new to cryptocurrencies and looking for a platform with plenty of educational resources, the winner is Coinbase. Obtaining free cryptocurrency is something you're thinking about. Coinbase is the platform of choice. bitquick may be a good option if you're seeking a way to quickly withdraw your earnings.

Is bitquick a decent place to invest?

bitquick is not a crypto exchange or a broker of investments. They're a peer-to-peer bitcoin exchange that lets users trade fiat dollars for bitcoins. bitquick is superior to its rivals since they handle all the middle-of-the-road items to complete the transfer, so there are no direct talks between buyers and sellers, and the transaction is straightforward.

Is Staking available with Coinbase

When investing in cryptocurrencies, you're likely to think of staking more than once. Staking is how various cryptocurrencies validate their transactions, allowing users to receive rewards on their holdings.
Staking may be a terrific method to earn passive money with your cryptocurrency, especially if your coin offers a high-interest rate for staking. Most Coinbase users can stake their coins.

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