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QuickBT crypto

QuickBT Review – A Quick but Pricey Way to Buy Crypto in Canada

QuickBT in Brief

QuickBT is a Canadian cryptocurrency service that’s designed to make the process of buying crypto as convenient as it can possibly be. Advanced cryptocurrency exchanges are difficult for beginners to figure out and require their users to submit photos of ID documents. Registering with QuickBT is a much easier process because all you need is a valid Canadian phone number attached to a phone that can receive text messages. Supported payment options (Interac and Flexepin) make it easy for Canadians to get in the game and make their first crypto purchases.

The main downside of QuickBT is that its fees are high compared to exchanges that cater to crypto traders. CoinIQ obtained a quote for 0.024 Bitcoin. The cost was $153.26 CAD and fees amounted to $9.63 CAD.

Pros

  • Easy to use. QuickBT’s simple wizard walks you through the process of buying Bitcoin. At the end of the process, QuickBT sends Bitcoin straight into your Bitcoin wallet.
  • Debit and credit card payments. You can use your debit or credit card to purchase cryptocurrency through Flexepin and/or Interac.
  • History dates back to 2013. QuickBT was among the first cryptocurrency services to set up in Canada.
  • Support for Bitcoin, Litecoin and Ethereum. Other similar exchanges only work with Bitcoin, but QuickBT supports two additional coins.
  • Quick verification. All you need is a Canadian phone number to buy cryptocurrency through QuickBT.

Cons

  • Limited availability. You need a valid Canadian phone number to verify your ID.
  • No live support. According to the QuickBT website, QuickBT’s support desk is open from 9am to 5pm Monday through Friday. However, you have to send in an email and wait for a response to get in touch. Live chat and phone support are not available.
  • Low purchase limits. The maximum amount of Bitcoin you can buy through QuickBT is $200.
  • Expensive. QuickBT’s fees are high compared to other crypto exchanges.

What is QuickBT?

History and background

QuickBT has been operating since late 2013. The exchange introduced itself to CoinForum.ca in November of that year:

Source: CoinIQ

Comments in the thread reveal that the initial response to the site was overwhelmingly positive. QuickBT early users appreciated the exchange’s quick turnaround times. Users who reported problems were quickly met with a response from the QuickBT customer service team.

The Toronto Star interviewed QuickBT founder Jamie Robinson shortly after the QuickBT launch. He told the newspaper that in just three months, his exchange had already processed millions of cryptocurrency transactions.

“We’re really trying to integrate bitcoin into the mainstream. It [QuickBT] simplifies a long process that is really a barrier to entry.”

In April of 2014, Robinson joined the Bitcoin Foundation. He posted the following introductory message on the BitcoinFoundation.org website:

“My name is Jamie Robinson and Bitcoin has taken over my life. I started QuickBT in 2013 which is the easiest way to buy Bitcoin if you have a supported bank account in Canada. Looking forward to meeting you all and getting more involved with the foundation.”

Robinson was a guest on video podcast Decentral Talk in 2015. During the podcast, he talked about how he had been interested in Bitcoin since 2012 as well as his motivations and goals for QuickBT.

Robison was one of several Canadian Bitcoin node operators who publicly supported the activation of Segregated Witness and opposed the proposed Bitcoin Unlimited split proposal in 2017.

Leadership

  • Jamie Robinson – Founder. Robinson started QuickBT in 2013. In addition to running QuickBT, he’s also a Bitcoin Foundation member.

Protecting customers’ coins

Legal and regulatory compliance

This excerpt from QuickBT’s policy page explains the exchange’s attitude toward regulation:

“QuickBT maintains the highest accountability for fighting financial crime. All customers verify their reachable phone number using an SMS text message verification system. We may call some customers or require them to call us. Customers are only permitted to buy a small amount of Digital Currency per 24 hour period. The largest structured payments cannot reach $3000/month for most customers. We review customer activity to place holds on some customer accounts as part of our proactive compliance and as required by law. Customers currently pay with their registered bank account, which has additional identity requirements to open. We may update this policy at any time without notice.”

Network security

QuickBT has a clean security record and has never been hit by a publicized hack. The QuickBT website doesn’t contain much specific information about the way it protects its customers.

Customer support

QuickBT’s support team responds to help requests via [email protected]. Their operating hours are Monday through Friday, 9am to 5pm.

QuickBT reputation

If you look around the web, you’ll find mostly positive comments about QuickBT. Particularly positive feedback came in shortly after QuickBT’s launch. At the time, there weren’t many user-friendly ways for Canadians to buy cryptocurrency.

How to Join QuickBT

Who can join?

Currently, QuickBT only works in Canada. You need a valid Canadian phone number attached to a phone that can receive text messages to complete the verification process.

Verification

Individual accounts

After you complete phone verification, there’s nothing else you need to do to buy cryptocurrency through QuickBT. You don’t need to send in a selfie, a picture of your ID card or any other information.

What Can You Trade on QuickBT?

Cryptocurrencies

Currently, QuickBT supports three cryptocurrencies: Litecoin, Bitcoin and Ethereum.

Advanced trading

QuickBT does not have any advanced features.

Trading Tools and Fees

Trading interface

QuickBT’s trading interface is an easy-to-use wizard that walks you through the process of buying Bitcoin from start to finish.

The first step of the process, you paste in your Bitcoin address and specify the amount of Bitcoin you want to buy. Purchases are limited to $200 per confirmed phone number. If you want to buy more than that, you have to wait 24 hours for the limit to reset.

Daily limit: $200 per confirmed phone number.

Minimum purchase: 0.0002 BTC / .01 LTC / 0.002 ETH

Maximum purchase: 0.024 BTC / 2.7 LTC / 0.68 ETH

Source: CoinIQ

After you type in the amount of Bitcoin you want to buy, you must provide a Canadian phone number. The QuickBT verification service will then send you a text, which you can use to complete the verification process.

After you complete verification, the last thing to do is finalize the payment. You can choose either Interac Online or Flexepin.

Source: CoinIQ

Mobile app support

QuickBT doesn’t have any mobile apps. However, the QuickBT website looks good on small screens:

Source: CoinIQ

Deposits and withdrawals

Fiat currencies

The only fiat currency that QuickBT supports is Canadian dollars. Payment options include Flexepin and Interac Online.

Digital currencies

You can buy three cryptocurrencies through QuickBT: Bitcoin, Litecoin and Ethereum.

Transaction fees

There is no information about QuickBT’s fee schedule on the QuickBT website. A quote retrieved from the site seems to indicate that QuickBT charges roughly 8% to process Bitcoin purchases.

Final Word

The biggest advantage of QuickBT is that it’s quick and easy to use. Another benefit: it’s been around longer than most other Canadian exchanges. If all you want to do is make a small investment and hold onto it in the hopes that its value will increase, QuickBT is not a bad option. However, if you’re looking for a cheap way to buy cryptocurrency on a regular basis, better options are out there.

Alex Munkachy

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Please note that CoinIQ is reader-supported. When you sign up for products or services through links on CoinIQ, we may receive an affiliate commission.

We maintain strict editorial standards and our recommendations are in no way affected by these commissions.  We do not compromise on our critical approach for any product, service, person, or company.

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