How Does BitQuick Prevent Fraud?

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Since our launch in August of 2013, we’ve built our business on the foundation of offering a better, safer way to trade bitcoin peer-to-peer. Other peer-to-peer services are in essence the wild west of bitcoin trading, leaving buyers and sellers to their own devices and necessitating that they learn the ins and outs of trading on their own and rely on a reputation system. Over 4 years ago, BitQuick’s founder Jad Mubaslat envisioned a better way to trade, and that vision is still maintained to this day under Athena Bitcoin’s ownership and management. Continue reading to find out how BitQuick has your back in ways that other run-of-the-mill, DIY peer-to-peer services do not.


Preventing Scams Involving Third Parties

Many common scams exist in the Bitcoin trading world. A particularly sophisticated one, called a “Man-In-The-Middle” attack, involves a third party trying to defraud someone by attempting to coerce them into depositing money on their behalf. While we won’t divulge any further details regarding the mechanisms of this particular scam, we are happy to say that BitQuick users can rest easy knowing that we constantly monitor for this sort of activity day to day, and attempts at these sorts of scams are practically nonexistent on our service thanks to our various deterrents.

 Extensive KYC Requirements

One way that we strengthen our fraud-prevention system is through our robust KYC requirements. Sellers do not need to interact with the person that they are trading with, and BitQuick takes care of collecting KYC information in order to assess the likelihood that a user will or will not be trustworthy.

Transaction Limits

Tiered transaction limits complement our KYC requirements to prevent bad actors from trying to game our system.

We Take Care Of The Legwork

As previously stated, BitQuick actively engages with both parties of the transaction to prevent them from needing to interact with one another, fostering an easier and safer process for everybody. Through risk scoring and data analysis when a hold is made, we are able to prevent bad actors from making trades.


Maintaining Industry-Exclusive Consumer Protections For Buyers & Sellers

Another key value-add that we have is our industry-exclusive Seller’s Guarantee. As a seller on BitQuick, as long as you confirm or dispute deposits within 3 hours upon request, you will be covered under our Seller’s Guarantee. While fraudulent transactions are incredibly rare on our platform thanks to our preventative measures, this guarantee is an industry-exclusive safety net that ensures that losses related to fraud will be covered as long as sellers are communicative and punctual about confirming and disputing deposits.

Thanks to our sophisticated dispute resolution process, buyers are also able to rest easy knowing that BitQuick has them covered, and will actively be involved in an arbitration and resolution process in the event of a dispute.


Prohibiting Risky & Potentially Harmful Payment & Trading Methods

BitQuick only allows payment methods that are the least likely to be reversed, which significantly reduces the number of disputes and causes charge-backs to become obsolete on our site due to our only currently-acceptable payment method being cash deposits made at the bank. At the moment we are exploring adding additional payment methods that meet this criteria.

Since BitQuick does not allow the buyer and seller to communicate with one another, in-person trades are strictly prohibited. This eliminates potential risks to the physical safety of our users as well. Want to buy bitcoin or sell bitcoin? It’s easy, get started today!


Thank you, Support

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