Crypto Currency Exchange

Is It Safe to Use BitBay? A Detailed Exchange Review 2020

Bitcoin market price has reached new heights in the past 10 months and there was a continuous bitcoin rally in last one month. This could be a good year for crypto markets.  As people hear about  BTC price, they will start buying their own share of this cryptocurrency. This would take the value of the coin more than a thousandfold and this will make people go into platforms that trade Bitcoin or any cryptocurrency they want. So let’s talk about Bitbay Exchange,

BitBay Exchange Review

QUICK NAVIGATION :

 

What is Bitbay?

Bitbay is a cryptocurrency exchange which came into existence in 2014 and is based in Poland.  The platform new office is in Amsterdam and the company CEO is ‘Sylwester Suszek’–who is a well-known personality in the finance world.

The company aims to provide innovative solutions for finance by providing a convenient platform for cryptocurrency. The exchange platform currency deals in various major cryptocurrency markets.

The company has partnered with Bitcantor, btc-sms.eu, btc for sms, Bitflora, Crypto news, bitcoinonline.pl, Coinforum.pl etc.

 

Features of Bitbay Exchange

The company has various exceptional features for its users. It provides professional support to its users when it comes to trading and exchange. The user can monitor all its operations whether it’s regarding exchange or trading currency.

More than 20 digital currencies to buy are in BitBay market. No fees for account management, i.e. completely free account.

More than 800,000 unique users from around the world and BTC 547,000 of annual volume give it the leading position among Polish cryptocurrency exchanges.

The can enable two-factor authentication. Under this feature, a user can download Google authenticator on his device and scan the QR code of the Bitbay account. Thus, every time a user tries to log in, a 6-digit code goes to the registered mobile number. This adds an extra layer of security for the Bitbay account.

 

How to register a new account?

In order to register a new account, the user can log on to the website. The user can then click on “Create an account”. The platform would request the user to enter a valid email ID only. To activate the account, the user will have to click the verification link that goes to the user’s registered email ID.

Once the user activates the account, the user has to enter further information such as username and create a password. The user will also have to set a customer service pin. This pin shall be applicable every time he calls the customer service.

 

Buy/Sell at Bitbay

Here, users can can see the pairs against USD, PLN, USDC, EUR, GBP, and BTC.

To purchase or sell you just need to provide the amount and the platform will automatically provide you with how much BTC you can receive after the processing the conversion rate.

Below orders book will list once the transactions have gone through. Their exchange platform is really easy to use with no problems. The UI response-ability of the website is also good since there was no delay experienced when we were using it.

As per BitBay news report, The exchange was ranked 68th with the 24-hr volume of $ 51,235,432 with 15% growth. It was one of the few platforms to have growth except all which were in the red line.  The platform offers around 79 trading pairs according to the site Coinmarketcap.

 

BitBay PRO

BitBay PRO is a trading version of the platform, which will give you access to professional tools and indicators, that will make an easy analysis of the cryptocurrency market.

The PRO mode includes a user-friendly interface, which makes the ability to make deposits and withdrawals easy and also it allows you to customize the layout according to your preferences.

To enable PRO mode, just log in to the website. On the left, there is a tab “Trading PRO mode”. Click on it, go to trading version.

In order to set PRO mode as the default view, just click information bar at the top of the panel. And From next time it will automatically take you to the PRO Mode.

 

BitBay FEES

Fees at Bitbay depends on the monthly volume trade size. The taker fee ranges from 0.25 to 0.43% and the maker fee is around 0.17 up to 0.30% per transaction.

BitBay Affiliate Program

The exchange has its own Affiliate program so that the users can earn rewards for promoting the exchange to their friends. According to the referral program, users will receive 20% of the commission that BitBay exchange charges on each transaction of their referred contact. 

Mobile App

The users of the exchange can access the platform through a website as well as BitBay App that is available in Android and iOS. Some of the future developments of this app include 

  • Notifications about price change
  • Username and password authentication
  • Ledger filtering and detailed transaction history
  • Deposits / Withdrawals
  • CRYPTO / FIAT payments using wallet address / QR / NFC
  • BitBay Mastercard payment integration
  • FIAT exchange integration (USD, EUR and more)
  • Cold Wallets

Latest BitBay news

Dec 16, 2019: BitBay IEO Launchpad is released. This launchpad allows IEO purchasing with cryptocurrencies as well as fiats. 

Nov 1, 2019: The exchange received a license to operate and provide cryptocurrency services in Estonia

Sep 26, 2019: The exchange revoked limitations of EUR, USD, GBP and PLN withdrawals.

Aug 7, 2019: BitBay Pay, licensed payment operator from BitBay group has launched its 3.0. Version.

Aug 1, 2019: Maker, Pundi X, Sirin Labs, Chainlink, Algory tokens added to the exchange.

May 17, 2019: BitBay Dynamic Peg will help you if you are a trader or investor. BitBay community is testing the unique features which will make BitBay the first truly independent stable currency.

May 14, 2019: BitBay ($BAY) has been officially added to the list of supported coins on GeneralBytes ATM’s.

April 03,2019:  Bitbay can now be bought using Litebiteu credit card.

Mar 21, 2019: BitBay web market beta version is released

Conclusion

Overall, Bitbay is a great exchange and it offers users to turn online crypto into real money with the use of their physical card. They have flexible deposit options to choose from, which gives it an edge over other exchanging websites. The Platform is waiting for its new stable coin and preparing for the upcoming bullish market.

Also read: Localbitcoins Review | Coindeal Review | Bitstamp Review | Bitquick Review

What is your review on this Exchange? Share your thoughts on our Twitter and Facebook pages. 

BitBay Review

Nidhi Kolhapur

Fees
Security
User Interface

Summary

Bitbay is a great exchange, and it offers users to turn online crypto into real money with the use of their physical card.

4

FAQ’s

How safe is a BitBay account?

For security, the exchange uses HTTPS security protocols for all transactions on its website. It also encrypts all data to prevent unauthorized access. BitBay offers a two-factor authentication and cold storage wallets as an added layer of security.

Is it necessary to verify my BitBay account?

No, it is not necessary to verify your BitBay account if you are just trading with cryptocurrencies. However, verification is required if you will transact with fiat currencies.

What are the BitBay fess?

“Takers” have a 0.1% on all crypto to crypto trades. Fiat trades start from 0.3%. Withdrawal fees depend on the currency you’re withdrawing. You can see the complete fee schedule here.

Is there any Account Management fee for creating an account?

No, the exchange does not require or takes any account management fees.

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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