Cryptocurrency Exchange

BitBay Review 2020, Is it safe to use BitBay Exchange?

Rewarded as The Best Cryptocurrency Exchange in 2017 and 2018 by the Cryptocurrency World Expo, BitBay is one of the popular exchanges in the market. Ranks 54th worldwide (out of 208 exchanges) on CoinMarketCap.

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It aims to be a “professional and intuitive trading platform” for crypto trading.

In this article, we will cover all the aspects of the BitBay exchange including fees, services, supported coins, pros and cons, and much more. Let us take a look into the review now.

Overview

Legal Name BitBay Exchange
Headquarters Atlanta, Georgia, United States
CEO Sylwester Suszek
Year Founded2011
Exchange Type Centralized
Trading FeesMaker: 0.30%/ Taker: 0.43%
Deposit Methodscryptocurrency wallets, bank wire transfer, credit/debit cards, through the Polish post office, Express DotPay, or the Zabka store chain.
Supported Cryptos: Bitcoin Cash (BCH), Ethereum Classic (ETC), Dash (DASH), Ripple (XRP), Litecoin (LTC), and more
Supported Cryptos Bitcoin Cash (BCH), Ethereum Classic (ETC), Dash (DASH), Ripple (XRP), Litecoin (LTC), and more
FiatUnited States Dollar (USD), Euro (EUR), UK pound sterling (GBP), Polish Zloty (PLN)
Customer ServiceEmail, Phone
Trading Options Spot Trading, Margin Trading

What is BitBay?

BitBay is the third-largest cryptocurrency exchange in Europe. It is a polish based cryptocurrency exchange that was founded by Sylwester Suszek in 2014. It is a free, decentralized marketplace for buying and selling goods and services on the blockchain

It initially started out as a dedicated Polish exchange. However, the company has expanded rapidly, offering a broad range of different services to its users in different countries with unparalleled security.

BitBay exchange provides an excellent selection of cryptocurrencies, which you can trade against each other or fiats.

How to Set Up Account

Step 1: Go to the Official Website and Click on the “Register” Option.

Step 2: Provide your email in the box provided. Then you need to tick three boxes and a reCAPTCHA box.

Step 3: You will receive a confirmation mail. Click on the link to verify your email address

Step 4: Once you have clicked on the link, you will be taken to the second stage where you can create your username along with a chosen password and a PIN code.

Step 5: Once an account has been created, you need to verify it by providing your identification information along with a confirmation document of the address.

Step 6: After the verification has been completed, a user can move forward with availing all trading services on the BitBay platform through the BitBay login.

How to recover the BitBay password?

In order to recover the BitBay password, Click on the “Forgot Password” option. Then enter your personal information and user id after which you can reset your password. 

How to buy cryptocurrencies 

Step 1: Navigate to the Official Website, Login to your BitBay account.

Step 2: Go to the “Exchange” Tab. Click on the “Funding” option to deposit the type of currency to your BitBay account

Step 3: In the menu, click on ‘Trade’ on the upper left side. You can now select which of the available markets you want to trade.

Step 4: When you have selected the market you would like to trade-in, click on ‘New Order. On this page, you will see several ways of placing an order. There are three options, ‘Simple’, ‘Intermediate’, and ‘Advanced’. Select Accordingly.

Step 5: Then Enter a value that you want to trade for Bitcoin in the field ‘Total’. In the entry field on the left, you will see how many Bitcoins this amount will net you.

Step 6: Click on “Submit Order”. When the orders are executed, your Euros have been converted into Bitcoin. You can see the amount of Bitcoin under the page ‘Funding’.

How to sell cryptocurrencies 

Step 1: Navigate to the Official Website, Login into your BitBay account.

Step 2: In the menu, click on ‘Trade’ on the upper left side. Check on the list of all of the available markets to trade.

Step 3: You can trade the same pairs and choose between the same order types: market, limit, and fill or kill. Select Accordingly.

Step 4: Hit the “Sell” Button. If you have got the requisite funds in your account, the order should be filled immediately

Deposit & Withdrawal Procedure

Deposit

Step 1: Visit the Official Website, Sign in to your BitBay account.

Step 2: Go to the “Wallets” section. You begin by selecting the type of crypto you wish to deposit. Then click “Deposit”.

Step 3: Take either the QR code or the deposit address you are given.

Step 4: After you receive funds, go to your BitBay account and select the “Balances” section from the menu on the left.

Step 5: Then select the currency of your deposit and use our dedicated system tool to move funds from the usual wallet to your BitBay wallet.

Withdrawal 

Step 1: Log in to your BitBay account. Go to the “Wallets” section.

Step 2: Click on ‘Withdrawal’ from the options on the right and select the currency you want to withdraw.

Step 3: On the next page, click on ‘Bank transfer.’

Step 4: Enter all the information that the system requires and click the ‘Withdraw’ button to proceed.

Step 5: The system will send an authorization code to your email. Open your email to retrieve this code.

Step 6: Paste the code on the box and hit “Confirm”. The transfer may take up to two business days.

Fees, Limits & Supported Cryptocurrencies

In Bitbay, The following actions are free of charge:

  • Account registration and maintenance
  • Cryptocurrency deposits
  • Fiat wire transfers
  • Crypto to crypto maker trades

BitBay fees for takers when trading fiat-to-crypto is 0.43%. For makers in a fiat-to-crypto trade, the trading fees are 0.30%. Should you instead trade crypto-to-crypto, the trading fees are substantially lower.

Takers only pay 0.10%, and makers don’t pay anything at all, in a crypto-to-crypto trade. BitBays withdrawal fee is 0.0005 BTC per BTC-withdrawal. This fee is a bit below the industry average.

Supported Currencies

The platform supports the following fiat currencies:

  • USD
  • EUR
  • GBP
  • PLN

BitBay allows its users to perform trading transactions in the following cryptocurrencies:

  • Bitcoin
  • Bitcoin Cash
  • Litecoin
  • Ethereum
  • Lisk
  • Game Credits
  • Dash
  • Bitcoin Gold
  • KzCash
  • Infinity Economics
  • Ripple

BitBay Mobile App

BitBay app provides a complete solution for both beginners and advanced traders on the go. It is available on both Google Play and the iStore, free of charge. The app allows you to trade, access your wallet, fund your account, receive notifications, and check your transaction history.

Referral Commission & Other Services

BitBay Affiliate Program

A user should share their unique link to the Affiliate program, with other people and get them on the platform. The reward for this is a lifetime commission if someone joins the BitBay exchange as a result of your suggestion, which will be immediately recognized for each transaction done by your affiliates.

Other Services

BitBay Pro

BitBay Pro is a special trading interface for professional traders that includes advanced tools, MACD (Moving Average Convergence Divergence ), RSI (Relative Strength Index) indicators, and a customized interface.

Bitcantor

Bitcantor is an “instant” cryptocurrency exchange aimed at Polish users. It allows for a fast transaction without signing up or verifying your identity. However, with this, you will be paying a higher rate than the traditional trading platform.

Is BitBay Safe & Secure

Yes, BitBay is a safe platform to trade on. Secure HTTPS connections are used to process all transactions on the website. Furthermore, all transactions must be approved by BitBay staff. 

BitBay also employs other security techniques such as a concealed password, two-factor authentication, and cold storage wallets. In a nutshell, BitBay’s security is unrivaled.

Conclusion

BitBay is an interesting platform that provides a lot of nice trading options and a simple interface. It provides a unique chance to turn your cryptocurrency into everyday spending money with the help of a physical card. You will also find a number of flexible deposit options there, which is also a great thing for trading platforms.

BitBay assures its users that it uses high-level encryption on its servers. The website also has SSL in order to keep its funds of the users safe. BitBay wallet also offers some of the best security features. It has over more than 800,000 users from the entire world and an annual BTC trading volume of 547,000.

Thus we can conclude that BitBay is a trustful platform, which is recommended and really worth your attention.

FAQ

  1. Is BitBay safe?

Yes, BitBay is a safe platform to trade on. Secure HTTPS connections are used to process all transactions on the website. Furthermore, all transactions must be approved by BitBay staff. 

  1. Is BitBay free?

BitBay charges zero fees on Tether and Ethereum markets. One can trade on all USDT and ETH markets for free. USDT is available in pairs with various tokens.

  1. How do I add funds to BitBay?

Go to the “Wallets” section. You begin by selecting the type of crypto you wish to deposit. Then click “Deposit”. Scroll above to read in detail.

  1. Is account verification necessary on BitBay?

Account verification is necessary for you to use the full functionality of BitBay.

  1. What are BitBay trading fees?

BitBay fees for takers when trading fiat-to-crypto is 0.43%. For makers in a fiat-to-crypto trade, the trading fees are 0.30%.

BitBay Rating
  • Currency Support
  • Online Reputation
  • Fees
  • Customer Support
Overall
3.8

Pros

  • Two-factor authentication and crypto funds stored in encrypted cold wallets.
  • Fast deposits and withdrawals.
  • 24/7 security monitoring.
  • The quick and easy registration process
  • Mobile trading app available.

Cons

  • A limited number of coins and tokens available.
  • Lack of fiat deposit methods
  • Fees vary based on account turnover
  • Some service limited to Polish residents
  • A limited number of coins and tokens available.
  • Lack of fiat deposit methods
  • Fees vary based on account turnover
  • Some service limited to Polish residents

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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