Cryptocurrency Exchange

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

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

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

BitBay 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,

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. BitBay is a free, decentralized marketplace for buying and selling goods and services on the blockchain

BitBay 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.

BitBay Services

  1. BitBay Exchange: The basic BitBay service includes a cryptocurrency exchange. While originally aimed at Polish traders, nowadays the exchange serves most European countries. The exchange has over 1million users.
  2. 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.
  3. Bitcantor: Bitcantor is an “instant” cryptocurrency exchange aimed for 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.
  4. OTC Trading: Like many other exchanges today, BitBay offers OTC trading, a service aimed at buying large amounts of Bitcoin or any other cryptocurrency. OTC services usually offer dedicated support and lower fees than traditional trading.

Bitbay Fees and Limits

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.

BitBay 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.

BitBay-Mobile-App

How to register on Bitbay?

  1. Step 1:

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

  2. Step 2:

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

  3. Step 3:

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

  4. 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.

  5. 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.

  6. 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. register-on-Bitbay.png

How to recover the BitBay password?

In certain cases, 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. 

recover-the-BitBay-password

How to deposit on BitBay?

  1. Step 1:

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

  2. Step 2:

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

  3. Step 3:

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

  4. Step 4:

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

  5. 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.

How to withdraw on BitBay?

  1. Step 1:

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

  2. Step 2:

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

  3. Step 3:

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

  4. Step 4:

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

  5. Step 5:

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

  6. Step 6:

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

How to buy cryptocurrencies on BitBay?

  1. Step 1:

     Navigate to the Official Website, Login to your BitBay account.

  2. Step 2:

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

  3. 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.

  4. 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.

  5. 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.

  6. 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’.buy-cryptocurrencies-on-BitBay

How to sell cryptocurrencies on BitBay?

  1. Step 1:

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

  2. 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.

  3. Step 3:

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

  4. Step 4:

    Hit the “Sell” Button. If you have got the requisite funds in your account, the order should be filled immediatelysell-cryptocurrencies-on-BitBay

BitBay Pros and Cons

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

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.

Recent Updates

  • On Feb 12, 2020, BitBay partners Poynt to bring bitcoin payments to the streets.
  • On June 11, 2020, BitBay’s Prepaid Mastercard Launches in the US to Make Crypto Accessible.
  • On June 16, 2020, Bitcoin makes up over 90% of payments processed by BitPay.
  • On June 23, 2020, BitBay Accepts Company of the Year Accolade.
  • On July 07, 2020, BitBay App Updates its app: Supports Segwit, Dark Mode, & Manage Coinbase Wallet Capability.

BitBay FAQ’s

  1. 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.

  2. 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.

  3. 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.

  4. Is there any Account Management fee for creating an account?

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

BitBay Ratings

Reviewed By Nidhi Kolhapur

Easy to use
Trading   
Fees and Limits 
Registration

Summary

BitBay is the third-largest cryptocurrency exchange in Europe.

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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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