Bitbay Cryptocurrency Exchange Review

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Bitbay History

Cryptocurrency has come a long way in its evolution. It first appeared in 2014. It was created by Polish financier Sylvester Suszek. Together with his partners, he launched the service, which was presented as a professional and understandable platform for trading cryptocurrencies.

At that time, you could only buy Bitcoin and Litecoin on Bitbay. This was not enough and a year later the creators released a new version of their cryptoservice. It has improved functionality and added tools for trading. The choice of cryptocurrencies was expanded to Ethereum and Lisk. At the same time, the exchange became “crowded” in Poland, and it opened an additional office in Amsterdam.

In 2016, the Bitbay team started working on another update and presented it last September. This time, the developers significantly expanded the functionality, the number of cryptocurrencies grew to eight, the site began issuing cryptocurrencies and providing payment services. The developers also introduced a mobile version of the site and an investment platform for charity projects.
Bitbay even became part of the Paperless & Cashless Poland project and received an award for the best cryptocurrency exchange service in 2017 from Cryptocurrency World Expo.

There are now more than 400,000 people trading on this cryptocurrency site, and Bitbay processes more than 125 transactions per minute. According to Coinmarketcap, investors here make deals worth more than $8 million daily. The largest trading volume is in BTC/PLN. The pair accounts for more than $6.6 million or 80% of the total volume.

Specifics of Work on Bitbay

The first feature of the exchange is the registration of a payment card in cryptocurrency, which can be paid for in stores. Also, the crypto exchange provides cheap transfers around the world. You need to be a registered customer to do this.

Bitbay is actively developing in the processing business. It offers merchants the opportunity to make payments in cryptocurrency. There are two options to choose from: online payments and a more classic way – through a terminal in a store. At the same time, the merchant can receive payment to his Bitbay account, a Bitcoin wallet, a bank account or a payment card. Of the other more standard features we can highlight the API.

The platform has developed two types of API – public and private. Thanks to them it is possible to set up the receipt of information from the exchange, as well as to automate trading. Also, the cryptocurrency exchange has an affiliate program. It allows users to earn income by attracting new customers to the platform. To do this, it is necessary to share an affiliate link. Attracting new customers is rewarded with up to 20% of commissions, which are credited to the partner’s account.

Registration on Bitbay

To open an exchange account, go to the Home page and click Sign up. Then the crypto-platform will ask to specify the e-mail, to which a verification link will be sent. After that you will need to think up a login, password and PIN-code. You should keep the last one in a safe place – you will need it to contact support and to restore access to your account. Next, the crypto-exchange will require to specify the country of residence and choose the working fiat currency (dollar, euro and zloty).

After the standard registration, Bitbay allows you to deposit a cryptocurrency account, as well as trade cryptocurrencies. At the same time, without identity verification, working with fiat will not be available, as well as ordering a card in cryptocurrency.

You can verify the profile in its settings. To do this, you will need to select the type of account: for personal use or business. Bitbay will also ask for detailed data, including full address and full name. Entered information will have to be confirmed by uploading copies of documents. To verify your identity a passport or driver’s license will do. You can confirm your place of residence by providing a utility bill or bank statement. After the staff verifies the truth of the data, the verification process is complete.

How to Buy and Sell Cryptocurrency on Bitbay

To replenish your wallet with cryptocurrency, go to Dashboard section, and choose, for example, Bitcoin. The service will provide the address to which you can transfer the cryptocurrency. Withdrawal of cryptocurrencies takes place in the same section, only in the Withdrawals tab. To do this, you will need to enter the recipient’s wallet and the amount of the transaction. Also, if the identity of the customer is verified, he can enter three fiat currencies on the exchange: dollar, euro and zloty.

To do this, choose the desired currency in the wallet and deposit the account via bank transfer. Usually it takes no more than a day. Cryptoservice also allows you to deposit zloty through post offices in Poland. To do this, you need to fill out a special form in your personal account and provide it to the cashier in the post office.

Fiat can also be withdrawn via bank transfer. There is an option of withdrawing cash through an ATM. This service is available only in Poland and will require a phone number, registered in this country. Bitbay provides two types of cryptocurrency trading: quick transactions and trading.

With the first, the crypto investor just needs to specify the amount of the transaction, and the service itself will find the best exchange rate. To conduct such a transaction, go to the Exchange section and choose Quick Transaction. Here, enter the amount and click on Buy or Sell. To trade, go to Place an order tab. Here it is necessary to specify the price at which the operation of purchase/sale and quantity of currency will take place. This will create an order, which will close if the other trader agrees to the specified conditions.

In the future, the crypto exchange promises to provide customers with margin trading. Thanks to it, users will be able to trade on credit funds, which can significantly increase the potential profit. It is also planned to introduce stop orders to limit the risk.

Bitbay Commission

Bitbay charges a fee for trading. Its size is affected by two conditions. The first is the status of the trader – maker or buyer. The second is the monthly volume of trade. Depending on it the fee for a maker is 0.17% – 0.30%, for a buyer – 0.25% – 0.45%. No commission is charged for depositing money. The exception is the entry of zlotys via postal order. For that you have to pay 2%. Withdrawal of funds is subject to fee. For example, the fee for the withdrawal of bitcoin is 0.00090 BTC, Euro – €1.5. There is also a minimum withdrawal amount. For fiat this limit is 10 PLN.

Security on Bitbay

The Bitbay web page, as well as the trading terminal of the exchange, is convenient and clear. There is nothing superfluous in it, it works quickly and smoothly. There are three languages to choose from: English, Polish and Russian. It is better to use the English one.

To protect customers’ cryptocurrency from hackers, the platform stores it on cold wallets. That is, funds are stored offline without direct connection to the server. The safety of fiat is guaranteed by partner banks of the crypto exchange. Deposit and withdrawal of funds must be approved by authorized employees of the platform in manual mode, which complicates unauthorized access. At the same time, the crypto-exchange operates on an encrypted SSL connection. Also for increased security of customer accounts, Bitbay has implemented a two-factor authentication system. It can be linked to a mailbox, or to specialized applications Google Authenticator and Authy.

Pros
  • Unique functionality
  • Support of cryptocurrency and fiat funds
  • Beginners and experienced traders can use it
  • Security
  • Affiliate Program
  • User-friendly interface
Cons
  • Excessive trading commission
  • Lack of popular EPS
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