Are you looking for opinions and reviews on BitBay? Do you want to find out if it is worth investing on this crypto exchange? If so, you couldn’t have found a better place!
I have been testing this platform since its launch in 2014 and I know all its pros and cons. In this article I would like to share my experiences with you. Read the complete review.
Here’s what I’ll cover in this review:
- BitBay Overview
- How to Trade on BitBay
- Supported Cryptocurrencies
- Supported FIAT Money
- Payment Methods
- Mobile Apps
- FIAT Exchange
- PRO Exchange
- Customer Support and Reviews
- BitBay Beginner’s Guide (documents, signup, verification, first purchase)
BitBay Review 2020 Summary – Is BitBay the best European Exchange?
BitBay is Europe’s leading exchange – one of the best, most visited and fastest growing digital trading platforms. And although Europe is its main source of users, the exchange is also popular beyond the continent. Various language versions including Chinese, Portuguese, Spanish, French, Russian, German and Spanish help to reach traders from around the world whose needs are well met by the platform’s functionalities.
The exchange is licensed in Estonia and offers full compatibility with fiat deposits and withdrawals. The main goal of the founders was to create a safe and reliable platform, which allows for quick cryptocurrency exchange for a wide range of clients. And they succeeded. Bitbay has an intuitive and clear interface appreciated by beginners as well as professional trading tools for the advanced traders.
How to Trade on BitBay? How does the Exchange work?
BitBay has classic elements typical of crypto exchanges, there are real-time orderbooks, separate wallets for each currency, trading histories and charting tools.
What makes BitBay unique are additional functionalities such as Fiat Exchange (possibility to exchange traditional currencies e.g. EUR to USD), PRO Mode (platform for professional traders available only after its activation), IEO Launchpad (functionality allowing to buy tokens of a selected IEO project directly from one’s wallet on the BitBay exchange) and BitBay Shop (an online store where you can buy cryptocurrency gadget with bitcoins: purchased goods can be shipped around the world).
Crypto Energy Drink “HODL” or a T-shirt with the Bitcoin logo? Fancy any of these?:)
BitBay allows users to buy bitcoin, ethereum, ripple, litecoin and lisk along with a whole range of other cryptocurrencies with more being added all the time . In total, traders will find about 40 different cryptocurrencies and tokens here.
Among them there are great, unique coins such as GameCredits (interestingly, BitBay generates the world’s largest volume of GameCredits).
However, there are also coins that are virtually non-existent on the market. Volumes are very low and there are cases when you are not able to resell a given cryptocurrency, such as Infinity Economics (XIN).
Before buying a less known cryptocurrency, check its liquidity!
If you are to trade in reputable currencies like bitcoin or ethereum you don’t have to worry about anything – the liquidity is excellent.
Supported Fiat Currencies
On BitBay you can buy cryptocurrencies using 4 traditional currencies:
- Euro (EUR)
- American dollar (USD)
- British pound (GBP)
- Polish zloty (PLN)
It is easy to deposit your fiat currency via SEPA or SWIFT transfer and then start creating your crypto portfolio together. BitBay does not charge for deposits!
Withdrawal of fiat currencies is also straightforward – before the transaction, remember to check the current commission for the chosen currency in the exchange price list.
Payment Methods & Fees & Limits
- cryptocurrencies – free of charge
- EUR – SEPA, wire bank transfer – 0 EUR
- USD – wire bank transfer – 0 USD
- GBP – wire bank transfer – 0 GBP
- PLN – wire bank transfer – 0 PLN
- cryptocurrencies: BTC: 0.0005 / BCC: 0.001 / LTC: 0.001 / ETH: 0.0035 / LSK: 0.2 / GAME: 0.1 / DASH: 0.001 / BTG: 0.001 / KZC: 0.0005 / XIN: 5 / XRP: 0.1 / XMR: 0.04 / ZEC: 0.004 / OMG: 1 / GNT: 10 / FTO: 0.2 / ZRX: 3 / BAT: 3 / PAY: 10 / REP: 0.05 / NEU: 7 / TRX: 1 / AMLT: 150 / EXY: 40 / BOB: 150 / LML: 100 / XLM: 0.005 / XBX: 150 / BCP: 150 / USDC: 0.8 / BSV: 0.003 / MKR: 0.001 / NPXS: 5000 / LINK: 0.32 / SRN: 5000 / ALG: 10 / GGC: 1 / QARK: 0.1
- EUR – SEPA bank transfer – 0,1% (min. 1,5 EUR, max 150 EUR)
- USD – bank transfer – 0,25% (min. 10 USD, max 125 USD)
- GBP – bank transfer – 0,25% (min. 10 GBP, max 125 GBP)
- PLN – bank transfer – 6 PLN
- PLN – ATM withdrawal – 10 PLN (100 – 1000 PLN)
BitBay Transaction Fees
The transaction fees on BitBay are as follows:
Maker from 0.30% to 0.17%
Taker from 0.43% to 0.25%
The above commissions apply to transactions on the exchange that involve fiat currencies (EUR, USD, GBP, PLN).
Rates in crypto-crypto pairs are much lower:
Maker – 0% (no fees)
Taker – 0.1%
Those who make an offer to buy or sell (Maker) pay a lower commission on BitBay than those who complete the offer (Taker). The amount of the fee in transactions with fiat currencies depends on the value of turnover over a 30-day cycle. The commission rate may decrease as the turnover increases or a lower amount may be paid immediately if large volumes are traded.
BitBay Mobile Apps
For traders who do not want to miss their opportunity and need access to their account all the time, Bitbay has provided mobile versions of its trading platform which can be downloaded free of charge from the Apple App Store and Google Play. These apps allow you to view your account status as well as to trade directly from your smartphone.
The mobile app, like the browser version, also has a number of innovative tools for crypto market analysis including rates of change, drawing functions, depth chart, orderbooks and the ability to place Buy and Sell offers.
The FIAT Exchange
The FIAT Exchange is a quick and convenient way to exchange one FIAT currency for another. You can convert euro into dollars or pounds and vice versa. This allows you to instantly change the market regardless of which currency you have deposited. You can also easily trade in several pairs with different FIAT currencies.
To start using the service, you need to go to the FIAT Exchange tab and choose the currency you want to exchange and the currency you want to exchange into.
The final value will be calculated automatically based on the best rate of the chosen currency. The disadvantage is that you have to leave the exchange for a while to perform this operation in a separate tab. The functionality itself, which is offered only by a few other exchanges, is a big advantage of BitBay.
BitBay PRO is a more complex version of the exchange. The best way to start using this option is with the interface settings: you can choose between 4 different versions of the “page and market layout”, or you can adjust the “theme color” to your preference by selecting light or dark backgrounds, then fine-tune more detailed orderbook settings like columns order, candle values and candle type.
In PRO Mode you can display several charts at once (maximum 8 charts). The charts allow you to use various tools for detailed technical analysis, i.e. a set of methods and techniques to determine the current state of the market and forecast price behaviour. These include: marking tools, tools for determining market structure, tools for time and price analysis, tools for determining market geometry, measuring tools and much more.
BitBay Customer Support
As for the Helpdesk, Bitbay offers a Knowledge Base and FAQs pages divided into main categories: Bitcoin & Digital currencies, Beginners, Advanced, My Account, Deposits and Withdrawals, Exchange.
If your hunger for knowledge surpasses the content of the FAQ, please do not hesitate to contact BitBay by email or call them directly.
You can find contact details on: https://bitbay.net/contact
Is BitBay safe?
BitBay meets a number of strict requirements related to financial, operational and legal security that comply with anti-money laundering (AML) and know your customer (KYC) regulations.
Bitbay exchange is not only constantly working on the security of the platform but also improves the systems that monitor balances and operations on the exchange. Moreover, it analyses the processes on the platform in terms of potential anomalies as well as undergoes regular audits and security tests.
All funds in the cryptocurrencies are kept on so-called cold wallets. This means that they are not directly connected to the exchange servers. In addition, the cold wallets are encrypted accordingly. The guarantor of funds in FIAT currencies is the bank. This way, customers’ money is well protected against any potential risks.
In addition, the funds in cryptocurrency are secured with a BitGo insurance coverage of up to 1 billion USD ($1,000,000,000).
Bitbay Opinions, Reviews and Comments
What are the opinions about the Bitbay exchange?
As with any other exchange, Bitbay receives both positive and negative ratings from its users. There are however many more of the former: the good ones. The title of the European leader in the field of crypto exchange seems to be well deserved. Oftentimes we can read in the reviews that BitBay is the best European crypto exchange.
Among the exchange’s best features are very good support service, security of funds, innovativeness as well as easy withdrawals. Unfavorable opinions usually concern unfulfilled promises. BitBay boldly declares further upgrades, changes in functionality and the introduction of new cryptocurrencies, often even specifying the dates, and then fails to fulfill its commitments. Users remember this and feel disappointed. Fortunately, these “unfulfilled promises” only apply to unrealized ambitious development plans of the exchange, not to its current operation.
BitBay Beginner’s Guide – Signup & Verification
By following the below step by step guide, you will be able to buy cryptocurrency through Bitbay.
Step 1 – Be ready with documents
I always recommend that you prepare the appropriate documents before you start registering. Each exchange has its own internal rules and it is worth looking at them before you start the process. In the case of BitBay special attention should be paid to the fact that the system does not accept pdf files – the acceptable formats are .jpg, .png, .gif. and the maximum size of each file of a scanned document is 8MB.
Having these documents scanned and uploaded at your PC will save you a lot of time:
- both sides of an ID document – passport or ID card.
- selfie photo in which you are holding your ID and a paper with current date (timestamp).
- address confirmation document (not older than 6 months). This may be:
- a bill (for electricity, water, telephone, gas, etc.).
- an agreement (eg with a bank or insurer) with visible stamp and signature.
- a summary from the bank account
- a confirmation of the transfer from your account (with you as a sender)
Step 2 – Create and register BitBay account
Let’s get started with registration. Go to bitbay.net and click “Register”. You will see a slightly confusing message: “choose one of the registration methods” but don’t worry about it – there are no other methods here at all. Just click “email” and start the registration process.
Now complete the registration form by filling in your email address, checking the boxes and clicking the “REGISTER” button. Note that it is mandatory to select the first three boxes.
Upon successful registration you’ll be given the message stating BitBay account creation complete
Continue by checking your inbox for an email from “BitBay” titled “BitBay account activation”.
Once you activate your account you will be redirected to the next step in the registration process.
At this stage you will create your login, password and PIN security code.
– The login is your own username, nickname (not your email address)
– You may need the PIN code in the future to contact the exchange support (write it down!).
In the last step of registration you choose your country of origin and the default currency. Click “CREATE ACCOUNT” button and you’re done!
Step 3 – Increase the level of security of your account
After completing the registration, you can log in to your account to finish the process.
With BitBay instructions it is very simple. You just can’t overlook the red bar calling for two-factor authentication – this is a good piece of advice for you to follow up on.
By clicking on the red field “enable security today” you will be redirected to a page with a detailed description of how to use the two-factor authentication.
If you already have experience with Google Authenticator you can skip the description and go directly to the account settings (click on the user name in the top right corner and “Security settings” in the drop-down menu).
Google Authenticator is the best way to secure your account, but if you are not convinced, you can instead choose to secure your account via “email”. Once you have checked the appropriate option, remember to click “SAVE CHANGES” and then follow the instructions.
Step 4 – Verify your account
It’s time to verify the account. In theory, you can use BitBay without verification – you can e.g. make a deposit cryptocurrency or exchange one cryptocurrency for another. However, without verification, you cannot withdraw either cryptocurrency or FIAT currencies. So without further ado, you need to get started right away.
First, select the account type (private or corporate) and confirm the phone number.
Your verification form consists of 4 sections, which you must fill in completely to make your verification successful.
The first section is “Personal data”. Fill in your name, last name, birth date, country of birth, gender, citizenship, residency.
The next section is your identity card or passport numbers.
Go ahead and fill in Residential address.
The final step is to agree to the required anti-money laundering (AML) and know your customer (KYC) regulations policies.
BitBay will notify you of your successful verification through e-mail.
Step 5 – Buy Cryptocurrency
To deposit euros, dollars or pounds (or crypto) you have to click on the “WALLETS” tab on the left side of the screen. Then select the currency you wish to deposit. Select the “Deposit” option and then copy the deposit address.
Once the deposit is credited to your account, you can make your first purchase.
There are several methods of buying a BTC or other cryptocurrency. You can use the “QUICK TRANSACTION” option where you enter only the amount of currency you want to buy or sell. The price is calculated based on the orderbook, so it is not in any way overstated. This method is quick and convenient.
You can also use the traditional “PLACE THE ORDER” option and determine the price and amount of cryptocurrency yourself. The orderbook below will help you to get an idea of the current buy and sale offers.
BitBay in a NutShell
If you are looking for a solid European exchange, BitBay is the right choice. The exchange has good liquidity, sound payment options and a very interesting set of altcoins.
I have never experienced any withdrawals problem here, and the support service works excellent when you need to solve minor problems.
BitBay is undoubtedly one of the best platforms, both for beginners and for regular day trading!