BitBay cryptocurrency exchange – December 2018 review

BitBay Cryptocurrency Exchange
BitBay Cryptocurrency Exchange
  • Buy/sell 11 cryptocurrencies
  • USD, EUR and PLN deposits
  • Fee discounts for high-volume traders
  • 24/7 security monitoring

How to buy and sell 11 digital currencies on this fiat-to-crypto and crypto-to-crypto exchange.

BitBay is a European cryptocurrency exchange that allows its users to trade fiat currency for bitcoin, Ethereum and nine other digital currencies. Based in Poland, the platform offers fast deposits and withdrawals as well as access to a range of professional trading tools. With maker fees starting from 0.17% and taker fees from 0.25%, BitBay is well worth a look if you’re looking to buy and sell cryptocurrencies.

But is it the right platform for you? To find out, let’s examine the features BitBay has to offer.

Product Name BitBay Cryptocurrency Exchange
Fiat Currencies USD, EUR, PLN
Cryptocurrencies BTC, BCC, BTG, LTC, ETH, LSK, GAME, DASH, KZC, XRP, XIN,ZEC,XMR
Deposit Methods Cryptocurrency
Express Polish Post Office 24/7
Express Zabka Market
Wire transfer
Trading Fee Taker: 0.25-0.43%
Maker: 0.17-0.3%
Deposit Fees PLN Express 24/7: 2%
Other: None
Withdrawal Fees BTC: 0.0009
LTC: 0.005
ETH: 0.00126
LSK: 0.2
BCC 0.0006
GAME: 0.005
DASH: 0.001
BTG: 0.0008

Pros

  • Quick and easy registration process and straightforward interface
  • 24/7 security monitoring
  • Two-factor authentication and crypto funds stored in encrypted cold wallets
  • Fast deposits and withdrawals
  • Access to professional trading tools including candlestick chart with technical analysis capability
  • Mobile trading app available

Cons

  • Limited number of coins and tokens available
  • Fees vary based on account turnover, so may not be a good choice for casual traders
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

What is BitBay?

BitBay’s history dates back to 2014 when it was founded in Katowice, Poland, by CEO Sylwester Suszek. The aim was to create a professional and intuitive trading platform for buying and selling bitcoin and Litecoin.

BitBay now has more than 100 employees, over 400,000 active users and claims to have an annual transaction volume of 547,000 BTC. The platform supports three fiat currencies – the Polish zloty (PLN), euro (EUR) and US dollar (USD) – and also has offices in Amsterdam and New Delhi.

Which cryptocurrencies can I buy and sell?

BitBay currently supports the following crypto coins and tokens:

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Bitcoin Gold (BTG)
  • Dash (DASH)
  • Ethereum (ETH)
  • GameCredits (GAME)
  • Kzcash (KZC)
  • Lisk (LSK)
  • Litecoin (LTC)
  • Ripple (XRP)
  • Infinity Economics (XIN)

Available countries

BitBay offers its exchange service to users in a wide range of countries, including Australia. Contact the platform’s support team directly if you’re unsure whether or not you can access BitBay from your country of residence.

Which payment methods are accepted?

You can deposit funds into your BitBay account using the following payment methods:

  • Cryptocurrency deposit
  • Bank wire transfer (PLN, EUR or USD)
  • Express deposits at Polish Post Offices
  • Express DotPay (Poland)

How much will it cost me to use BitBay?

It’s free to sign up for and maintain an account with BitBay. However, fees apply to deposits, withdrawals and trades as outlined in the tables below.

BitBay trading fees

30-day account volume in any currencyMaker fee Taker fee
Less than 1,250 EUR0.30%0.43%
Less than 3,750 EUR0.29%0.42%
Less than 7,500 EUR0.28%0.41%
Less than 10,000 EUR0.28%0.40%
Less than 15,000 EUR0.27%0.39%
Less than 20,000 EUR0.26%0.38%
Less than 25,000 EUR0.25%0.37%
Less than 37,500 EUR0.25%0.36%
Less than 50,000 EUR0.24%0.35%
Less than 75,000 EUR0.23%0.34%
Less than 100,000 EUR0.23%0.33%
Less than 150,000 EUR0.22%0.32%
Less than 200,000 EUR0.21%0.31%
Less than 250,000 EUR0.21%0.30%
Less than 375,000 EUR0.20%0.29%
Less than 500,000 EUR0.19%0.28%
Less than 625,000 EUR0.18%0.27%
Less than 875,000 EUR0.18%0.26%
More than 875,000 EUR0.17%0.25%

BitBay deposit fees

Deposit methodFee
Cryptocurrency depositZero
Bank wire transferZero
Express DotPay2%
Express Polish Post Office2%

BitBay withdrawal fees

Withdrawal methodFee
Bitcoin (BTC)0.00045 BTC
Litecoin (LTC)0.005 LTC
Ethereum (ETH)0.00126 ETH
Lisk (LSK)0.2 LSK
Bitcoin Cash (BCH)0.0006 BCH
GameCredits (GAME)0.005 GAME
Dash (DASH)0.001 DASH
Bitcoin Gold (BTG)0.0008 BTG
Kzcash (KZC)0.0005 KZC
Infinity Economics (XIN)2 XIN
Ripple (XRP)0.1 XRP
Bank wire transfer (PLN)4 PLN
SEPA bank transfer (EUR)1.5 EUR
SWIFT bank transfer (USD)1.25 USD (SWIFT communicate) + 0.35% (min. 5.2 USD, max. 45 USD) + third-party bank fees

Are there any transfer limits?

In its “Fees” section, BitBay lists the following minimum withdrawal amounts for its supported currencies. No maximum limits are specified.

  • PLN: 10
  • BTC: 0.0001
  • LTC: 0.1
  • ETH: 0.01
  • LSK: 0.1
  • BCC: 0.001
  • GAME: 0.1
  • DASH: 0.01
  • BTG: 0.001
  • KZC: 0.001
  • XIN: 100
  • XRP: 0.1

Is it safe to use BitBay?

BitBay claims that the security of its customers' resources and data is a top priority. All customer cryptocurrency funds are stored on encrypted cold wallets that ensure they are not directly linked to BitBay’s servers.

To satisfy Know Your Customer (KYC) requirements, you’ll need to provide proof of ID and proof of address when you register for an account. Two-factor authentication is available and can provide increased security for your account, while you also have the option of setting up notifications to alert you of any account activity.

Customer support

If you have a problem with a transaction, BitBay offers the answers to an extensive range of FAQs on its website. Alternatively, you can also create a new online support request, or contact live phone support by contacting +44 870 820 0322.

Pros and cons

Pros

  • Quick and easy registration process and straightforward interface.
  • 24/7 security monitoring.
  • Two-factor authentication and crypto funds stored in encrypted cold wallets.
  • Fast deposits and withdrawals.
  • Access to professional trading tools including candlestick chart with technical analysis capability.
  • Mobile trading app available.

Cons

  • Limited number of coins and tokens available.
  • Fees vary based on account turnover, so may not be a good choice for casual traders.

Next steps

If you’ve compared a range of cryptocurrency exchanges and decided that you’d like to open an account with BitBay, click on one of the green “Go to site” links on this page to be taken to the BitBay website. You can then sign up by entering and verifying your email address, and then selecting a username, password and PIN number. You’ll also need to supply a copy of your photo ID and proof of address to verify your account.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Tim Falk

A freelance writer with a passion for the written word, Tim loves helping Australians find the right home loans and savings accounts. When he's not chained to a computer, Tim can usually be found exploring the great outdoors.

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