Review: BitBay cryptocurrency exchange
Buy, sell and trade a wide range of cryptocurrencies on one of Europe’s most prominent exchanges.
- Good for low and no fee cryptocurrency trades, low minimums and a wide range of payment options
- Not so great for consistent volume across all markets
|Product Name||BitBay Cryptocurrency Exchange|
|Fiat Currencies||USD, EUR, PLN, GBP|
|Cryptocurrencies||BTC, ETH, XRP, DASH, TRX, LTC, BSV, MKR, XLM, OMG & 25+ more|
PLN Express 24/7: 2%
Cryptocurrency: Fees vary
EUR: SEPA bank transfer - 0.1%
USD: SWIFT bank transfer - 0.25%
GBP: Wire bank transfer FPS - 2 GBP, CHAPS - 20 GBP
PLN: Wire bank transfer - 6 PLN
Learn more about BitBay
What's in this guide?
- Learn more about BitBay
- What fiat and cryptocurrencies are supported?
- Which payment methods are accepted?
- What's it like to use BitBay?
- Fees and limits
- How fast will my funds be available?
- Is BitBay safe to use?
- How do I create an account at BitBay?
- What else do I need to know about BitBay?
- In a nutshell
- Compare BitBay against other exchanges
- Frequently asked questions
What fiat and cryptocurrencies are supported?
- Supported fiat currencies: USD, EUR, PLN, GBP
- Supported cryptocurrencies: Approximately 41 cryptocurrencies
Which payment methods are accepted?
- Bank transfer
- Credit card
- Debit card
What's it like to use BitBay?
Fees and limits
The fees below are accurate as of 9 June 2020.
Platform trading fees
All crypto-to-crypto trades have 0% fees for the maker (the person who posts an order) and 0.1% fees for the taker (the person who fills an order).
Meanwhile, fiat-to-crypto trading fees can be reduced with volume-based discounts.
|30-day trade volume (in any fiat currency)||Maker||Taker|
|Less than 1,250 EUR equivalent||0.3%||0.43%|
|Less than 3,750 EUR equivalent||0.29%||0.42%|
|Less than 7,500 EUR equivalent||0.28%||0.41%|
|Less than 10,000 EUR equivalent||0.28%||0.40%|
|Less than 15,000 EUR equivalent||0.27%||0.39%|
|Less than 20,000 EUR equivalent||0.26%||0.38%|
|Less than 25,000 EUR equivalent||0.25%||0.37%|
|Less than 37,500 EUR equivalent||0.25%||0.36%|
|Less than 50,000 EUR equivalent||0.24%||0.35%|
|Less than 75,000 EUR equivalent||0.23%||0.34%|
|Less than 100,000 EUR equivalent||0.23%||0.33%|
|Less than 150,000 EUR equivalent||0.22%||0.32%|
|Less than 200,000 EUR equivalent||0.21%||0.31%|
|Less than 250,000 EUR equivalent||0.21%||0.30%|
|Less than 375,000 EUR equivalent||0.20%||0.29%|
|Less than 500,000 EUR equivalent||0.19%||0.28%|
|Less than 625,000 EUR equivalent||0.18%||0.27%|
|Less than 875,000 EUR equivalent||0.18%||0.26%|
|Greater than 875,000 EUR equivalent||0.17%||0.25%|
Deposit and withdrawal fees
|Cryptocurrency deposits||Network fees apply|
|GBP, USD and EUR deposits||None, although your bank may charge transfer fees|
|PLN bank transfers||None, although your bank may charge transfer fees|
|Post office PLN express deposits||2% (PLN5 minimum)|
How fast will my funds be available?
Cryptocurrency deposit times vary depending on the confirmation requirements. Bitcoin deposits may take about 25 minutes, while Bitcoin Gold deposits could take 20 hours.
Fiat currency deposits may take one to three days depending on the currency and the usual bank transfer pace. PLN deposits will often take a couple of days, as BitBay processes its PLN deposits three times per week.
Cryptocurrency withdrawals may be on their way in just a few minutes. How soon the funds are available to you depends on the cryptocurrency, the state of its network and a little bit of random chance..
Fiat currency withdrawals will often take up to two days to arrive. You can only withdraw funds to the account that you deposited them to.
Is BitBay safe to use?
- Regulation. BitBay is registered in Malta. It stores user data, including verification information, in line with European GDPR requirements and monitors transactions for suspicious activity.
- Verification process. Verification is required for BitBay users. The verification process involves uploading identification documents to your account.
- Security features. BitBay offers safety options including 2-factor authentication, which can be customised for specific account actions for additional security. It keeps user crypto in cold storage, while fiat deposits are guaranteed through BitBay's banking arrangements. It encrypts all potentially sensitive data and requires users to set up a PIN number or re-verify their identity before performing actions such as changing their password via BitBay customer service.
BitBay was founded in 2014, and there are no known instances of it ever being hacked.
How do I create an account at BitBay?
What else do I need to know about BitBay?
BitBay is the largest exchange in Central-Eastern Europe by number of users as well as by other metrics and is one of the most prominent in Europe as a whole.
It was founded in Poland in 2014 and then migrated to Malta in 2018 to take advantage of its pro-blockchain regulatory environment.
It offers a range of products beyond simply exchanging cryptocurrency, including crypto payment services for merchants and crypto-themed merchandise.
In a nutshell
- Very competitive fees. Crypto-to-crypto trade fees are as low as 0%. It doesn't get better than that. Fiat-to-crypto trade fees are also competitive.
- Flexible selection. BitBay has a wide selection of cryptocurrencies, including some very obscure ones.
- Customer service. BitBay offers regular customer support, including a phone line and online support.
- Low minimums. Low minimum deposits keep BitBay accessible.
- A good track record. BitBay is well known and has a clean track record for security.
- Optional pro mode. Users who want to customise their user interface and get more data can switch on BitBay pro mode for a more sophisticated trading platform.
- Hit and miss selection. Some of BitBay's cryptocurrency listings have minimal volume and demand.
- Liquidity varies. The liquidity of BitBay's markets varies across its many offerings. Just because it offers a market doesn't mean you'll find other traders using it.