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Review: BitBay cryptocurrency exchange

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Last updated:  

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

4

Fiat currencies

40

Cryptocurrencies

Details

Product Name BitBay Cryptocurrency Exchange
Fiat Currencies USD, EUR, PLN, GBP
Cryptocurrencies BTC, ETH, XRP, DASH, TRX, LTC, BSV, MKR, XLM, OMG & 25+ more
Deposit Methods Cryptocurrency
Express Polish Post Office 24/7
Wire transfer
GBP bank transfers
Trading Fee Taker: 0.25-0.43%
Maker: 0.17-0.3%
Deposit Fees PLN Express 24/7: 2%
Other: None
Withdrawal Fees 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

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.

Learn more about BitBay

What fiat and cryptocurrencies are supported?

  • Supported fiat currencies: USD, EUR, PLN, GBP
  • Supported cryptocurrencies: Approximately 40 cryptocurrencies

Which payment methods are accepted?

  • Cryptocurrency
  • Express Polish Post Office 24/7
  • Wire transfer
  • GBP bank transfers
Go to BitBay's website

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)MakerTaker
Less than 1,250 EUR equivalent0.3%0.43%
Less than 3,750 EUR equivalent0.29%0.42%
Less than 7,500 EUR equivalent0.28%0.41%
Less than 10,000 EUR equivalent0.28%0.40%
Less than 15,000 EUR equivalent0.27%0.39%
Less than 20,000 EUR equivalent0.26%0.38%
Less than 25,000 EUR equivalent0.25%0.37%
Less than 37,500 EUR equivalent0.25%0.36%
Less than 50,000 EUR equivalent0.24%0.35%
Less than 75,000 EUR equivalent0.23%0.34%
Less than 100,000 EUR equivalent0.23%0.33%
Less than 150,000 EUR equivalent0.22%0.32%
Less than 200,000 EUR equivalent0.21%0.31%
Less than 250,000 EUR equivalent0.21%0.30%
Less than 375,000 EUR equivalent0.20%0.29%
Less than 500,000 EUR equivalent0.19%0.28%
Less than 625,000 EUR equivalent0.18%0.27%
Less than 875,000 EUR equivalent0.18%0.26%
Greater than 875,000 EUR equivalent0.17%0.25%

Deposit and withdrawal fees

Deposit fees
Cryptocurrency depositsNetwork fees apply
GBP, USD and EUR depositsNone, although your bank may charge transfer fees
PLN bank transfersNone, although your bank may charge transfer fees
Post office PLN express deposits2% (PLN5 minimum)
Withdrawal fees

How fast will my funds be available?

Deposits

Clock icon for transfer speed

0-2 days

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.

Withdrawals

Clock icon for transfer speed

0-2 days

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?

Go to BitBay's website
Back to top

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

Pros

  • 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.

Cons

  • 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.

Compare BitBay against other exchanges

Name Product Deposit methods Fiat Currencies Cryptocurrencies
BPAY
Cash
POLi
PayID
AUD

155
cryptocurrencies

CoinSpot is an Australian-based exchange that allows you to easily buy, sell or trade more than 100 cryptocurrencies.
Bank transfer
BPAY
POLi
Osko
PayID
AUD

105
cryptocurrencies

Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
Crypto.com App
Bank transfer (ACH)
PayPal
Bank transfer (SEPA)
SWIFT
Xfers
Credit or Debit Card
TransferWise

AUD, EUR, SGD, HKD, GBP, JPY

64
cryptocurrencies

Buy 55+ cryptocurrencies at true cost, earn up to 8% p.a. on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.
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Frequently asked questions

Go to BitBay's website
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.

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