BitBay

BitBay

  • Poland

  • Full trading platform

  • Bitbay.net

  • Since 2018

BitBay
In Social Media:
Intuitive Ease of use,  Enough secure,  Anonymously trading

Volume 24H: $3,731,885

BitBay is a trading platform based in Poland. They provide multiple services including issuing a MasterCard which allows you to spend Bitcoin anywhere and withdraw cash at ATM's in Poland and abroad. It is a smaller exchange with less liquidity and volume than some of the bigger ones, but makes up for it in the variety of its services.

BitBay is best suited to Polish customers since some of their features are available only for Polish citizens. The UX design of this platform is very sleek and modern, the order book buttons are easily visible in the platform and the categories menu is very well delimited, allowing users an easy navigation through the options.

Traditional Currency Support

  • Euros (EUR)
  • Polish Zloty (PLN)
  • US Dollar (USD)

Language Support

  • English
  • Polish

Country Support

  • Australia
  • Canada
  • European Union
  • Hong Kong
  • Japan
  • Most Africa
  • Most of Asia
  • Most of Eastern European Union
  • Most of Latin America
  • Most of the Middle East
  • New Zealand
  • Norway
  • Russian Federation
  • Singapore
  • Switzerland
  • Turkey
  • United Kingdom of Great Britain and Northern Ireland
  • United States of America

Platforms Systems

  • Web Interface
  • API

Stock Market Options

Interface
customisation:

  • Allows customization of charts

Advanced
Options:

  • Limit Order
  • Stop Order
  • Post Only Order
  • Hidden Order
  • Fill or Kill

Discounts For
The Big Traders:

  • Reduced Maker fees
  • Volume based discounts

Special
Services:

  • Peer to Peer margin trading

BitBay security levels are exceptionally high. They offer 2FA and a withdrawal white list option. They use an elastic multi-stage wallet strategy ensuring that 80-90% of funds are kept offline and secure. Also, for withdrawals, users are required to pass an enhanced verification process providing proof of the validity of their identification documents.

Summary:

2 Factor Authentication
Yes
Funds Insured
Fiat Currencies are insured under Bank Fund Guarantee Fund (BFG)
Private Keys Stored On
Exchange platform
Storage Type
They claim to hold user funds in cold storage but are not specific about it.

Advanced Security Features:

  • Email reports of logins
  • Monitor bahavior patterns for suspicious activity

Security Features:

  • SSL
  • Bank Level Encryption
  • Regular Auditing Programs

Legal Registration or Compliance:

  • KYC/AML Compliant
  • "The Canon of Good Practices" created at The Polish Ministry of Digitization.

BitBay was founded in Poland by Sylwester Suszek, who, according to the company's website, has a lot of experience in finance. BitBay runs 3 offices in Poland, Netherlands, and, with a recent expansion in India, in New Delhi. This platform is the largest in Poland by trade volume. Except for some minor bugs the overall reputation of this platform is positive.

Summary:

Bitbay is a smaller platform with limited functionality for non-Polish users, but it has a lot of potential to become an important player among cryptocurrency exchanges. Acquiring more proof of legal compliance and a more transparent vision regarding its security and coin storage could increase volume and make BitBay a little more appealing to international customers.

Ease of use
Intuitive
Transaction Fees
Between 0.20-0.30% depending on volume
Deposit/Withdrawal Fee
It's free (fees may be hidden)
Deposit/Withdrawal Fee c For Bank Transfer
It's free (fees may be hidden)
Deposit/Withdrawal Fee For Credit Card
0.5-0.79%
Deposit/Withdrawal Fee Charged For 3rd party Payments
0.1-0.29%
Anonymous Trading
Yes

Deposit/Withdrawal Options:

Deposit from bank account, Deposit using 3rd party, Withdrawl funds to bank account, Withdrawal funds to credit card, Withdrawal funds through a third party, Withdrawal from ATM (Special BTC ATM), Send/Receive Crypto

Functionality:

BitBay has the basic functionality of a full-trade exchange platform without the volume for big traders. They provide extensive deposit features for Polish customers. It's key feature is the credit card. This card allows users to make both online and offline payments or withdraw cash from worldwide ATM's. The card issuing and maintenance fees are low.

Most common
customer complaint:

Some complain of problems with withdrawals in Euronet through SkyCash.