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What is BitBay?
BitBay is a trading platform for cryptocurrencies that providers traders with enhanced tools to ensure the security of transactions and an apt system of depositing and withdrawing. It is among the few exchange systems for bitcoins and other cryptocurrencies where you can transact with the PLN (Polish Zloty) and you are able to withdraw from ATMs using the cryptocurrencies.
BitBay was launched in 2014 in Poland by David Zimbeck and the current BitBay CEO is Sylwester Suszek. BitBay is the single largest cryptocurrency exchange in Poland and is a polish exchange although it is not limited to Poland but can allow for global trading. BitBay has a net market cap that is less than half a million dollars according to numerous online sources. This aspect of cryptocurrency just like the other Bitcoin exchanges is not a familiar concept to most people as both their history and the reputation are not known by most people. BitBay is used for purposes of trading Litecoin, Bitcoin, Lisk, and Ether, servicing the trading deals with flexibility.
- The platform makes it possible for a user to deposit funds into their accounts via a credit card as well as perform transactions with Bitcoin, Ethereum, Litecoin and other cryptocurrencies on the exchange platform at a fixed charge of 0.5%.
- The platform has advanced trading tools backed by a proper browsing platform with compatibility with apps such as bitcoin checker, tab trader, bitcoin widget and bitcoin ticker which complement the transactions on Bitbay.
The Bitbay review
The BitBay website is attractive and any user will find it simple to use. BitBay exchange system has its origin in Poland where it is possible to get a BitBay debit card that allows users to pay using cryptocurrencies at stores and food joints. This system of payment is backed by MasterCard which is linked to the owner’s Bit Bay. Besides the PLN, BitBay supports the euro and American dollar and allows for global trading outside Poland despite being a polish exchange site.
The account opening for this exchange is free and doesn’t need numerous other verification documents or Identification documents for transactions not exceeding 150,000 EUR.
BitBay payment methods
The BitBay platform allows users to deposit through credit card payments directly to your account or through wire transfers and the Polish Post Office. The company adds funds to the user’s accounts every half hour during normal working hours(8 am to 4 pm on weekdays)
For withdrawals, the users are able to access the stored currency through ATM withdrawals and making express transfers.
The charges on transactions at Bitbay exchange platforms are relatively low. They are based on the trading volumes of 30-day periods. The market makers are charged a fee within the range of 0.17% and 0.30%. A fee of 0.24-0.43 percent for the market takers.
Is BitBay safe?
Can I trust BitBay? Is BitBay scam? Is BitBay legit? BitBay is a legit platform allows the users to do online trading activities simply and securely by the elimination of middlemen and establishing operational decentralized markets.
- The multi-signature support for authentication of transfers.
- Two-factor authentication- knowledge of password-only does not guarantee access. This system of login requires knowledge of the second piece of information to allow for logging in. this could be a google authenticator, SMS codes, email codes or the Bitbay app.
- Confirmation actions that can be turned on to be made on accounts during handling of transactions.
- The funds in accounts are safely stored in cold wallets that ensure the security of the funds and back up is made via disk to cloud backup.
- The platform supports a multi-sig system, therefore, authentication is done by at least two people before successful fund transfer.
- A user is allowed to set up a strong password not only for the BitBay account but for the other email and social media accounts according to password creation specifications.
- The exchange platform works in accordance with the rules and regulations of the financial and legal safety specifications. The transactions and transfer processes are done via encrypted HTTPS connections with the application of safe encryption algorithms and TLS protocols.
- A user can trust BitBay with stored funds due to the above describes features to enhance security.
- BitBay was awarded several times; The Best Cryptocurrency Exchange 2017 at the Cryptocurrency World Expo, Polish Innovation Award 2017 at the Polish Congress of Entrepreneurship and the Best Cryptocurrency Exchange at the Berlin Summit 2018.
How to use BitBay?
- Creating the account- these require no additional verification as long as the trading transactions do not exceed 150,000 EUR.
- Add funds to the account you have created in the preferred currency- it supports Bitcoin, Litecoin, USD, EUR, and PLN.
- The account is now ready for the transaction. You can use the instant buttons to perform quick transactions or place an offer.
- In most online reviews, the BitBay exchange platform has received criticism on the stability of their website.
- However, most of the reviews have been positive and the clients generally commend the site claiming it provides a platform for reliable and fast transactions.
BitBay Review Summary
The users of BitBay get a lot of benefits from the outstanding features of these model such as the ability to withdraw PLN from ATMs using the cryptocurrency funds. This service is currently limited to Poland only. BitBay is, therefore, a valid selection especially for cryptocurrency users in Poland. On the flipside, it has higher fees than some exchanges with some features being limited to Poland only which constrains its popularity outside Poland. It can hence be a perfect choice within polish boundaries and begin to make less sense for places outside that region
- It is user-friendly especially for beginners
- Good support system.
- Availability of money transfer option.
- Allows use of debit cards.
- Provides a variety of deposit options
- Some services are limited geographically to Poland.
- Limited top-up options.
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