Tim Falk is a freelance writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
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.
The fees below are accurate as of 13 November 2019.
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)
Less than 1,250 EUR equivalent
Less than 3,750 EUR equivalent
Less than 7,500 EUR equivalent
Less than 10,000 EUR equivalent
Less than 15,000 EUR equivalent
Less than 20,000 EUR equivalent
Less than 25,000 EUR equivalent
Less than 37,500 EUR equivalent
Less than 50,000 EUR equivalent
Less than 75,000 EUR equivalent
Less than 100,000 EUR equivalent
Less than 150,000 EUR equivalent
Less than 200,000 EUR equivalent
Less than 250,000 EUR equivalent
Less than 375,000 EUR equivalent
Less than 500,000 EUR equivalent
Less than 625,000 EUR equivalent
Less than 875,000 EUR equivalent
Greater than 875,000 EUR equivalent
Deposit and withdrawal fees
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)
Cryptocurrency withdrawal fees vary depending on the cryptocurrency, in line with typical network fees.
Bitcoin withdrawals are the most expensive and may be up to US$5 equivalent, while other cryptocurrency withdrawals may be just a few cents.
SEPA bank transfer
GBP SWIFT bank transfer
0.25% (GBP£10 minimum, GBP£125 maximum)
USD SWIFT bank transfer
0.25% (US$10 minimum, US$125 maximum)
Wire bank transfer
Post office withdrawal
1% (PLN20 minimum, PLN120 maximum)
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?
Begin the registration process by clicking “log in” in the top right corner, and then “register,” or simply by trying to perform any action that requires an account, such as buying or selling cryptocurrency.
This will take you to the registration screen, where you can start registering via email.
Once you opt for email registration, you should receive an email from BitBay. Open the email and follow its prompts to verify your email address.
Before you can start trading, you need to verify your identity. While logged in, select the verification option. You will be given an option of providing identity documents, such as a passport or driver’s licence, for BitBay to validate.
Once you’re verified, you can make a deposit. Go to the deposits section and choose your payment method.
Now you can use those funds to start trading. Browse the range of available cryptocurrencies to find the ones you want.
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.
Compare BitBay against other exchanges
Frequently asked questions
BitBay is available worldwide, although there may be some exceptions which change over time as regulatory obligations and risk assessments shift.
US residents cannot use BitBay.
Yes. The BitBay mobile app is available for iOS and Android.
The verification process for BitBay involves providing some personal identification documentation, such as a passport or driver’s licence, which the BitBay staff can then match against the information you have provided to confirm your identity.
BitBay offers a phone helpline, available every day from 10am to 6pm (Poland time).
It also has an online help desk where you can search for answers to your questions.
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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