BitBay cryptocurrency exchange review
How to buy and sell 11 digital currencies on this fiat-to-crypto and crypto-to-crypto exchange.
BitBay is a European cryptocurrency exchange that allows its users to trade fiat currency for bitcoin, Ethereum and nine other digital currencies. Based in Poland, the platform offers fast deposits and withdrawals as well as access to a range of professional trading tools. With maker fees starting from 0.17% and taker fees from 0.25%, BitBay is well worth a look if you’re looking to buy and sell cryptocurrencies.
But is it the right platform for you? To find out, let’s examine the features BitBay has to offer.
|Product Name||BitBay Cryptocurrency Exchange|
|Fiat Currencies||USD, EUR, PLN, GBP|
|Cryptocurrencies||BTC, ETH, XRP, DASH, TRX, LTC, BSV, MKR, XLM, OMG & 40+ 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
What is BitBay?
BitBay’s history dates back to 2014 when it was founded in Katowice, Poland, by CEO Sylwester Suszek. The aim was to create a professional and intuitive trading platform for buying and selling bitcoin and Litecoin.
BitBay now has more than 100 employees, over 400,000 active users and claims to have an annual transaction volume of 547,000 BTC. The platform supports three fiat currencies – the Polish zloty (PLN), euro (EUR) and US dollar (USD) – and also has offices in Amsterdam and New Delhi.
Which cryptocurrencies can I buy and sell?
BitBay currently supports the following crypto coins and tokens:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Bitcoin Gold (BTG)
- Dash (DASH)
- Ethereum (ETH)
- GameCredits (GAME)
- Kzcash (KZC)
- Lisk (LSK)
- Litecoin (LTC)
- Ripple (XRP)
- Infinity Economics (XIN)
BitBay offers its exchange service to users in a wide range of countries, including Australia. Contact the platform’s support team directly if you’re unsure whether or not you can access BitBay from your country of residence.
Which payment methods are accepted?
You can deposit funds into your BitBay account using the following payment methods:
- Cryptocurrency deposit
- Bank wire transfer (PLN, EUR or USD)
- Express deposits at Polish Post Offices
- Express DotPay (Poland)
How much will it cost me to use BitBay?
It’s free to sign up for and maintain an account with BitBay. However, fees apply to deposits, withdrawals and trades as outlined in the tables below.
BitBay trading fees
|30-day account volume in any currency||Maker fee||Taker fee|
|Less than 1,250 EUR||0.30%||0.43%|
|Less than 3,750 EUR||0.29%||0.42%|
|Less than 7,500 EUR||0.28%||0.41%|
|Less than 10,000 EUR||0.28%||0.40%|
|Less than 15,000 EUR||0.27%||0.39%|
|Less than 20,000 EUR||0.26%||0.38%|
|Less than 25,000 EUR||0.25%||0.37%|
|Less than 37,500 EUR||0.25%||0.36%|
|Less than 50,000 EUR||0.24%||0.35%|
|Less than 75,000 EUR||0.23%||0.34%|
|Less than 100,000 EUR||0.23%||0.33%|
|Less than 150,000 EUR||0.22%||0.32%|
|Less than 200,000 EUR||0.21%||0.31%|
|Less than 250,000 EUR||0.21%||0.30%|
|Less than 375,000 EUR||0.20%||0.29%|
|Less than 500,000 EUR||0.19%||0.28%|
|Less than 625,000 EUR||0.18%||0.27%|
|Less than 875,000 EUR||0.18%||0.26%|
|More than 875,000 EUR||0.17%||0.25%|
BitBay deposit fees
|Bank wire transfer||Zero|
|Express Polish Post Office||2%|
BitBay withdrawal fees
|Bitcoin (BTC)||0.00045 BTC|
|Litecoin (LTC)||0.005 LTC|
|Ethereum (ETH)||0.00126 ETH|
|Lisk (LSK)||0.2 LSK|
|Bitcoin Cash (BCH)||0.0006 BCH|
|GameCredits (GAME)||0.005 GAME|
|Dash (DASH)||0.001 DASH|
|Bitcoin Gold (BTG)||0.0008 BTG|
|Kzcash (KZC)||0.0005 KZC|
|Infinity Economics (XIN)||2 XIN|
|Ripple (XRP)||0.1 XRP|
|Bank wire transfer (PLN)||4 PLN|
|SEPA bank transfer (EUR)||1.5 EUR|
|SWIFT bank transfer (USD)||1.25 USD (SWIFT communicate) + 0.35% (min. 5.2 USD, max. 45 USD) + third-party bank fees|
Are there any transfer limits?
In its “Fees” section, BitBay lists the following minimum withdrawal amounts for its supported currencies. No maximum limits are specified.
- PLN: 10
- BTC: 0.0001
- LTC: 0.1
- ETH: 0.01
- LSK: 0.1
- BCC: 0.001
- GAME: 0.1
- DASH: 0.01
- BTG: 0.001
- KZC: 0.001
- XIN: 100
- XRP: 0.1
Is it safe to use BitBay?
BitBay claims that the security of its customers’ resources and data is a top priority. All customer cryptocurrency funds are stored on encrypted cold wallets that ensure they are not directly linked to BitBay’s servers.
To satisfy Know Your Customer (KYC) requirements, you’ll need to provide proof of ID and proof of address when you register for an account. Two-factor authentication is available and can provide increased security for your account, while you also have the option of setting up notifications to alert you of any account activity.
If you have a problem with a transaction, BitBay offers the answers to an extensive range of FAQs on its website. Alternatively, you can also create a new online support request, or contact live phone support by contacting +44 870 820 0322.
Pros and cons
- 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.
- Limited number of coins and tokens available.
- Fees vary based on account turnover, so may not be a good choice for casual traders.
If you’ve compared a range of cryptocurrency exchanges and decided that you’d like to open an account with BitBay, click on one of the green “Go to site” links on this page to be taken to the BitBay website. You can then sign up by entering and verifying your email address, and then selecting a username, password and PIN number. You’ll also need to supply a copy of your photo ID and proof of address to verify your account.