BitBay is a Polish cryptocurrency exchange that Sylwester Suszek founded in 2014. The headquarters of BitBay is situated in Katowice, Poland, at Kpowa 45, 40-583. BitBay also has locations in Amsterdam and New Delhi. BitBay was established primarily to provide Polish cryptocurrency traders with a safe trading environment for popular cryptocurrencies including Bitcoin, Ethereum, and Litecoin. It gives its users the option to pay their bills with Bitcoin through SMS in addition to cryptocurrency trading.
BitBay has quite a bit of industry experience and was recognized as The Best Cryptocurrency Exchange by the Cryptocurrency World Expo in 2017 and 2018. It was first introduced in 2014 to provide a reliable and expert trading platform for Bitcoin and Litecoin. Since then, the business has swiftly grown, providing consumers with a wide variety of unique services along with unmatched security. Since then, the site has expanded the variety of cryptocurrencies it offers for trading and established itself as one of the top exchanges on the GBP trading markets.
The fundamentals of BitBay
The following are a few crucial elements of the exchange:
BitBay charges
There are two different trading fees on BitBay – the Maker and Taker fees. They are not flat; rather, they are calculated depending on the user’s account turnover during the previous 30 days. When a user creates a new buy or sells order, they are charged a maker fee. When a user accepts another user’s current offer, they are charged a taker fee. BitBay provides 0% maker fees and 0.1% taker fees for trading on crypto-to-crypto exchanges. For crypto-fiat pairings, the maker is often in the range of 0.30% and 0.17%. The highest taker charge allowed is 0.43%, while the lowest is 0.25%. Naturally, these charges differ depending on the cryptocurrency trading pair. Regardless of whether you deposit fiat cash or bitcoin, BitBay doesn’t impose a deposit fee. However, there are minimum deposit requirements for deposits made in fiat, which are as follows:
- EUR – EUR 10 lowest deposit
- USD – USD 25 lowest deposit
- GBP – 25 GBP lowest deposit
- Zloty – 10 Polish Zloty lowest deposit
However, there are costs for both cryptocurrency and fiat when you withdraw money. There are wire transfer fees of 4 PLNs and ATM withdrawal fees of 10 PLNs.
Customer support for BitBay
The exchange provides its consumers with a live hotline for customer service. Every day from 10 AM to 6 PM, it is accessible. Users are free to ask whatever questions they want about the trade. A comprehensive help center is also available, with answers to many often-asked topics including how to deposit or withdraw money in fiat, how to use SMS to withdraw money from ATMs, how to deposit or withdraw bitcoin, and many more.
Security
The security of its users is a top priority for BitBay. The exchange offers its customers the capabilities they need to ensure that their accounts are securely protected by a unique collection of security technologies. Depending on whether you wish to utilize a mobile app or not, the platform has allowed a standard 2-Factor Authentication (2FA) utilizing either Google Authenticator or email codes. Additionally, customers may turn on the option for the platform to email confirmations of withdrawals, ensuring that no money leaves their account without their express permission. Email or the 2FA function may be used to complete this.
Additionally, BitBay stores all bitcoin money on its cold wallets, which aren’t directly linked to the servers and guard against all forms of internet threats. Contrarily, fiat currencies are backed by the exchange’s bank, giving users additional security. Additionally, BitBay operates on dedicated, completely encrypted servers that have full redundancy due to the perfect encryption of all crucial data. All deposits and withdrawals are approved by the exchange’s staff. AML and KYC policies are also strictly enforced.
BitBay OTC trading
For institutional investors or high-volume traders looking to get exposure to a variety of cryptocurrencies denominated in USD, EUR, PLN, GBP, and other currencies, BitBay’s OTC trading function is a great option. Users of the exchange have access to one of the top worldwide clearinghouses, allowing them to purchase large amounts of cryptocurrency without having to give the exchange any money. The procedure is rather easy to follow. The user must first register and go through the whole KYC process. Then, whether it be in cryptocurrency or money, he would need to deposit assets. He would then need to examine the price in effect at that time to complete the deal. Exactly when the order has been fulfilled, the cash may be spent.
Partnership program
To top it all off, BitBay also offers an extensive and rewarding affiliate network that enables users to make lifelong 20% commissions based on all transactions done for customers who have registered using their affiliate links.
