BitBay Review & Ratings - Exchange Broker

BitBay Review

• Excellent trading platform
• Decent array of cryptocurrencies
• Great customer support
• Reputable exchange

• High trading fees
• Unregulated

BitBay is one of the largest and most successful international cryptocurrency exchanges based out of Europe. The BitBay exchange was founded in 2014 and has undergone a variety of changes and growth over the years to get to where they are today. BitBay is now one of the leading cryptocurrency exchanges in Europe and has over 800,000 active users, over 200 employees throughout the world, 125 transactions per minute, and an annual trading volume of 547,000 BTC. BitBay has achieved international success with their exchange services and continues to actively popularize cryptocurrencies all over the world.

The BitBay cryptocurrency exchange is headquartered in Poland at Katowice, PL ul. Kępowa 45, 40-583. As well, the exchange has head offices in Amsterdam, Netherlands and New Delhi, India. BitBay accepts traders from all over the world and offers their services in three languages; English, Russian, and Polish. The exchange is not yet regulated but is compliant with the rules and regulations of major regulatory authorities. Most cryptocurrency exchanges remain unregulated, but this doesn’t mean they can’t be trusted. However, there are many fraudulent exchanges out there, so how do you know which one to use and trust? Find out in the following review where we’ll delve deep into the aspects that make up the BitBay cryptocurrency exchange and see what sets them apart from the competition and whether or not they can be trusted.

Trading platform

BitBay features their very own proprietary web-based trading platform which has been intuitively designed from the ground up. The platform looks and feels much like other sophisticated online trading platforms which is great as it is familiar to experienced traders. The overall user interface is flawlessly designed with everything seemingly in the right place. Traders will find the highly advanced and beautifully designed chart at the top of the screen. The chart comes complete with a variety of time frames, different chart types, and numerous drawing tools and technical indicators for sophisticated technical analysis. Also, the charts can be viewed in full screen for more in-depth analysis.

Below the chart, traders will find the order windows in which traders can place both simple or advanced order types. Again, the order section is very well designed and easy to use and understand. Below the order window, traders will find the current buy and sell orders and trade history to get an overall feel of the current market. To the right of the screen, traders will find all the latest transactions and any information regarding their orders and personal trade history. All in all, the BitBay trading platform is one of the best cryptocurrency trading platforms we have ever seen. It is highly advanced and very well designed so that both beginner and experienced traders will appreciate the platform.

Exchange Markets

BitBay is strictly a cryptocurrency exchange and therefore only offers trading in the cryptocurrency markets. In total, BitBay offers trading for 11 different cryptocurrencies and supports 3 different fiat currencies; US Dollars (USD), Polish Złoty (PLN), and Euros (EUR). See the available cryptocurrency assets below.

• Bitcoin (BTC)
• Ethereum (ETH)
• Lisk (LSK)
• Litecoin (LTC)
• Game (GAME)
• Dash (DASH)
• Bitcoin Cash (BCH)
• Bitcoin Gold (BTG)
• Kzcash (KZC)
• Infinity Economics (XIN)
• Ripple (XRP)

Fees and commission

The fees and commissions imposed on traders at BitBay are relatively high compared with the competition. The trading fees vary depending on the traders 30 day trading volume, but require immense amounts of volume to lower the fees. Also, traders incur different fees for being a maker or taker. The taker fees range anywhere from 0.43% to 0.25% per trade and the maker fees range anywhere from 0.30% to 0.17% per trade. The fees are lowered as your monthly trading volume increases and in order to achieve the lowest possible fees, traders must trade over 875,000 Euros within a 30 day period.

While the trading fees are relatively high, the deposit and withdrawal fees are favorable and better than other cryptocurrency exchanges. For instance, BitBay charges zero fees for all deposits and charges low fees which vary from crypto to crypto for withdrawals. See below the associated fees for cryptocurrency withdrawals

• Bitcoin (BTC): 0.00045
• Litecoin (LTC): 0.005
• Ethereum (ETH): 0.00126
• Lisk (LSK): 0.2
• Bitcoin Cash (BCC): 0.0006
• Game (GAME): 0.005
• Dash (DASH): 0.001
• Bitcoin Gold (BTG): 0.0008
• Kzcash (KZC): 0.0005
• Infinity Economics (XIN): 2
• Ripple (XRP): 0.1

Security and fairness

BitBay is a safe and secure cryptocurrency exchange which has yet to hacked. The exchange employs the latest and greatest security measures such as advanced SSL encryption on all transmitted data, they implement two factor authentication methods such as Google Authenticator and Email codes, and they store the majority of user funds in secure cold storage wallets. As for BitBay’s fairness, they are a very fair cryptocurrency exchange as the provide all the same investment products and opportunities to traders. Also, they reward high volume traders with lower fees.

Support

BitBay offers their customers phenomenal support via a variety of methods such as live chat, email, telephone, social media channels, and their comprehensive helpdesk. The support options mentioned are available every day from 8:00 am to 8:00 pm and response times are quick. All in all, BitBay has some of the best customer support we have seen from a cryptocurrency exchange.

Conclusion

BitBay is one of the leading cryptocurrency exchanges in Europe and has gained massive support there and from around the world. The exchange features a variety of cryptocurrencies that are tradeable with 3 different fiat currencies. The trading platform offered by BitBay is highly advanced and very user friendly, both beginner and experienced traders can appreciate it. The trading fees are on the higher side compared with industry standards, but the overall services provided by BitBay are phenomenal.