BitBay (bitbay.net) REVIEW, TRADING VOLUME AND PAIRS
Bitbay is a well-known Polish cryptocurrency exchange, which was launched in the autumn of 2014 and is currently based in Krakow. At the time of writing the review, the daily trading volume on the official website bitbay.net is a little bit under $ 30 million. Among popular currencies are Bitcoin, Ethereum, Litecoin, and Ripple. Coins are traded with the Euro, Polish zloty, Dollar and other currencies. Bitbay is one of the few platforms where you can deposit several fiat currencies at once.
About the exchange
One of the reasons for the platform popularity is that it does not make account verification a mandatory requirement, which is convenient for those customers who want to stay anonymous. You can deposit money by bank transfer, using a credit card or through the Polish postal service. You can also deposit cryptocurrency. The average time of funds transfer is about half an hour.
On the official website of bitbay.net you can find a function of two-factor authentication, which eliminates the possibility of unauthorized access to your funds using login and password. The account is accessed via Google Authenticator or SMS. Multi-signature wallets are used to conduct transactions, which guarantees maximum security. Besides, the company claims that, for security purposes, 100% of users' money is stored on cold wallets.
The exchange's interface is one of its best advantages. The website offers two ergonomic top menus at once. The first one includes such sections as:
• Affiliate program.
The lower menu contains the following sections:
• Institutional Clients
• Trading PRO
The exchange interface is translated into several languages: English, Polish, Russian, Chinese, Portuguese, German, Spanish, and French. This makes the platform a very convenient international terminal for buying/selling popular coins. One of the bitbay.net's advantages is the availability of professional trader tools, detailed charts, and integration capabilities with market tracking applications.
When it comes to commission fees, the exchange has a democratic policy. A market maker does not pay a commission if he/she trades in Bitcoin, while a market taker pays 0.1% of the transaction amount. This tariff applies only to pairs where BTC is the base currency. For pairs with fiat currencies, there are other working tariffs: the taker pays from 0.43% to 0.25% depending on the trading volume, and the maker pays from 0.30% to 0.17% according to the same scheme.
The system does not charge money for entering a deposit but sets a minimum deposit amount for fiat currencies. It is 10 euros, 15 dollars, 15 pounds sterling and 10 Polish zlotych for depositing the corresponding currency. For withdrawal in the cryptocurrencies, the system charges a fixed amount, which depends on the type of currency. So, for example, the exchange will take 0.00045 BTC for Bitcoin withdrawal. As for fiat withdrawal, traders have more options, each of which is charged in its way.
Bitbay.net is a large-scale Polish exchange, which will be of interest not only to the Poles but also to residents of other countries, as the tariffs for money deposit/withdrawal, as well as the size of the trading commission, are quite accessible. Naturally, investors are interested not only in trading costs and transaction speed but also in security. We do not recommend storing large amounts on bitbay.net. Store only small amounts which will allow you to trade freely. But if you do not want to be involved in microdeposition, most of which will be eaten by the commission, do not enter too small amounts.