BitBay is one of the largest and oldest European digital currency exchanges. It offers trading in some of the largest and most popular digital currencies: Bitcoin (BTC), Bitcoin Cash (BCC), Litecoin (LTC), Ethereum (ETH), Lisk (LSK), Game (GAME) and Dash (DASH). They can be traded against the “standard” fiat currencies USD and EUR and the Polish zloty (because BitBay) is a Polish company.
The website was established in 2014 and has grown to be one of the largest exchange websites in Europe today. Based in Poland and a new office in Amsterdam, the company is spearheaded by their CEO Sylwester Suszek –who is well-versed in the finance world. Bitbay.net is also active when it comes to charity events, conferences, and education to raise awareness on how huge the crypto-world is today and how people can take advantage of it.
6.5
Score6.5
Score Android
Score iPhone
LocationKatowice, Poland
CurrenciesEUR, USD, PLN
LanguagesEN, PL, RU
Buy withEUR, USD, PLN
FeesMaker 0.30% - Taker 0.43%
AltcoinsYes
Margin tradingNo (Exchange does not support margin trading)
Trust scoreB
Beginner friendlyYes (Exchange is simple for beginners)
Stability3. Much (Exchange is stable, but it has a downtime in the high stakes)
FiatYes (The Exchange supports Fiat currency as USD, EUR, etc.)
Support speedWeek (Technical support responds during the week)
SafetyA (Very secure)
APIYes (API is available for public to use)
Rest APIYes (The Exchange has Rest API support)
WebsocketNo (The Exchange does not have Websocket)
Mobile appNo (Exchange does not have a mobile app)
Credit cardNo (Exchange does not support credit cards)
ReferralYes (Exchange offers an affiliate program)
Two factor authentificationYes (The Exchange supports two factor authentication)
LendingNo (Exchange does not support lending)
Stop limitNo (Exchange does not support stop limit)
US licenceNo (Exchange don't have US licence for Money transmitter)
PGP supportNo (Exchange does not have PGP encryption)As per its own statistics, BitBay has over 215 000 active users, more than 1200 transactions per minute and an annual volume of 545 000 BTC.
The company does not provide much information about the protection levels of client funds and it does not become clear whether and how much it keeps in cold storage. The only details we found is that it uses two factor authentication and data backup is done on a regular basis. Backup is being done according to the 3-2-1 principle (Disk-to-Disk-to-Cloud) and all data is encrypted. There is no information about any hacks of BitBay so far, but we all know that even the two-factor authentication can be circumvented and hot storage can be easily hacked.
Client comments on the site Cryptocompare claim BitBay provides very fast transactions and is reliable. It seems the only gripe customers have is the small number of digital coins that can be traded.
What we find interesting is that BitBay offers its clients to issue a MasterCard co-branded debit card that can be used for money withdrawals and payments. A similar card is issued by one of the major global exchanges – Coinbase – a co-branded Visa plastic called Shift Card.
BitBay's card can be used for online payments and cash withdrawals, much like debit cards issued by forex brokers like FXTM, FxPro and FBS, for example.
Also BitBay, similarly to another Polish exchange – Coinroom – offers money transferring service, both in digital and fiat currencies.
BitBay Features
BitBay makes many of the same claims as other exchanges. They claim to have good customer service, for example, as well as fast deposits and withdrawals, secure transactions, and enhanced trading tools. Here are some of the core features of the trading platform that make it unique from other cryptocurrency exchanges:
Deposits & Withdrawals:
BitBay lets you make a deposit to your account using wire bank transfer, credit card payments, or Poczta Polska. During normal Polish business hours (8am to 4pm on weekdays), the company will add funds to user’s accounts every 30 minutes. For withdrawals, users can access express transfers or ATM withdrawals.
Two Factor Authentication:
BitBay has full 2FA support. Users can authenticate using their SMS token or Google Authenticator.
Multi-Sig Support:
BitBay has multi-signature support which ensures transfers are authorized by a minimum of two employees.
Enhanced Security:
100% of BitBay funds are stored in encrypted cold wallets. The company performs backups with the 3-2-1 principle (disk to disk to cloud).
Advanced Trading Tools:
BitBay has professional charts, mobile adds, good browser platform UI, and the ability to integrate with apps like Bitcoin Ticker, TabTrader, Bitcoin Checker, or Simple Bitcoin Widget.
Affiliate Program:
BitBay has a very generous affiliate program. You earn 20% of BitBay commissions from transactions performed by each user who registers using your affiliate link.
Manuals for BitBay
Now we’ve come to the most interesting part of the review, which is their trading platform. Our first impression is that the website’s trading platform is properly designed and pretty much looks like the usual exchange websites today since the main tabs are located on the left-hand side of the platform. Not shown in the screenshot, but on the upper left-hand side of the candle chart, the market and currencies can be seen.
Here, traders are able to see the pairs against USD, PLN, EUR, and BTC. To name the pairs under USD, we’ve got BTC, ETH, LSK, GAME, BCC, BTG, LTC, and DASH. For PLN, EUR, and BTC, we’ve got the same pairs listed.
Shown in the screenshot, to purchase or sell you just need to provide the amount you want to purchase and the platform will automatically provide you with how much BTC you will receive after their conversion rate is processed. The latest transactions can be seen on the right-hand side of the platform with the rate it was a purchase, the amount of BTC of the transaction and when the transaction took place.
Below that is where all your orders will be listed once they have gone through. It would have been better to have a test account but it seems that their website doesn’t have this feature. Their exchange platform is really informative and easy to use without any problems in regards to the website’s response ability since there was no delay experienced when we went through it.
Review of BitBay
BitBay is a Poland-based cryptocurrency exchange that offers PLN, EUR, and USD trading with cryptocurrencies like BTC, LTC, ETH, and LSK. Using BitBay, you can withdraw PLN from ATMs in Poland using your cryptocurrency amounts.
The company also lets you buy with a credit card (VISA or MasterCard), although this service is only available in Poland.
Ultimately, BitBay is particularly popular among Polish cryptocurrency users. However, it has higher fees than other exchanges, and some services are only available to residents of Poland, which limits its popularity internationally.
However, Polish cryptocurrency users enjoy a wide range of benefits – including one of the few services where you can withdraw PLN via ATMs.
