BitBay: Review & Guide Of The Veteran Cryptocurrency Exchange (Since 2014)

BitBay is a cryptocurrency exchange, based on Malta, which made its debut back in 2014. With over 800,000 users from the entire world and an annual BTC trading volume upwards of 547,000, it has managed to position itself as one of the most reliable cryptocurrency exchanges in Europe.

About BitBay

Rewarded as The Best Cryptocurrency Exchange in 2017 and 2018 by the Cryptocurrency World Expo, BitBay has quite a lot of experience on the market. It was launched back in 2014 to provide a professional and yet seamless trading platform for Bitcoin and Litecoin.

Since then, the company has expanded rapidly, offering a broad range of different services to its users as well as unparalleled security. The platform has since added a large number of different cryptocurrencies available for trading and has also positioned itself as one of the leading exchanges on the GBP trading markets.

Below we take a look at some of the essential aspects of the exchange.


BitBay Fees

BitBay charges two types of trading fees. These are the Maker and the Taker fees. They are not flat but are based on the turnover of the user’s account throughout the past 30 days.

The maker fee is charged when the user sets up a new buy or sell order. The taker fee is charged when the user fulfills an existing offer of another user.

If you are trading on crypto – crypto markets, BitBay offers you a 0% maker fee and 0.1% for the taker.

In the case of crypto-fiat pairs, the maker is between 0.30% and 0.17%. The maximum taker fee is 0.43%, and the lowest is set at 0.25%.

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Of course, these fees also vary based on the cryptocurrency trading pair. You can take a look at the complete table right here.

BitBay doesn’t charge a deposit fee, regardless of whether you deposit fiat or cryptocurrency. However, if you deposit fiat, there are minimum deposit requirements which are it follows:

  • EUR – 10 EUR Minimum Deposit
  • USD – 25 USD Minimum Deposit
  • GBP – 25 GBP Minimum Deposit
  • PLN – 10 PLN Minimum Deposit

However, when you withdraw funds, there fees on both cryptocurrencies and fiat. The crypto withdrawal fees are stated in the table above, so as the fiat ones. However, for the fiat, you can expect the following fees to apply upon withdrawal:

  • EUR – SEPA Bank Transfer is 4 EUR
  • USD – SWIFT Bank Transfer is 0.25% (Minimum $10, Maximum $125)
  • GBP – SWIFT Bank Transfer is 0.25% (Minimum 10 GBP, Maximum 125 GBP) – in June withdrawals are for free and without daily limits
  • PLN – Wire Bank Transfer Charges 4 PLN, ATM Withdrawal Charges 10 PLN

BitBay Customer Support

In terms of customer support, the exchange offers a live helpline for its users. It’s available from 10 AM to 6 PM every day. Users can ask all sorts of questions related to the exchange.

There’s also a well-developed help center which provides answers to a lot of common questions such as how to deposit fiat into their accounts, how to make ATM withdrawals with SMS, how to deposit or to withdraw cryptocurrency, and so forth.

Is BitBay Safe?

BitBay places serious attention on the security of its users. With an original set of security tools, the exchange provides its users with the necessary features to guarantee that their accounts are properly secured.

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The platform has enabled a standard 2-Factor Authentication (2FA) using either Google Authenticator or e-mail codes, depending on whether you want to use a mobile app or not. Besides, users can enable the feature for the platform to send out confirmations upon withdrawals so that no funds can leave the account without their explicit consent. This can be done through e-mail or, again, using the 2FA feature.

In addition, BitBay keeps all the cryptocurrency funds on its cold wallets, meaning that they aren’t connected to the servers directly, hence preventing online attacks of any kind. Fiat currencies, on the other hand, are guaranteed by the exchange’s bank, providing further safety to its users.

BitBay also works on dedicated and fully-encrypted servers which boast full redundancy as all the important information is properly encrypted. The employees of the exchange authorize all of the deposits and the withdrawals. Furthermore, there is a strict AML and KYC policy in place.

BitBay For GBP Markets: Everything You Need to Know

As we’ve mentioned above, BitBay has managed to position itself as one of the leading cryptocurrency exchanges on the GBP markets. To further highlight that fact, they’ve decided to run a promotion in June.

As such, throughout the entire month, there are absolutely no daily limits, and the withdrawal fees have been reduced to 0. Users can deposit GBP without daily limits through wire transfers, and it won’t cost them anything. The withdrawals are also free of charge without any daily limits during June.

As of yet, BitBay offers the following trading pairs denominated in GBP:

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Moreover, the GBP trading markets are entirely available on BitBay’s mobile app with a special trading keyboard. They are also allowed on the BitBay PRO platform. Additionally, GBP markets are also available for the exchange’s OTC trading feature which enables users to buy large amounts of crypto using GBP.

Another exciting feature that is allowed on BitBay is to exchange fiat currencies within the exchange itself. This is something allowed exclusively on BitBay.

BitBay OTC Trading

BitBay’s OTC trading feature is an excellent solution for institutional investors or high-volume traders seeking exposure to a large number of cryptocurrencies denominated in USD, EUR, PLN, GBP, and so forth. The exchange provides its users with access to one of the leading global clearinghouses, which enables them to buy a lot of crypto without having to send the exchange a dime.

The process is relatively simple. First, the user needs to register and to go through the full KYC procedure. Then, he’d have to deposit assets (regardless of whether it’s crypto or fiat). Then, he’d have to check the current price after which the trade can be executed. The funds can be used exactly after the order has been completed.

Affiliate Program

To top it all up, BitBay also has a very comprehensive and lucrative affiliate program which can allow users to earn a lifetime 20% commission based on each transaction made for users who have registered with their affiliate links.

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