Bitbay Cryptocurrency Exchange Review: It Is Safe Or Legit Exchange?

About Bitbay Cryptocurrency Exchange

Bitbay Cryptocurrency Exchange is the largest cryptocurrency exchange in Central-Eastern Europe and third in Europe which debuted in 2014 in Poland. Platform founder and many years’ CEO is Sylwester Suszek – cryptocurrency evangelist and industry conferences speaker. He co-founded two large companies from a financial industry which helped him to create along with partners a reliable, developing exchange. In May 2018 BitBay moved to Malta and still evolves. On November 1, BB Trade Estonia OÜ became the operator of the BitBay platform, with a license to operate the cryptocurrency exchange in Estonia. Sylwester Suszek became CEO of BitBay exchange again.

The second version of the platform was launched in 2015. The exchange system was improved in order to be more user-friendly, and the first professional trading tools emerged. They have added new cryptocurrencies such as Etherum or Lisk. At that time, the team expanded from 14 to 31 employees. At the same time, they were planning international expansion and opened a second office in Amsterdam.

Operating Company 

Exchange Name	Bitbay
Support	24/7
Language	English
Withdraw Fee	0.0005 BTC
Taker Fee	0.10%
Maker Fees	0.00%
Official Site	Homepage

How To  Start With Bitbay

To Start Trading With Bitbay Indian Residents First Have To Sign Up For An Account By Following The Steps Below.

Step 1. Click On The “Login/Signup” Link On The Top Right Hand Corner Of The Bitbay Website.

Step 2. In The Form, Fill In Your First Name, Last Name, Mobile Number, Email ID And Password.

Step 3. If You Have A Referral Code, Enter The Code While Creating Your Account.

Step 4. Submit The Form And Wait For An Activation Email To Be Sent To You.

Step 5. Click On The “Confirm Email” Link In The Activation Email.

Step 6. After Your Account Is Activated, You’ll Be Sent A 6 Digit One Time Password (OTP), Which You Have To Enter After Logging Into Your Bitbay.

BitBay Trading fees

Bitbay Cryptocurrency Exchange fees at any exchange are very important to consider. Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. Makers are so named because their orders make the liquidity in a market. Takers are the ones who remove this liquidity by matching makers’ orders with their own.

BitBay Withdrawal fees

BitBay’s withdrawal fee is 0.0005 BTC per BTC-withdrawal. This fee is a bit below the industry average. The global industry average BTC-withdrawal fee the last time did a full-blown empirical study of it was approx. 0.0008. But today, they see more and more exchanges charging 0.0005 BTC per BTC-withdrawal, so one could argue that 0.0005 BTC is starting to become the new industry average.

Deposit Methods

At Bitbay Cryptocurrency Exchange , you can also deposit fiat currency (GBP for instance). Fiat currency deposits are possible through wire transfer (but not through credit card). As this exchange accepts fiat currency deposits, it is what they call an “entry-level exchange”, where new cryptocurrency investors can take their first steps into the exciting cryptocurrency world.

BitBay Features

Two Factor Authentication (2FA):

Bitbay Cryptocurrency Exchange offers full two-factor authentication support. Users can authenticate using Google Authenticator or SMS token.

Deposits and Withdrawals:

BitBay allows you to make a deposit to your account using credit card payments, wire bank transfer, the Polish post office or at the convenience store chain Zabka Freshmarket. The company will add funds to user’s accounts every 30 minutes during normal Polish business hours (8am to 4pm on weekdays). For withdrawals, users can access ATM withdrawals or express transfers.

Enhanced Security:

100% of Bitbay Cryptocurrency Exchange funds are stored in encrypted cold wallets, and backup is being done according to the 3-2-1 principle (disk to disk to cloud).

Multi-Sig Support:

BitBay has multi-signature support. This feature ensures transfers are authorized by a minimum of two employees.

Affiliate Program:

BitBay offers an extremely generous affiliate program, because you earn 20% of BitBay commissions from transactions performed by each user who uses your affiliate link for registration.