BitBay is a decentralized marketplace particularly popular in Poland, or for anyone using the Polish Zloty (PLN). Here’s our BitBay review.
What Is BitBay?
BitBay is a cryptocurrency trading platform that offers fast deposits and withdrawals, secure transactions, and enhanced trading tools. BitBay is one of the few exchanges where you can trade with the Polish Zloty (PLN). Users can also withdraw PLN from Polish ATMs using their cryptocurrencies.
Another popular feature with BitBay is that most users don’t need any verification with their account. You can create an account without verification (assuming you’re trading less than 150,000 EUR).
Like certain other exchanges, BitBay also offers a debit card that lets you pay with cryptocurrencies at stores and restaurants. The debit card is only available for Polish users.
BitBay is headquartered in Katowice, Poland.
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.
BitBay has multi-signature support which ensures transfers are authorized by a minimum of two employees.
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.
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.
Most transactions have a fee of 0.43%. Your fee drops slightly (to 0.42%) if you’ve traded more than 5,000 PLN, $1667 USD, or 1250 EUR in the past 30 days. The rate continues dropping by 0.01% for each incremental increase in your trading volume.
The lowest fee you’ll pay with BitBay is 0.25%. That rate kicks into effect when you’re trading more than 3.5 million PLN, 1.67 million USD, or 875,000 EUR.
BitBay doesn’t charge any fees when depositing BTC, ETH, LTC, or LSK. Most PLN deposit methods, like Poczta Polska and Dot Pay, come with fees of 2% of the deposit’s value.
EUR and USD deposits by Visa and Mastercard are assessed fees of 5% of a deposit’s amount, with a minimum fee of $10 USD or 10 EUR.
Withdrawing PLN to a Polish ATM will cost you 10 PLN for amounts between 100 and 1000 PLN, or 20 PLN for 2000 PLN and more.
You can view the complete BitBay fee structure on their website.
How To Use BitBay
Getting set up with BitBay is straightforward. Here’s how it works:
Step 1) You create an account. If you’re trading less than 150,000 EUR, then no verification is required.
Step 2) You add funds to your account in your selected currencies. Supported currencies include PLN, EUR, USD, Bitcoin, and Litecoin.
Step 3) Start trading. Place an offer or use an instant transaction option.
BitBay is based in Katowice, Poland. The company was formed with the goal of providing “innovative solutions for cryptocurrency exchange users”, explains the official website.
The company opened its markets in November 2014. You can see their original Bitcoin Talk forum post.
You can get in touch with BitBay by email at email@example.com. Other contact information, including the company’s office address in Katowice, can be viewed on BitBay’s contact page.
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.