BitBay, The Largest Crypto Exchange In Poland, Now Offers FX Products
The major crypto exchange in Poland has made an important announcement today. The company has introduced a new feature for its users, a FIAT Currency Exchange section of the platform. Now the users will be able to buy and EUR, PLN and USD. Fiat currencies, in case you do not know, are legal tender backed by governments and only issued by them, unlike the cryptos.
A Partnership With Igoria Trade
This new service will be made via a partnership with another company called Igoria Trade SA. This company is a provider for trading solutions, advisory, consulting and payment processing. This outsourced company will make the necessary arrangements for users to use fiat currency.
Igoria Trade SA has told the press that, because of regulations of anti-money laundering, only verified users will be able to use this option, as not all the users of the exchange are verified. The minimum exchange value will be $25 PLN, $10 EUR or $10 USD.
This new partnership will allow the users to make all the trades that they need on a single platform, as they will have direct access to the three most important and common types of fiat currency in Poland.
According to the exchange, there will be no commission fees charged by the outsourced broker and the users will pay the average market rate for their fees with BitBay.
How To Use The New Option?
The option for you to use fiat currency is already 100% online. To use it, you have to verify your account first, which means that you need documents to prove that you are who you say you are. Also, check the regulation of the company to see if you will be whitelisted.
After you have already done that, you have to go to the new FIAT BOOK option on the exchange and read the regulations carefully. If you agree with them, just click “Activate” and go to the currency exchange office.
About Igoria Trade And BitBay
Igoria Trade SA is a company based on Warson, Poland. Its foundation was in 2011 and the company has been working internationally since them offering financial solutions and advisory services. The company offers direct services for its clients via the Trejdoo.com platform, which is an online currency exchange that also makes foreign transfers and has escrow trust accounts.
Bitbay is from Kotowice, also in Poland and it was created in 2014, before cryptos exploded in popularity. It is the largest business of its type in Poland and is run by Sylwester Suszek, CEO, which co-created other two companies.
The company is from Poland, though. The executives decided to move to Malta because they could not open a bank in its home country and Malta offers a more favorable environment for cryptos. From September 2018 onwards, all trading on BitBay in Poland will be suspended.