No Regulation

Score

0123456789.01234567890123456789
/10

BitBay

Estonia

|

2-5 years

Suspicious Regulatory License|

Medium potential risk

https://bitbay.net/en

Website

Yesterday Vol
Rating Index
Influence

Influence

C

Influence Index NO.1

Poland 3.47

Better than 97.34% exchange(s)

Biz Area

Search Statistics

Advertising

Social Media Index

Influence
C

Licenses

No effective regulatory information has been founded yet, please pay attention to the risks!

Exchange Info

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Company Name
BitBay
Phone of the company
--
Customer Service Email Address
support@bitbay.net

WikiBit Risk Alerts

1
Previous Detection 2024-04-19

It has been verified that this Exchange currently has no valid regulation, please be aware of the risk!

Website

Genealogy

Social Media

Trade Type

Keywords

Time Machine

White Paper

Related Software

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New Arrival

Vol Stat

Influence

Yesterday Vol

7 Days

$ 3.509m

$ 3.509m

53.33%

$ 936,161

$ 936,161

14.22%

$ 914,322

$ 914,322

13.89%

$ 257,438

$ 257,438

3.91%

$ 179,520

$ 179,520

2.72%

$ 113,110

$ 113,110

1.71%

$ 110,340

$ 110,340

1.67%

$ 95,244

$ 95,244

1.44%

$ 57,785

$ 57,785

0.87%

$ 50,368

$ 50,368

0.76%

$ 35,272

$ 35,272

0.53%

$ 31,311

$ 31,311

0.47%

$ 27,452

$ 27,452

0.41%

$ 24,517

$ 24,517

0.37%

$ 23,704

$ 23,704

0.36%

User Reviews

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Aspect Information
Company Name BitBay
Registered Country/Area Poland
Founded Year 2014
Regulatory Authority Not regulated
Number of Cryptocurrencies Available Over 30
Fees Maker fee 0.0%, taker fee 0.1%
Payment Methods Cryptocurrency, bank wire transfer, credit/debit cards
Customer Support Email, live chat, phone

Overview of BitBay

BitBay is a virtual currency exchange based in Poland. Established in 2014, it offers a platform for users to trade various cryptocurrencies. The company is not regulated by any regulatory authority. BitBay provides users with access to over 30 different cryptocurrencies. The fees charged by BitBay are variable, as they depend on the type of transaction and the user's activity. Payment methods accepted on the platform include bank transfers and cryptocurrencies. BitBay offers customer support through email, live chat, and phone assistance.

Overview of BitBay

Pros and cons

Pros Cons
Wide selection of cryptocurrencies Unknown regulatory authority
Multiple payment methods Selected offerings are available to only Polish crypto users
Customer support options Absence of US-based Clients
Easy to use

Pros:

Wide selection of cryptocurrencies: BitBay offers users access to over 30 different cryptocurrencies, allowing for a diverse range of trading options.

Multiple payment methods: The exchange accepts cryptocurrency, bank wire transfer, credit/debit cards as payment methods, providing flexibility for users.

Customer support options: BitBay offers customer support through email, live chat, and phone assistance, ensuring that users can receive help and assistance when needed.

Easy to use: BitBay is a user-friendly platform that is easy to navigate and use. This makes it a good option for beginners and experienced users alike.

Cons:

Not regulated: BitBay is not regulated by any regulatory authority, raising concerns about the transparency and oversight of the exchange.

Selected offerings are available to only Polish crypto users:The platform restricts access to selected offerings solely for Polish cryptocurrency users, potentially excluding users from other regions who might be interested in those offerings.

Absence of US-based Clients: BitBay's lack of US-based crypto exchange clients could limit its exposure to one of the world's largest cryptocurrency markets

Regulatory Authority

BitBay is not regulated by any regulatory authority, which can be considered a disadvantage for traders. Unregulated exchanges pose certain risks and disadvantages compared to regulated ones. Without a clear regulatory framework, there may be a lack of oversight and accountability, potentially leading to increased vulnerability to fraud, money laundering, and other illegal activities.

Regulatory Authority

Security

BitBay provides security measures to protect the assets and information of its users. The exchange offers two-factor authentication (2FA) for added security, which requires users to provide an additional verification code in addition to their password when accessing their accounts. This helps to prevent unauthorized access.

BitBay also implements encryption protocols to safeguard user data and transactions. Encryption ensures that information transmitted between users and the platform is secure and reduces the risk of data breaches. Additionally, the exchange follows industry-standard security practices to protect against hacking attempts and unauthorized activities.

Security

Cryptocurrencies Available

On BitBay, users have access to a wide range of cryptocurrencies. The exchange offers over 30 different cryptocurrencies, providing traders with a diverse selection of virtual currencies to trade and invest in. Some of the popular cryptocurrencies available on BitBay include BTC, ETH, LTC, DASH, zCash, Bitcoin Cash (BCH), Monero (XMR), and Ripple (XRP), among others.

In addition to cryptocurrencies, BitBay also offers other products and services. The exchange provides a platform for trading various financial instruments, including traditional fiat currencies like EUR, GBP, PLN, and USD. This allows users to trade between cryptocurrencies and fiat currencies, providing more flexibility and trading options.

Cryptocurrencies Available

How to open an account?

The registration process of BitBay can be completed in the following steps:

1. Visit the BitBay website and click on the “Sign Up” button.

2. Fill in the required information, including your email address, password, and country of residence.

3. Agree to the terms and conditions of the platform.

4. Verify your email address by clicking on the verification link sent to your registered email.

5. Provide additional personal details, such as your full name, date of birth, and contact information.

6. Complete the identity verification process by uploading the necessary documents as specified by BitBay. This may include a copy of your identification document and proof of address.

Once you have completed these steps, your registration will be reviewed and approved by BitBay. Upon successful verification, you will be able to access and use the full range of features offered by the exchange.

How to open an account?

Fees

The BitBay crypto exchange has a single fee for crypto-crypto transactions: 0.0% for the maker, 0.1% for the taker.

Trading fees for cryptocurrency pairs with fiat have 19 trading levels. The levels are determined by the user's trading volumes for 30 calendar days. At the minimum level (less than 1250 EUR), the taker's fee is 0.43%, and the maker's fee is 0.3%. At the highest level (over 875,000 EUR), the taker's fee is 0.25%, and the maker's fee is 0.17%.

Payment Methods

BitBay has provided them with several methods for depositing and withdrawing funds. You can deposit or withdraw in cryptocurrencies such as Bitcoin, Ethereum, Litecoin, lisk, Monero, Bitcoin Cash, dash and even game tokens. Alternatively, you can also fund or withdraw in fiat currencies such as euros, U.S dollar, and Polish Zloty. The methods that can be used to transfer these funds can be through cryptocurrency wallets, bank wire transfer, credit/debit cards, through the Polish post office, Express DotPay or the Zabka store chain. Withdrawals can also be done through a BitPay debit at any ATM machine that accepts MasterCard.

The fees for making a deposit are as follows:

Payment Method Deposit Fee
Bank Wire Free
Cryptocurrencies Free
Express DotPay 2%
Polish Post Office 2%
Express Żabka Market 2%

For withdrawals, the applicable fees are as follows:

Payment Method Withdrawals Fee
Bitcoin 0.00045 BTC
Bitcoin Cash 0.0006 BCC
Bitcoin Gold 0.0008 BTG
Ethereum 0.00126 ETH
Litecoin 0.005 LTC
Lisk 0.2 LSK
Dash 0.001 DASH
Game 0.005 GAME
Bank wire transfer (PLN) 4 PLN
Express transfer (PLN) 10 PLN
ATM withdrawal via SMS 20 PLN

There is also a difference in average transfer time for different deposit methods. While credit/debit card are usually instant, bank transfers may take 2-3 business days to arrive.

Educational Resources

BitBay provides educational resources and tools to assist users in their cryptocurrency trading journey. The exchange offers a Knowledge Base on their website, which contains a variety of articles and tutorials covering topics such as trading strategies, market analysis, and cryptocurrency fundamentals. These resources are designed to help users expand their knowledge and make more informed trading decisions.

Additionally, BitBay provides a demo trading platform, which allows users to practice trading with virtual funds. This feature offers a risk-free environment for users to familiarize themselves with the platform's interface and test different trading strategies before engaging with real funds.

The exchange also offers market analysis tools, including price charts and indicators, to help users analyze market trends and make more informed trading decisions. These tools provide valuable insights into price movements and can assist users in identifying potential trading opportunities.

Is BitBay a Good Exchange for You?

BitBay is suitable for various trading groups, including both beginners and experienced traders.

For beginners, BitBay offers a user-friendly platform and educational resources that can help them understand the basics of cryptocurrency trading. The Knowledge Base on the BitBay website provides articles and tutorials covering various trading topics, which can be beneficial for individuals who are new to the world of cryptocurrencies. Additionally, the demo trading platform allows beginners to practice trading with virtual funds without the risk of losing real money. However, this platform is not regulated by any regulatory authority, raising concerns about the transparency and oversight of the exchange.

For experienced traders, BitBay offers a diverse selection of cryptocurrencies and trading pairs. With over 30 different cryptocurrencies available on the platform, experienced traders have the opportunity to explore a wide range of trading options and diversify their investment portfolio. BitBay also supports trading between cryptocurrencies and traditional fiat currencies like the Polish zloty (PLN) and the Euro (EUR), providing additional flexibility for experienced traders who wish to trade between different asset types. The market analysis tools provided by BitBay, such as price charts and indicators, can aid experienced traders in conducting technical analysis and identifying potential trading opportunities.

Conclusion

In conclusion, BitBay offers users a platform with several advantages, including a wide selection of cryptocurrencies, multiple payment methods, and customer support options. However, there are certain disadvantages to consider. BitBay is not regulated by any regulatory authority, raising concerns about the transparency and oversight of the exchange.

FAQs

Q: What cryptocurrencies are available for trading on BitBay?

A: BitBay offers a wide range of cryptocurrencies, including popular options like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP), among others.

Q: How can I register an account on BitBay?

A: To register on BitBay, you need to visit their website and click on the “Sign Up” button. Then, fill in the required information, agree to the terms and conditions, verify your email address, provide additional personal details, and complete the identity verification process as specified by BitBay.

Q: What payment methods can I use on BitBay?

A: BitBay accepts bank transfers and cryptocurrencies as payment methods.

Q: Does BitBay offer educational resources for traders?

A: Yes, BitBay provides a Knowledge Base on their website, which contains articles and tutorials covering various trading topics.

Q: Is there a customer support option available on BitBay?

A: Yes, BitBay provides customer support for users. They offer multiple channels for assistance, including a support ticket system, live chat, and a dedicated email address for inquiries.

Q: Are there any disadvantages to using BitBay?

A: BitBay is not regulated by any regulatory authority, raising concerns about the transparency and oversight of the exchange

User Review

User 1: “I've been using BitBay for a few months now, and overall, I'm quite satisfied with the exchange. The security measures they have in place, like two-factor authentication and cold storage for cryptocurrencies, give me peace of mind knowing that my funds are safe. The interface is user-friendly and easy to navigate, which is great for someone like me who is new to cryptocurrency trading. I also appreciate the wide range of cryptocurrencies available on BitBay, allowing me to diversify my portfolio. However, I did experience some issues with liquidity on certain trading pairs, which made it a bit challenging to execute trades at times. Customer support has been helpful in addressing my concerns, but the response time could be improved. As for the trading fees, they are reasonable for the most part, although there are some variations depending on the trading pair. Overall, BitBay has been a reliable exchange for me so far.”

User 2: “BitBay is a decent crypto exchange, but I have some reservations. While the interface is clean and user-friendly, I find it a bit lacking in terms of advanced trading features. The lack of advanced order types can be limiting for experienced traders looking for more sophisticated trading strategies. In terms of regulation, I would prefer more transparency regarding the regulatory authority overseeing BitBay. On the positive side, the customer support team has been responsive and helpful whenever I've had any issues or questions. The range of cryptocurrencies available on BitBay is impressive, giving me plenty of options to choose from. However, I have noticed that the liquidity for some lesser-known cryptocurrencies is quite low, making it harder to buy or sell large volumes. The trading fees are competitive, and I appreciate that BitBay prioritizes privacy and data protection. In terms of deposit and withdrawal speed, I've had mixed experiences. Sometimes it's fast, but sometimes it can be a bit slow. Overall, I consider BitBay a decent exchange, but there is room for improvement in certain areas.”

Risk Warning

Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.