BitBay review & testimonials for bitbay.net (01.2021)
What is BitBay in a nutshell?
It's
maybe not the most popular, but
respectable,
well established,
exchange service (trading platform) supporting
16
cryptocurrencies:
you can
buy and sell coins using 4
fiat currencies
(5
banks & payment systems are supported) or
exchange one crypto into another here.
Exchange service started the business Mar 2014,
it's a
fully compliant, licensed financial company.
Besides the cryptocurrencies exchange, BitBay
also provides other services, for example,
Merchant Services,
OTC trading,
Fiat to Fiat Currencies Trading & Exchange.
This service works with a number of currencies, banks, and payment systems.
Hence to estimate the fees level we calculated an average fee you'll spend for an exchange here.
Based on this number
(1.12%)
we may say that BitBay
charges
low fees:
0.25% — 2.0%
(according to our statistics,
69%
exchanges take higher average fee)
This Trading Platform welcomes customers from
254
countries
(unfortunately, your country: United States is not supported at the moment;
but there are good alternatives).
Due to regulatory restrictions, US citizens and residents are not served by the exchange.
Unfortunately we couldn't yet collect enough data about the order processing speed from the customers of BitBay,
although according to the information from the exchange itself, order processing is automated and should be instant.
Depending on the order details, you may need to verify your account
(ID Verification,
Phone Number Confirmation should be normally required)
to exchange money on this Trading Platform.
Since
2014,
BitBay
is working hard to get great testimonials from the users.
Although, since this Trading Platform
was recently added to our price comparison platform, we have no user reviews yet.
Maybe you can help? If you have any experience dealing with
BitBay, can you please
leave your testimonial?
It will surely be a great help for us and all the community,
thanks!
Based on all these facts,
our verdict is the following:
BitBay is a
legit, but
promising, although not yet reviewed much by our visitors
place to
buy and sell
cryptocurrencies,
an interesting exchange that we believe will get some nice feedback soon!
Overview: is BitBay safe?
BitBay is the
Trading Platform;
Pinewood Estonia OÜ
(dba BitBay)
started the business in March 2014.
The company is based in the Estonia
with the headquarters located in the Tallinn.
Official BitBay address is Lõõtsa tn 5 Lasnamäe linnaosa, Tallinn Harju maakond 11415.
The firm is a licensed MSB, regulated by the Estonian Financial Intelligence Unit (FIU);
it holds the Cryptocurrencies exchange license.
BitBay was founded by Sylwester Suszek.
BitBay CEO is
Paweł Sobków.
BitBay is operated by a group of companies, the principal one is Pinewood Holdings Limited, that's the owner of the rights to trading platform software, etc. BitBay has offices and companies in various countries: Poland, Malta, Estonia, etc. There are over 200 employees.
According to the exchange's website, BitBay is the largest crypto exchange in Central-Eastern Europe that debuted in 2014 in Poland. It has near a million active users and the trading volume is rather impressive. The company is actively participating in various events worldwide, raises funds for charity and holds a number of awards, few examples: The Best Cryptocurrency Exchange 2017 (Cryptocurrency World Expo), Polish Innovation Award 2017 (Polish Congress of Entrepreneurship), The Best Cryptocurrency Exchange (Berlin Summit 2018), Invest Cuffs 2019 Blockchain Exchange of the Year.
Answering the question how safe is BitBay:
We are sorry, our platform has't yet collected enough data, but you can help!
We know fairly much about this Trading Platform (please continue reading),
but our policies require to collect more testimonials from the users of BitBay
to draw a conclusion. Do you have any experience dealing with this service?
Please
add your feedback,
this will be a great help!
Or maybe you know someone who does?
Kindly ask him/her to tell us about it here!
We really appreciate your participation.
Overall rating for BitBay:
N/A
Although we have not collected enough testimonials to assign a rating to
BitBay,
we can pre-estimate the rating (considering there will be no user complaints) as
100/100.
Pros & Cons of BitBay
Although BitBay is not yet rated
by our visitors,
common sense tells us it should have both strong sides and some downsides.
Let's check it out:
- It's very stable and reliable exchange service operating from 2014.03. Fully compliant and regulated business, service provided by licensed financial company.
- 16 digital currencies and 4 fiat ones are supported. Although, a lot of payment systems & banks, totally 5 are supported, both international and national ones: Any Local Bank, SEPA Transfer, SWIFT Transfer, etc.
- Fees are really low here.
- Almost all the countries in the world are welcomed here! Feel free to check if your country is allowed to register an account.
- Besides the buying and selling, you may trade cryptocurrencies and earn some profit.
- Bitbay is something much bigger than just another crypto exchange, there are extra services, some of which may be very interesting for bitcoiners.
- Trading platform business model is based on holding the clients funds at the online wallet; such approach has some risks.
Seems that there are not so many cons, but a lot of pros.
We hope you will enjoy your experience exchanging at BitBay!
Try BitBay today
and let us know how you like it!
Services, BitBay Provides
The platform provides the following cryptocurrency exchange-related services:
- Allows the customers to buy cryptocurrencies with fiat currencies
- Provides the clients with ways to "cash out" the crypto to fiat currency
- Helps you to exchange one crypto to another
- Provides merchant services (accepting cryptocurrency at e-stores, etc.)
- OTC (Over-The-Counter) Trading for those who like to buy/sell off the market
- Fiat to Fiat currencies exchange and trading: EUR/USD and others
That's impressive number of features!
According to our statistics,
100%
of the competition provide less services,
many just allow the buying and selling, so this
trading platform
is among the champions in this field!
Currencies & Payment Systems
BitBay provides the service of
buying and selling
and
exchanging
16 digital currencies
using fiat currencies
and crypto.
Besides the fiat-to-crypto conversion and vice versa, it also allows to exchange one cryptocurrency to another.
The following cryptocurrencies are available to
buy-sell-swap:
Bitcoin SV (BCHSV),
Bitcoin (BTC),
Bitcoin Gold (BTG),
Dash (DASH),
Ether (ETH),
Lisk (LSK),
Litecoin (LTC),
OmiseGO (OMG),
Augur (REP),
TRON (TRX),
USD Coin (USDC),
Tether (USDT),
Stellar (XLM),
Ripple (XRP),
Zcash (ZEC),
0x (ZRX).
There are not much exchanges with so many cryptos supported!
If you are not sure, which one of these electronic currencies you are most interested in, you are welcome to read our guides.
For example, these:
Cryptocurrencies without proof of work to buy in 2021.
4 fiat currencies
are supported to provide crypto purchase and selling:
Euro (EUR),
Pound Sterling (GBP),
Polish Zloty (PLN),
US Dollar (USD).
The Trading Platform will let you buy and sell Bitcoins
and 15 other cryptos
using the following payment systems:
-
Any Local Bank.
An universal payment method, allowing payments from/to all the banks
in various currencies.
BitBay has options to use local bank transfers in the
Poland.
Just the PLN
payments are available for
both buying and selling cryptocurrencies at this exchange.
Any Local Bank is a popular way to buy BTC and other cryptocurrencies available at
153 exchanges of various types.
You are welcome to find the best rate for
buying bitcoin with any local bank
at our home page!
-
SEPA Transfer.
An international payment system
(it's available in 46 countries)
allowing international bank transfers payments
in Euro currency.
Just the EUR
payments are available for
both buying and selling cryptocurrencies at this exchange.
-
SWIFT Transfer.
An international payment system
(available worldwide)
allowing international bank transfers payments
in various currencies.
EUR,
USD and
GBP
payments are available for
both buying and selling cryptocurrencies at this exchange.
-
Cash at ATM.
A local payment system
(serving Poland)
allowing cash payments payments
in Polish Zloty currency.
Just the PLN
payments are available for
selling cryptocurrency to fiat solely; at the time you can't buy crypto using this payment method here.
-
Cash at Post Office.
An international payment system
(you may use from
Poland)
allowing cash payments payments
in various currencies.
Just the PLN
payments are available for
both buying and selling cryptocurrencies at this exchange.
BitBay fees
The fees you need to pay at this trading platform during the process of
buying and selling cryptocurrencies
are easier to understand if you break it down like that
(note that you can skip the details,
jumping to the conclusion):
-
Deposit/withdrawal fee.
Depending on the fiat payment system and currency, it's as follows:
-
Commission for the money withdrawal to
Any Local Bank
in
Polish Zloty:
6
flat fee
-
0%
to deposit funds by
Any Local Bank
in
Polish Zloty.
-
Commission for the money withdrawal to
Cash at ATM
in
Polish Zloty:
10
flat fee
-
2.0%
(but not less than
5)
to deposit funds by
Cash at Post Office
in
Polish Zloty.
-
Commission for the money withdrawal to
Cash at Post Office
in
Polish Zloty:
1.0%
(but not less than
20
and no more than
120)
-
0%
to deposit funds by
SEPA Transfer
in
Euro.
-
Commission for the money withdrawal to
SEPA Transfer
in
Euro:
4
flat fee
-
Commission for the money withdrawal to
SWIFT Transfer
in
Pound Sterling:
0.25%
(but not less than
£10
and no more than
£125)
-
0%
to deposit funds by
SWIFT Transfer
in
Euro.
-
0%
to deposit funds by
SWIFT Transfer
in
US Dollar.
-
0%
to deposit funds by
SWIFT Transfer
in
Pound Sterling.
-
Commission for the money withdrawal to
SWIFT Transfer
in
Euro:
0.25%
(but not less than
€10
and no more than
€125)
-
Commission for the money withdrawal to
SWIFT Transfer
in
US Dollar:
0.25%
(but not less than
$10
and no more than
$125)
-
Trading fee.
This trading platform charges the following when you make the funds transfer:
-
0.43%
of the exchange amount, whatever fiat or crypto currency you exchange.
-
Cryptocurrency withdrawal fee.
Please note that this fee applies only when you
transfer the crypto 'out': to your own wallet, to someone else, etc.!
- 0.000450 BTC when you purchase Bitcoins
- the usual transaction fee in the according crypto, when you are buying:
BCHSV,
BTG,
DASH,
ETH,
LSK,
LTC,
OMG,
REP,
TRX,
USDC,
USDT,
XLM,
XRP,
ZEC,
ZRX.
Are BitBay fees high or low?
Now it's time to draw a conclusion:
considering the average fee the exchange changes for an operation we can state that
BitBay
takes very low fees!
According to our statistics,
the majority of the competition charge way more than
BitBay does!
For example, an average fee you pay to buy Bitcoin with Any Local Bank
in PLN
across various exchange brokers, trading platforms, p2p marketplaces and e-wallets is
2%,
BitBay charges 0 PLN
for this.
Seems fair!
Buying and selling limits
This Trading Platform has the following limits,
applicable when you buy or sell cryptocurrencies
(there are no limits on crypto-to-crypto swaps):
-
Purchase limits (when you buy crypto).
-
PLN
10
minimal buy
when using Any Local Bank in
Polish Zloty.
-
PLN
10
minimal buy and
PLN
50,000
max purchase
when using Cash at Post Office in
Polish Zloty.
-
EUR 10
minimal buy
when using SEPA Transfer in
Euro.
-
€10
minimal buy
when using SWIFT Transfer in
Euro.
-
$15
minimal buy
when using SWIFT Transfer in
US Dollar.
-
£15
minimal buy
when using SWIFT Transfer in
Pound Sterling.
-
Withdrawal limits (when you out-exchange crypto to the fiat money).
-
PLN
5
min
when receiving money to Any Local Bank in
Polish Zloty.
-
PLN
100
min and
PLN
1,000
maximal withdrawal
when receiving money to Cash at ATM in
Polish Zloty.
-
PLN
5
min and
PLN
50,000
maximal withdrawal
when receiving money to Cash at Post Office in
Polish Zloty.
-
EUR 5
min
when receiving money to SEPA Transfer in
Euro.
-
£5
min
when receiving money to SWIFT Transfer in
Pound Sterling.
-
€5
min
when receiving money to SWIFT Transfer in
Euro.
-
$5
min
when receiving money to SWIFT Transfer in
US Dollar.
In fact, there are no limits on crypto-to-crypto swaps here, at BitBay.
You can exchange almost any amount, big or small.
Nice!
Supported countries
Platform allows the users from 254
countries to use the exchange.
The following countries are supported by the trading platform:
-
Afghanistan
(AF)
-
Aland Islands
(AX)
-
Albania
(AL)
-
Algeria
(DZ)
-
American Samoa
(AS)
-
Andorra
(AD)
-
Angola
(AO)
-
Anguilla
(AI)
-
Antarctica
(AQ)
-
Antigua & Barbuda
(AG)
-
Argentina
(AR)
-
Armenia
(AM)
-
Aruba
(AW)
-
Ascension Island
(AC)
-
Australia
(AU)
-
Austria
(AT)
-
Azerbaijan
(AZ)
-
Bahamas
(BS)
-
Bahrain
(BH)
-
Bangladesh
(BD)
-
Barbados
(BB)
-
Belarus
(BY)
-
Belgium
(BE)
-
Belize
(BZ)
-
Benin
(BJ)
-
Bermuda
(BM)
-
Bhutan
(BT)
-
Bolivia
(BO)
-
Bosnia & Herzegovina
(BA)
-
Botswana
(BW)
-
Bouvet Island
(BV)
-
Brazil
(BR)
-
British Indian Ocean Territory
(IO)
-
British Virgin Islands
(VG)
-
Brunei
(BN)
-
Bulgaria
(BG)
-
Burkina Faso
(BF)
-
Burundi
(BI)
-
Cambodia
(KH)
-
Cameroon
(CM)
-
Canada
(CA)
-
Canary Islands
(IC)
-
Cape Verde
(CV)
-
Caribbean Netherlands
(BQ)
-
Cayman Islands
(KY)
-
Central African Republic
(CF)
-
Ceuta & Melilla
(EA)
-
Chad
(TD)
-
Chile
(CL)
-
China
(CN)
-
Christmas Island
(CX)
-
Cocos (Keeling) Islands
(CC)
-
Colombia
(CO)
-
Comoros
(KM)
-
Congo - Brazzaville
(CG)
-
Congo - Kinshasa
(CD)
-
Cook Islands
(CK)
-
Costa Rica
(CR)
-
Côte d’Ivoire
(CI)
-
Croatia
(HR)
-
Cuba
(CU)
-
Curaçao
(CW)
-
Cyprus
(CY)
-
Czech Republic
(CZ)
-
Denmark
(DK)
-
Diego Garcia
(DG)
-
Djibouti
(DJ)
-
Dominica
(DM)
-
Dominican Republic
(DO)
-
Ecuador
(EC)
-
Egypt
(EG)
-
El Salvador
(SV)
-
Equatorial Guinea
(GQ)
-
Eritrea
(ER)
-
Estonia
(EE)
-
Ethiopia
(ET)
-
Falkland Islands
(FK)
-
Faroe Islands
(FO)
-
Fiji
(FJ)
-
Finland
(FI)
-
France
(FR)
-
French Guiana
(GF)
-
French Polynesia
(PF)
-
French Southern Territories
(TF)
-
Gabon
(GA)
-
Gambia
(GM)
-
Georgia
(GE)
-
Germany
(DE)
-
Ghana
(GH)
-
Gibraltar
(GI)
-
Greece
(GR)
-
Greenland
(GL)
-
Grenada
(GD)
-
Guadeloupe
(GP)
-
Guam
(GU)
-
Guatemala
(GT)
-
Guernsey
(GG)
-
Guinea
(GN)
-
Guinea-Bissau
(GW)
-
Guyana
(GY)
-
Haiti
(HT)
-
Heard Island and McDonald Islands
(HM)
-
Honduras
(HN)
-
Hong Kong SAR China
(HK)
-
Hungary
(HU)
-
Iceland
(IS)
-
India
(IN)
-
Indonesia
(ID)
-
Iran
(IR)
-
Iraq
(IQ)
-
Ireland
(IE)
-
Isle of Man
(IM)
-
Israel
(IL)
-
Italy
(IT)
-
Jamaica
(JM)
-
Japan
(JP)
-
Jersey
(JE)
-
Jordan
(JO)
-
Kazakhstan
(KZ)
-
Kenya
(KE)
-
Kiribati
(KI)
-
Kosovo
(XK)
-
Kuwait
(KW)
-
Kyrgyzstan
(KG)
-
Laos
(LA)
-
Latvia
(LV)
-
Lebanon
(LB)
-
Lesotho
(LS)
-
Liberia
(LR)
-
Libya
(LY)
-
Liechtenstein
(LI)
-
Lithuania
(LT)
-
Luxembourg
(LU)
-
Macau SAR China
(MO)
-
Macedonia
(MK)
-
Madagascar
(MG)
-
Malawi
(MW)
-
Malaysia
(MY)
-
Maldives
(MV)
-
Mali
(ML)
-
Malta
(MT)
-
Marshall Islands
(MH)
-
Martinique
(MQ)
-
Mauritania
(MR)
-
Mauritius
(MU)
-
Mayotte
(YT)
-
Mexico
(MX)
-
Micronesia
(FM)
-
Moldova
(MD)
-
Monaco
(MC)
-
Mongolia
(MN)
-
Montenegro
(ME)
-
Montserrat
(MS)
-
Morocco
(MA)
-
Mozambique
(MZ)
-
Myanmar (Burma)
(MM)
-
Namibia
(NA)
-
Nauru
(NR)
-
Nepal
(NP)
-
Netherlands
(NL)
-
New Caledonia
(NC)
-
New Zealand
(NZ)
-
Nicaragua
(NI)
-
Niger
(NE)
-
Nigeria
(NG)
-
Niue
(NU)
-
Norfolk Island
(NF)
-
Northern Mariana Islands
(MP)
-
North Korea
(KP)
-
Norway
(NO)
-
Oman
(OM)
-
Pakistan
(PK)
-
Palau
(PW)
-
Palestinian Territories
(PS)
-
Panama
(PA)
-
Papua New Guinea
(PG)
-
Paraguay
(PY)
-
Peru
(PE)
-
Philippines
(PH)
-
Pitcairn Islands
(PN)
-
Poland
(PL)
-
Portugal
(PT)
-
Puerto Rico
(PR)
-
Qatar
(QA)
-
Réunion
(RE)
-
Romania
(RO)
-
Russia
(RU)
-
Rwanda
(RW)
-
Samoa
(WS)
-
San Marino
(SM)
-
São Tomé & Príncipe
(ST)
-
Saudi Arabia
(SA)
-
Senegal
(SN)
-
Serbia
(RS)
-
Seychelles
(SC)
-
Sierra Leone
(SL)
-
Singapore
(SG)
-
Sint Maarten
(SX)
-
Slovakia
(SK)
-
Slovenia
(SI)
-
Solomon Islands
(SB)
-
Somalia
(SO)
-
South Africa
(ZA)
-
South Georgia & South Sandwich Islands
(GS)
-
South Korea
(KR)
-
South Sudan
(SS)
-
Spain
(ES)
-
Sri Lanka
(LK)
-
St. Barthélemy
(BL)
-
St. Helena
(SH)
-
St. Kitts & Nevis
(KN)
-
St. Lucia
(LC)
-
St. Martin
(MF)
-
St. Pierre & Miquelon
(PM)
-
St. Vincent & Grenadines
(VC)
-
Sudan
(SD)
-
Suriname
(SR)
-
Svalbard & Jan Mayen
(SJ)
-
Swaziland
(SZ)
-
Sweden
(SE)
-
Switzerland
(CH)
-
Syria
(SY)
-
Taiwan
(TW)
-
Tajikistan
(TJ)
-
Tanzania
(TZ)
-
Thailand
(TH)
-
Timor-Leste
(TL)
-
Togo
(TG)
-
Tokelau
(TK)
-
Tonga
(TO)
-
Trinidad & Tobago
(TT)
-
Tristan da Cunha
(TA)
-
Tunisia
(TN)
-
Turkey
(TR)
-
Turkmenistan
(TM)
-
Turks & Caicos Islands
(TC)
-
Tuvalu
(TV)
-
Uganda
(UG)
-
Ukraine
(UA)
-
United Arab Emirates
(AE)
-
United Kingdom
(GB)
-
Uruguay
(UY)
-
U.S. Outlying Islands
(UM)
-
U.S. Virgin Islands
(VI)
-
Uzbekistan
(UZ)
-
Vanuatu
(VU)
-
Vatican City
(VA)
-
Venezuela
(VE)
-
Vietnam
(VN)
-
Wallis & Futuna
(WF)
-
Western Sahara
(EH)
-
Yemen
(YE)
-
Zambia
(ZM)
-
Zimbabwe
(ZW)
Does BitBay allow the users from United States (US)?
Sorry, but the BitBay
can't provide the services to the citizens and residents of the United States of America at this time,
due to the local regulations and licensing matters, etc.
But there are no reasons to get disappointed because of that,
there are plenty of great exchanges as well as the ones of Trading Platform
type, who warmly welcomes the American people!
We can recommend you to look at these:
Customer service
Sorry, but we haven't collected enough data about this yet.
Do you have any experience exchanging with the BitBay?
Can you please
add your testimonial?
This will help everyone a lot, thanks!
Verification at BitBay
The trading platform may require the customers to pass through the user identification
(account verification) process.
The following procedures
should be completed if you desire to buy or sell the cryptos using fiat money here:
-
ID verification
-
Phone confirmation
Note that the verification is only required
for the exchanges with fiat currencies (i.e. buying and selling digital currencies)!
Besides the documents, you'll need to fill a couple of forms declaring the purpose of account usage, economic activity, etc.
According to the customers surveys results, the average time to verify an account at
BitBay is the following:
Sorry, we haven't yet collected enough data.
Do you know, how fast BitBay
does account verification?
Kindly let us know, too.
Thank you very much!
Deposit/withdrawal speed
BitBay processes the orders automatically, that's definitely a good thing and the process should take no time.
Although we know that some exchanges require various forms of staff approval, etc. for the specific orders; such ones generally take longer.
Even fully automated platforms sometimes delay the funds delivery, so if you know that it's the case here at this trading platform,
let us and the community know about it, please!
Is BitBay instant?
So, what can we see?
In accordance with the data we know about the trading platform,
orders at BitBay should be instant.
Although we don't have enough information about the order delivery speed from actual customers yet, sorry.
Customers' testimonials
There are currently no users testimonials about the BitBay.
Do you have any experience using this trading platform?
If you do, please say a couple of words about it!
FAQ about BitBay
Does BitBay holds my funds?
Yes, it does. Although you can always withdraw the funds to your e-currency wallet "by default" BitBay holds your balance at it's own hot storage wallet. This is the standard practice for all the trading platforms, although we recommend to keep only the funds you need for the trading at the exchange.
Is BitBay a good trading platform?
Although we have not enough users' reviews yet, we analyzed the information we have. Feel free to get acquainted with the details reading this review or just jump to the conclusion!
Is BitBay licensed? Does it hold e-money license?
Yes, Pinewood Estonia OÜ (entity doing business as BitBay exchange) is licenced and regulated financial company. It holds Cryptocurrencies exchange license and is regulated by the Estonian Financial Intelligence Unit (FIU) of the Estonia.
Does BitBay provide services for the merchants willing to accept crypto?
It is! You may accept payments in all the cryptocurrencies supported by the BitBay and get paid in fiat or your preferred crypto.
Does BitBay have a OTC (over-the-counter) trading desk?
Yes, there is such an opportunity at {exchange.name}, you can trade "off the market" using the OTC trading desk. It may be very handy for large operations.
Is BitBay a ripoff?
It is not a ripoff, although we have not rated BitBay yet due to lack of user testimonials, it complies with our standards. Feel free to read the whole this review to understand why or check our conclusion: is BitBay legit or scam.
BitBay vs other exchanges
Let's compare BitBay to other similar exchange services with similar features: others of trading platform type mostly.
Besides, seems reasonable to compare the platform with the exchanges having similar rating and serving (mostly) the same geographic, etc.
Remember that if you wish to find the exchange offering the best price to buy/sell Bitcoin and
33 other cryptos, check
the best rates to buy bitcoin and crypto in United States!
BitBay vs BitQuick
Let's compare the key features of these two platforms to see which one suits you best:
-
BitQuick is a p2p marketplace
BitBay is a trading platform,
it has a different business model
(feel free to read about the
differences between
p2p marketplace and trading platform)
-
BitQuick had started the business October 2013
BitBay started the business March 2014
(BitQuick is working for
5 months longer time).
-
BitQuick has all the required business licenses and permissions
BitBay has all the required business licenses and permissions
(both exchange services operate using the same approach to the business, utilizing a same legal model).
-
Besides the digital currencies exchange,
BitQuick provides no extra services
BitBay provides more exchange-related services:
it allows us to purchase and sell digital currencies,
swap cryptocoins and tokens,
and besides that:
Merchant Services,
OTC trading and the
Fiat to Fiat Currencies Trading & Exchange.
-
BitQuick doesn't have any fiat currencies supported
You'll be able to use 4
fiat currencies to swap with digital ones at BitBay
(BitBay
supports 4 fiat currencies more).
-
BitQuick doesn't allow any fiat payments
BitBay allows the user to utilize 5
various fiat payment systems and/or banks
(BitBay
supports 5 fiat payment systems and banks more).
-
BitQuick charges
2.0%
fee
BitBay charges the client
0.25% — 2.0%
fee, depending on the currency, payment system, etc.
(BitBay
has lower fees in general).
-
BitQuick allows registrations from 1 countries;
United States is among the supported ones
You may register at BitBay if you reside in one of 254 countries;
unfortunately, United States is not among the supported ones
(BitBay
supports more countries worldwide).
-
During the account verification BitQuick
usually asks for 1
document / procedure:
(phone confirmation)
User identification at BitBay
usually consists of 2
different procedures:
id verification,
phone confirmation
(BitBay 's compliance program requires the client to take more actions or to provide more data).
Although the final decision, which exchange —
BitQuick or BitBay — is better
is up to you, we'll try to help you with the decision.
Both exchanges are great,
since at least one of them is not yet rated at our platform,
we recommend you to look at the list above and decide, what is most important for you!
If you feel like need more comparison versus other exchanges, feel free to check these:
BitBay vs Coinbase
Let's compare the key features of these two platforms to see which one suits you best:
-
Coinbase is a e-wallet
BitBay is a trading platform,
it has a different business model
(feel free to read about the
differences between
e-wallet and trading platform)
-
Coinbase had started the business June 2012
BitBay started the business March 2014
(Coinbase is working for
1 years and 9 months longer time).
-
Coinbase has all the required business licenses and permissions
BitBay has all the required business licenses and permissions
(both exchange services operate using the same approach to the business, utilizing a same legal model).
-
Besides buying and selling cryptocurrencies,
Coinbase provides the following extra services:
ATM Cards and the
Merchant Services
BitBay provides more exchange-related services:
it allows us to purchase and sell digital currencies,
swap cryptocoins and tokens,
and besides that:
Merchant Services,
OTC trading and the
Fiat to Fiat Currencies Trading & Exchange.
-
Coinbase supports 11 cryptocurrencies
BitBay allows to exchange 16 cryptos
(BitBay
supports 5 cryptocurrencies more).
-
6 fiat currencies are available at Coinbase
You'll be able to use 4
fiat currencies to swap with digital ones at BitBay
(BitBay
supports 2 fiat currencies less).
-
Coinbase accepts deposits from and allows withdrawals to
4 fiat payment systems / banks
BitBay allows the user to utilize 5
various fiat payment systems and/or banks
(BitBay
supports 1 fiat payment systems and banks more).
-
Coinbase charges
1.49% — 3.99%
fee
BitBay charges the client
0.25% — 2.0%
fee, depending on the currency, payment system, etc.
(BitBay
has lower fees in general).
-
Coinbase allows registrations from 39 countries;
United States is among the supported ones
You may register at BitBay if you reside in one of 254 countries;
unfortunately, United States is not among the supported ones
(BitBay
supports more countries worldwide).
-
During the account verification Coinbase
usually asks for 2
documents and/or procedures:
(id verification,
phone confirmation)
and it takes
a day or two
in most of the cases
User identification at BitBay
usually consists of 2
different procedures:
id verification,
phone confirmation
(BitBay 's compliance program requires the client to take more actions or to provide more data).
Although the final decision, which exchange —
Coinbase or BitBay — is better
is up to you, we'll try to help you with the decision.
Both exchanges are great,
since at least one of them is not yet rated at our platform,
we recommend you to look at the list above and decide, what is most important for you!
If you feel like need more comparison versus other exchanges, feel free to check these:
BitBay vs Binance
Let's compare the key features of these two platforms to see which one suits you best:
-
Binance is a trading platform
BitBay is a trading platform,
both are using the same business model.
-
Binance had started the business April 2017
BitBay started the business March 2014
(BitBay operates
3 years and 1 months longer).
-
Binance has all the required business licenses and permissions
BitBay has all the required business licenses and permissions
(both exchange services operate using the same approach to the business, utilizing a same legal model).
-
Besides the crypto to crypto exchange,
Binance provides the following extra services:
Mobile wallet,
Lending and the
Margin Trading
BitBay provides more exchange-related services:
it allows us to purchase and sell digital currencies,
swap cryptocoins and tokens,
and besides that:
Merchant Services,
OTC trading and the
Fiat to Fiat Currencies Trading & Exchange.
-
Binance supports 31 cryptocurrencies
BitBay allows to exchange 16 cryptos
(BitBay
supports 15 cryptocurrencies less).
-
Binance doesn't have any fiat currencies supported
You'll be able to use 4
fiat currencies to swap with digital ones at BitBay
(BitBay
supports 4 fiat currencies more).
-
Binance doesn't allow any fiat payments
BitBay allows the user to utilize 5
various fiat payment systems and/or banks
(BitBay
supports 5 fiat payment systems and banks more).
-
Binance charges
0.0%
fee
BitBay charges the client
0.25% — 2.0%
fee, depending on the currency, payment system, etc.
(BitBay
has higher fees, generally).
-
Binance allows registrations from 255 countries;
United States is among the supported ones
You may register at BitBay if you reside in one of 254 countries;
unfortunately, United States is not among the supported ones
(BitBay
supports less countries).
-
During the account verification Binance
usually asks for 1
document / procedure:
(selfie)
User identification at BitBay
usually consists of 2
different procedures:
id verification,
phone confirmation
(BitBay 's compliance program requires the client to take more actions or to provide more data).
Although the final decision, which exchange —
Binance or BitBay — is better
is up to you, we'll try to help you with the decision.
Both exchanges are great,
since at least one of them is not yet rated at our platform,
we recommend you to look at the list above and decide, what is most important for you!
If you feel like need more comparison versus other exchanges, feel free to check these:
BitBay vs CEX
Let's compare the key features of these two platforms to see which one suits you best:
-
CEX is a trading platform
BitBay is a trading platform,
both are using the same business model.
-
CEX had started the business July 2014
BitBay started the business March 2014
(BitBay operates
3 months longer).
-
CEX has all the required business licenses and permissions
BitBay has all the required business licenses and permissions
(both exchange services operate using the same approach to the business, utilizing a same legal model).
-
Besides buying, selling and exchanging cryptocurrencies,
CEX provides the following extra services:
Margin Trading
BitBay provides more exchange-related services:
it allows us to purchase and sell digital currencies,
swap cryptocoins and tokens,
and besides that:
Merchant Services,
OTC trading and the
Fiat to Fiat Currencies Trading & Exchange.
-
CEX supports 16 cryptocurrencies
BitBay allows to exchange 16 cryptos
(BitBay & CEX
support the same number of digital currencys).
-
4 fiat currencies are available at CEX
You'll be able to use 4
fiat currencies to swap with digital ones at BitBay
(BitBay & CEX
support the same number of fiat currencys).
-
CEX accepts deposits from and allows withdrawals to
4 fiat payment systems / banks
BitBay allows the user to utilize 5
various fiat payment systems and/or banks
(BitBay
supports 1 fiat payment systems and banks more).
-
CEX charges
1.0% — 5.0%
fee
BitBay charges the client
0.25% — 2.0%
fee, depending on the currency, payment system, etc.
(BitBay & CEX
charge the customer with the equal fee level, more or less).
-
CEX allows registrations from 224 countries;
United States is among the supported ones
You may register at BitBay if you reside in one of 254 countries;
unfortunately, United States is not among the supported ones
(BitBay
supports more countries worldwide).
-
During the account verification CEX
usually asks for 3
documents and/or procedures:
(id verification,
phone confirmation,
selfie)
and it takes
a day or two
in most of the cases
User identification at BitBay
usually consists of 2
different procedures:
id verification,
phone confirmation
(BitBay 's compliance program requires the client to take more actions or to provide more data).
Although the final decision, which exchange —
CEX or BitBay — is better
is up to you, we'll try to help you with the decision.
Both exchanges are great,
since at least one of them is not yet rated at our platform,
we recommend you to look at the list above and decide, what is most important for you!
If you feel like need more comparison versus other exchanges, feel free to check these:
BitBay vs Changelly
Let's compare the key features of these two platforms to see which one suits you best:
-
Changelly is a broker
BitBay is a trading platform,
it has a different business model
(feel free to read about the
differences between
broker and trading platform)
-
Changelly had started the business December 2013
BitBay started the business March 2014
(Changelly is working for
2 months longer time).
-
Changelly has all the required business licenses and permissions
BitBay has all the required business licenses and permissions
(both exchange services operate using the same approach to the business, utilizing a same legal model).
-
Besides the digital currencies exchange,
Changelly provides no extra services
BitBay provides more exchange-related services:
it allows us to purchase and sell digital currencies,
swap cryptocoins and tokens,
and besides that:
Merchant Services,
OTC trading and the
Fiat to Fiat Currencies Trading & Exchange.
-
Changelly doesn't have any fiat currencies supported
You'll be able to use 4
fiat currencies to swap with digital ones at BitBay
(BitBay
supports 4 fiat currencies more).
-
Changelly doesn't allow any fiat payments
BitBay allows the user to utilize 5
various fiat payment systems and/or banks
(BitBay
supports 5 fiat payment systems and banks more).
-
Changelly allows registrations from 242 countries;
we are sorry, but United States is not supported this time
You may register at BitBay if you reside in one of 254 countries;
unfortunately, United States is not among the supported ones
(BitBay
supports more countries worldwide).
-
Changelly allows the user to be anonymous, there is no account verification, etc.
User identification at BitBay
usually consists of 2
different procedures:
id verification,
phone confirmation
(BitBay 's compliance program requires the client to take more actions or to provide more data).
Although the final decision, which exchange —
Changelly or BitBay — is better
is up to you, we'll try to help you with the decision.
Both exchanges are great,
since at least one of them is not yet rated at our platform,
we recommend you to look at the list above and decide, what is most important for you!
If you feel like need more comparison versus other exchanges, feel free to check these:
Conclusion: is BitBay legit or scam?
Now it's time to draw a conclusion, is BitBay a scam or is it a legit exchange?
We hadn't yet collected enough testimonials to assign
BitBay a rating, but according to our research it's a good exchange.
We have found no evidence that this trading platform is a scam so it should
be save to deal with.
Let's summarize what we like most (and what we don't) about the BitBay:
- It is licensed, regulatory compliant financial company
- The trading platform holds users' funds
- This company has being in the business for a long time;
exchange was started
6 years
and
10 months
ago
- Exchange supports
16 cryptocurrencies
and 4
fiat ones
(totally 5
payment systems / banks are available).
Besides buying, selling and exchanging digital currencies, the following services are available:
Merchant Services,
OTC trading and
Fiat to Fiat Currencies Trading & Exchange
- It charges low fees:
from 0.25%
to 2.0%
depending on the payment method;
although the exchange of smaller amounts is rather inexpensive
- BitBay
accepts the clients from 254 countries;
unfortunately, users from United States
are not permitted to use the service
BitBay is one of the leading exchanges in Eastern Europe and aims to expand further. It's a serious company and there are many interesting features, especially for Polish bitcoiners. Definitely worth a look, at least!
Overall rating for BitBay:
N/A
Although we have not collected enough testimonials to assign a rating to
BitBay,
we can pre-estimate the rating (considering there will be no user complaints) as
100/100.