BitBay review & testimonials for bitbay.net (04.2024)
- Overview: is BitBay safe?
- Pros & Cons of BitBay
- Services, BitBay Provides
- Currencies & Payment Systems
- BitBay fees
- Buying and selling limits
- Supported countries
- Customer service
- Verification at BitBay
- Deposit/withdrawal speed
- Customers' testimonials
- FAQ about BitBay
- BitBay vs other exchanges
- Conclusion: is BitBay legit or scam?
What is BitBay in a nutshell? It's maybe not the most popular, yet respectable, rather an aged exchange service (trading platform) working with 1 cryptocurrency: you can buy and sell coins using 4 fiat currencies (4 banks & payment systems are supported). 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 integrated 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%
(in line with our statistics,
60%
exchanges take higher average fee)
and has
great buying limits:
$5.00
—
$555,556
(considering the gathered statistics,
90%
exchanges allow lower limits for orders).
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 actual customers,
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
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 Bitcoins, an interesting exchange that we believe will get some nice feedback pronto!
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.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.
- Fees are really low here.
- High purchase and withdrawal limits, convenient min/max amounts.
- 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 utilizes a business model 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
- 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, 92% 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 1 digital currencies using fiat currencies. The following cryptocurrencies are available to buy/sell: Bitcoin (BTC).
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 backed by assets to invest in 2024.
4 fiat currencies are supported to provide crypto purchase and selling: Euro (EUR), US Dollar (USD), Polish Zloty (PLN), Pound Sterling (GBP). The Trading Platform will let you buy and sell Bitcoins using the following payment systems:
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 your trade order matches and executes:
- 0.43% of the order amount, whatever fiat or crypto currency you trade.
-
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
Are BitBay fees high or low?
Now it's time to draw a conclusion: considering the average fee the exchange charges 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!
Buying and selling limits
This Trading Platform has the following limits, applicable when you buy or sell cryptocurrencies:
-
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.
And the good news: there are no limits on other payment systems (the limitations the payment system has aside) BitBay supports! Comparing to other exchanges, BitBay has a very convenient buying/selling limits setup; the minimal amount is tiny and the max is high. Whatever amount you have in mind, you can exchange it at this Trading Platform!
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.net 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 look at these:
Customer service
Verification at BitBay
The bitbay.net 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 trading platform 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 bitbay.net, 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 BitBay, 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.net to other similar exchange services with more or less the same 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 50 other cryptos, check the best rates to buy bitcoin and crypto in United States!
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.io 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.io provides the following extra services: Lending, Margin Trading, Faucets (small amounts of cryptos for free) and the Staking, MasterNodes, etc. (passive income opportunity) BitBay provides us with less services, related to the crypto exchange: it allows us to purchase and sell digital currencies, and besides that: Merchant Services, OTC trading and the Fiat to Fiat Currencies Trading & Exchange.
- CEX supports 33 cryptocurrencies and tokens BitBay allows to swap just 1 crypto (BitBay works with 32 cryptocurrencies & tokens fewer).
- 3 fiat currencies are available on cex.io website You'll be able to use 4 national currencies to swap with digital ones at BitBay (BitBay supports 1 paper currency up).
- CEX accepts deposits from and allows withdrawals to 8 fiat payment systems / banks BitBay allows the user to utilize 4 various fiat payment systems and/or banks (BitBay supports 4 banks and fiat payment systems less).
- CEX charges 0.3% — 3.99% 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).
- Buying limits at CEX start from $20.00 and are up to $10,000 Deposit/withdraw limits at BitBay are $5.00 — $555,556 depending on the payment method (BitBay has higher buying/selling limits).
- 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 policies related to KYC, fraud prevention, etc. are rather user-friendly, many will find it appealing that there are exceptions and orders without verification in certain situations).
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 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.com is working for 1 years and 9 months longer time).
- coinbase.com 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.com provides the following extra services: ATM Cards, Merchant Services and the Staking, MasterNodes, etc. (passive income opportunity) BitBay provides the same number of services as Coinbase: it allows us to purchase and sell digital currencies, and besides that: Merchant Services, OTC trading and the Fiat to Fiat Currencies Trading & Exchange.
- Coinbase supports 21 cryptocurrencies and tokens BitBay allows to swap just 1 crypto (BitBay works with 20 cryptocurrencies & tokens fewer).
- 6 fiat currencies are available on coinbase.com website You'll be able to use 4 national currencies to swap with digital ones at BitBay (BitBay supports 2 fiat currencies less).
- Coinbase accepts deposits from and allows withdrawals to 8 fiat payment systems / banks BitBay allows the user to utilize 4 various fiat payment systems and/or banks (BitBay supports 4 banks and fiat payment systems less).
- Coinbase charges 1.0% — 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 gives the gifts to the customers BitBay has neither gifts or cashback available (BitBay & Coinbase both provide the same bonuses for customers).
- Buying limits at Coinbase start from $2.00 and are up to $5,000 Deposit/withdraw limits at BitBay are $5.00 — $555,556 depending on the payment method (BitBay has higher buying/selling limits).
- 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 policies related to KYC, fraud prevention, etc. are rather user-friendly, many will find it appealing that there are exceptions and orders without verification in certain situations).
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 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 TransCoin
Let's compare the key features of these two platforms to see which one suits you best:
- TransCoin 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)
- TransCoin had started the business May 2018 BitBay started the business March 2014 (BitBay operates 4 years and 2 months longer).
- transcoin.me 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, TransCoin provides no extra services BitBay provides more exchange-related services: it allows us to purchase and sell digital currencies, and besides that: Merchant Services, OTC trading and the Fiat to Fiat Currencies Trading & Exchange.
- TransCoin supports 1 cryptocurrency BitBay allows to swap just 1 crypto (BitBay & TransCoin are working with the same number of digital currencys).
- TransCoin 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 TransCoin usually asks for some (it depends) documents and/or procedures User identification at BitBay usually consists of 2 different procedures: id verification, phone confirmation (BitBay's compliance program forces a client to take more actions or to provide more data).
Although the final decision, which exchange — TransCoin 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 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 Kraken
Let's compare the key features of these two platforms to see which one suits you best:
- Kraken is a trading platform BitBay is a trading platform, both are using the same business model.
- Kraken had started the business July 2011 BitBay started the business March 2014 (kraken.com is working for 2 years and 7 months longer time).
- kraken.com 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, kraken.com provides the following extra services: Mobile wallet, OTC trading, Margin Trading, Futures Trading and the Staking, MasterNodes, etc. (passive income opportunity) BitBay provides us with less services, related to the crypto exchange: it allows us to purchase and sell digital currencies, and besides that: Merchant Services, OTC trading and the Fiat to Fiat Currencies Trading & Exchange.
- Kraken supports 35 cryptocurrencies and tokens BitBay allows to swap just 1 crypto (BitBay works with 34 cryptocurrencies & tokens fewer).
- 7 fiat currencies are available on kraken.com website You'll be able to use 4 national currencies to swap with digital ones at BitBay (BitBay supports 3 fiat currencies less).
- Kraken accepts deposits from and allows withdrawals to 10 fiat payment systems / banks BitBay allows the user to utilize 4 various fiat payment systems and/or banks (BitBay supports 6 banks and fiat payment systems less).
- Kraken charges 0.25% — 3.75% fee BitBay charges the client 0.25% — 2.0% fee, depending on the currency, payment system, etc. (BitBay has lower fees in general).
- Buying limits at Kraken start from $14.58 and are up to $365 Deposit/withdraw limits at BitBay are $5.00 — $555,556 depending on the payment method (BitBay has higher buying/selling limits).
- Kraken allows registrations from 234 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 Kraken usually asks for 2 documents and/or procedures (id verification, address 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 policies related to KYC, fraud prevention, etc. are rather user-friendly, many will find it appealing that there are exceptions and orders without verification in certain situations).
Although the final decision, which exchange — Kraken 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 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 EXMO
Let's compare the key features of these two platforms to see which one suits you best:
- EXMO is a trading platform BitBay is a trading platform, both are using the same business model.
- EXMO had started the business May 2013 BitBay started the business March 2014 (exmo.me is working for 10 months longer time).
- exmo.me 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, exmo.me provides the following extra services: Cash codes, OTC trading and the Margin Trading BitBay provides us with less services, related to the crypto exchange: it allows us to purchase and sell digital currencies, and besides that: Merchant Services, OTC trading and the Fiat to Fiat Currencies Trading & Exchange.
- EXMO supports 24 cryptocurrencies and tokens BitBay allows to swap just 1 crypto (BitBay works with 23 cryptocurrencies & tokens fewer).
- 5 fiat currencies are available on exmo.me website You'll be able to use 4 national currencies to swap with digital ones at BitBay (BitBay supports 1 paper currency less).
- EXMO accepts deposits from and allows withdrawals to 9 fiat payment systems / banks BitBay allows the user to utilize 4 various fiat payment systems and/or banks (BitBay supports 5 banks and fiat payment systems less).
- EXMO charges 0.15% — 5.95% fee BitBay charges the client 0.25% — 2.0% fee, depending on the currency, payment system, etc. (BitBay has lower fees in general).
- Buying limits at EXMO start from $1.00 and are up to $20,000 Deposit/withdraw limits at BitBay are $5.00 — $555,556 depending on the payment method (BitBay has higher buying/selling limits).
- EXMO 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 EXMO usually asks for 3 documents and/or procedures (id verification, address 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 KYC, AML, etc programs and policies permit a user to finish fewer procedures, to share reduced personal information).
Although the final decision, which exchange — EXMO 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 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.net 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 should be 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 10 years and 1 months ago
- Exchange supports 1 cryptocurrencies and 4 fiat ones (totally 4 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
- The purchase and withdrawal limits are high and you may exchange small amounts, if you wish to: from $5.00 to $555,556 USD, it depends on a payment system choice
- 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!