BitBay Review

BitBay Review

BitBay is the company based in Poland, founded in 2014. Additionally, company operates not only as trading platform, but merchant as well - BitBayPay. BitBay isn't very popular, but has a great potential of becoming one of top Bitcoin companies located in Europe. Check this BitBay Review to get more details on that.

Supported Cryptocurrencies
  • Bitcoin (BTC)
  • Litecoin (LTC)
  • Ethereum (ETH)
  • Lisk (LSK)
Offered Services
  • Buy Bitcoin, Litecoin, Ethereum, Lisk
  • Sell Bitcoin, Litecoin, Ethereum, Lisk
  • Wallet
  • Trading platform
  • BitBay card
Payment Methods Accepted
  • Credit Cards (Visa or Mastercard)
  • Wire Transfer
  • Cryptocurrencies - BTC, LTC, ETH, LSK
Fees
  • Credit/Debit card - 5% (min. $10 or €10)
  • Wire transfer - 0%
  • Trading fee - varies from the amount of trading 0.25% - 0.43%
  • Withdrawal fee: SWIFT - $1.25 + 0.35%; SEPA - €1.5
  • ATM - 2.5% (min. ±€2 (other fee applies in Poland))
  • Other fees are applied for residents of Poland
Verification Process
  • At a certain time BitBay may ask to complete the verification process 
  • Then it is necessary to provide an ID or a Passport and utility or other bill (address verification)
Supported Countries
  • Supports 240 countries
  • Payment and withdrawal methods, terms and policy can vary depending on the country
  • North Korea, Iran, Syria and Lebanon are not allowed to use the site
Speed
  • Deposits are booked at least 3 times per day
  • It depends on your and BitBay banks
Limits
  • If annual turnover reaches €15,000, BitBay requires to complete verification process (regarding to KYC regulations)
  • Trading inside BitBay is unlimited
Privacy
  • BitBay occasionally asks to provide some personal details 
Security
  • Two-Factor Authentication
  • Additional verification for confirming cryptocurrency or withdrawal transactions
Pros
  • Has a card
  • Offers recurring buys
  • Decent privacy for a basic use
  • Offers "Pay bills" option for residents of Poland
Cons
  • Fees are high (for international customers)
  • Confusing interface
  • Web site is overfilled
Conclusion

BitBay isn't very known name in the world of Bitcoins. However, they offer pretty solid services for the users of cryptocurrency. Especially, BitBay provides many great features for Bitcoiners in Poland. International customers aren't forgot too and they have some advantages. Still BitBay should improve simplicity of UI and user experiences.

Rating
7/10