The cryptocurrency exchange originated in Poland but facilitates international trading. This Bitbay Review can provide you valuable insights about the platform and help you make informed-decisions regarding virtual assets like Bitcoin and Ethereum.
CoinMarketCap.com placed Bitbay’s total market ceiling at less than US$500, 000. For citizens and residents of Poland, you can secure a Bitbay debit card linked to your account supported by MasterCard for domestic purchases and transactions.
Features include bills payment and purchase of Bitcoin through Short Messaging Service or SMS. The exchange uses an attractive and user-friendly website although the interface looks more complicated compared to other cryptocurrency exchanges. The site consumes more bandwidth but should not be a problem for you. Instant transactions allow fast buying and selling of coins at the prevailing market price. However, you need to set a fixed rate for trading which provides a useful feature for traders unable to monitor markets on a daily basis.
This platform managed to build an advanced and safe Bitbay Wallet. The software suite supports a simple Smart Contract interface with the decentralized market system. Bitbay’s free app safeguards your transactions particularly in eCommerce websites like eBay, Hoobly Classifieds, and Craigslist. It eliminates centralized services from web-based sales allowing traders to interact directly with one another securely.
Bitbay wallet ensures permanent smart contracts specifically for real-world applications. Collateral or guarantees from parties concerned secure said deals are making them indestructible. You need not worry about fraud since funds serving as security deposits will get destroyed if one of either side cheats the other. Bitbay got rid of intermediaries, escrow, and fees due to the smart contract structure. Customers can quickly generate smart contracts by typing a few details.
The Bitbay app known as Bitbay Pay can facilitate trouble-free, prompt, and secure payments. In fact, the exchange says it manages 50, 000 such transactions on a daily basis which can give you some certainty in using the trading company. According to the company, Bitbay Pay accomplishes these operations on the spot worldwide. You can indicate your preferred currency for hassle-free transfers.
The company makes use of the 2FA or Two-factor Authentication process. Customers can make verifications with the Google Authenticator software token. The Bitbay app also employs the multi-signature system meaning at least two employees authorize the transfer of funds. This electronic exchange utilizes web browser platforms, mobile User Interface, and professional charts that integrate with applications including Bitcoin Checker, Simple Bitcoin Widget, Bitcoin Tick, and Tab Trader.
Bitbay Supported Cryptocurrencies
Aside from trading Bitbay Bitcoin, the European facility also supports digital currencies such as Ethereum, Bitcoin Cash, Lisk or LSK, Dash, Monero, and Game. You can use these virtual coins for traditional fiat currencies like the Polish Zloty, USD, and EUR. Consumers living in Poland may withdraw from Automated Teller Machines in Poland. The Bitbay Bitcoin account comes free and does not ask for additional confirmation like government ID or personal documents compared to other exchanges.
Payment options include bank transfers, credit or debit cards, or deposits through a convenience store called Zabka Fresh Market or Polish Post office (in the case of locals). According to another independent Bitbay review, you can transact business in this exchange efficiently with accounts and private keys made accessible only to the user.
Bitbay fees run from 0.25% to 0.43% for takers and 0.17% to 0.30% for makers. Other sites say fees depend mainly on monthly volumes. Majority of transactions linger at 0.43% and decreases to 0.42% at times particularly if you trade more than 1, 250 (EUR), US$1.67 million or 3.5 million (PLN). The exchange does not charge deposit fees for all cryptocurrencies.
The prices conform to current market prices although costs differ from one exchange to the other. In addition to relatively low Bitbay fees, you can always rely on the company’s online support with the instant messaging application at the screen’s lower portion. However, some reviews pointed out the stability of Bitbay’s website. Notwithstanding the negative comments, the facility remains a reliable option for Bitcoin traders in Poland and many parts of Europe.
Bitbay Scam – Is Bitbay Legit?
Some people warn of a possible Bitbay Scam. Thus you need to find out, is Bitbay Legit? An independent group evaluated Bitbay using the technique of Fraud Risk Assessment to determine any Bitbay scam. Warnings indicate zero with Red Flags or probable problems at four. The team used a weighting factor or emphasis given to available data at 40% to compute the final rating. It applied a factor of 25% for funding and trading and 15% for platform and support.
Check out Google, and you will not find significant complaints or incidents of breaches and scams. Ll in all, Bitbay introduces a progressive trading experience than many other digital exchanges. The company owns tools for buying as well as selling orders enabling skilled trades. Bitbay does not hold currencies. It only provides software and market for commerce involving virtual tenders. However, users must go through a regular verification procedure before you can deposit money using your credit card. For bank wires (trading cryptocurrencies or funding accounts, the user may skip the authentication process.
Bitbay may not turn out as the number one facility all over the world since it has many competitors cited by review sites or individuals as having better features and lower fees. You cannot prevent traders from opting for this platform despite some downsides.