BitBay Sp. z o. o
Feb 28, 2014
ulica Kepowa 45, Katowice, Woj. Śląskie 40-583, PL
The decentralization of digital currency which was pioneered by Bitcoin can be termed as a digital milestone which has gained a lot of popularity across all demographics in the world. This has led to a massive shift in the operations of some financial activities from the use of Fiat currency to Cryptocurrencies or a combination of both. Financial markets have introduced platforms for the trade and exchange of these digital currencies to cater to the ever-growing demand as every individual wants a piece of this digital gold.
Bitbay is an online cryptocurrency exchange and trading platform which was established in 2014 by a crypto enthusiast, CEO Sylwester Suszec. The headquarters of Bitbay are located in Poland where its main operations occur but have recently opened a new office in Amsterdam. Bitbay is considered as one of the oldest cryptocurrency trading platforms in Europe.
- Registration: Bitbay’s registration process is free and fairly simple. It gives users an option of opening two types of accounts which include unverified and verified ones. Signing up for either account will require a valid and active email address, but proof of residence and identification documents need to be uploaded when registering for a verified account.
- Bitbay uses a two-factor authentication process to guarantee security on the sign-up process.
- Multi-Currency Platform: Bitbay offers a wide range of trading options for cryptocurrencies as it not only accepts Bitcoins but facilitates the trade of Ethereum (ETH), Litecoin (LTC), Lisk (LSK), Bitcoin Cash (BCC), GAME and DASH These cryptocurrencies can be traded and exchanged for fiat currency such as USD, EUR, and the Polish Zloty.
- Deposits and Withdrawals: Once you have an account on Bitbay, depositing your funds is a simple process which involves a standard bank transfer in any of the three fiat currencies above or a direct cash deposit in any of the 15,000 polish post offices. Cryptocurrencies can be transferred from your e-wallet to the Bitbay wallet by simply using a transfer email on your wallet which is generated from your Bitbay account.
- Fiat currencies can be withdrawn directly to your bank from Bitbay through a standard direct transfer whereas transferring cryptocurrencies simply requires a transfer email generated from your e-wallet.
- Bitbay Card and ATM SMS Withdrawals: In Poland, you can withdraw your funds directly from an ATM using an SMS code on your phone which is set on the Bitbay account and is valid for 48 hours. Bitbay has also introduced a MasterCard debit card which gives you access to your funds at any given time to make any purchases, withdrawals or transactions that you may require.
- Customer Support: This platform offers customer support services through an email address which has proven to be inefficient over the years due to delayed responses on customer queries.
- Flexible and convenient assent management: Bitbay’s platform offers some flexibility and convenience with its ATM withdrawal options for both SMS codes and ATM cardholders. This gives you control over your funds at any given point which gives you some form of trust and security over your account.
- Tracking actual market movements: Bitbay provides some graphs and charts on performances of different cryptocurrencies which assists you in your currency trading activities.
- Very low charges fees applied when making a currency transfer both fiat and digital currencies: This platform has recently introduced a money transfer option for both digital and fiat currencies at very low costs which rivals any fiat based platform or financial agents fees.
- Poor customer support: The customer support system is very slow and creates many inconveniences whenever you quickly need to resolve your account issues.
- This platform does not offer any information on licensing or regulation: Providing nothing about Company’s regulation and licensing will causes some discomfort when planning to do a large investment as no one would be liable for the site's closure.
Bitbay is an advanced Bitcoin exchange platform which offers people a chance to take part in the buzzing cryptocurrency trades. It, however, does not offer much security for your funds within the account and hence creates a worrying feature among the many cryptocurrency trading platforms.