BitBay is a Polish exchange founded in 2014 and registered in Tallinn, Estonia. BitBay offers features like dynamic peg system, staking and BitBay bridge. BitBay crypto is a decentralized exchange and because of that, no KYC is required.
BitBay Exchange History and Regulation
Founded in 2014 in Poland, BitBay has evolved into one of Europe’s oldest and most prominent cryptocurrency exchanges. The platform handles over 1,200 transactions per minute and boasts a user base exceeding 215,000 traders.
BitBay has since expanded its operations, with additional offices in Amsterdam and India. It was established with a vision to create a more stable and user-controlled cryptocurrency ecosystem.
The project is registered in Estonia, a country known for its progressive stance on blockchain technology and cryptocurrencies.
Although originally established for the Polish market, the platform now serves users globally. Account creation is simple and free, and while KYC is not required for crypto-only trading, it becomes necessary when fiat transactions are involved.
Key points about BitBay's history and regulation include:
- Utilizes “BAY” as its native governance token
- Implements a unique "Dynamic Peg" system for price stability
- Focuses on decentralized governance and user empowerment
By incorporating user voting and decentralized supply management, BitBay aims to create a more democratic and stable cryptocurrency ecosystem.
Summary of Specifications
BitBay's innovative features are designed to provide maximum security and functionality for online transactions. BitBay Crypto Exchange Specifications:
Exchange | BitBay |
Launch Date | 2014 |
Levels | None |
Trading Fees | Taker 0.17% to 0.30% Maker 0.25% to 0.43% |
Supported Coins | 10+ |
Futures Trading | Not Available |
Minimum Deposit | $1 |
Deposit Methods | Bank Wire, Cryptocurrencies, Express DotPay, Polish Post Office, Express Żabka Market |
Withdrawal Methods | Bank Wire, Cryptocurrencies, Express DotPay, Polish Post Office, Express Żabka Market |
Maximum Leverage | 1:1 |
Minimum Trade amount | $1 |
Security Factors | Multi-signature Wallets, Cold Storage, Regular Security Audits, 2-Factor Authentication (2FA), IP and Device Monitoring |
Services | Staking |
Customer Support Ways | Telegram Group |
Customer Support Hours | N/A |
Fiat Deposit | Yes |
Affiliate Program | No |
Orders Execution | Limit, Market |
Native Token | BAY |
Restricted Countries | None |
The dynamic peg system is particularly noteworthy, allowing users to collectively adjust the coin supply to counteract demand changes.
This creates a truly adaptable and resilient cryptocurrency designed for mass adoption.
Compact Review of BitBay Advantages and Disadvantages
Like other exchanges, BitBay has a set of advantages and disadvantages, which you can see in the table below:
Pros | Cons |
Unique dynamic peg system for price stability | Limited trading pairs compared to major exchanges |
User-driven governance through BAY token | Small user base and community |
Innovative features like double deposit escrow | Complex user interface for cryptocurrency beginners |
Focus on security and privacy | Lower liquidity compared to larger exchanges |
Decentralized marketplace functionality | - |
No KYC required for basic trading | - |
While BitBay offers innovative solutions and a focus on user empowerment, it may not be suitable for all traders, especially those seeking a wide range of trading pairs or high liquidity.
Is There Any User Level Offered by BitBay?
BitBay does not offer traditional user levels or tiers. In fact, other cryptocurrency exchanges also do not have any specific user level for users, and this is common among DEXs.
How Much Are BitBay Trading and Non-Trading Fees?
There isn't much information available about BitBay's fees; After much research and contacting support, we came across the following information.
BitBay Trading Fees
BitBay uses a volume-based maker/taker fee model. For 30-day volumes under €1,250, the taker fee begins at 0.43%, while the maker fee starts at 0.30%. These drop to 0.25% and 0.17% respectively for high-volume traders.
- Maker: 0.17% to 0.30% (based on 30-day trading volume)
- Taker: 0.25% to 0.43% (based on 30-day trading volume)
BitBay Non-Trading Fees
Deposits via crypto and fiat bank transfers are free, while card deposits incur a 2.99% fee (with a minimum of €2.50 or 10 PLN). The exchange's crypto-to-crypto trades are generally more affordable than its fiat trading.
- Deposit fees: Free for most cryptocurrencies and bank transfers
- Withdrawal fees: Vary by cryptocurrency (e.g., 0005 BTC for Bitcoin) and the blockchain network
BitBay maintains a low barrier to entry with both the minimum deposit and minimum trading amount set at just $1. This makes the platform accessible for retail users and small-scale crypto investors looking to test trading with limited capital.
BitBay Exchange Markets; What Coins Are Available?
BitBay offers 10+ coins for cryptocurrency trading, and all of them have user-driven liquidity provision:
- Major cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC)
- BAY token: BitBay's native cryptocurrency
- Stablecoins: Tether (USDT), USDC
Key features of BitBay's markets include:
- Decentralized trading through smart contracts
- Dynamic peg system for BAY token stability
- Support for various order types (limit orders, market orders, etc.)
- Integration with BitBay's decentralized marketplace
Uniquely, the exchange offers full trading support with the Polish Zloty (PLN), in addition to USD and EUR. This makes BitBay one of the few European exchanges with PLN pairings.
Although the range of digital assets is limited compared to major exchanges, it does offer fiat-to-crypto trading in multiple currencies.
Does BitBay Support Crypto Futures and Margin Trading?
BitBay does not currently support crypto futures market or margin trading. Therefore, they do not offer any leverage for crypto trading.
How to Sign Up in BitBay Exchange?
BitBay is a decentralized exchange and therefore, there is no need for registration or verification; to trade on this exchange, you only need to connect your wallet to the BitBay ecosystem.
Apps and Platforms
This exchange offers 3 applications and platforms to support its ecosystem.
BitBay Applications:
- Marketplace client: A decentralized platform for buying and selling goods and services using BAY tokens
- Qt Wallets: Available for Windows, Mac, Linux; an easy way to store and stake BAY
- Mobile Wallet: Available for iOS and Android to store, send, and receive BAY
What Are BitBay Security Measures?
BitBay places a strong emphasis on security, implementing several advanced features:
- Unhackable Wallet: Utilizes advanced encryption and multi-signature technology
- Steganography: Allows users to hide private keys within images for added security
- Encrypted Communication: All platform communications are end-to-end encrypted
- Smart Contracts: Secure, self-executing contracts for reliable transactions
- Cold Staking: Enables users to stake coins offline for enhanced security
- Bitmessage: Implements the Bitmessage protocol for anonymous, encrypted messaging
- Anti-Keylogger: Virtual keyboard option to prevent keylogging attacks
Although these security measures aim to provide users with a safe and secure platform, crypto exchanges are Vulnerable to attacks and hacks.
BitBay's regulatory transparency is limited. While the exchange implements two-factor authentication and performs regular data backups using the 3-2-1 strategy (Disk-to-Disk-to-Cloud), details about its custodial setup or cold wallet usage are not publicly disclosed.
Funding and Withdrawal Methods
The exchange offers a wide variety of deposit and withdrawal options, including cryptocurrencies, bank transfers, debit/credit cards, Polish Post Office branches, and even convenience stores like Żabka.
- Bank Wire: Traditional bank transfers (fees may apply)
- Cryptocurrencies: Direct deposits and withdrawals of supported coins
- Express DotPay: Fast payment option for Polish users (2% fee)
- Polish Post Office: Cash deposits for Polish users (2% fee)
- Express Żabka Market: Cash deposits at Żabka stores in Poland (2% fee)
While crypto and bank wire deposits are free, fiat withdrawals incur modest fees, such as:
- Bank Wire: 4 PLN
- ATM Withdrawals via SMS: 20 PLN
- Express Transfer: 10 PLN
- Bitcoin: 0.00045 BTC
- Ethereum: 0.00126 ETH
Users should check the current fee schedule on the BitBay website for the most up-to-date information.
BitBay Trust Score and User Satisfaction
The BitBay Trustpilot profile has a concerningly low rating, with an average score of 1.4/5 based on 50+ verified reviews.
Common complaints include:
- Delayed or missing withdrawals
- Unresponsive customer support
- Account verification issues
- Concerns about the platform's legitimacy
BitBay Features
While BitBay provides crypto staking opportunities, it doesn't offer crypto copy trading software.
Staking | Yes |
Yield Farming | Yes |
Social Trading | No |
Liquidity Pool | No |
Crypto Cards | No |
Customer Support
BitBay provides customer support primarily through Telegram. To reach BitBay support:
- Join the official BitBay Telegram group;
- Post your question or issue in the group;
- Wait for a response from the support team.
Does BitBay Exchange Offer Any Investment Plans?
BitBay does not offer social or copy trading. However, it allows staking, where users can stake their BAY tokens to participate in the network's consensus mechanism and earn rewards.
BitBay Restricted Countries
Following the true nature of decentralized exchanges and providing global services, BitBay has no restrictions in providing services to users in different countries.
BitBay Comparison Table
Let's take a quick look at BitBay's standing in the crypto world in comparison with other platforms:
Features | BitBay Exchange | Bitget Exchange | MEXC Exchange | BingX Exchange |
Number of Assets | 10+ | 10000+ | 2800+ | 800+ |
Maximum Leverage | 1:1 | 1:125 | 1:200 | 1:125 |
Minimum Deposit | $1 | $15 | $1 | $1 |
Spot Maker Fee | 0.17% - 0.30% | 0.10% | 0.05% | 0.005% - 0.1% |
Spot Taker Fee | 0.25% - 0.43% | 0.10% | 0.05% | 0.02% - 0.1% |
Mandatory KYC | No | Yes | Yes | Yes |
Futures Trading | No | Yes | Yes | Yes |
Mobile Application | Yes | Yes | Yes | Yes |
Fiat Payment | Yes | Yes | Yes | Yes |
Staking | Yes | Yes | Yes | Yes |
Copy Trading | No | Yes | Yes | Yes |
TradingFinder Writer's opinion and conclusion
Dynamic Peg, BAY governance token, decentralized marketplace and cold staking are the distinctive features of BitBay.
Sign up and verification in BitBay are not mandatory but trading fees in this exchange are higher than some exchanges [0.17% to 0.30% as taker, 0.25% to 0.43% as maker].