Last updated on January 2nd, 2018 at 12:00 am
Bitbay is a Polish bitcoin exchange, but allows for global trading. Bitbay appears to be on the smaller side, with a total marketcap of less than $500,000 dollars according to CoinMarketCap.com. With smaller bitcoin exchanges, their reputation and history is generally not as well known. However, smaller exchanges also make less attractive targets for bitcoin hackers. Bitbay can be used to trade bitcoin, litecoin, ether, and lisk, giving currency trades a good deal of flexibility.
For Polish users, you can actually get a BitBay debit card to make local purchases and transactions. This card is tied to your BitBay account and is backed by MasterCard. There are also features for paying bills and buying bitcoin via SMS.
Bitbay’s website is attractive and relatively easy to use. As a flashier site with a lot of features, the user interface can be a little bit more complex than other bitcoin exchanges. Further, the site will use up a bit more of your bandwidth, but that shouldn’t be a problem for most users.
As with most traditional exchanges, you can place an offer, setting both the price you’re willing to pay, and how many bitcoins (or other coins) you’d like to purchase. You can also do an instant transaction, which will allow you to quickly buy (or sell) coins at the current market-set price. Further, you can also have a bot do trading for you. You will stipulate certain guidelines, such as a target price at which you want to buy or sell. This is a great value-added feature for traders who can’t monitor markets day-in and day-out.
Fees are quite low for transactions, running from .43% to .25%. BitBay isn’t the cheapest service out there, but overall it’s quite affordable. Most of their fees for withdrawals and other activities are also quite affordable. Prices generally seem to be in line with market prices. Of course, prices can differ from exchange to exchange, so it’s always a good idea to check out a few exchanges when buying bitcoins.
Another thing to consider is Bitbay’s online support. Using an instant messaging app at the bottom of the screen support is always one click away which is very useful.
BitBay is a solid choice, mainly for Polish and European bitcoin traders. For those outside of the region, local choices may make more sense.