BitBay Review 2020
Launched in 2014, BitBay is considered to be one of the largest cryptocurrency exchanges in Central Eastern Europe; it has 200+ employees and serves more than 800,000 active users, executing over 125 transactions per minute. They offer multiple cryptocurrencies for trading online, including Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Dash, Ripple, and others.
BitBay Review 2020, Pros & Cons
- A sophisticated trading platform
- Multiple Cryptocurrencies
- A vast array of educational resources
- Unregulated exchange
- Cryptocurrency trading only
- Cryptocurrency funding only
- No MetaTrader platforms
- No US clients
In this detailed BitBay review, our online broker research team has covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
BitBay is not ranked in our best forex brokers, best stockbrokers, best CFD brokers, best crypto brokers, or best online brokers categories. You can use our free broker comparison tool to compare online brokers including BitBay.
BitBay Review: Summary
With the head office in Tallinn, Estonia, BitBay is a cryptocurrency exchange that has been in operation since 2014 providing a global clientele with intuitive trading platforms for online trading of multiple cryptocurrencies. The Exchange provides traders with multiple trading tools and a good selection of educational materials. They are constantly developing and expanding with unique and original products, such as Internal Fiat Exchange, the PRO Mode for advanced traders, Professional ICO Services, and Affiliate Program for the users of their platform. BitBay has been honored with multiple awards and recognitions, including The Best Cryptocurrency Exchange 2017 and 2018, Polish Innovation Award in 2017, and more.
BitBay Review: Regulation
BitBay’s administrator is BB Trade Estonia, a company that is registered in Tallinn, Estonia, and entered into the Registration of Entrepreneurs under the registration number: 14814864.
BitBay is not regulated by any financial regulatory authority at the moment. Most experts and professionals would not trade with an unregulated broker as they cannot offer the same protection to investors that a regulated brokerage firm can. Please see our best trading brokers for alternative regulated brokers.
BitBay Review: Countries
Persons from different parts of the world can open a trading account with the Exchange provided that doing so would not contradict any local law or regulation. They cannot accept US clients.
Some BitBay features and products mentioned within this BitBay review may not be available to traders from certain countries because of legal restrictions.
If you are looking for a trading broker in a particular country, please see our best brokers USA, best brokers UK, best brokers Australia, best brokers South Africa, best brokers Canada or our best brokers for all other countries.
BitBay Review: Trading Platforms
The Exchange provides traders with an intuitive proprietary trading platform, which is available as a mobile trading app. It provides a flexible trading experience anytime, with dozens of innovative trading tools that make it easier to analyze the cryptocurrency market and trade efficiently. It can be downloaded from Android and iOS app stores on mobile smartphone devices.
BitBay Review: Trading Tools
Clients get access to some important trading tools that can help deliver a hitch-free trading experience. They include the Trading API and a range of downloadable graphic materials.
BitBay Review: Education
The Exchange provides traders with a vast array of educational materials, including News, Helpdesk, Press Room, Trading Articles, and a well-organized FAQ section.
BitBay Review: Trading Instruments
BitBay offers online trading over 30 cryptocurrencies, including Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Dash, Ripple, and others.
BitBay Review: Trading Accounts & Fees
The Exchange offers a live trading account, which allows them to use the trading platform to trade over 30 digital currencies and make both online and offline payments. They do not charge any fees for account management.
As broker fees can vary and change, there may be additional fees that are not listed in this BitBay review. It is imperative to ensure that you check and understand all of the latest information before you open a BitBay broker account for online trading.
BitBay Review: Customer Service
The Exchange’s customer support team is available via Live Chat, email, and social media.
BitBay Review: Deposit & Withdrawal
Account funding and withdrawals can be done using the following methods: international bank transfers, and digital currencies.
BitBay Review: Account Opening
Opening a trading account with BitBay is free, and can be done by clicking on the ‘Open Free Account.’ Then, type your email address and submit. An instant link will be sent to your mail, which will be used to access your account.
It is imperative to ensure that when you are going through a broker application, you clearly read all of the broker’s terms, conditions, and policies. Only proceed if you fully understand and agree to them.
BitBay Review: Conclusion
BitBay is the third-largest cryptocurrency exchange in Europe. The platform was founded in 2014 in Poland. Today it has nearly 1 million users worldwide, and it offers trading in over 30 cryptocurrencies and allows for FIAT deposits and withdrawals in USD, EUR, and PLN. However, BitBay is unregulated which may be a red flag for some potential clients. You may wish to view our best crypto brokers for regulated alternatives.
Trading in digital currencies and engaging in related leveraged transactions entails significant financial losses. You should not commit funds to trading or leveraging digital tokens that you cannot afford to lose entirely. Market prices for digital currencies can be volatile and highly unpredictable.