BitBay Cryptocurrency Exchange Review (2020)

As per its own statistics, BitBay has over 215 000 active users, more than 1200 transactions per minute and an annual volume of 545 000 BTC.

The company does not provide much information about the protection levels of client funds and it does not become clear whether and how much it keeps in cold storage. The only details we found is that it uses two factor authentication and data backup is done on a regular basis. Backup is being done according to the 3-2-1 principle (Disk-to-Disk-to-Cloud) and all data is encrypted. There is no information about any hacks of BitBay so far, but we all know that even the two-factor authentication can be circumvented and hot storage can be easily hacked.

Client comments on the site Cryptocompare claim BitBay provides very fast transactions and is reliable. It seems the only gripe customers have is the small number of digital coins that can be traded.

What we find interesting is that BitBay offers its clients to issue a MasterCard co-branded debit card that can be used for money withdrawals and payments. A similar card is issued by one of the major global exchanges – Coinbase – a co-branded Visa plastic called Shift Card.

BitBay’s card can be used for online payments and cash withdrawals, much like debit cards issued by forex brokers like FXTM, FxPro and FBS, for example.

Also BitBay, similarly to another Polish exchange – Coinroom – offers money transferring service, both in digital and fiat currencies.

BitBay Features

BitBay makes many of the same claims as other exchanges. They claim to have good customer service, for example, as well as fast deposits and withdrawals, secure transactions, and enhanced trading tools. Here are some of the core features of the trading platform that make it unique from other cryptocurrency exchanges:

Deposits & Withdrawals:

BitBay lets you make a deposit to your account using wire bank transfer, credit card payments, or Poczta Polska. During normal Polish business hours (8am to 4pm on weekdays), the company will add funds to user’s accounts every 30 minutes. For withdrawals, users can access express transfers or ATM withdrawals.

Two Factor Authentication:

BitBay has full 2FA support. Users can authenticate using their SMS token or Google Authenticator.

Multi-Sig Support:

BitBay has multi-signature support which ensures transfers are authorized by a minimum of two employees.

Enhanced Security:

100% of BitBay funds are stored in encrypted cold wallets. The company performs backups with the 3-2-1 principle (disk to disk to cloud).

Advanced Trading Tools:

BitBay has professional charts, mobile adds, good browser platform UI, and the ability to integrate with apps like Bitcoin Ticker, TabTrader, Bitcoin Checker, or Simple Bitcoin Widget.

Affiliate Program:

BitBay has a very generous affiliate program. You earn 20% of BitBay commissions from transactions performed by each user who registers using your affiliate link.