UPDATE 20 March 2020: We have received information from users of this exchange that there have been issues with withdrawals, to such an extent that German police has been informed in the matter. We are not yet ready to mark this exchange as a "scam", but we urge users of the exchange - or people interested in opening up accounts here - to be cautious.
UPDATE 1 November 2020: Sometime around the date of this latest update (1 November 2020), this exchange changed name to Vero Exchange. We have written a review of Vero Exchange here and have marked this particular exchange as dead and moved it to our Exchange Graveyard. But remember, the old BayBit.io is the new Vero Exchange.
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A trading cryptocurrency guide must provide reviews of all of the top crypto exchanges out there, so that you can find the best cryptocurrency exchange site for you. This review of BayBit.io consists of four parts: general information, fees, deposit methods and security.
BayBit.io (previously Bitcoinfive.com) is an exchange based in the United Kingdom. United Kingdom is the country which without a doubt has the most cryptocurrency exchanges in the world. At least that we know of. A non-exhaustive list of exchanges from the UK (in addition to this one) includes Exmo, CEX.io, CoinEgg, Livecoin, DSX, LocalTrade, Bittylicious (funny name by the way), CoinMate, Indacoin, MixCoins, Paybis, Vaultoro, Instant Bitex and eToro.
Unfortunately for US-investors, BayBit.io prohibits US-investors from trading on its exchange. Interested US-investors must therefore refer to any of the other top crypto exchanges or perhaps just find another exchange where they are permitted to trade by using the Exchange Finder.
This exchange only offers trading in Bitcoin.
As its main advantages, the exchange lists four things: instant exchanges, no exchange fees, “satisfaction” and “UK Registered Company”. To be perfectly honest, we feel that it is a bit unclear what “satisfaction” refers to, and it’s definitely subjective. Moreover, “UK Registered Company” is not really an advantage per se. The statement that they do not charge any exchange fees is misleading at best, seeing as the platform makes money on the spread between buy and sell price quotes. All in all, the list of advantages is actually more deterring than attractive to us.
BayBit.io Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the trading views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptocurrency and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can ascertain that it feels right to you. At this exchange, you can’t really say that there is any trading view at all. The below is a picture of the basic purchase interface at BayBit.io:
BayBit.io Trading fees
The fees at any exchange are very important to consider.
BayBit.io is different from most exchanges in the way that it does not offer trading between cryptos. The only service offered is buying and selling BTC. When buying BTC from the exchange, the purchase price offered by the exchange is usually way higher than the market price. Conversely, when selling BTC to the exchange, the purchase price offered is usually way lower than the market price. The mark-up or mark-down is not specified anywhere. But, when we did a calculation, and compared the prices offered by BayBit.io with the prices listed as market price on Coinmarketcap, for the purchase/sale of 1 BTC, we found that BayBit.io takes a 6.15% fee from its buyers/sellers. These fees are very high.
BayBit.io Withdrawal fees
Considering how this exchange operates, withdrawal fees are irrelevant.
BayBit.io accepts deposits through both wire transfer and credit cards. Many crypto investors of course view this as very positive. One should generally look out for the different deposit fees charged by exchanges for deposit of fiat currencies via wire transfer or credit cards, and whereas it might be indifferent to you whether you should deposit via wire transfer or credit card, it might be very different fees. Some exchanges charge a deposit fee of up to a staggering 11% for credit card deposits.