What is Bitay?
Bitay is a cryptocurrency exchange registered in Turkey. It has been active since December 2018. They market themselves as "Turkey's Most Trusted Exchange".
Bitay Mobile Support
Most crypto traders feel that desktop give the best conditions for their trading. The computer has a bigger screen, and on bigger screens, more of the crucial information that most traders base their trading decisions on can be viewed at the same time. The trading chart will also be easier to display. However, not all crypto investors require desktops for their trading. Some prefer to do their crypto trading via their mobile phone. If you are one of those traders, you’ll be happy to learn that Bitay’s trading platform is also mobile compatible. To our understanding, you can download it from both the AppStore and Google Play:
Bitay Trading View
Every trading platform has a trading view. The trading view is the part of the exchange’s website where you can see the price chart of a certain cryptocurrency and what its current price is. There are normally also buy and sell boxes, where you can place orders with respect to the relevant crypto, and, at most platforms, you will also be able to see the order history (i.e., previous transactions involving the relevant crypto). Everything in the same view on your desktop. There are of course also variations to what we have now described. This is the trading view at Bitay:
It is up to you – and only you – to decide if the above trading view is suitable to you. Finally, there are usually many different ways in which you can change the settings to tailor the trading view after your very own preferences.
Why do so many exchanges not allow US citizens to open accounts with them? The answer has only three letters. S, E and C (the Securities Exchange Commission). The reason the SEC is so scary is because the US does not allow foreign companies to solicit US investors, unless those foreign companies are also registered in the US (with the SEC). If foreign companies solicit US investors anyway, the SEC can sue them. There are many examples of when the SEC has sued crypto exchanges, one of which being when they sued EtherDelta for operating an unregistered exchange. Another example was when they sued Bitfinex and claimed that the stablecoin Tether (USDT) was misleading investors. It is very likely that more cases will follow.
Bitay does not allow US-investors on its exchange. So if you’re from the US and would like to engage in crypto trading, you will have to look elsewhere. Luckily for you, if you go to the Exchange List and use our Exchange Filters, you can sort the exchanges based on whether or not they accept US-investors.
Bitay Trading fees
Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. At this exchange, they divide between takers and makers. Takers are the one who “take” an existing order from the order book. Makers are the ones who add orders to the order book, thereby making liquidity at the platform.
Bitay charges takers 0.28% per trade. These taker fees are higher than the global industry averages for centralized exchanges. Industry averages have historically been around 0.20-0.25% but we now see new industry averages emerging around 0.10%-0.15%. Regardless of whether you compare with today's industry averages or historical industry averages, 0.28% is high.
Does Bitay have a better deal with respect to the makers? Yes, but only a slightly better deal. Makers pay 0.20% instead of 0.28%.
All in all with respect to the trading fees, they are high.
Bitay Withdrawal fees
We have not been able to find any information on this exchange’s withdrawal fees. This is potentially a risk for you as an investor. Whenever an exchange does not inform of a fee, there is a higher risk that such fee is high. As soon as we receive information on the withdrawal fees at this exchange, we will update this review and post them here.
In addition to depositing cryptocurrency to the platform, Bitay also lets you deposit/pay with fiat currency. To our understanding, fiat currency deposits are possible through both wire transfer and credit card deposits. However, the only fiat currency possible to pay with is the Turkish Lira (TRY).
If you need to use another fiat currency than the TRY when depositing funds to your chosen platform, we recommend you to find another platform in our Exchange List. Good luck!