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 BitBay consists of four parts: general information, fees, deposit methods and security.
BitBay is an exchange registered in Malta, but it was formed in Poland as early as in 2014. Malta is together with Estonia and Gibraltar one of the few countries in Europe that has developed explicit license requirements for cryptocurrency exchanges. When Malta issued specific license requirements for cryptocurrency exchanges, a lot of exchanges from other parts of the world actually relocated to Malta, like BitBay which was previously registered in Poland. Changelly, RDAX Exchange, Coindeal, Bleutrade, Graviex and The Rock Trading are all based in Malta.
According to information on BitBay’s website on 9 June 2019, it has more than 800,000 active users and 200+ employees.
BitBay has apparently won several prizes. These are all listed the exchange’s website and further detailed in the picture below.
BitBay does not explicitly prohibit US-investors from trading on its exchange. In any event, all US-investors should still perform their own analysis of whether their home state imposes any legal obstacles to them trading at any of the top crypto exchanges that could be the best cryptocurrency exchange site for them.
BitBay Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-trading 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. The below is a picture of the trading view at BitBay (the price chart didn’t load for some reason):
BitBay Trading fees
The fees at any exchange are very important to consider. Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. Makers are so named because their orders make the liquidity in a market. Takers are the ones who remove this liquidity by matching makers’ orders with their own.
Ingvar, offering to buy 1 BTC for USD 10,000. And Jeff, offering to sell 1 BTC for USD 11,000. If Bill comes along, and sells 1 BTC to Ingvar for USD 10,000, he takes away Ingvar’s order from the order book. Bill is here a taker and will be charged the taker fee. If Bill on the other hand would have offered to sell 1 BTC for USD 10,500, he would have placed an order on the order book that did not correspond to an existing order. He would thus have been a maker of liquidity. If someone would have accepted to buy 1 BTC from Bill for USD 10,500, then Bill would have been charged the maker fee (usually a bit lower than the taker fee) and the relevant buyer would have been charged the taker fee.
BitBay’s trading fees for takers are 0.43%. This fee is slightly above the industry average which is around 0.25%. One should consider whether BitBay has a strong offering to investors in other respects that outweighs the disadvantage of this somewhat higher trading fee.
BitBay Withdrawal fees
BitBay’s withdrawal fee is 0.00045 when you withdraw BTC. This fee is substantially below the industry average. The global industry average BTC-withdrawal fee is 0.000812, so BitBay’s withdrawal fee is almost half that.
At BitBay, you can also deposit fiat currency (GBP for instance). Fiat currency deposits are possible through wire transfer (but not through credit card). As this exchange accepts fiat currency deposits, it is what we call an “entry-level exchange”, where new cryptocurrency investors can take their first steps into the exciting cryptocurrency world.
This exchange’s security score is a C, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is actually way above industry average when it comes to cryptocurrency exchanges. It should even be noted here that in absolute numbers, F is the most common score among all cryptocurrency exchanges in our Cryptocurrency Exchange List. In addition to scoring quite well in the Observatory-test by Mozilla, BitBay also has a lot of other security features in place to the benefit of its users. Good work!
As mentioned above, this exchange supports credit card deposits (alone or through the use of any of its associated payment service providers). Other cryptocurrency exchanges that also have this option include: