A crypto exchange guide must provide reviews of all of the crypto exchanges out there, so that you can find the right one for you. This review of BitBay consists of four parts: general info, fees, deposit methods and security.
BitBay is an exchange operated by Pinewood Estonia OÜ with license in Estonia, It used to be registered in Malta, and actually formed in Poland as early as in 2014.
As you surely know, the Baltic region consists of three countries: Estonia, Latvia and Lithuania. With this in mind, it might seem odd that out of these three countries, only Estonia is the home of any exchanges (update: there is now also an exchange from Lithuania: BTC Exchange). The likely explanation for this however is that Estonia has a license you can obtain in order to conduct crypto exchange operations as an Estonian company. To our knowledge, there are only two other nations in Europe that have clear laws on this like Estonia has: Malta and Gibraltar.
According to information on BitBay’s website on 30 October 2019, it has more than 800,000 active users.
BitBay has apparently won several prizes. These are all listed the exchange’s website and further detailed in the picture below.
BitBay prohibits US-investors from trading on its exchange. If you’re a US-investor and you want to find an exchange for you, just use our Exchange Finder or our Cryptocurrency Exchange List and we’ll help you through it.
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 when trading fiat-to-crypto are 0.43%. For makers in a fiat-to-crypto trade, the trading fees are 0.30%. Should you instead trade crypto-to-crypto, the trading fees are substantially lower. Takers only pay 0.10%, and makers don’t pay anything at all, in a crypto-to-crypto trade.
All in all, the fees here at BitBay are competitive.
BitBay Withdrawal fees
BitBay’s withdrawal fee is 0.0005 BTC per BTC-withdrawal. This fee is a bit below the industry average. The global industry average BTC-withdrawal fee the last time we at Cryptowisser did a full-blown empirical study of it was approx. 0.0008. But today, we see more and more exchanges charging 0.0005 BTC per BTC-withdrawal, so one could argue that 0.0005 BTC is starting to become the new industry average.
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 third party providers). Other platforms that also have this option include: