BitBay is a Polish exchange Founded in 2014 and registered in Tallinn, Estonia. BitBay offers features like dynamic peg system, staking and BitBay bridge. BitBay crypto is a decentralized exchange and because of that, no KYC is required.
BitBay Exchange History and Regulation
BitBay was established with a vision to create a more stable and user-controlled cryptocurrency ecosystem.
The project is registered in Estonia, a country known for its progressive stance on blockchain technology and cryptocurrencies.
Key points about BitBay's history and regulation include:
- Utilizes “BAY” as its native governance token
- Implements a unique "Dynamic Peg" system for price stability
- Focuses on decentralized governance and user empowerment
By incorporating user voting and decentralized supply management, BitBay aims to create a more democratic and stable cryptocurrency ecosystem.
Summary of Specifications
BitBay's innovative features are designed to provide maximum security and functionality for online transactions. BitBay Crypto Exchange Specifications:
Exchange | BitBay |
Launch Date | 2014 |
Levels | None |
Trading Fees | 0.17% to 0.30% as taker, 0.25% to 0.43% as maker |
Supported Coins | 10+ |
Futures Trading | Not Available |
Minimum Deposit | $1 |
Deposit Methods | Bank Wire, Cryptocurrencies, Express DotPay, Polish Post Office, Express Żabka Market |
Withdrawal Methods | Bank Wire, Cryptocurrencies, Express DotPay, Polish Post Office, Express Żabka Market |
Maximum Leverage | 1:1 |
Minimum Trade amount | $1 |
Security Factors | Multi-signature Wallets, Cold Storage, Regular Security Audits, 2-Factor Authentication (2FA), IP and Device Monitoring |
Services | Staking |
Customer Support Ways | Telegram Group |
Customer Support Hours | N/A |
Fiat Deposit | Yes |
Affiliate Program | No |
Orders Execution | Limit, Market |
Native Token | BAY |
Restricted Countries | None |
The dynamic peg system is particularly noteworthy, allowing users to collectively adjust the coin supply to counteract demand changes.
This creates a truly adaptable and resilient cryptocurrency designed for mass adoption.
Is There Any User Level Offered by BitBay?
BitBay does not offer traditional user levels or tiers. In fact, other cryptocurrency exchanges also do not have any specific user level for users, and this is common among DEXs.
How Much Are BitBay Trading and Non-Trading Fees?
There isn't much information available about BitBay's fees; After much research and contacting support, we came across the following information.
Trading Fees
- Maker: 17% to 0.30% (based on 30-day trading volume)
- Taker: 25% to 0.43% (based on 30-day trading volume)
Non-Trading Fees
- Deposit fees: Free for most cryptocurrencies and bank transfers
- Withdrawal fees: Vary by cryptocurrency (e.g., 0005 BTC for Bitcoin)
BitBay Exchange Markets; What Coins Are Available?
BitBay offers 10+ coins to trade cryptocurrency trading and all of them have user-driven liquidity provision:
- Major cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC)
- BAY token: BitBay's native cryptocurrency
- Stablecoins: Tether (USDT), USDC
Key features of BitBay's markets include:
- Decentralized trading through smart contracts
- Dynamic peg system for BAY token stability
- Support for various trading types (limit orders, market orders, etc.)
- Integration with BitBay's decentralized marketplace
Does BitBay Support Crypto Futures and Margin Trading?
BitBay does not currently support crypto futures or margin trading. Therefore, they do not offer any leverage for crypto trading.
How to Sign Up in BitBay Exchange? Full Guide!
BitBay is a decentralized exchange and therefore, there is no need for registration or verification; to trade on this exchange, you only need to connect your wallet to the BitBay ecosystem.
What Are BitBay Security Measures?
BitBay places a strong emphasis on security, implementing several advanced features:
- Unhackable Wallet: Utilizes advanced encryption and multi-signature technology
- Steganography: Allows users to hide private keys within images for added security
- Encrypted Communication: All platform communications are end-to-end encrypted
- Smart Contracts: Secure, self-executing contracts for reliable transactions
- Cold Staking: Enables users to stake coins offline for enhanced security
- Bitmessage: Implements the Bitmessage protocol for anonymous, encrypted messaging
- Anti-Keylogger: Virtual keyboard option to prevent keylogging attacks
Although these security measures aim to provide users with a safe and secure platform, crypto exchange are Vulnerable to attacks and hacks.
Funding and Withdrawals Methods
BitBay supports 5 funding and withdrawal methods:
- Bank Wire: Traditional bank transfers (fees may apply)
- Cryptocurrencies: Direct deposits and withdrawals of supported coins
- Express DotPay: Fast payment option for Polish users (2% fee)
- Polish Post Office: Cash deposits for Polish users (2% fee)
- Express Żabka Market: Cash deposits at Żabka stores in Poland (2% fee)
Users should check the current fee schedule on the BitBay website for the most up-to-date information.
BitBay Trust Score and User Satisfaction
BitBay's user satisfaction ratings on Trustpilot are concerningly low, with an average score of 1.4/5 based on 50+ verified reviews.
Common complaints include:
- Delayed or missing withdrawals
- Unresponsive customer support
- Account verification issues
- Concerns about the platform's legitimacy
Does BitBay Exchange Offer Any Investment Plans?
BitBay does not offer copy or social trading. However, it allows staking, where users can stake their BAY tokens to participate in the network's consensus mechanism and earn rewards.
TradingFinder Writer's opinion and conclusion
Dynamic Peg, BAY governance token, decentralized marketplace and cold staking are the distinctive features of BitBay.
Sign up and verification in BitBay are not mandatory but trading fees in this exchange are higher than some exchanges [0.17% to 0.30% as taker, 0.25% to 0.43% as maker].
