- Has a card
- Decent level of privacy
- High fees for non Poland customers
- Confusing UI
Bitbay offers various services like buying or selling Bitcoin, Litecoin, Ethereum, Lisk, Bcash, etc., trading platform, a wallet, and it is issuing a Bitbay card. It doesn’t matter that Bitbay is registered in a European country, it accepts customers from around the world with some exclusions like North Korea, Syria or Lebanon. It has three offices around the world. One is located in the Netherlands, in Bitcoin Embassy Amsterdam, another is in Poland for sure, and the last one is based in New Delhi, India. Bitbay declares that it is the number 1 exchange in Europe, but we don’t want to say it’s true or false. Furthermore, it is interesting to know that PLN/BTC pair is in the top 5. Bitbay processes more than 1250 per minute which is made by 400,000+ registered users. They have some awards from the Polish government, as well they are certified.
Bitbay offers not only simple purchases, but a trading platform as well, so crypto traders are welcome here. While Poland residents can’t deposits using three methods – wire transfer, local (Polish) post office or Zabka (markets), customers from other countries have the one option only – wire transfer. But there are plenty of cryptos accepted – Bitcoin, Litecoin, Ethereum, Lisk, Bcash, Bitcoin Gold, Dash, and Game.
Bitbay card is a nice feature as well, but account must be fully verified. And this card is adopted for Poland more than for other countries. However, the card works well around the world (well, at least they say so).
It has a crowdfunding platform too, but it’s not very popular though. Some projects appear from time to time, gladly it’s charity and users are active here. We just can imagine what more features are planned by this great Polish startup.
Bitba Net Speed
Usually, bank transfers are booked 3 times a day, but that can vary on the bank of the user, banking days or Bitbay load. Of course, deposits made via cryptocurrencies are much faster.
If annual turnover reaches €15,000, BitBay may require to complete a verification process (regarding KYC regulations). More detailed information in another paragraph below. But keep in mind that this request can be called out earlier, for example when they need to confirm a bank payment.
Verification process and privacy
The exchange may require to complete a verification process at a certain time. In that case, it’s necessary to provide an ID or a Passport and utility or another bill (for address verification). However, the process is simple and hassle-free. That level of privacy should be enough for a starting crypto assets user, but that depends on a payment method selected and other requirements by a country of a user, activity, etc. If fiat currencies are involved, verification is required immediately for sure.
By the way, a user can complete a verification whenever he wants to. So it can help to speed up a process in the future trades or purchases.
It’s not the greatest one, but enough here. Users get 2 Factor Authentication and an additional verification when financial transaction is done. An SSL certificate comes as a default, not worth mentioning, probably.
Bitbay has a huge knowledge base with standard answers, it’s pretty informative and most of the issues can be resolved using methods offered there. The hotline is available, but open hours are limited from 8 am till 8 pm, still it’s open every day.
Bitbay isn’t a very known name in the world of Bitcoin. However, they offer pretty solid services for users from around the world. Especially for the customers from Poland and the European Union, talking of it, other countries aren’t forgotten. Bitbay always improves the list of cryptocurrencies which can be either deposited or traded. Furthermore, Bitbay has an active trading platform, crowdfunding option, an ATM card and more to be launched. And everything is wrapped up with reasonable fees.
However, they used to accept credit/debit cards. So we miss some other deposit options. Also when trading amount breaks 15,000 €, verification will be asked. So privacy ends here lastly. We noticed that some features were removed since we reviewed Bitbay first time, and we liked these.
Reviewed by Coinsmaniac