Entering the world of crypto each user will start his adventure with them from one fundamental question – which stock exchange to choose. It is worth noting that with the creation of the virgin Bitcoin currency, many people from the financial industry have sensed in this novelty an idea for a business, a structure that will be efficient, zero-one way to handle the sale and purchase cryptocurrencies transactions.
The result of considerable interest in digital currencies is the entry into the market of several dozen stock exchanges with a varied offer depending on the user’s needs. The number of crypto-currency exchanges can be overwhelming, but when choosing the optimal place for us it will turn out that not all players in this game are honest.
So you can ask yourself: which stock exchange will provide me with security? Because, to a large extent, we can build our success in cryptocurrencies trading around security. The answer is: Bitbay.net
Bitbay – who is behind the project? Is the Bitbay exchange safe?
In order to be able to say more about the Bitbay stock exchange, it is necessary to “x-ray” the company a bit. In view of the recent crashes on the cryptocurrency market, it is worth learning more about our future companies when travelling with digital money in order to avoid disappointments, which we could have avoided by doing a short research on the Internet.
Bitbay Stock Exchange was established on the initiative of a young entrepreneur Sylwester Suszek, who in 2014 in Katowice established, as it turned out later, the largest cryptocurrency stock exchange in Poland and one of the best known in the world.
Bitbay CEO, despite being a young person, already during the establishment of Bitbay he could boast of co-creating other companies from the financial sector.
The first version of Bitbay was a bit limited in scope, but with the development of the project the platform was equipped with professional trading tools, a new cryptocurrencies set (e.g. Litecoin or Etherum) and the most important from the user’s point of view – optimized procedures for the broadly understood use of the Bitbay platform.
After the first year of its activity, the company employed over 30 employees and exceeded the area of activity from Poland, creating a branch in the Netherlands. Subsequent years resulted in over a double increase in the number of employees and the introduction of support in many languages, including Russian, Spanish, French and German.
The company is registered in Malta and has all the certificates and permits to conduct business in the field of cryptocurrency trading.
Bitbay – advantages and disadvantages of the platform
The advantages of the Bitbay stock exchange are, first and foremost:
- possibility to buy currencies for PLN, EUR and USD by bank transfer or credit/debit card
- mobile and web-based access
- the helpline is open daily from 10:00 to 18:00
- the largest selection of cryptocurrencies in US
- an experienced and trusted team
- security guarantee (verification, logging in using Google Authenticator)
Also, Bitbay is that:
- Instant deposits and withdrawals
- free of charge account maintenance
- exchange of currencies also between users
- multiple tools in one: stock exchange, exchange office, portfolios and investments
The disadvantage of the Bitbay exchange can be a significant cryptocurrency commission, which depends on the form of withdrawal, and its amount is known just before the confirmation of the operation or earlier from the table of fees and commissions.
Bitbay commissions- how much do I lose when trading?
As account maintenance is free, it is obvious that the service will want to earn money on other types of transactions.
For placing an offer on the exchange we will have to pay a minimum of 0.17% of the offered amount of currency.
We will pay for the sale or purchase of the offer from 0.25%. Depositing into a digital currency wallet or by bank transfer is not associated with any fee.
A crypto withdrawal costs $2.5 if you choose to withdraw from an ATM using the SMS code. Traditional transfer costs only $1, while withdrawing a particular currency it is worth to see the Table of Fees and Commissions in this respect, e.g. Bitcoin withdrawal is a fee of 0.00045.
Bitbay – identity verification – what is the process of confirming details on the Bitbay exchange?
In order to get full functionality of the service, the exchange requires confirmation of our identity. In the first step we will be asked to confirm your phone number. An SMS code will be sent to the number indicated by us, which we confirm on the website. The next stage is 4 tabs: Personal data, Confirmation of address, Statement and Confirmation of identity.
In order to pass the whole verification process, we will need an ID card or passport. In addition, we will be asked to send a document confirming the address, which can be e.g. a utility bill, credit agreement or confirmation of the execution of the transfer, which we are the sender.
After the documents have been approved, it is also necessary to tick the boxes with consent in the statements. The correctness of verification, and at the same time the completion of its process, is done by sending information to our e-mail address about the positive completion of the necessary verification activities. Verified account automatically gains access to all functionalities of the website.
If for some reason the verification is rejected – do not be afraid, because the Bitbay team will show us where the problem is, and we will be able to proceed to the verification once again without any consequences.
Bitbay opinions about the platform- what do users think about Bitbay?
Bitbay has built up a high level of trust, mainly through the transparency of the entire management team. The vast majority of users choose Bitbay, and this is the result of the excellent development of the platform, which offers truly fair terms of cooperation and access to a number of digital currencies not seen on other US exchanges.
The popularity of the stock exchange results mainly from the rules of security provided by the company to its users. In addition, innovations have been introduced on an ongoing basis, which affect the intuitive use of all systems available on the entire stock exchange.
The Polish stock exchange is respected for the lack of account fees, the speed of withdrawals and almost instantaneous support response to any problems of its customers.