BitBay is a popular and convenient exchange for trading digital assets. The project appeared in 2014 and has been actively developing since then. At the moment, the company’s services are used by more than 800,000 users. The platform focuses specifically on the international market, and the interface of the official website is presented in 9 languages. The head office of the organization is located in Estonia, from where the project activities are regulated.
Verification on the BitBay platform
Verification is a mandatory process on the exchange and consists of several stages. First, the user needs to register and confirm their email address. The next step is to choose the type of account – private or corporate.
After that, you should confirm your phone number by entering it in the appropriate line and entering the code that will come to your phone. After that, the client gets access to full verification, which consists of four stages. First, you need to provide personal information:
- name and surname;
- date of birth;
- floor;
- country of birth;
- country of residence.
Next, you should select the type of document that can confirm the identity of the trader – passport or ID card and fill in the following information:
- identification code;
- number of the identity document;
- date of issue;
- expiring date;
- place of issue;
- country of issue of the document.
After that, you need to upload a photo or a color scan of the first photo of the document. The scan should show the document number and photograph. The maximum file size is 5 MB.
You also need to download the second page of the document. The last step at this stage is to upload a photo, which will show the client with a spread of the document in his hands. The third step is to confirm your residential address. As before, the user first needs to provide some data:
- postcode;
- street, house number, and apartment number;
- Current city;
- country of residence.
For the company to check the veracity of the information, one of the documents should be uploaded: an invoice, an agreement, an official document from a government agency, a bank statement, or a bank transfer confirmation (the client must be the sender). It should also be borne in mind that driver’s licenses, membership cards, receipts for goods, payments, forms, and old documents are not considered an address. The document must be issued within the last six months. The last stage is a statement by the user that he agrees with all the terms of the exchange. Also at this stage, it is necessary to indicate the purpose of creating an account and economic activity. The entire identity verification process takes from several days to several weeks.
Depositing and withdrawal of funds
To deposit cryptocurrency into your account, you need to go to the Dashboard section of your account and select the required currency. The service will send you an address, and you should add crypto coins to it. The withdrawal is carried out here, in the Withdrawals tab. Here you need to indicate the wallet to which you want to transfer and its amount.
If you have passed the verification procedure (it will be required for a trade turnover of more than 150,000 euros) then three fiat currencies will be available for depositing capital: zloty, dollar, and euro. You need to select the required currency and fund your account using a bank transfer. Depositing funds will not take more than a day.
BitBay crypto exchange commission
The following fees apply to bitbay.net. When exchanging cryptocurrency for cryptocurrency, the commission for makers is 0%, and for takers – 0.1%. When exchanging for other types of cryptocurrency or fiat, the commission directly depends on the volume of trades over the past thirty days.
There are also commissions for withdrawing funds from the account. In this case, the amount of the commission directly depends on the type of cryptocurrency. So, to withdraw Bitcoin, you will need to pay 0.0005 BTC and to withdraw Litecoin – 0.001 LTC.
Security of BitBay exchange
BitBay uses advanced security algorithms to protect user data on its platform. The platform uses end-to-end encrypted SSL connections. The platform also guarantees the safety of user information with a full backup of data and passwords in encrypted form.
In addition, all cryptocurrency funds deposited by users are stored in cold wallets. They are the most secure forms of cryptocurrency storage. Fiat currencies are protected by partner banks, which gives BitBay a good record in terms of security.
The exchange also encourages users to perform 2FA verification, in which a confirmation email or text is sent to the user upon login. It prevents break-ins and hacker activities.
Since its appearance on the platform, there have been no cases of hacks, which indicates a high level of security.
Conclusion
The BitBay crypto exchange is a vivid example of an actively developing and promising platform for the full-fledged trading of crypto assets. The resource is 100% simple and convenient for working with digital assets. BitBay has a minimum threshold for entering the system. So everyone can feel like a trader.
The service has been operating steadily since 2014. Positive feedback and recommendations of the site from its clients, quick withdrawal of capital, high performance, convenience and information content of the site, a unique and reliable system for protecting user information and currency, and professional support service attract more clients to this exchange.
