BitBay Trading Signals - TU Expert review
Trading signals are one of the best trading options for beginners and for earning passive income. Novice traders can use such signals and earn a profit, while still learning. Brokers can offer various ways of receiving signals. Traders Union analysts have prepared a detailed analysis of BitBay trading signals. You will learn what kinds of trading signals BitBay offers and what the conditions for using them are.
Short introduction of BitBay
The BitBay exchange is a platform for buying and selling cryptocurrencies such as Bitcoin, Litecoin, Ethereum, Tether, Dash, and tons of others. It’s enough to sign up to carry out transactions, and advanced verification is not required. The company has its proprietary trading terminal called BitBay 3.0, which meets state-of-the-art standards of functionality and security. There is also a mobile version. The user is provided with a multicurrency account where cryptos and fiat currencies can be stored. The option of withdrawing funds from the account through ATMs (via SMS) is available. Deposits and withdrawals are possible using bank cards and accounts. Maker's trading fees are up to 0.3%, taker's fees are up to 0.43% for all traded cryptocurrencies. The company is certified by The Canon of Good Practices.
| 💰 Account currency: | Cryptos, currencies |
| 🚀 Minimum deposit: | No (available for fiat) |
| ⚖️ Leverage: | No |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptos, currencies |
| 💹 Margin Call / Stop Out: | No |
BitBay Pros and Cons
👍 Advantages of trading with BitBay:
•user-friendly and functional trading terminal with a mobile version;
•universal account for cryptocurrencies and fiat funds;
•the ability to withdraw funds from ATMs (via SMS);
•payments up to 80% of the fees of referrals under the affiliate program;
•one of the lowest trading fees in the segment;
•cold storage of user funds.
👎 Disadvantages of BitBay:
•absence of tutorials;
•no stop loss and take profit functions;
•no scalping.
What are trading signals?
Trading signals are signals to enter a trade, which the broker provides to traders. They can be based both on fundamental and technical analysis.
A broker can provide signals in several ways:
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Copy trading.
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Email alerts.
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Signals through a blog on the website.
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Recommendations of a personal manager, etc.
When choosing signals, it is important to take into consideration their profitability, the list of trading instruments, the conditions of their provision – fees, markup, etc.
BitBay Trading Signals
The BitBay crypto exchange has a single fee for crypto-crypto transactions: 0.0% for the maker, 0.1% for the taker. Trading fees for cryptocurrency pairs with fiat have 19 trading levels. The levels are determined by the user's trading volumes for 30 calendar days. At the minimum level (less than 1250 EUR), the taker's fee is 0.43%, and the maker's fee is 0.3%. At the highest level (over 875,000 EUR), the taker's fee is 0.25%, and the maker's fee is 0.17%.
| Account type | Spread (minimum value) | Withdrawal commission |
| Standard | From 0.1% per offer | Yes |
Conclusion
Based on the results of the analysis, Traders Union analysts have concluded that BitBay does not have the best conditions for trading signals. The broker offers a limited choice of instruments, for which signals are provided, high fees and there are questions about signal profitability. Therefore, if you are planning to trade signals, it would be a good idea to consider another option.
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FAQs
How are the signals provided via a newsletter?
A trader regularly receives trading signals to his/her email or personal messages in the account. As a rule, they are provided in the form of a report with screenshots of technical analysis.
Are there fees charged for trading signals?
Yes. As a rule, the fee is charged as a markup to the spread, or it could be a subscription fee, or a percentage of the profit, etc.
Can I reject a trading signal?
Yes, you can. However, if the signals are provided as a part of copy trading with automatic closing of positions, you need to monitor the platform.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.