Is BitBay a Good Crypto Exchange for Beginners?
It is important for novice cryptocurrency traders to choose the right crypto exchange. Not all companies can be used when you are just starting your path in trading, which is why the success in cryptocurrency trading depends on making the right choice. Beginners often wonder whether BitBay is a good crypto exchange to start trading with. In this article you will learn whether BitBay is good for beginners, what its pros and cons are and what a novice trader needs to know.
Short summary about the broker 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 is a Good Crypto Exchange for Beginners?
In order to choose the right broker for a beginner, you need to consider several aspects.
Here are the main ones:
-
Education. It is important for novice crypto traders to learn how to trade. An exchange can offer educational courses, video tutorials, articles, webinars, etc. The more learning opportunities there are the better.
-
Availability of a demo account. You will need this account to practice. It provides an opportunity for a beginner to trade risk free and try out trading strategies.
-
Availability of a simple method to buy cryptocurrencies. An exchange service or a P2P exchange would be an advantage for an exchange.
-
Low fees. The level of income of the trader depends on the level of the fees. Therefore, it is important to choose a company that charges minimum fees. Crypto exchanges mostly use the Maker and Taker fee model. It is important that you study them.
-
Instruments for passive investing. In addition to active trading, passive income is also important for beginners. Pay attention to availability of copy trading or staking.
-
Trading platform. It is important for a novice trader to choose the simplest trading platform that will be easy-to-use for trading.
In addition to these factors, you also need to consider how customer support operates, as it will also be important. Bonuses for beginners are also a nice perk.
Trading Conditions for BitBay Users
Before you start working with an exchange, it is important that you evaluate its trading conditions. BitBay offers traders the following conditions.
| 💻 Trading platform: | Proprietary BitBay 3.0 platform |
| 📊 Accounts: | Standard, business |
| 💰 Account currency: | Cryptos, currencies |
| 💵 Replenishment / Withdrawal: | Bank cards and accounts, electronic and crypto wallets |
| 🚀 Minimum deposit: | No (available for fiat) |
| ⚖️ Leverage: | No |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | From 0 |
| 💱 Spread: | Market |
| 🔧 Instruments: | Cryptos, currencies |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | No |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | Not indicated |
| ⭐ Trading features: | All major cryptocurrencies, from fiat to US dollar, multi-currency wallet with ATM withdrawals |
| 🎁 Contests and bonuses: | Not indicated |
Commissions and Fees
The size of commissions and fees is also an important factor of choice. Traders Union analysts have prepared a short review of BitBay commissions and fees. In this section, you will find trading fees of the exchange as well as withdrawal fees.
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 |
Investment programs of BitBay
It is important for novice traders not only to trade actively, but also earn passive income. Passive investing can help you earn extra profit, and also compensate for the losses you may incur as a result of active trading. BitBay offers the following passive income options.
Investment Programs, Available Markets, and Products of the Crypto Exchange
The BitBay crypto exchange does not provide investment programs to users. The company is focused on a cryptocurrency exchange, traders can only earn from buying/selling cryptocurrency and foreign exchange assets. There is only one passive income option on the site: the referral program.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal and all the steps from signing up to withdrawal of profits.
BitBay’s affiliate program
The terms of the BitBay referral program corresponds to the referral programs of most other crypto exchanges. It enables each verified user to receive passive income from invited traders. The algorithm is as follows:
You register and verify on the crypto exchange. In the user's account, there is a section dedicated to the affiliate program.
In this section, you are provided with a personal link, which you can share with others at your request, without restrictions.
Each user who registers on the crypto exchange website using your referral link becomes your partner.
The crypto exchange transfers you from 20% to 80% of the fees of your referrals for each transaction. The referral program is unlimited in duration.
The amount of payments depends on the trading volume of each referral and the total number of referrals. The percentage is calculated individually. You can always go to the appropriate section of your personal account and clarify all the conditions based on which bonus payments are made.
The BitBay referral program only has one level. You do not receive payments from commissions of users who are invited to the site by your referrals. Referral payments are made daily in the currency of the asset for which your referral made the transaction.
Conclusion. Is BitBay good for beginners?
The BitBay cryptocurrency exchange will be an excellent choice for beginners. The exchange offers a convenient trading platform, which a beginner can learn to work with rather quickly. There is an excellent education center with a large number of materials for novice traders. Also, traders can earn passive income on good conditions. Therefore, BitBay could be considered as a good cryptocurrency exchange for a start.
- Is AAX a Good Crypto Exchange for Beginners?
- Is Atani a Good Crypto Exchange for Beginners?
- Is Bitbank a Good Crypto Exchange for Beginners?
- Is Coinut a Good Crypto Exchange for Beginners?
- Is Coinburp a Good Crypto Exchange for Beginners?
- Is Bullish a Good Crypto Exchange for Beginners?
- Is Unocoin a Good Crypto Exchange for Beginners?
- Is 3Commas a Good Crypto Exchange for Beginners?
- Is Crex24 a Good Crypto Exchange for Beginners?
- Is BitWell a Good Crypto Exchange for Beginners?
- Is Bitstamp a Good Crypto Exchange for Beginners?
- Is NovaDAX a Good Crypto Exchange for Beginners?
- Is Tidex a Good Crypto Exchange for Beginners?
- Is Easy Crypto a Good Crypto Exchange for Beginners?
- Is MEXC a Good Crypto Exchange for Beginners?
- Is EXMO a Good Crypto Exchange for Beginners?
- Is Emirex a Good Crypto Exchange for Beginners?
- Is Felixo a Good Crypto Exchange for Beginners?
- Is Bitazza a Good Crypto Exchange for Beginners?
- Is VinDAX a Good Crypto Exchange for Beginners?
- Is Satang Pro a Good Crypto Exchange for Beginners?
- Is BTSE a Good Crypto Exchange for Beginners?
- Is Bitexen a Good Crypto Exchange for Beginners?
- Is Paribu a Good Crypto Exchange for Beginners?
- Is FTX a Good Crypto Exchange for Beginners?
- Is Lbank a Good Crypto Exchange for Beginners?
- Is CoinSpot a Good Crypto Exchange for Beginners?
- Is Blockchain.com a Good Crypto Exchange for Beginners?
- Is StormGain a Good Crypto Exchange for Beginners?
- Is WhiteBIT a Good Crypto Exchange for Beginners?
FAQ
What do I need to know about the fees charged by cryptocurrency exchanges?
The majority of cryptocurrency exchanges use the Maker/Taker fee model. As a rule, they use a multi-level system for traders that depends on the trading volume. The higher the trader’s trading volume, the lower the fees.
How do I choose a reliable cryptocurrency exchange?
Crypto exchanges mostly operate without licenses, as the majority of countries haven’t adopted legislation to regulate them. In order to choose a reliable exchange, you need to find out about its reputation and read the reviews about user experiences with it.
How many cryptocurrencies could a crypto exchange offer?
The number of cryptocurrencies on the listing of a cryptocurrency exchange may be very different. Some platforms offer less than 10, while others – several hundreds. It is important that you check the choice of cryptocurrency before registering on the exchange.
What are the risks of investing in cryptocurrencies?
Investing in cryptocurrencies carry high risks due to their high volatility. It could cause substantial losses, which is why it is important to observe the rules of risk management.
Related Articles
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.