Bitbay is an exchange, currency exchange and cryptocurrency payment processor. Want to buy cryptocurrencies with money transferred from your bank account? You've come to the right place.
The article is part of the free training - Cryptocurrencies how to start and survive? A course for everyone!
- Bitcoin for PLN
- What is Bitbay?
- How to create an account on Bitbay?
- Additional account protection
- Verification of the account on BitBay
- How do I deposit money on Bitbay?
- Help and customer support on Bitbay
- How do you read the price change graph?
- How to buy Bitcoin on BitBay?
- How to buy Liska on Bitbay?
- I bought bitcoin and what's next?
- How do I transfer funds to Binance?
- Payment of cryptocurrencies from Bitbay
Bitcoin for PLN
Cryptocurrency exchanges we can divide into those that allow trading in cryptocurrencies (we buy other ones for bitcoin or ether kryptowaluty or tokens) and those that allow trading in pairs with traditional currency fiduciary, like Polish zloty, the dollar, euro, pound and others.
If you do not have any cryptocurrencies yet, you can not start using the largest and the best stock exchange in the world Binancebecause it does not allow you to deposit money from a traditional bank account. You need to deposit a cryptocurrency on Binance (e.g. bitcoin, ether) for which you can buy other cryptocurrencies. Profits are also paid in cryptocurrencies, not in zlotys or dollars directly to your bank account. So earlier you must use the cash conversion service for cryptocurrencies and later cryptocurrencies for cash. That is why it is worth to use the services the largest Polish Bitbay cryptocurrency exchange.
What is Bitbay?
Bitbay is a company registered in a friendly industry blockchain Malta. She escaped there from Poland before the unclear law, the oppressive KNF and the nosy Tax Office. Its basic product is the cryptocurrency exchange on which it is run trading in pairs with PLN, USD, EUR and GBP.
These currencies can be exchanged in an integrated currency exchange office. The cryptocurrency market itself has a basic version and PRO, in language Polish, English, Chinese and many other.
After verifying your account, we can top up your account by transfer from a traditional account in any bank. Then we can buy cryptocurrencies for cash and transfer them to our safe wallet or to another exchange that does not support traditional currency, but has in its offer interesting for us altcoinyEg. Binance.
How to create an account on Bitbay?
1. We go to the BitBay.net website
2. Choose "Register"
3. We give yours secure e-mail address and we would like to point out that we have read the regulations, we consent to the processing of our data as part of the services provided and the procedure against money laundering. We need to check the first three boxes. The fourth concerns consent to the use of our data for the purposes of Bitbay promotional and advertising campaigns. Finally, we prove that we are not a robot and click the "Register" button.
4. We check our e-mail and confirm registration by clicking on the link (the "Activate account" button) received in the message from Bitbay.
5. We give the name of the account and come up with a strong, unique password that will secure our account. Ideally, it should consist of letters and numbers and special characters such as!, @, #, $,%, Etc. In addition, we invent and provide a security code. Then click on.
6. In the last step, enter your citizenship and default currency. Click "CREATE ACCOUNT".
7. Now we can log in to the Bitbay platform with the e-mail address or login provided during registration, as well as the password.
8. The login and password are still not enough to protect our funds on the account against thieves. The best method of protecting the account on the stock exchange (and not only) is to authenticate with a cryptographically calculated code. It is safer than one-time passwords received via SMS or email.
Additional account protection
This is an optional point, but recommended
- Download the application on your smartphone Google Authenticator (link).
- After logging in to Bitbay, click on the link in the red bar at the top of the page and/or follow this instruction (link).
Important! When setting the code for your Bitbay account in Google Authenticator, be sure to save the recovery code. In the event of a failure of the phone, its software or removal of the application, logging into the Bitbay account will be impossible without knowing this code, and reinstalling the Google Authenticator program will not work.
Your account is now secure.
The last thing you need to do to be able to buy your first bitoc or other cryptocurrency is to verify your account.
In accordance with international law, we can not anonymously trade in pairs with traditional currency (USD, EUR, PLN). We will be able to deposit and withdraw cash on the Bitbay Exchange, and buy cryptocurrencies for it only when we verify your account, providing true data and proving it by rearranging the relevant documents. It is a standard procedure for counteracting money laundering and terrorism financing (AML) and customer knowledge (KYC).
Verification of the account on BitBay
We click "verify account" on the top yellow bar.
We provide all the required data and send documents. You can find the current step-by-step guide here.
After sending the data, a Bitbay employee will check their correctness and verify your account. Once the account is verified, you will be able to fully use it, i.e. make transfers and trade cryptocurrencies.
How do I deposit money on Bitbay?
On the left navy blue, choose Wallet. We search for our account in the currency we want to deposit, e.g. Polish zloty, that is PLN.
After selecting the currency, select "Deposit". In the case of PLN, we have a bank transfer or payment at the post office.
Attention! The title of the transfer must be exactly the same as that provided on Bitbay. Otherwise, the funds will not be credited correctly! Moreover, deposits from persons other than the account owner will not be accepted, so you must deposit money to Bitbay from your own bank account whose owner details match your personal details (name, surname) provided when verifying your Bitbay account.
After making the transfer, awaiting funds which are booked on business days at 12: 00, 16: 00 and 18: 00, familiarize yourself with the appearance and functions of the trading platform.
Help and customer support on Bitbay
The big advantage of the Polish Bitbay exchange is professional customer service.
If you only have a problem with something, Bitbay employees through a text message or helpline open daily from 8.00-20.00 will help you in Polish.
Polish telephone numbers for Bitbay customer support +48 32 555 0215 or +48 799 399 290.
How do you read the price change graph?
In the upper left corner of the chart, you can select the displayed time range. We can choose 1, 1 year, 6, 3 or 1m, which is month, 1w or 1 week, 3 or 1d, that is days or 6 or 1h, or hours.
Depending on how long the price change period we want to display, the so-called candles - signifying price changes. What range is displayed by one candle at a time can be seen in the top right corner of the chart. We can also change it there.
The attached example shows a graph for one month, and each candle corresponds to the price of one day. Red candles mean the day when the price at the end of the day was lower than the price at the beginning. The green candles inside mean the price increase in a given day. The body of a candle means the difference in price between the beginning and the end of a given day. Wicks protruding from above and / or below inform you what maximum and minimum value of a given day the price has reached.
The candle marked 1 in the image corresponds to the bitcoin price change within 24 hours. At. 00: 00 bitcoin price was 30490 PLN, at 23: 59 was 28460 PLN. The price has fallen during that day, so the candle is red. A short wick from the top informs that the given opening price was not the highest price, i.e. the price of a given day exceeded slightly 30490 PLN for bitcoin. The long bottom wick informs us that the closing price of the day was not the lowest price. The rate of this day was at least PLN 26560, but by the end of the day it had significantly recovered.
A task for you - what is the price history behind the green candle marked with 2?
If the candlestick does not suit you, you can always change it to a regular one by clicking on the two candles icon just above the graph.
Below the price chart, there are bars representing the size of the volume, i.e. how many bitcoins were bought and sold at a given time.
How to buy Bitcoin on BitBay?
Your transfer has already arrived and funds are visible on Bitbay? Perfectly! Now you can buy your first cryptocurrency.
You would buy bitcoin, but it costs a dozen or so thousand zlotys, and you only have a few hundred zlotys on your account? No problem! You do not have to buy all bitcoin. Just like the Polish zloty is divided into pennies, bitcoin is divided into satoshi. The value of bitcoin is given to eight decimal places, so you can buy some bitcoin literally for 1 zloty.
- We go to the page "Stock"
- We choose the currency pair that interests us. In this example, we will buy bitcoin for PLN, so we choose BTC / PLN.
- Here we can see the status of our account in both selected currencies. We have several zlotys and zero bitcoins. We want to buy a bit of bitcoin.
- Here we see transactions made in the last minutes by other Bitbay users for a BTC / PLN pair.
- We can take advantage of the bitcoin sales offer issued by another user (so-called ASK). The list of such offers is shown in the right column under the graph, with prices in red. Then immediately, without waiting, we will buy bitcoin from someone who wants to sell it.
- To do this, select "Quick Trade" and enter how much we want to buy bitcoin at the current price and press "Buy".
Congratulations! You bought your first bitcoin, and thus you stopped being a noncoiner and joined the digital money revolution, uncontrollable by the banker!
However, if you want to buy bitcoin cheaper, you can make a pending offer yourself. If the price of bitcoin is PLN 30000, and we want to buy it for PLN 29000, just select "Make an offer".
We enter the price at which we want to buy bitcoin and its quantity. Then press "Buy".
Our offer will go on table of pending orders (BID, left column with prices in green). When the price drops and a person wants to sell Bitcoin for PLN 29000, our order will be processed, that is, we will buy Bitcoin just for that. Well, unless the price does not fall to this level 🙂
The "receive" field tells us exactly how much bitcoin will go to our wallet, after deducting the commission of the Bitbay exchange. Commission this is higher than for large foreign stock exchanges, like Binancebut it is still small enough that in the case of single transactions, not continuous and regular trade, there is little to worry about, because the price changes of bitcoin and other crypto accounts are much larger.
How to buy Liska on Bitbay?
Just like bitcoin. The only difference is that instead of choosing a BTC/PLN pair, you should choose LSK/PLN. The same applies to all other cryptocurrencies available on BitBay.
I bought bitcoin and what's next?
Did you buy bitcoin or another cryptocurrency? Excellently. However, if you do not want to actively trade it on BitBay, you should withdraw it.
Even the most proven and safe exchange is not a good place to keep cryptocurrencies in the long run. Stock exchanges are vulnerable to hacking attacks. You do not have the cryptocurrencies stored in your account, but the exchange ... Cryptocurrencies are yours only when you have private keys for them. For this reason, cryptocurrencies should be kept on private wallets. You can choose from mobile wallets for smartphones, on-line wallets installed as computer applications, as well as paper and hardware wallets, eg Ledger Nano. However, this is a story for a separate article.
How do I transfer funds to Binance?
Many people use Bitbay to exchange zlotys from their bank account into cryptocurrencies. However, cryptocurrencies turn them into the world's largest altcoin exchange Binance.
If you use Bitbay in order to buy a cryptocurrency, for which you then buy a selected altcoin on another exchange, it is worth buying XRP, Litecoin or Ethereum for zlotys immediately. These are cryptocurrencies faster than bitcoins, with cheaper transfers, and for the latter on many exchanges you will directly buy altcoins, because trade pairs with ETH are common.
Also check: The Binance Exchange - a beginner's guide
Payment of cryptocurrencies from Bitbay
We go to the "Wallets" tab and choose the currency or cryptocurrency that we want to withdraw from Bitbay.
We choose "Withdrawal" and enter the amount we want to withdraw and the address of the bank to which we want to make the transfer.
I wish you great investments!
The article is part of the free training - Cryptocurrencies how to start and survive? A course for everyone!