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Bitbay is a stock exchange, currency exchange and cryptocurrency payment processor.

Do you want to buy cryptocurrencies for 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

Cryptocurrency exchanges can be divided into those that allow you to trading in cryptocurrencies (for bitcoin or ether, we buy other cryptocurrencies or tokens) and those that allow us to 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. On Binance, you must deposit a cryptocurrency (eg bitcoin, ether), for which you will buy other cryptocurrencies. Profits are also paid in cryptocurrencies, not in zlotys or dollars directly to a 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 the Malta-friendly blockchain industry. She fled Poland out of the obscure law, the oppressive KNF and the nosy Tax Office. Its basic product is the cryptocurrency market 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 fund your account with a transfer from a traditional account at any bank. Then, for cash, we can buy cryptocurrencies and transfer them to your secure wallet or to another stock market that does not support the traditional currency, but which has an interesting altcoin in our offer, e.g. Binance.

How to create an account on Bitbay?

1. We come to the site BitBay.net

2. We choose "Register"

3. We give yours secure e-mail address and we point out that we have read the regulations, agree to the processing of our data as part of the services provided and the procedure against money laundering. We must mark the first three fields. The fourth concerns granting permission to use our data for the purposes of Bitbay promotional and advertising campaigns. At the end we prove that we are not a robot and click the "Register" button.

4. We check our e-mail and confirm registration by clicking the link ("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, we give your citizenship and default currency. Click "CREATE AN ACCOUNT".

7. Now we can log into the platform Bitbay, e-mail address or login provided during registration, as well as a 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

  1. Download the application on your smartphone Google Authenticator (link).
  2. After logging in to Bitbay, click on the link in the red bar at the top of the page and / or follow this one instruction (link).

Important! By setting the code for the account Bitbay in Google Authenticator, be sure to save the recovery code. In the event of a phone failure, its software or removal of the application, without knowing this code, logging into your Bitbay account will be impossible, and reinstalling the Google Authenticator will not do anything.

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

Click 'verify account' in the top yellow bar.

We provide all required data and send documents. You can find the current step-by-step guide here.

After sending the data, the employee Bitbay check their correctness and verify your account. Once the account has been verified, you will be able to use it fully, that is, make transfers and trade in 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, choose "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 given on Bitbay. Otherwise, the funds will not be credited correctly! What's more, payments from people other than the account owner will not be accepted, so you must deposit money into Bitbay from your own bank account whose owner details match your personal details (first and last name) provided during account verification Bitbay.

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 + 48 32 555 0215 or + 48 799 399 290 client support.

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 you want to display, the so-called candles - meaning price changes. What scope displays one candle at a time can be seen in the top right corner of the graph. 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.

Task for you - what is the price change history behind the green candle labeled 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.

  1. Go to the "Marketplace" page
  2. We choose the currency pair that interests us. In this example, we will buy bitcoin for PLN, so we choose BTC / PLN.
  3. 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.
  4. Here we see transactions made in the last minutes by other Bitbay users for a BTC / PLN pair.
  5. 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.
  6. To do this, select the "Quick transaction" and enter how much you 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 submit a pending proposal yourself. If the price of bitcoin is 30000 PLN, and we want to buy it after 29000 PLN, simply select "Offer 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 informs us how much bitcoin will hit our portfolio after pulling off the Bitbay exchange commission. 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?

Exactly the same as Bitcoin. The only difference is that instead of choosing a BTC / PLN pair, select 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-tested and secure stock market is not a good place to hold crypts in the long run. Stock exchanges are susceptible to hacker attacks. The cryptocurrencies stored in your account do not have you, but the stock market ... 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 applications for a computer, 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

Go to the "Portfolios" tab and select the currency or cryptocurrency you want to withdraw from Bitbay.

We choose "Withdraw" and enter the amount we want to withdraw and the address of the payment to which we want to make a transfer.

Finished!

I wish you great investments!

The article is part of the free training - Cryptocurrencies how to start and survive? A course for everyone!

Tokeny.pl is a cryptocurrency site run by a crypto team of enthusiasts. The main area of ​​our interest are cryptocurrencies, tokens, personal tokens as well as blockchain technology. On the pages of our website we will present independent cryptocurrency reviews and interesting articles from the market. In addition, we present the current rates of all critics. The site also has a multi-functional cryptocurrency calculator as well as traditional currencies.

The information published on the cryptocurrency tokeny.pl website are not financial recommendations and do not constitute investment recommendations within the meaning of the Regulation of the Minister of Finance of 19 October 2005 on information being recommendations regarding financial instruments, their issuers or issuers (Journal of Laws of 2005, No. 206, item 1715). The information published on the pages of the portal does not constitute an offer. Tokeny.pl is not responsible for any decisions taken under the influence of data presented on the Website. Portal does not bear any responsibility for the possible use of information on the website.

Investments in OTC market instruments, including currency exchange rate (CFD) contracts, due to the use of the leverage mechanism, entail the possibility of incurring losses exceeding the value of the deposit. It is not possible to make a profit on transactions on OTC instruments, including currency exchange contracts (CFDs) without risking a loss, therefore contracts for exchange differences (CFDs) may not be suitable for all investors.

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