Crypto Exchange BitBay Introduces Online Exchange For Fiat Currencies

Poland-based crypto exchange BitBay has introduced a new feature on its platform that allows traders to buy and sell EUR, PLN, and USD.

Founded in 2014, BitBay is said to have over 200 employees and 800,000 users. It offers trading support for 29 cryptocurrencies including bitcoin, ethereum, and Litecoin. The new fiat currency exchange feature will allow investors to exchange their fiat funds in one place, instead of having to use third-party exchange services.

“As the first digital currencies exchange in the world, we have decided to implement such innovative facility,” the exchange said. “Now you do not have to use external platforms to exchange fiat currencies and trade on several markets at the same time.”

The new service, provided by payment processing firm Igoria Trade SA, will only be available to verified users. There will be no commission fees charged by the broker, and the exchange rate will be updated on a regular basis. The minimum amount traders can exchange is 25 PLN / 10 EUR / 10 USD.

To start using the new service, BitBay advises users to go to the FIAT BOOK tab. After reading the regulations, click “Activate” to go to the currency exchange office. Users can then select the currencies they want to exchange. By using the the padlock sign, investors would be able to choose whether to enter the amount to be exchanged or the amount they want to receive. The final value will be calculated automatically based on the best exchange rate of the selected currency.

The announcement of the new service came after BitBay announced that it was moving to Malta due to Polish banks’ unwillingness to work with the exchange. The exchange’s operation in Malta will be conducted by a new Maltese supplier with the same software that was used by the exchange in Poland, based on the domain bitbay.net under the Bitbay trademark. From September 2018, all trading on the BitBay exchange in Poland will be suspended.