BitBay PRO - Review of the trading platform

BitBay PRO transaction platform

Cryptocurrencies are the future, and the future is cryptocurrencies - or something ... 🙂 For some time now, digital token trading has been booming and is starting to be a kind of alternative to stocks, contracts, and above all Forex market. It can be demonized that this is a fresh, undeveloped market, the amplitude of fluctuations is huge, the liquidity is small, the spreads are large, and the risk is also - because the regulations are at the preschool level and you hear about the theft of "bitcoins". But is it really that bad?

Update: In November 2021, the name of the company was changed from BitBay to Zonda Global.

Polish BitBay exchange

She achieved spectacular success in a relatively short time BitBay company from Katowice, which has grown to become the largest cryptocurrency exchange in the region since 2014, using only Polish capital. Admittedly, due to legal obstacles, the management board decided to escape to Malta, but this is a topic for a separate article. The fact is, however, that good company decisions and timing contributed to its prosperity. However, let's focus on what is important - the trading environment.

BitBay Platform - Introduction

The Polish bitcoin stock exchange, or actually cryptocurrency, because BitBay offers as many as 21 of popular digital currencies, apart from creating the possibility of exchange, it presented a quite interesting transaction platform. Currently, the most current version is the platform with the designation 3.0. An even newer version is also available in parallel - PRO - but only available as Beta. Both the 3.0 platform and the PRO platform operate on the basis of a web browser, so you do not need to install anything (apart from the browser jas). In order not to leave free space, we will present you both :-).

BitBay and Forex platform

At first glance, it can be said that the differences from popular forex platforms are symbolic. If you have used at least a few different FX applications so far, you will quickly find your way to the bitbay application. We have quotes, jumping green and red numbers, a candlestick chart, a list of quotes, a simple module for concluding transactions. Personally, I immediately felt "at home".

BitBay 3.0 platform

It is relatively simple and a little less functional than PRO. Anyway, no wonder, otherwise what would PRO be? The layout of the function or transaction method is somewhat similar to some FX platforms, e.g. Plus 500 or Easy Marketsthat can be considered as creations aimed at not very demanding recipients.

The same limitations appear here, such as:

• the possibility of displaying only one graph at a time,
• relatively slow transactions,
• list of items available in a separate window,
• limited personalization and configuration possibilities.

The left bar with a few Menu items takes up a lot of space, but this is the effect of the "outdated" orientation of the Web platforms. But it's not that bad at all. Here we have access to at least a few things that beat the aforementioned FX platforms.

Chart support. The charts are from TradingView - very pleasing to the eye and to use. Two things could be faulted - the lack of an active right mouse button, and access to any AT pointers. However, if you do not enjoy these benefits, you will be satisfied. We have access to as many as 6 types of charts, 13 time intervals (min. Is 1 minute, max. Is 1 year) and an impressive number of tools and objects that can be applied to the chart - from straight lines, through sine waves, to Elliot waves or tools Fibonacci.

Volume

Something a Forex trader dreams of and rarely has. Trading on the BitBay exchange gives us this luxury in the form of information about the volume and even the history of recently concluded transactions. Therefore, we know where we stand, and in the case of cryptocurrencies, it is extremely useful. Additionally, access to the orderbook. We can make the so-called a hidden transaction (we issue an offer invisible to others), and "post only" (the offer goes to the orderbook or canceled).

In the case of BitBay, we only have access to the volume within the transactions of its users, but it is worth noting that a year ago BitBay had in Poland 72% market share and was one of the more key players in the region. Proposal? We do not see the total volume, but its relatively large portion (compared to the FX), where our transactions may have a real impact on the exchange rate.

Additional functions. In fact, apart from the functions described, nothing else awaits us here. But on the other hand, why do we need a macroeconomic calendar, for example? 🙂 We will probably see an update over time, which will introduce a substitute for social trafficking or access to "market" news. But is it necessary at the moment? In my opinion no.

BitBay PRO

This is definitely a step up one level. On this platform, we feel like a real trading app. It has everything BitBay 3.0 has to offer and more. First of all, it benefits from the liquidation of the side menu bar, which took up a lot of valuable space. The very uniformity of the colors also means that we do not feel distracted - on the contrary. We feel as if we are isolated and closed in the trading environment. So as it should be.

The orientation of the modules also means that we are focused on more frequent / faster transactions. We have access to all trading functions without having to switch between windows. If necessary, we can also enlarge any module to the entire screen, change their arrangement (there are up to 4 layout modes to choose from) and change the color versions (dark or light). The only thing missing is the ability to adjust the size of the windows yourself, but with so many configuration options, it's a detail.

Chart support. The number of drawing tools has remained unchanged but… The types of data presentation (chart types) are no longer 5, but as many as 11. Technical analysis indicators have arrived - there are about 80 of them. Definitely enough. We have the ability to change the orientation of several charts and personalize their settings - great. Unfortunately, the right mouse button is still inactive :-).

Volume. Also here we have more information than on version 3.0. We can see many more offers in Orderbook, as well as a large list of recent transactions. Interestingly, we also see the depth of the market presented graphically - a great deal!

What will you miss?

Do you trade FX for a longer time? So this is: Automata, Trailing Stop, Take Profit, trading from the chart, "unlimited" liquidity ... DEMO accounts. This is definitely missing. It is true that we can check all the functionalities of the platform without the need to pay a deposit, but currency brokers have accustomed us to the possibility of making virtual transactions, thanks to which we can learn in the conditions of "combat" mechanisms operating on a given market.

Summation

Answering the question at the beginning of the article - NO, it's not that bad. It even turns out that, in some respects, cryptocurrency platforms outweigh the functionalities of some old forex traders.

Both platforms of the Katowice-based company are interesting and noteworthy. For less demanding customers who want to make occasional transactions on cryptocurrencies, BitBay 3.0 is enough. However, if you think about active trading (day-trading, scalping) on ​​digital currencies, the choice is simple - BitBay PRO. The environment created there is definitely more suitable for regular transactions or dynamic speculation.