Bitay – Exchange Review

First impressions

Bitay is a Turkey-based centralized exchange launched in late 2018. It presents itself as a global platform offering spot trading, staking, loyalty rewards and even tokenized services. It claims broad reach and user-friendly products, but its positioning seems at odds with several warning signs.

Trading activity and volume

Bitay is marked inactive on public trackers due to no current volume data. It shows zero listed trading volume and is categorized as untracked across platforms. Internal market depth and liquidity remain opaque.

Fiat and crypto support

The platform supports 40+ cryptocurrencies and multiple fiat currencies like TRY, USD and EUR. It offers bank and card funding, basic and pro trading modes, and a mobile app with touted 24/7 support. On paper, it looks polished – but the real-world experience has been mixed.

Fees and loyalty perks

Bitay charges around 0.20 percent maker and 0.28 percent taker fees, with withdrawal fees applied by asset type. It also runs a loyalty program where staking the native token can unlock fee discounts and higher withdrawal limits.

Security and compliance

The platform offers two-factor authentication and claims 98 percent offline cold storage. However, there’s no public proof of reserves, third-party audits, or clear regulatory status. Bitay describes itself as tech-driven and locally built, but security depth remains hard to verify.

Reputation and user trust

Bitay’s Trustpilot rating stands at a poor 2.4 out of 5, with 83 percent of reviews reporting serious withdrawal issues and frozen accounts. Complaint forums highlight unprocessed withdrawals, long delays, inactive support lines and even potential account confiscations.

One user described the platform as a scam, claiming withdrawals were blocked indefinitely. Another cited a twisted withdrawal policy tied to account activity and support stalling.

Conflicting signals

Some reviews praise Bitay’s easy app experience and advanced trading features. Others warn of severe red flags and alleged fraud. A well-regarded complaint noted an FBI-level investigation after users reported missing funds.

Strengths and weaknesses

Strengths:

• Wide asset support including fiat and crypto
  
• Standard fees with maker/taker structure
  
• Security claims with cold storage and 2FA
  
• Loyalty incentives linked to staking
  

Weaknesses:

• No public trading volume or liquidity data
  
• Inactivity on tracking platforms suggests little real activity
  
• Multiple verified withdrawal failures and account freezes
  
• No proofs of reserves or audits
  
• Overall poor user trust and hidden governance
  

Who it might suit

Bitay may appeal to:

• Users in Turkey or similar markets needing fiat access
  
• Customers attracted to mobile-first interfaces and loyalty perks
  
• Tech-forward users trusting local development narratives
  

It’s not suited for:

• Anyone who values transparency in volume or liquidity
  
• Users who expect reliable withdrawals and responsive support
  
• Investors needing regulatory clarity or security audits
  

Final thoughts

Bitay markets itself as a polished, global exchange with loyalty mechanics and modern UI. The reality is murkier: no liquidity visibility, frozen withdrawals and numerous complaints paint a worrying picture.

If you’re chasing rewards and willing to accept risk, it might be tempting. But you’re gambling with funds on a platform that lacks transparency, has shaky reputation and may even be investigated. In the world of reliable exchanges, this one falls short.