Bitstamp was launched in 2011; Damijan Merlak is the co-founder of Bitstamp. It has its headquarters in the UK and is registered in Luxembourg. It is one of the oldest cryptocurrency exchanges that currently operate in the market, catering to different types of users, starting from beginners to advanced traders. Bitstamp lets investors exchange Ethereum(ETH), Bitcoin (BTC), Litecoin (LTC), Ripple (XRP), and Bitcoin Cash with fiat. It allows customers to withdraw and deposit fiat currencies like USD, GBP, EUR, using their debit and credit card too.
Bitstamp Exchange Summary
|Supported Fiat Currencies||USD, EUR, GBP|
|Minimum Deposit||50 USD/EUR/GBP|
|Trading Fees||0.0% to 0.50% based on your total trading volume over the past 30 days.|
|Withdrawal Fees||Depend on crypto you choose|
|Customer Support||email ticket system|
In the UK, Bitstamp has been temporarily registered under the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations as a crypto asset business until 9 July 2021. And while our research during Bitstamp Review, at present the exchange is waiting for approval for its regulatory application by the Financial Conduct Authority (FCA). In this review, we will cover everything about Bitstamp, like its features, security, pros and cons, and many more.
Bitstamp Review – Overview
What is Bitstamp?
Bitstamp is one of the leading cryptocurrency exchanges in Luxembourg. Initially, it had focused only on European clients, but currently, it provides services to clients globally.
This exchange lets users sell and buy various cryptos. Traders can deposit money or withdraw their money using payment methods through bank account, debit, or credit card.
Bitstamp started its operations in the UK, and this cryptocurrency exchange has enabled several millions of traders to trade cryptocurrencies through their Bitstamp trading software.
It offers its users a wide selection of educational resources, useful trading tools, and dedicated customer support; it also offers multiple accounts for its traders.
Bitstamp supported countries include the UK, Serbia, Switzerland, Iceland, Norway, Greenland, Hong Kong, Singapore, Taiwan, Australia, New Zealand, South Korea, Argentina, etc. Lets us look at the in-depth Bitstamp exchange review.
Bitstamp Review – About
Features of Bitstamp
Let’s review Bitstamp’s features.
On Bitstamp, users have access to 15 digital assets and 56 cryptocurrency trading pairs. One of the main strengths of Bitstamp is that it offers a great user experience for all levels of traders.
Bitstamp lets its users purchase cryptocurrencies using fiat currencies. Examples of fiat currencies are the USD, Chinese Yuan, British Pound, etc.
Users may deposit money to their accounts using bank transfer, credit, or debit cards.
Bitstamp is one of the most popular and reputable cryptocurrency exchanges and it also serves as a fiat-to-crypto gateway to serve traders all over the world. People can use fiat currencies like GBP, USD, EUR on Bitstamp to speculate.
Bitstamp is considered the first licensed European cryptocurrency exchange that is regulated by the Luxembourg Financial Industry Supervisory Commission.
As a user, you can buy Bitcoin (BTC), Ethereum (ETH), bitcoin cash (BCH), and other supported cryptocurrencies using their bank card. Bitstamp supports cryptocurrency purchases in which the customer can use their bank card.
Bitstamp offers a convenient app where it works on both IOS and Android devices by making it easy for traders to speculate on the go.
It offers both a simple and advanced crypto trading interface that helps the traders to easily buy and sell cryptocurrency even if they are florida sports betting traders.
Bitstamp Review – Features
How does Bitstamp work?
Bitstamp operates just like any other crypto exchange, and opening an account with this exchange is very easy. When the account is opened and funded, the trader will have the option to buy and sell cryptocurrencies.
When the trader buys crypto through Bitstamp, they are not directly purchasing through an exchange, rather the trader is buying from another person, and the transaction is facilitated by Bitstamp.
Bitstamp Review – How It Works?
How to get started with Bitstamp?
No review is complete without a step-by-step overview of registering. Here is how you can get started with Bitstamp.
Create an Account with Bitstamp
Registering on Bitstamp is incredibly easy to do. Start by going to Bitstamp’s florida sports bettingpage and select Register. Registration is quick and easy. Users enter personal information that includes their full name, country of residence, and email address. The customer should .make sure that the information provided is correct.
Confirmation of email address
After registering on the website, the next stage is to confirm the email address. Next, you’ll receive an email. The email will contain a link which you will use to change your password. You’ll also be given the option to set up two-factor authentication.
For two-factor authentication, you’ll need to enter a unique code sent to your phone every time you log in or withdraw money. You’d have to download Google authenticator and add the key. To further increase account security, you can also activate the email confirmation. This might require the trader to confirm email whenever they perform important account functions.
Traders are not required to verify their identity when they plan to add funds through Bitcoin or cryptocurrencies. However, if they want to deposit money using a bank account, credit, and debit cards, they need to first verify their identity.
Before getting started, the trader should have a government ID like a driving license or a passport; they should also have a copy of proof of residence that can be a utility bill with an address or a statement. Go to Settings, then Verify Account and Identity Verification. Next, choose Personal Account Verification. After this, you will have to verify your phone number using a code that will be sent to you. To do this, go to Settings then Verify Account and Phone Number Verification.
The trader needs to go to the Bitstamp account and click verify. There they can view their account status to know whether or not it is verified.
At this stage, you need to wait for 24 hours to confirm the documents. Finally, you’ll receive an email letting you know if your account has been fully verified. Now, you’re all set to start trading!
You can start depositing by clicking the “Deposit” link at the very top right of the web page. This will open the deposit options page where you can choose to deposit via SEPA or international wire, or if you prefer, via your preferred cryptocurrency (Bitcoin, ETH, LTC, BCH, XRP). It is also possible to make a deposit via AstroPay.
In some cases, the transfer could take up to 3 business days, although cryptocurrency and SEPA deposits are typically much faster than this. Once you have funds available in your Bitstamp account balance, you can begin trading.
If you’ve followed our step-by-step up to this point, then you should now have successfully opened an account and deposited funds. Now it’s time to buy or sell. At the top of the screen, click on ‘buy/sell.’
You then need to select what cryptocurrency trading pair you want to buy/sell.
Once you’re on the trading page for the cryptocurrency you want to buy, simply enter the amount you want to trade, and choose whether you want to buy or sell.
Bitstamp Review – Trade Cryptocurrencies
Some more things that we’d like to talk about in our Bitstamp review are its features. Bitstamp has an app that can be downloaded from Google play store and Apple app store. This helps the users access Bitstamp through mobile devices and makes trading available at their fingertips.
Bitstamp also offers an API that enables its users to control and access their accounts using software that is custom written. Moreover, only 600 requests per 10 minutes are permitted.
It offers two types of accounts that are personal and corporate accounts, that have different charges. Individual trading fee is based upon 30 day USD trading volume, and it gets lower when the trading volume goes up.
Charges are based on the payment method used by traders. However, depositing or withdrawing Bitcoin or cryptocurrencies are free. Larger institutional traders that could be market makers could request maker fees if they were to contact support.
The most important feature of Bitstamp is its safety measures for its user’s funds. Bitstamp uses offline cold wallets for security to store their assets, and it uses a hot wallet to offer constant liquidity, specially secured by Multi-Sig technology.
Bitstamp Review – Advance Trading Tool
Bitstamp makes its money on three key fronts. Let’s look at the fees in detail for our review. Traders are charged three types of Bitstamp fees. These are deposit, trading fees, and withdrawal fees.
- For trading, the user needs to pay 0.25% as Bitstamp charges for every trade they execute. For example, if the user trades $1000 worth of crypto, they need to pay $2.50.
- If the user is a manager or a professional trader and they trade over $20 million in a month, then the fee goes down to 0.10%. When compared with other crypto exchanges, these charges are a bit expensive.
- For making deposits through debit cards, Bitstamp charges a fixed fee of $10 for and for over $10,000, the deposit fee is 2%.
- Deposits made through credit cards are charged 5% of the amount deposited plus an additional fee the credit card provider charges.
- For SEPA – European transfers are offered free of charge
- For wire transfer, it charges 0.05% as a transaction fee.
- For depositing crypto – free
- Bitstamp Fees for debit card and credit card withdrawals – not applicable
- SEPA European bank withdrawal charges are 0.90 Euros
- Wire transfer fees for withdrawal are 0.09 % transaction fees for a minimum of 15 Euros
Bitstamp Review – Withdrawal
Deposit and withdrawal methods
- SEPA bank transfer for the eurozone takes 1 to 3 days to complete.
- Wire transfers take 2 to 5 days to complete
- Instant credit and debit card deposits.
- Deposits and withdrawals for Bitcoin (BTC) or other cryptocurrencies are carried out within one hour, depending upon the network congestion.
- The most expensive transfer option is international wire transfers, which can cost 0.05% for deposit and 0.1% for withdrawal.
- SEPA deposits are free while it charges a withdrawal fee of 3 EUR.
- Credit card purchases come with a 5% fee plus an additional fee charged by the credit card provider.
Benefits of using Bitstamp
Bitstamp offers an easy-to-use interface that helps in simplifying the functionalities of the software. Bitstamp provides its traders instant funding options. They can fund their account through different ways like credit or debit card, bank transfers, etc.
One of the major benefits of Bitstamp is it offers a low fee structure. This exchange charges 0.25% for the trades executed under $20,000. This rate is a bit lower when compared with other major exchanges. It also offers discounts to traders who execute more monthly volume trades.
Bitstamp provides high liquidity, which is great for traders who are looking to make large trades.
The company has integrated institutional-grade security into its protocols. Bitstamp has Multi-Sig wallets that require multiple keys from the trader to transfer funds. The website integrates AES 256 encryption to secure data.
Bitstamp Review – Benefits
Bitstamp Mobile App
For traders who prefer mobile trading, Bitstamp has mobile versions of their trading platform which can be downloaded for free from the Apple App Store and the Google Play store. These apps allow you to view your account status as well as let you trade directly from your smartphone.
Bitstamp App Review
Here are some of the pointers regarding the Bitstamp mobile app.
- It offers easy to buy and sell interface for florida sports betting traders
- For experienced traders, it offers Tradeview charts
- All transaction history balances and details can be viewed clearly
- The trader can send and receive cryptos for free
- The trader can disable the app remotely
- Additionally, it includes a private mode that allows the trader to hide their balances, and they can switch between sub-accounts, notifications for open orders, and order types.
Bitstamp Review – Unlimited Access With Mobile Application
Why is Bitstamp a better choice than its competitors?
Let’s review why BitStamp is the best When compared to other exchanges –
Bitstamp allows its users to buy crypto with fiat currencies. Fiat currencies are the official currencies of countries. Examples of fiat currencies are the Chinese Yuan (CNY), the US Dollar (USD), and the Russian Ruble (RUB).
Some crypto exchanges – like Bittrex – don’t allow trading with fiat currencies. This is bad for beginners who are buying a cryptocurrency for the first time. With Bitstamp, you can buy crypto without having to visit another exchange first.
Bitstamp allows users to fund their accounts using credit cards and bank transfer. Some exchanges – like Kraken – don’t support credit card payments. Bitstamp’s choice of payment method makes your first crypto trade a lot more simple!
Bitstamp Review – Trading
Pros & Cons
|The platform supports wire transfers and currency transfers using USD, GBP, EUR, etc.||Live customer support not offered by the platform.|
|Low fees and liquidity.||International wire transfer takes 2 to 5 business days.|
|Provides an advanced trading platform.||Deposit and trading fee are quite expensive.|
|The Platform offers a wide selection of altcoins for trading.||Slow verification process.|
|Supports debit and credit card transactions.||Bitstamp only lists five different cryptocurrencies, which are Bitcoin (BTC), Ethereum, Bitcoin Cash, Ripple, and Litecoin..|
|Dedicated customer support.|
|Offers a wide choice of charting tools.|
|Bitstamp follows best practices in verification and customer security standards, and is periodically audited to ensure it is adhering to regulations.|
Bitstamp takes security very seriously; it offers two-factor authentication to the trader’s account to a mobile device by assigning a password. This password needs to be changed once in 90 days.
Having suffered hacking attempts in 2014 and in 2015, Bitstamp now takes the security of its exchange very seriously. The bulk of the exchange funds are now kept in cold storage, and its customers’ best crypto wallets are protected with 2-factor authentication.
Bitstamp uses the most advanced standards in AES 256 encryption for connections to their server.
Bitstamp Review – Security
- You can contact Bitstamp support via a ticketing system, and you’ll usually get a reply within 24–72 hours, depending on the nature of your query. The business’s UK phone number is also available to call in an emergency.
- The traders can contact the email support team at any time
- Currently, Bitstamp does not offer its traders live chat support.
Bitstamp Review – Customer Service
Bitstamp Review – Final Thoughts
Overall, our review is that this platform is a perfect solution if you want to trade cryptocurrencies in the UK with a licensed and regulated exchange. This platform ticks all the boxes in terms of security, safety, and the tools available for any cryptocurrency trader. The main attractions of Bitstamp are the fast market execution, low withdrawal, fees for institutional investors and large volume investors, and the good reputation it has gained in the industry since its foundation. As such, if you are an active investor that focuses on one crypto asset, you may benefit from trading with Bitstamp.
Is Bitstamp Safe?
Based on Bitstamp reviews, it can be concluded that Bitstamp is safe, and it uses best security practices like advanced security technologies to secure their client’s money. Also, it has Multi-Sig technology-enabled for hot wallets, and only a small amount of funds are stored safely in offline cold storage systems.
Who is Bitstamp Best for?
Based on reviews, it can be concluded that Bitstamp is a reliable and safe crypto exchange, and it has millions of customers. Beginners find this platform a bit difficult to use. This platform has been designed for professional traders, and it might be overwhelming for florida sports bettingbies.
How long does a withdrawal take?
Withdrawals usually take 2 to 3 business days.
Is Bitstamp a Wallet or an Exchange?
Bitstamp is one of the leading crypto exchanges to offer its traders web wallets if they have an account with the platform. Moreover, it is highly recommended to move money from the exchange to a wallet.
Is Bitstamp Legit?
Various reviews of Bitstamp suggest that Bitstamp is one of the most reliable and legit trading exchanges as it keeps all its funds in offline cold storage. This way, the trader need not be concerned about losing money through cyber attacks. You won’t need to worry about cyber attacks and losing money.
Can You ‘Short’ Cryptocurrencies at Bitstamp?
This cryptocurrency exchange does not allow traders to short cryptocurrencies, which means that the trader does not have an option to make profits if the market goes down. They would have to cash in their Investments and wait for other opportunities to buy.
Does Bitstamp Offer Leverage?
No, Bitstamp does not offer leverage to trade with cryptocurrencies.