Bitstamp – Cryptocurrency Exchange
Bitstamp is a cryptocurrency exchange from the European Union. This is one of the first cryptocurrency exchanges with a loyal customer base. Bitstamp is well-known in the bitcoin community as a trustowrthy and secure platform. It has advanced security features, such as double authentication, multisig technology for digital wallets and fully insured offline storage. Bitstamp offers user support available 24/7 and user interface in many languages, allowing easy entry into the world of trading. After creating a free account and making the first deposit, user can start trading immediately. Read on this Bitstamp review to find out how safe is Bitstamp and if this cryptocurrency exchange is suitable for you to buy and sell crypto.
- Deposits and Withdrawals
- Buy and sell crypto – BTC, ETH, LTC, BCH
- FAQ answered by cryptoElvis
- Bitstamp review – Pros and Cons
- Bitstamp review – Summary
You can easily create a new account online. Just fill in the full name, email, and state. Once you agree to the terms, you will receive a one-time password message that you change after you first sign in. First, you must verify the account in order Bitstamp allow you to deposit and withdraw money. In the verification process, you will fill out your personal information and then upload a copy of the required documents to your account. Bitstamp requires an identity verification document (such as ID card or passport) and an address verification document that is not older than 3 months (bank statement, electricity bill, or the like).
Deposits and Withdrawals
You can send money (EUR or USD) via a standard or SEPA bank transfer to your verified account. You may also make deposits and withdrawals by using cryptocurrencies (BTC, ETH, LTC or XRP) via a virtual wallet. The withdrawal of traditional fiat currencies is possible via bank transfer or debit card.
Buy and sell crypto – BTC, ETH, altcoins
The easiest way to buy and sell crypto is through the Instant order when you click on the Buy/Sell tab. You have a fixed price at which you can buy/sell the crypto here. Simply fill in the required amount (Amount) and the order will be executed immediately. For Market order, you also fill in the required amount. However, here the order goes to the orderbook where it is matched with the best offer. For the Limit order, you need to fill in the quantity, but also the price at which you want to buy or sell cryptocurrencies. The order will be listed in the orderbook and waiting for someone to accept it.
Orders can be placed directly from the platform that you can find at the Tradeview link. There is available chart where you can put the indicators and tools for technical analysis, and a list of current bids and asks (buy and sell prices). To buy a currency, select BUY. When selling, on the other hand, trade through the SELL order. The minimum transaction is 5 USD or EUR.
Bitstamp charges withdrawal and transaction fees. A deposit is charged only for a classic bank transfer. The fee is 0.05% (at least 7.5 EUR/USD). When withdrawing money in digital currency, the withdrawal is free of charge. For SEPA withdrawals, clients pay a fee of 0.9 euro and a for classical bank transfer of 0.9% (minimum 15 USD). For each transaction Bitstamp charges a fee of 0.25% of the transaction volume. Active traders who trade at least $ 20,000 a month have lower fees. The lowest fees are 0.1%, but you need to trade at least $ 20 million a month to get it. A list of other fees is posted on Bitstamp.
Bitstamp review – Characteristics
|Name||Bitstamp (cryptocurrency exchange)|
|Operator||Bitstamp, Ltd. (United Kingdom)|
|Year of Establishment||2011 (Slovenia)|
|Fiat currencies||EUR, USD|
|Cryptocurrencies||Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP)|
|Deposits/Withdrawals||Bank transfer, SEPA (fiat currencies), virtual wallets (crypto)|
|Required personal documents||Mandatory (to make deposits/withdrawals available)|
|Trading orders||Instant, Limit, Market, Stop|
|Min. transaction||about 5 EUR|
|Security (How safe is Bitstamp)||2FA|
|Additional benefits||API interface|
How safe is Bitstamp?
The Bitstamp has been running for years without major problems. cryptoElvis team has made hundreds of transactions without having problem. Withdrawal also works very smoothly.
Can I store my Bitcoins at Bitstamp Exchange?
Yes, you can. Bitstamp Exchange stores cryptocurrencies for their clients. However, it is safer to withdraw you coins as soon as you buy them.
Can I open an account at Bitstamp in my residence country?
Problably yes! Bitstamp services are provided in about 50 countries outside of Europe such as USA, South Korea, China and so on.
What about Bitstamp support?
Bitstamp’s support is occasionally met with criticism. However, despite the occasional delay in the replies, they provide quality support compared to their competitors.
What about verification proces?
User needs to provide ID or passport, due to professional regulations rules. Bitstamp have to ask you for this private information but they are doing their best to keep this info safe and private.
How Fast can I buy Cryptocurrencies via Bitstamp?
As soon as you deposit money to your trading account (wire transfer in EUR, USD), you can easily buy and sell crypto in a minute.
Bitstamp review – Pros and Cons
Advantages: Good reputation, high level of security, global availability, low transaction fees, suitable for large transactions
Disadvantages: Limited payment methods, high deposit fees, inefficient user interface
Bitstamp review – Summary
The Bitstamp has been running for years without major problems. It is licensed in Luxembourg and as a cryptocurrency exchange, Bitstamp is more transparent than their competitors. Transactions are made fast thanks to high liquidity. As the Bitstamp exchange targets European traders, they offer euro-denominated cryptocurrencies. However, the charges to buy and sell crypto are average.
There are a number of independent reviews and experiences on the internet. In the discussions, however, there are not only positive contributions but also criticism and negative reviews. Some clients, for example, complain about deposit and withdrawal complications, slow payment handling, and a lengthy verification process. The users also mention the poor quality of customer support. Some clients have reportedly lost money on the trading account after a few weeks, and the company has not responded to the queries at all. The question, however, is whether the reviews are true and whether the issues was actually on the Bitstamp side. It is hard to imagine that a company robbing its clients could have been active for so long and developed to such an extent.
We hope that our Bitstamp review helped you to learn what is Bitstamp and whether this cryptocurrency exchange is suitable for you. Please, check out the other reviews CryptoElvis has prepared for you: