Bitstamp Cryptocurrency Exchange Review : Pros & Cons

About Bitstamp

Bitstamp founded in 2011, Bitstamp is one of the longest-standing crypto centralized exchanges  (CEXs), serving about 4 million customers worldwide and available in over 100 countries. The exchange claims to offer a convenient, comprehensible and easy-to-use platform for all types of users.

Customers have access to 78 digital assets and can use debit or credit cards, ACH transfers, and international bank transfers to purchase cryptocurrencies. Novice investors have access to a wide range of educational resources, trading tools, and a 24/7 support service. For advanced traders, there are competitive trading fees, an enhanced version of the platform, Tradeview and a staking program, Bitstamp Earn.

Information Table

How To Register At Bitstamp Exchange ?

To register on Bitstamp , click Register Now button at the top of the page. You can also start creating an account directly through the form on the main page.

You only need to enter your e-mail and come up with a password. If there is a referral code, it is also entered at this stage. Password requirements: at least 8 characters, numbers, upper and lower case.

Click ” Create Account ” then go to your email to verify it. Enter the code you received and registration is complete. You can start replenishing your account.

How To Verify Your Bitstamp Cryptocurrency Account ?

There is no mandatory verification at Bitstamp , but you can pass it if you wish. At the moment, the only restriction imposed on unverified users is the withdrawal limit of 25 USD/EUR/GBP. In the future, depending on the actions of regulatory authorities, conditions may change.

For verification, you can use one of four documents to choose from: passport, driver’s license, identity card or residence permit. Artificial intelligence is used to evaluate the authenticity of documents. This service is provided by the Onfido online identification service, already used by the Bitstamp, Revolut platforms.

How To Buy Crypto Or Deposit Crypto At Bitstamp Crypto Exchange ?

There are two main options for topping up your balance on Bitstamp. Firstly, you can buy cryptocurrency with a bank card – it’s fast and convenient. Go to the ” Buy crypto ” -> ” Buy crypto with a credit card ” section.

Choose a cryptocurrency (currently there are 13 coins available for purchase in this way). Enter the amount and select the fiat currency to be used for payment.

After that, you will need to select a payment channel: each of them has conditions. You can choose between Simplex, Mercuryo, Banxa and Moonpay. Click ” Buy ” next to the appropriate option.

Agree to the terms and confirm the transition to the site of the payment provider. Enter information about the card and its owner, confirm the transaction. Cryptocurrency will be credited to the exchange account within a few minutes.

Second Method

You can transfer digital assets to the balance of the exchange from any external crypto wallet. For this:

• Go to the “Deposit” section from the “Assets” menu.

• From the drop-down list, you can select the cryptocurrency you want to deposit into your account.
• The wallet address will appear. You need to copy it and send funds to it from another wallet or exchange. Please note that only bitcoin can be sent to bitcoin addresses, similarly with other coins.
• You can also click “Show QR code” – for transfers from a mobile wallet, this is a more convenient option.

How To Withdraw Crypto Asset From Bitstamp Exchange ?

Having completed all the necessary trading operations, it’s time to withdraw the received assets to an external wallet. Go to ” Assets ” -> ” Withdraw “. Please note that the operation is only available after enabling two-factor authentication in the settings. This is for added security and requires less than a minute, so don’t neglect this measure.

Select a cryptocurrency and enter the withdrawal amount. Each coin has its own withdrawal fee, for example, for BTC it is 0.00057 BTC. Click ” Output “. By default, the exchange processes applications three times a day, however, hourly withdrawals are available for Premium users. Also, the time of receipt of the cryptocurrency is affected by the workload of the blockchain network.

How To Secure Your Bitstamp Account ?

Also remember to go to the Security tab and activate two-factor authentication using the Google Authenticator app – this is the most reliable way to prevent unauthorized access to your account.

Trading Fees

They use a maker-taker fee model to determine trading fees. Different fees apply to orders that provide liquidity (maker orders) and to orders that take liquidity (taker orders). They calculate the fees based on the current pricing tier you are in at the time of your order execution. Trading volume is calculated across all trading pairs and is expressed in USD, based on the exchange rate at the time of the trade.

Minimum trade amount

The minimum order size is 10 EUR/GBP/PAX/USD/USDC/USDT for EUR/GBP/PAX/USD/USDC/USDT-denominated trading pairs, 0.0002 BTC for BTC-denominated trading pairs, and 0.002 ETH for ETH-denominated trading pairs.

Fee Rounding

They kindly ask your users to take note on Bitstamp’s policy regarding fee calculation. Your fees on EUR/GBP/PAX/USD/USDC/USDT-denominated pairs are calculated to 5 decimal places, while fees on BTC-denominated and ETH-denominated pairs are calculated to 8 decimal places. Additional decimal places will be rounded to the nearest value.

Staking Fees

Crypto Deposits & Withdrawals

Bank exchange rates

The following exchange rates apply to bank deposits and withdrawals that require currency conversion. For example, if you are depositing CHF to your USD balance.

Features Of Bitstamp Crypto Exchange

Available At Android & IOS Store

Kraken Cryptocurrency Exchange exchange application available on both world famous mobile store google play store and iOS store . You Can download App and start trading .

Easy to use

There’s not much of a learning curve to trading crypto on Bitstamp. It offers a straightforward platform where you can quickly learn how to buy and sell cryptocurrency. If you’re new to crypto, Bitstamp is one of the more user-friendly exchanges.

Highly rated mobile app

A quality mobile app is a big plus, as it allows you to check your portfolio and make trades when you’re not at your computer. The Bitstamp app provides full trading functionality and has positive reviews on the App Store and Google Play.

Is your cryptocurrency safe with Bitstamp?

Bitstamp has excellent security and is one of the safest cryptocurrency platforms. The exchange keeps 98% of assets offline in cold crypto storage. This is the most secure type of crypto storage, because offline storage protects funds from hackers. The small portion of funds that Bitstamp keeps in hot storage (connected to the internet) are used for everyday trading.

Verification and security

Before you can start trading at Bitstamp, you must register an account. Registration is a short and simple process of creating your Bitstamp account. And most importantly, it’s free. Click here to register. After registering an account, each account has to be verified before it is allowed to trade. This means you have to provide sufficient identity documents and proofs of residence to establish yourself as a legitimate person (or entity if you represent an institution).

Assets stored safely online

The vendor institutes a pretty good privacy (PGP) data encryption policy to ensure that your assets are stored safely online and remain secure. Data encryption masks your information in a series of numbers and letters that require a unique PGP encryption key to unlock the data; this safeguards your sensitive digital funds against a range of external cyber threats.

Customizations

Bitstamp gives you the power to customize the program to suit your business needs with API capabilities. Application program interfaces (APIs) enable you to alter the product’s source code in order to tailor it to your unique workflows. API programming also allows you to establish integrations with external software services that provide you with a more unified work experience.

24/7 Live Chat

If you’re awake, they are too. When you need help, your team of experts will work with you via 24/7 live chat to reach a quick and efficient resolution.

Withdrawal service

Bitstamp offers a withdrawal service for all supported cryptocurrencies. The fee schedule relating to withdrawal can be found here. When ready to convert cryptocurrency into cash, users can withdraw their funds in EUR through SEPA transfer or USD, CHF, AUD and GBP through International Wire transfer, worldwide. Bitstamp also supports GBP Faster Payments withdrawals in the UK and USD ACH withdrawals in the US. Banking details can be saved under Bank transfer, and are automatically filled in on the withdrawal form each time you request a withdrawal.

Bitstamp Conclusion

Bitstamp is a cryptocurrency exchange founded in 2011. It is one of the oldest and most established exchanges in the market and offers a secure platform for buying and selling cryptocurrencies. Bitstamp supports a variety of cryptocurrencies and provides a user-friendly interface for both novice and experienced traders. However, it also has some limitations, such as higher fees compared to some other exchanges, limited options for fiat deposits and withdrawals, and a limited number of supported countries. Overall, Bitstamp is a reputable and secure exchange for trading cryptocurrencies, but it may not be the best choice for everyone.