- Features: 4/5
- Ease of Signup: 5/5
- Payment Methods: 4/5
- Fees: 4/5
- Customer Service: 4/5
- Customer Satisfaction: 4/5
September 16, 2022
- Features: 4/5
- Ease of Signup: 5/5
- Payment Methods: 4/5
- Fees: 4/5
- Customer Service: 4/5
- Customer Satisfaction: 4/5
Beginner and intermediate investors
- Competitive trading fees
- Provides advanced platform
- Highly rated mobile app
- Hacked in 2015
- High minimum investment
If you’re looking for a comprehensive Bitstamp review to learn more about one of the oldest and most popular crypto exchanges online, you’ve come to the right place! In this article, we’ll discuss Bitstamp’s main features and how to use the platform. We’ll also take a look at Bitstamp’s mobile app, payment methods, and fees.
What Is Bitstamp and How Does It Work?
Bitstamp is one of the earliest sites for doing transactions with virtual currencies in the cryptocurrency exchange. Founded by Damijan Merlak and Nejc Kodri, the business now ranks among the top cryptocurrency exchanges in Luxemburg.
Prioritizing quality over quantity, Bitstamp offers a good user experience and is a great option for EU citizens wishing to trade Bitcoin, Ethereum, Ripple, Litecoin, or Bitcoin Cash.
The platform enables the purchase of cryptocurrency with fiat currencies like USD and EUR. Offering high liquidity, dependable order execution, and ongoing uptime, Bitstamp provides both individuals and institutions with a variety of crypto services.
Additionally, in our full Bitstamp review, we should point out that it enables withdrawals and deposits in USD, EUR, Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, SEPA, and foreign bank transfers. You can purchase cryptocurrencies with Bitstamp using credit or debit cards, as well as your bank account.
Let’s take a closer look at Bitstamp’s main features:
You can quickly learn how to purchase and sell cryptocurrencies using the simple platform Bitstamp provides. In addition to its standard platform, Bitstamp also provides an active platform called Tradeview, which offers trading forms and more sophisticated charting features.
Reviews of Bitstamp show one of Bitstamp’s nicer features is that its trading fees remain the same whether you use its standard platform or Tradeview. On their cutting-edge platforms, other notable exchanges like Coinbase and Gemini charge reduced trading commissions (read their full comparison here). However, with Bitstamp, which platform you’ll use comes down to your preference, since there are no price differences.
Bitstamp saves you not only money but also time—with the platform, you can deposit funds into your account with your credit card and begin trading right away.
To keep you informed about your portfolio of digital assets, Bitstamp offers push notifications that alert you the moment a transaction is complete. Updates can be obtained via email, text message, or a mobile app. Bitstamp reviews from active users claim they find this feature very useful.
Assets Securely Held Online
Bitstamp offers a “pretty good privacy” (PGP) data encryption strategy to guarantee the safety and security of your assets while stored online. Your information is concealed by data encryption in a string of digits and letters that can only be decoded using a special PGP encryption key.
The platform’s strong whitelisting capabilities secure your data. You can use this feature to construct a list of reliable people to whom you can transmit assets, and the service will only transfer money to people on that list, guarding it from hackers.
In this full Bitstamp review, we need to point out Bitstamp has an application programming interface (API) that allows you to access and control your account, using custom-written software for a more seamless working environment. This lets you adapt the application to your particular business needs.
A growing number of cryptocurrencies for spot trading is currently available on Bitstamp, which also lets you keep and deposit US dollars, British pounds, and euros.
Some of the currencies supported by the Bitstamp platform include:
- Stellar Lumens
- USD Coin
- Bitcoin Cash
- Gemini Dollar
- XRP (Not available in the US).
Available on the Google Play Store and App Store, Bitstamp offers mobile applications for iOS and Android smartphones. Providing a trading experience on the go, the mobile app offers all the capabilities you receive with Bitstamp’s web-based platform. With the app, you can:
- Send and receive cryptocurrency
- Save in a Bitstamp account in addition to buying and trading anywhere you have a secure internet connection
- Get clear views of all transaction history balances and information
- See Tradeview charts for experienced traders
- Move between sub-accounts, notifications for open orders, and order types while in private mode, enabling you to hide your balance
- Enable remote app deactivation.
According to Bitstamp customer reviews, the mobile app is highly rated, with users claiming it’s trustworthy and helpful in every aspect.
|Assets Securely Held Online||4/5|
Ease of Signup
To successfully sign up to Bitstamp’s platform, you need to follow these steps:
1. Create an Account
Click “Register” on the Bitstamp main page and proceed to provide some personal details, such as your full legal name, email address, and country of residence. This information must be accurate, as you’ll also need to provide identification.
2. Email Verification
To proceed with the registration process, you must authenticate your email address by clicking on the verification link Bistamp sent to your email. Once you do so, you’ll receive your special account ID—you’ll need this to sign into your Bitstamp account, so make a note of it and store it somewhere secure, like an offline or online password manager. This review of Bitstamp is here to remind you to come up with a strong password, too.
3. Enhance the Security of Your Account
You can use two-factor authentication to increase the security of your Bitstamp account (2FA). You’ll be required to input a special code issued to your mobile phone each time you log in or withdraw money. To add the key, you need to download Google Authenticator, and you may also enable email confirmation to further strengthen account security.
4. Verify Your identification
In our review of Bitstamp, we need to mention it provides one of the simplest identity verification methods, but make sure you have all the necessary paperwork (a copy of your proof of residence and a government-issued photo ID like a passport or driver’s license) before you start. A bank statement or a utility bill with your address on it would also work.
Log into your Bistsamp account and click “verify account” to get started. Unless you’re a business client, choose personal account verification.
Once you’ve finished the verification procedures, Bitstamp won’t certify your papers until you do. When you get an email confirming your account has been validated, you can deposit fiat money.
5. Make a Deposit
Choose a payment option by clicking “deposit” at the top of the screen.
To make a deposit, enter the appropriate amount and select “confirm.” If you use a debit or credit card to make the purchase, your Bitstamp account should be quickly credited.
6. Invest In Cryptocurrencies
Using a credit card to make your first cryptocurrency trade is the simplest option, and reviews on Bitstamp seem to agree. Simply click on the Buy/Sell symbol and select Credit Card Purchases. Then, input the amount you wish to exchange and select whether you want to buy or sell after reaching the trading page for the cryptocurrency you wish to purchase.
You can add money to your account with Bitstamp via bank transfers and credit cards. As not all platforms support credit card payments, Bitstamp’s selection of payment options makes trading with this platform much more convenient for users.
When compared to other trading platforms, Bitstamp’s costs are quite reasonable and simple to comprehend, which helps beginners feel at ease using the trading interface. The costs vary depending on your location and payment type (credit or debit card), and the personal and corporate accounts Bitstamp offers have various pricing structures. Trading costs for individuals depend on the 30-day USD volume, and they decrease as the trading volume rises.
Bitstamp is available for download and use without cost, which many reviews on Bitstamp highlight as a positive thing. However, Bitstamp does charge a range of fees for trading, deposits, and withdrawals:
- Credit card purchases: A 5% fee applies to each credit card purchase.
- Bank card withdrawal: A fee of at least $10 is assessed when withdrawing money using a debit card.
- SEPA (Single Euros Payment Area) fees: Although SEPA deposits are free to make, an amount of three euros is levied for withdrawals.
- International wire transfer: The deposit fee is only 0.05%, which is a very small amount. The cost of withdrawing money via an international wire transfer is 0.1%.
- Trading fees: A 0.5% fee is applied to all trades under $10,000. As trade sizes increase, fees decrease—for example, trades larger than $20,000,000 only incur a 0.1% fee.
- Cryptocurrencies: There are no fees associated with making deposits or withdrawals using the Bitstamp cryptocurrencies. Reviews of Bitstamp claim users are satisfied with this feature.
You can contact Bitstamp customer service via phone at 1-800-712-5702 or via one of the following email addresses: firstname.lastname@example.org, email@example.com, or firstname.lastname@example.org. Both services are available 24/7 (for US customers). In addition, you may find answers to frequently asked questions regarding creating and using a Bitstamp account in the website’s extensive help section.
Like the majority of cryptocurrency businesses, Bitstamp has received both positive and negative customer reviews. Slow withdrawal times and unsatisfactory customer service interactions are among the main complaints.
Like the majority of bitcoin exchanges, Bitstamp offers limited service, so you should anticipate taking care of the majority of your account’s needs on your own. Starting with Bitstamp can be challenging if you’re not confident in managing your account and don’t have prior online trading expertise, such as with a brokerage account.
In this part of our review on Bitstamp, we’ll provide a short comparison of Bitstamp with its three main competitors: Plus500, Binance, and Kraken.
|Win||Highly rated mobile app||Low trading fees||Provides access to different crypto trading options||High liquidity exchange|
|Lose||High minimum investment||Limited payment methods||Not available in the US||High fees|
|Best For||Beginner and intermediate investors||Users looking for a solid interface for executing trades||Both beginners and advanced users||Cryptocurrency trading and investing|
While keeping fees low, Bitstamp does a respectable job of acquiring and trading cryptocurrencies simple. However, the online crypto exchange could do with an increased number of currencies and a more potent active trading platform—if Bitstamp doesn’t offer enough options and features, such as a relatively brief list of currencies, active traders might consider using another platform.
Nevertheless, Bitstamp might be a wise alternative for novice to intermediate traders as well as those who take a more relaxed approach to cryptocurrency trading. If you’re seeking a quick and secure way to buy cryptocurrencies and manage a minimal cryptocurrency portfolio, Bitstamp is a viable choice.
Bitstamp Review: Conclusion
Users can trade a variety of digital coins on the user-friendly and secure Bitstamp platform. Direct credit card purchases of coins on the site are made simple, and strong data encryption and whitelisting protect your assets. If you’re seeking software for cryptocurrency exchanges in the UK, US, Luxembourg, Singapore, and Slovenia, Bitstamp may be the best option for you—and it’s totally customizable and supports APIs.
Despite it being one of the most well-known cryptocurrency exchanges, you should check Bitstamp out to decide for yourself if it’s the best platform for you.
Despite being attacked in 2015, Bitstamp now has numerous lines of defense in place to lessen the likelihood of further losses. It has stronger encryption layers, and all users are required to use multi-factor authentication when logging into their accounts. Furthermore, Bitstamp keeps 98% of user assets Bitstamp in cold storage, which is largely resistant to hacking efforts.
A comparison between the Binance and Bitstamp cryptocurrency exchanges shows Binance is much more highly rated, with a 9.8 score compared to Bitstamp’s 8.
As already mentioned in our Bitstamp review, Bitstamp offers reasonable fees, and costs vary depending on your location and payment type. For instance, a 0.5% fee is applied to all trades under $10,000, and fees decrease as trade sizes increase.