What is Bitstamp?
Bitstamp is a professional cryptocurrency exchange that allows its users to sell, purchase, and trade various assets. It was started in 2011 when cryptocurrency was quite new to the world. Currently, Bitstamp is based in Luxembourg but has its headquarters in London, United Kingdom.
With the availability of advanced features, Bitstamp makes it easy for professional traders to perform their financial activities quite easily. The best thing is, Bitstamp works in almost every country in the world. Even US users can use Bitstamp without any problems, except for residents of Hawaii.
My Overall Thoughts on Bitstamp
Bitstamp is a remarkable crypto exchange that has managed to survive and compete with many platforms out there. The exchange not only focuses on providing an exceptional experience to the users but offers them security and peace of mind too. The way they have developed their exchange is actual proof of how easily anyone can navigate through it and start trading or investing.
If you ask me why I would recommend Bitstamp to anyone, then these are the top three reasons:
1) Convenience at its peak: Whether you want to deposit money, withdraw it, or trade assets, you will find it super convenient to do so. This is one of the crucial things that makes Bitstamp a premium choice for anyone. In other words, users don’t have to go through tons of hurdles just to perform regular tasks.
2) Security measures: Bitstamp has taken quite a lot of security measures in order to protect their customers and their funds. Since the breach on the platform in 2015, Bitstamp has improved their security systems greatly.
3) A great choice for professional traders: Aside from the super-simple platform, Bitstamp has a separate TradeView section for professional traders. That is where they can access tons of features and options to customize the charts and experience a whole new trading world.
The downside of Bitstamp is their limited range of cryptocurrencies. Although 52 coins is not a small number, it is lacking when compared to bigger exchanges with hundreds of crypto assets on offer.
Key Features & Advantages of Bitstamp
Bitstamp is unquestionably a great crypto exchange with various trading options and features. If you are looking to see what makes it a good crypto exchange, you can see the key features and advantages of Bitstamp mentioned below:
Negatives & Disadvantages of Bitstamp
Bitstamp is indeed quite a great option for traders and investors, but there are a few things that might trouble you during your experience. So let’s have a quick look at them, and then you can determine if it is a good idea to go with the platform or not.
What Services does Bitstamp offer?
Let’s dive into the details and determine what type of services you can expect from Bitstamp. Make sure to go through everything briefly so that you can get an idea of how good the platform actually is.
Convenient cryptocurrency buying and selling: When it comes to buying and selling different cryptocurrencies, Bitstamp has made it a lot easier for people to perform these activities. You do not really need any type of experience or extensive knowledge as the platform has kept everything simple and sound. You just need to select a particular cryptocurrency from the list and then your preferred payment method. That's almost all there is to it, which is why the whole process is so easy. Even new investors and traders with no experience can buy and sell their cryptocurrencies with Bitstamp without facing major problems.
User-friendly platform: As I have stated earlier, Bitstamp has kept everything very simple and sound. Aside from the simple sale and purchase of cryptocurrencies, other options are also very easy to use. In fact, the whole platform is quite user-friendly, and you can navigate all the different options right away. All you have to do here is log into your account and check out all the options available at the top of your screen.
Mobile applications available: As technology advances, everything we use becomes more readily accessible, useful and beneficial. In the case of computers, smartphones have taken their place due to their portability and convenient size. But if you want to perform everything from your mobile, you would need respective applications to do so. Bitstamp has taken care of this aspect quite well, with a mobile app for both Android and iOS users.
The apps do not require lots of storage space or processing power and can run smoothly on different devices without creating issues. The UI and design of the apps are also quite simple, perfect for beginners to cryptocurrency.
Convenient crypto trading: If you have ever traded before, you would know the charts can be quite complicated sometimes. But the thing is, rather than going for the same old-school charts, Bitstamp offers a simple chart along with best buying and selling offers. Now it is up to you to decide where you are going to put your money. As for different assets, users can select from a range of cryptocurrencies and access separate charts for each of them.
Advanced trading for professional users: Yes, having a simple trading experience can be good for beginners and amateurs, but what about the ones with years of experience? For those advanced traders, Bitstamp offers a TradeView option where you can access detailed charts along with advanced options. You can find more trading pairs with different fiat currencies and simply opt for the ones that you find suitable. Not only that, but users can also pick indicators, candle types, duration, and a few other options to customize the charts just as they want. There is a complete tool panel on the left-hand side available that you can consider exploring while trading.
Popular crypto coins available to trade and buy: A crypto exchange would certainly do no good if it does not have the most popular cryptocurrencies available to trade and buy, right? Keeping that in mind, Bitstamp has a good range of popular coins for users. You can easily buy BTC, ETH, ADA, USDT, XRP, and about 50 other coins from Bitstamp. They also add new cryptocurrencies to offer their users the best possible experience.
Earnings through staking and referral program: Almost everyone likes to get their hands on a few extra bucks that can buy you a coffee or a meal for a night. If you wonder how that is possible in the case of cryptocurrencies, extra income can be generated through staking and referral programs. There are many exchanges such as Bitstamp that allow their users to stake the coins they have bought and earn interest on them. But remember that not all coins are available for staking, and you will have to check this particular aspect out on the platform. It is also a good idea to go with the coins that have a good future and returns to make the most out of your coins.
Other than that, you can also earn through a referral program. When you recommend the platform to your friends and loved ones, if any of them join the platform through your referral link, you will earn a commission based on Bitstamp's reward program.
Instant depositing methods are available: You probably know how quickly funds can be deposited from crypto wallets and credit/debit cards. However, some exchanges require their users to wait 3-5 business days in order to deposit money via bank transfers. Bitstamp has solved this problem through the instant banking methods they have introduced. If you are living anywhere in Europe, you can go with SEPA deposits to easily and instantly deposit money through bank transfers. If you are living in the US, there are ACH payments available for instant depositing.
Impressive security measures: If you take a look at the account creation process, requirements of personal documents, security steps, two-factor authentication, and other similar security measures, you would certainly know that Bitstamp does not compromise on security. They have industry-leading security measures integrated into their platform to ensure that the funds of their users are safe and sound.
24/7 dedicated customer support team: Anyone can find themselves running into issues, especially new users to cryptocurrency. To keep you free from trouble, Bitstamp has a premium customer support team to help you out any time of the day. You can either send them a descriptive email, or you can call them on any of the numbers provided on their website.
If you can wait, I would suggest writing an email and explaining your problem in detail. If you do not have time, calling them would be the best course of action for you.
What I don't like about Bitstamp
Although there are a lot of positives of Bitstamp, there are a few things that I actually don’t like. You can take a look and evaluate if there is anything to worry about in your case.
Very few cryptocurrencies listed: It is an undeniable fact that Bitstamp has most of the popular cryptocurrencies. But when we talk about the overall listings, Bitstamp does not compete well against some of the biggest trading platforms. Bitstamp only has 52 cryptocurrencies, which is a lot lower than others that have well over 200+ coins. So if you are the type of trader and investor who always looks for new projects and small coins with potential, Bitstamp might not be able to help you out in this case. Binance is a crypto trading platform with over 600+ coins and KuCoin offers more than 700+ coins.
Relatively high taker/maker fees: The base taker and maker fee of Bitstamp is 0.5% which is considerably higher than the competition. Of course, users can avail discounts on the trading fees, based on high trading volume, but the base fee still remains expensive compared to other platforms. For example, Binance and KuCoin both charge just 0.1% trading fees for takers and makers, with the option to reduce fees further.
Lengthy account creation process: The account creation process is one of the few things that users want to get on quickly and efficiently. Unfortunately, Bitstamp has quite a lengthy process for that. Besides verifying their account through email and phone number, users also need to submit a few personal documents. In many cases, users have to take and upload a selfie with their document for further verification. While it is for the protection of the users themselves, it can be a hassle when you just want to start trading straight away.
Lack of markets for traders: Bitstamp does not have a diverse range of markets for traders. If you are an experienced trader looking to trade derivatives, fiat, forex, or other markets on Bitstamp, then this is not the right platform for you. Users only have access to the basic spot markets to trade cryptocurrency on Bitstamp. If you want more advanced trading options, you can try Binance or KuCoin.
Bitstamp Fees
Bitstamp Deposit Fees
There are various deposit methods on Bitstamp, some are free and some incur a fee. Let's take a look below:
SEPA: free
ACH: free
Faster Payments: free
Credit/Debit card: 5% (card issuer may also charge an additional fee)
International Wire: 0.05% (min fee = 7.5 USD/EUR, 5 GBP, max fee = 300 USD/EUR, 250 GBP)
Cryptocurrency: free
Bitstamp Trading Fee
Bitstamp has a fixed taker and maker fee of 0.5% for traders. If you want to lower the fees, you can do so by increasing the volume traded in the previous 30 days, according to the chart below:
The table continues, and if you manage to trade over $20 billion in a month, your fees will vanish entirely.
Bitstamp Fiat Withdrawal Fees
Withdrawal fees depend on your method of withdrawal, as follows:
SEPA: 3 EUR
ACH: free
Faster Payments: 2 GBP
International Wire: 0.1% (min fee = 25 USD/EUR/GBP) and your bank may charge their own fees on top
Bitstamp Crypto Withdrawal Fees
The crypto withdrawal fee differs for each of the coins available to withdraw. You will have to take a look at the fee chart at the time of withdrawal to get an idea of how much you will have to pay.
Pros and Cons of Bitstamp
- Easy-to-use platform with quick crypto buying/selling available
- Advanced trading options available
- Excellent customer service
- Earn through staking and referrals
- Optimized mobile apps so you can trade on the go
- Limited range of cryptocurrencies
- Higher maker/taker fees than competitors
- Lengthy account creation process
Verdict
Overall, Bitstamp is a good crypto exchange for both beginners and pro-level traders and investors. The easy deposits and withdrawals make it convenient to get started on your trading and investing journey on Bitstamp. However, there is still room for improvement as there are limited markets and crypto coins available.
If you are searching for a cryptocurrency exchange that has a wider range of markets and coins, you can look at this article listing the top exchanges (read here), and also consult the quick comparison table below.
Comparison Table of the Best Crypto Exchanges in the USA
Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.
Frequently Asked Questions
Bitstamp was hacked back in 2015, and the entire platform was shut down for almost a week to get all things back on track. Since then, there have been no hacking or breaching incidents that might have affected actual users.
Definitely! Bitstamp is a great choice for anyone who is starting their investing and trading career. With the help of their user-friendly platform and easy-to-understand charts, you can invest and trade without requiring prior knowledge.
Bitstamp does have relatively higher trading fees, but their withdrawal and deposit fees are quite low.
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