For purchases made with a credit card, an additional 5% card processing fee will apply. They claim to have “no hidden fees”, with which they mean that they have a transparent volume-based pricing. The exchange also supports all major credit cards and store 98% of all digital funds offline. The exchange is also subject to a yearly audit by one of the Big Four auditing firms (KPMG, PwC, E&Y and Deloitte). The bulk of the exchange funds are now kept in cold storage, and its customers’ wallets are protected with 2-factor authentication. Bitstamp takes security very seriously; it offers two-factor authentication to the trader’s account to a mobile device by assigning a password.

bitstamp review

In early 2016, they held meetings with the country’s government, and by April in the same year, Bitstamp was the world’s first nationally licensed cryptocurrency exchange. While Mt. Gox was easy to use and had become the go-to crypto exchange for many, it had security issues, which led Promissory Note to its eventual downfall. The platform was hacked in 2011, and by 2014, it went bankrupt. It requires 2-factor authentication, ID verification, has robust security and keeps most of the users’ funds in cold storage. Thus, security is something that the company takes very seriously.

Once your documents are uploaded there is also a second phase of verification where you need to verify your phone number through an OTP code sent to the phone. After that is complete you’ll have complete access to all the features that Bitstamp offers, including withdrawals by various methods. Customer Support – In an industry plagued by customer support issues Bitstamp is about run-of-the-mill, with most questions answered in an online FAQ document. Users who can’t answer their own questions can take advantage of email based support, with the team aiming for a response within several hours. Local offices do have phone support during business hours for emergency issues or more complex issues. Meanwhile, Bitstamp has experienced hacking attempts in 2014 and in 2015.

Trading

This also included deploying the distribution network using Amazon cloud infrastructure servers in Europe. In addition to the ≈ 19,000 BTC loss, Bitstamp lost many of its customers, including major clients who provided merchant services in Bitcoin, and suffered a reputation backlash. The damages also included heavy losses to hiring companies to repair its platform. And while a direct comparison with most other advanced exchanges isn’t possible, Bitstamp also charges for credit card and debit card purchases.

If you’re looking to trade your Bitcoin, Ethereum, Litecoin, Ripple, or Bitcoin Cash within the EU, this platform is one of the best options for you. However, many still do not understand what exactly it is or how it works. This is also the perfect platform for crypto traders and technicians. This is due to the range of available technical studies and indicators. If you only want to use the chart, you can also expand the chart to a full-screen function.

Bitstamp hasn’t just stood the test of time – it has managed to thrive in the industry. The beginner platform does have high fees, but it’s easy to trade crypto, stake coins, and earn rewards. Coinbase and Bitstamp are well-known, trusted cryptocurrency exchanges used by people across the globe. Both offer hot wallets, mobile apps, and store 98% of account funds in cold storage. Simply choose your preferred payment method, enter the amount of funds you want to deposit, and click on ‘confirm’.

bitstamp review

With an intuitive interface and easy-to-understand fee structure, this site has built a solid reputation among investors. What we can say for sure though, is that there are platforms that we consider to be more reliable and profitable. Bitstamp has some positive aspects, such as good customer support services, a wide variety of charting tools and payment methods. However, the broker is unregulated and if you are an inexperience user, it certainly does not offer sufficient resources to make the most out of your trading experience. If that is what you are looking for, we recommend rethinking your choice and turning towards eToro. It has many of the features offered by Bitstamp plus a few more, such as the copy trading option.

Bitstamp is one of the most reliable cryptocurrency exchange platforms. Since it keeps almost all of its funds in cold storage, you won’t need to be worried about cyber attacks and losing your money. The easiest way to make your first crypto trade is with a credit card.

For this to happen, the transaction must be approved by at least a handful of staff at Bitstamp. One of the things both new and experienced crypto traders look for in the exchange Credit note they use is reliability. Knowing that an exchange is safe to use, and everything that happens on it is regulated gives you the peace of mind you need to make the right trades.

Virtual Currency Expert: 2021 Will End With Bitcoin, Ethereum Highs

Debit Card Withdrawal- A fee of at least 10 USD is charged for withdrawing funds using a debit card. Now that you’ve bought some cryptocurrency you’ll need to be able to access it. The codes used to access cryptocurrencies are stored in wallets. Bitstamp has worked hard to become one of the most secure exchanges on the market.

Even if hackers were to bypass heavy security somehow, the funds would be replaced. The 2015 Bitstamp hack caused a lot more damage than the hack of 2014. The hackers managed to steal 19,000 Bitcoins from the exchange, making it one of the biggest crypto Underlying exchange hacks to date. The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency.

Coinbase

You will only need to verify your identity if you want to deposit and withdraw funds with a real-world payment method such as a debit/credit card or bank account. This will require you to upload a copy of a government issued ID , and a proof of residency . If you are looking to deposit funds using a cryptocurrency, then you are not required to verify your identity at this point. However, if you want to deposit funds using a real-world payment method such as a debit/credit card or bank account, then you will first need to verify your identity.

Bitstamp’s core focus is on Bitcoin and the top altcoins – Ethereum, Bitcoin Cash, Litecoin and Ripple. This is slightly more choice than you’ll find at competitors Kraken and Coinbase. Currently the exchange allows for trade within 12 different pairs linked to the fiat Euro and U.S. dollars as well as Bitcoin. Since then it has also opened a new London office and an office in New York. However, after the 2017 meteoritic increase in the value of Bitcoin, Bitstamp has been encountering an upsurge in verification requests. As such, if the automatic verification is not successful it may take longer to complete as the account has to be verified manually.

Then, the provider can increase its services to all 28 EU states. More on what countries are available later in our Bitstamp exchange review. Unlike the top cryptocurrency exchange platforms covering a huge number of cryptocurrencies, Bitstamp focused its activity on Bitcoin and a few other altcoins. Order types and tokens are limited, but we can’t say anything bad about the exchange services. Clients can choose between market, limit, stop, and instant market orders denominated in Euro or US dollars. Away from data and communication encryptions, Bitstamp has ensured that over 90% of its holdings are stored offline in cold storage, powered and insured by BitGo.

The main downside to this Bitstamp feature is that you will have to pay a hefty staking fee of 15%. Currently, Bitstamp Earn is supported for only two cryptocurrencies – Ethereum 2.0 and Algorand, at an interest of 5.58% and 4.23% APR respectively. Moreover, if you are a US resident or citizen, this service is not yet accessible to you.

After registering on the website, the next stage is to confirm the email address. 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.

It offers multiple application programming interfaces — including FIX, HTTP, and Websocket APIs — that give you efficient and stable access to the crypto market. You aren’t going to find many cryptocurrency exchanges with the connections and achievements of Bitstamp. It was the very first Ripple Gateway, and also the first partner in the Ripple incentive programme. Showing its standing in the financial community is the partnerships it has formed with Swissquote and Credit Agricole SA . Furthermore, it was the first cryptocurrency exchange to be fully licensed in Europe and is regulated now by the Luxembourg Financial Industry Supervisory Commission .

  • Older exchanges usually have a better reputation and are more dependable.
  • As such, when you open an account on Bitstamp, you will be prompted to go through the KYC process.
  • In brief, it’s generally easy to get your funds in and out of Bitstamp, especially if you’re a European resident or citizen who can make use of the SEPA network.
  • However, the Coinbase Pro platform uses a maker-taker model with a 0.50% transaction fee for investors trading $10,000 or less over the trailing 30-day period.
  • Clients outside the SEPA region usually wait five business days to receive their funds.

As difficult as most people make the buying and selling of cryptocurrencies, any trader with half a brain can find it easy on their own to buy or sell on the interface. Judging by the extent that Bitstamp has gone to secure users’ funds, it is safe to say that the platform is safe. The exchange wisely combines a cold storage system, a good insurance policy, and two-factor authentication to reduce the possibility and effects of a security bridge. Besides, it uses data encryption to ascertain that all documents uploaded on the website are not prone to privacy risks. Bitstamp is a low-fee cryptocurrency exchange for those looking for a safe place to trade. It’s been around for a while and knows how to provide a good service for huge trade amounts.

International Wire Transfers:

The exchange also supports crypto deposits with additional charges. We will take a closer look at fees later in this Bitstamp review. That is, the platform caters to institutional traders and brokers by providing them unfettered access to a wide range of cryptocurrencies.

When selecting an exchange for trading, consider how long it has been in the industry. Older exchanges usually have a better reputation and are more dependable. Bitstamp is the older exchange in terms of year of entry into the crypto trading market.

What Are The Pros And Cons Of Bitstamp

Finally, click on confirm for your transaction to come into action. As the support team is deluged with thousands of tickets to resolve on a daily basis, it can take a while before your ticket is attended to. Although there is a UK number to call, the calls are answered by a recorded message. Nevertheless, Bitstamp does make an attempt to provide its customer with a fairly comprehensive FAQ. The information contained within the FAQ does help to provide the answers that most people need. Bitstamp is one of the exchanges that offers a so called “flat” trading fee.

This is another important figure from the industry, having plenty of experience in the field of crypto exchange. Like Coinmama, this is a company that focused on a limited number of popular cryptocurrencies bitstamp review and sells directly tokens to customers. On the other hand, Bitstamp uses deposit methods like credit/debit cards, international wire transfers for non-EU users, and bank deposits.

How To Deposit Funds At Bitstamp?

They offer a range of educational options, including some that will pay users to learn more about crypto. Coinbase is one of the most popular exchanges with beginners, and for good reason. Compared to Bitstamp, their interface is easily accessible, quick to understand, and makes trading easy to execute. Bitstamp operates a tiered fee schedule based on 30-day trading volume, as you can see in the chart below.

Bitstamp is a Europe-based cryptocurrency exchange that is offering its services all across the globe. It is one of the oldest cryptocurrency platforms out there and has stood the test of time better than most of its competitors. Bitstamp allows users to buy, sell and trade over 20 different cryptocurrencies from one marketplace and is ideal for users that are new to the crypto space.