In this 2023 Bitstamp exchange review, I will delve into what Bitstamp is. You’ll explore the background of this crypto exchange, the team behind it, and its functionality.
Have you ever wondered which countries Bitstamp supports?
What are the transaction fees and prices on Bitstamp?
Is Bitstamp a reputable platform, or is there any concern about potential scams? I’ll address these queries and more in this Bitstamp review!
Is Bitstamp a viable choice for your exchange needs and investing?
Are the fees competitive for both individual and professional investors?
Should you register an account today?
Both institutional investors and individual traders require access to top-tier cryptocurrency exchanges and industry standards. If you’ve come across Bitstamp, you’re headed in the right direction.
Let’s dive in.
Disclaimer: The information provided on this website is for informational purposes only and should not be considered as financial, investment, or legal advice. Cryptocurrency investments are volatile and high-risk in nature. Consult with a qualified financial advisor and/or tax professional before making any investment decisions. We are not responsible for any loss incurred due to the use of information on this website. Do your own research and exercise caution. Don’t invest unless you’re prepared to lose all the money you invest.Key Takeaways
Before digging into the essence of this review, make sure you know Bitstamp’s pros and cons:
Bitstamp, founded in Slovenia in 2011, is a leading cryptocurrency exchange.
The brand has offices in the UK, US, Singapore, and Luxembourg. Bitstamp is also one of the oldest and most reliable crypto exchanges globally.
It offers a wide range of services for crypto fans and has a user-friendly platform.
Bitstamp was founded by Nejc Kodrič and Damijan Merlak in 2011. It serves as a secure and accessible platform for buying, selling, and trading crypto.
Recognized for its robust security measures, Bitstamp has established itself as a leader. It remains resilient against cyberattacks, setting it apart in the cryptocurrency exchange landscape.
Bitstamp tanks among the top exchanges in trading volume and user base. Its popularity underscores its ability to adapt and thrive.
Throughout its journey, Bitstamp has achieved significant milestones. It obtained a European license and formed strategic alliances within the sector.
Bitstamp has a user-friendly platform, ensuring ease of navigation even for beginners. The platform offers two primary trading experiences. It also grants access to leading cryptos and a wide range of altcoins.
Bitstamp showcases an intuitive interface that streamlines the trading process. Users can execute instant, market, limit, or stop orders using the platform’s layout. The basic trading platform offers a clear chart, buy and sell offers, and a purchase form.
For advanced traders, the Tradeview platform offers advanced charting features. It has a live updated order book, depth chart, and convenient trading forms.
Bitstamp caters to various trading strategies by offering a diverse range of trading pairs. While it serves as an entry point for beginners, it also provides an array of intriguing pairs.
Bitstamp supports trading pairs in BTC/USD, ETH/USD, LTC/USD, BCH/USD, and XRP/USD. The platform allows users to buy and sell crypto assets using EUR and GBP. This establishes transactions through credit and debit card payments, and bank transfers.
Bitstamp accommodates the needs of traders by offering a variety of order types. These options empower users to execute trades with precision and flexibility. Here are the key order types available on Bitstamp:
Market orders are straightforward and executed at the current market price. This is ideal for traders prioritizing speed over price.
Market orders are used when you need to buy or sell an asset, with less concern about the exact price of execution.
Limit orders empower users to set a specific price for buying or selling an asset. The trade will only proceed when the market reaches the specified price or a more favorable one.
Traders use limit orders when they have a precise price point in mind and are willing to wait for the market to reach that level. This order type proves invaluable for establishing entry and exit points.
Stop orders, often referred to as stop-loss orders, aim to limit potential losses. When the market hits a predetermined price level, a stop order transforms into a market order and executes at the prevailing market price.
Traders use stop orders to mitigate losses. This automatically triggers the sale of an asset if its price drops below a pre-set threshold.
Stop-limit orders blend characteristics of both stop and limit orders. They consist of two components: a stop price and a limit price. Once the stop price is reached, the order transforms into a limit order and executes at the specified limit price or better.
Stop-limit orders are beneficial for precise entry and exit points while also minimizing potential losses.
Trailing stop orders are adaptable and adjust to market price movements. As the market price rises, the trailing stop price increases by a specified distance. If the market reverses and falls by the set distance, the order shifts to a market order and executes.
Trailing stop orders are implemented to secure profits. Those enable potential gains to continue in a trending market.
Iceberg orders are crafted to conceal the total order quantity. Only a portion of the order is visible to the market, while the rest remains hidden. Upon execution of the visible portion, the concealed portion is automatically revealed.
Iceberg orders are employed when traders aim to keep their buying or selling activity confidential from the wider market.
FOK orders must be executed in full or not at all. If the entire order cannot be immediately filled, it is canceled.
FOK orders are deployed when traders require immediate execution of a specific quantity of an asset and are not willing to accept partial fills.
Bitstamp offers lending tools that enable users to engage in crypto lending, with interest rates varying. This feature presents opportunities for users to generate passive income. Please note that staking periods and limitations may be subject to change. It’s crucial to stay informed about the latest terms and conditions.
While Bitstamp doesn’t have its own wallet, it provides support for various wallet options. This gives you flexibility and convenience. Additionally, a mobile wallet with all the functionalities of the exchange will be discussed in detail later.
Bitstamp establishes trading of over 80 cryptocurrencies. From well-known ones like Bitcoin and Ethereum to others like Uniswap, Stellar Lumens, Dogecoin, Solana, USDT, and Litecoin. Bitstamp covers a broad range of digital assets.
It’s important to mention that XRP is not available for cryptocurrency trading within the United States.
Bitstamp grants users access to a range of features through their profiles. Still, direct interaction with other users is not supported. Profiles serve as an interface for managing account preferences, settings, and security features.
Bitstamp provides a diverse range of trading bots designed to cater to various trading styles. These trading bots offer options to enhance your trading strategy.
Bitstamp Pro is a special site made by Bitstamp for expert cryptocurrency traders. It combines Bitstamp’s long experience as the oldest crypto exchange with advanced tools and information in one place.
This platform is tailored for experienced traders looking to:
Bitstamp does not currently provide its own crypto debit or credit card. Users have the option to explore various methods for converting their crypto into fiat currencies or other assets.
Bitstamp Earn is a program offered by the cryptocurrency exchange Bitstamp. It allows users to earn rewards by completing various tasks related to cryptocurrencies and the Bitstamp platform.
These tasks might include watching educational videos, taking quizzes, or referring new users to the exchange.
Participants can earn cryptocurrency rewards or discounts on trading fees as incentives for their participation in Bitstamp Earn.
It’s designed to educate users and promote engagement with the exchange’s services.
Bitstamp offers a generally seamless and reliable user experience. While occasional issues or lags may occur, they are infrequent. The platform is known for its stability and responsiveness, ensuring users can trade without significant disruptions.
The registration process on Bitstamp is straightforward. Here’s a simplified guide:
Bitstamp offers educational resources to help users gain a better understanding of cryptocurrency trading. It provides essential information on its website and a helpful FAQ section. Additionally, Bitstamp’s blog occasionally features articles on cryptocurrency trends and market insights.
Bitstamp places a high priority on user safety through robust measures:
The majority of user funds are kept in cold storage, which are offline wallets less vulnerable to hacking.
Bitstamp strongly encourages users to enable 2FA to add an additional layer of security. The platform undergoes frequent security audits to pinpoint vulnerabilities. It upholds a high level of security.
Bitstamp adheres to robust Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures. The exchange is regulated in Luxembourg and holds a Payment Institution License.
While Bitstamp experienced a security incident in 2015 due to a phishing scheme. It resulted in the theft of nearly 19,000 Bitcoin (BTC), valued at around $5 million at the time. The exchange took responsibility and reimbursed affected users. Since then, Bitstamp has implemented significant enhancements to its security protocols.
Bitstamp’s fee structure encompasses:
|Trading Fees||Fees commence at 0.50% for smaller trades and decrease with higher trading volumes, which is advantageous for active traders.|
|Deposit and Withdrawal||The platform imposes fees for deposits and withdrawals. These vary depending on the chosen method.|
|Maker-Taker Model||Bitstamp employs a maker-taker fee model. It’s granting makers (liquidity providers) lower fees compared to takers (liquidity consumers).|
|Interest Rates||Bitstamp does not provide direct lending or interest-bearing accounts.|
Bitstamp fee structure
Bitstamp’s fee structure proves competitive, especially for traders with higher trading volumes. Users should take note of deposit and withdrawal fees when transferring funds.
It’s essential to recognize that no exchange is entirely resistant to risks. Users should exercise caution to safeguard their accounts and funds.
Bitstamp has established a global presence, serving users across a wide array of regions. The exchange’s services are accessible in all 27 European Union (EU) countries. Additionally, Bitstamp extends its services to many other nations, including:
For users based in the United States, Bitstamp operates through its subsidiary, Bitstamp USA. This ensures compliance with local regulations.
I recommend verifying the current list of supported countries on Bitstamp’s official website. Regulatory shifts may impact service availability in specific regions.
Bitstamp provides a variety of options for funding your bank account or withdrawing your funds. Here’s a breakdown of the deposit and withdrawal methods, along with some key details:
Bitstamp does not levy any fees for deposits made via bank transfers. It encompasses both SEPA and international bank transfers or wire transfers.
However, if you opt to deposit funds using a credit or debit card, a 5% fee applies.
Withdrawal fees for bank transfers vary depending on your location and the currency used. Crypto withdrawal fees are contingent on the specific cryptocurrency being withdrawn.
Bitstamp supports a diverse range of fiat currencies, including:
You can also deposit and trade with various cryptocurrencies, such as:
Take note of withdrawal limits and fees associated with bank transfers, as they may vary based on your location and the currency used.
Keep in mind that credit/debit card deposits incur a 5% fee, so it’s advisable to consider Bitstamp costs.
Bitstamp offers various avenues for customer assistance. Users have access to an informative FAQ page on the platform’s website, providing detailed answers to common queries.
Bitstamp’s customer support has received commendations for its prompt and helpful services.
You should also research people’s questions and complaints. Different customers will have different trading experiences, so you can run a comparison.
Bitstamp offers a user-friendly mobile application compatible with both Android and iOS devices. Here are some notable features:
For those new to the world of cryptocurrency, Bitstamp is a viable option to consider. It is among the best reliable platforms for purchasing, selling, and trading over 80 cryptocurrencies.
Bitstamp Pro also offers an advanced platform with enhanced tools and insights. It’s worth noting that some users may find the fees slightly higher compared. Security remains a paramount concern, and Bitstamp has taken steps to enhance it. Still, it’s advisable to exercise caution and adhere to best security practices.
While customer support generally receives praise, concerns regarding fees and verification are present. We value your insights and experiences with the Bitstamp exchange. Your feedback is highly appreciated.
Opening a Bitstamp account is a straightforward process. Visit the Bitstamp website and click on the “Sign Up” button. Provide your email address and create a secure password. Confirm your email address by clicking the link sent to you in the confirmation email. Finally, enter your personal details, including your name, address, and date of birth.
Bitstamp was established in 2011 by Nejc Kodrič and Damijan Merlak, both entrepreneurs from Slovenia. They first crossed paths in 2010 while working on a project for a Slovenian startup. They decided to launch their own company and entered into the cryptocurrency market.
Bitstamp is a platform where you can buy, sell, and manage digital currencies. It also helps with deposits and withdrawals.
Bitstamp is an easy-to-use platform for buying and selling cryptocurrencies, especially for beginners. The Bitstamp Pro app has all the features of the regular app. There are extra advanced tools for experienced crypto traders.
Bitstamp USA is part of the well-established Bitstamp crypto exchange. It works in the U.S. and lets people securely buy, sell, and trade cryptocurrencies. Bitstamp USA follows U.S. rules, ensuring a safe way for Americans to get involved in crypto trading.