Table of Contents
Overview
| Legal Name | Bitstamp Exchange |
| Headquarters | Luxembourg |
| CEO | Nejc Kodrič |
| Year Founded | 2011 |
| Exchange Type | Centralized |
| Trading Fees | Maker: 0.50%/ Taker: 0.50% |
| Deposit Methods | Wire Transfer, Credit Card and Cryptocurrency |
| Supported Cryptos | Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Paxos Standard. |
| Fiat | US Dollar (USD) and Euro (EUR) |
| Customer Service | Email, Phone |
| Trading Options | Spot Trading, Margin Trading |
With the rise in the popularity of the cryptocurrencies, there are lots of crypto exchanges that have evolved in recent times. This often becomes challenging to choose and acquire the most suitable exchange for effective trading.
Bitstamp is one of the oldest and most popular cryptocurrency exchanges in operation today used by the traders all around the world.
In this article, we will provide you with the complete guide on the Bitstamp exchange. Let us look into detail in this Bitstamp exchange review now,
What is Bitstamp?
Bitstamp is one of the oldest crypto exchanges established in the year 2011. It is based primarily in Luxembourg but has its offices in London and New York. The Bitstamp exchange was founded by Damijan Merlak and Nejc Kodrič.
Bitstamp is the first digital currency exchange platform to be fully licensed in Europe. The exchange is authorized and licensed by the Luxembourg Financial Industry Supervisory Commission (CSSF). This regulatory oversight gives users added protection when trading on the Bitstamp exchange.
Bitstamp Features
- Interface: The Bitstamp platform is generally well built and relatively user friendly. The platform contains all the major data on prices and orders, providing constantly updated charts and balances for effective trading
- Security: Bitstamp is one of the safest crypto exchange platforms for buying and selling digital assets. The company provides its clients with secure wallet options.
- Customer Support: Bitstamp offers phone and email support for clients. Bitstamp also offers an FAQ page that contains comprehensive and thorough responses that have been explained carefully and in detail.
- International Availability: Apart from being widely available across the EU and the US, the exchange is currently available to over 60 countries. These include Australia, Brazil, China, Hong Kong, India, Japan, New Zealand, Singapore, and South Korea.
Bitstamp Fees and Limits
Bitstamp’s flat trading fee is 0.50%. These trading fees are double the industry average, which is generally around 0.25%. However, Bitstamp offers trading fee discounts when you have a large trading volume during the preceding 30 days.
Bitstamp charges 0.0005 BTC for withdrawing BTC. The deposit methods include both wire transfer and credit cards.
Bitstamp Supported Currencies
The Bitstamp exchange currently supports 6 cryptocurrencies which can be listed below:
- Bitcoin
- Bitcoin Cash
- Ethereum
- Litecoin
- Ripple
- Paxos Standard
The fiat currencies supported by the Bitstamp exchange include:
Bitstamp Mobile App
There is an iOS and Android Bitstamp app provided that helps users keep up to date with their accounts while they are on the move. The app also provides real-time charts and an array of analytical tools, and users can choose between a basic buy and sell interface or a more advanced Tradeview interface.
How to register on Bitstamp?
- Step 1:
Navigate to the Official Website and then click “Register”option on the homepage
- Step 2:
Enter your name, email address, and country of residence.
- Step 3:
Tick the terms and conditions box and then click ‘Register’.
- Step 4:
Now you will receive a “registration complete” email at the address you entered. Here you will also be provided with your unique client Id and password.
- Step 5:
Then click on the Verification Option to complete the verification process
- Step 6:
Now navigate to the Security option on the left-side panel and select Two-Factor Authentication.
How to recover the Bitstamp password?
On the login page, type in your registered email id and click on the “Forgot Password” option. Once you confirm that you wish to reset your password, you will receive an email with a link. Click on the link and you should be able to set a new password.
How to deposit on Bitstamp?
- Step 1:
Navigate to the Deposit page through the top navigation screen
- Step 2:
Now you will be asked to select the deposit method you would like to use from the left-hand navigation pane.
- Step 3:
If you are not aware of the deposit methods to be used, choose the ‘Which method should I choose’ button to find out more details about each deposit option.
- Step 4:
After you have decided on a deposit method, Enter the deposit address and the amount to deposit.
- Step 5:
Then click “Deposit”. Follow the instructions to complete your deposit and obtain currency on the exchange
How to withdraw on Bitstamp?
- Step 1:
Navigate to the Withdrawal page through the top navigation screen
- Step 2:
Now you will be asked to select the withdrawal method you would like to use from the left-hand navigation pane.
- Step 3:
Enter the withdrawal address and the amount to withdraw
- Step 4:
Then click “Withdraw”. Follow the instructions to complete your withdrawal and release currency from the exchange
How to buy cryptocurrencies on Bitstamp?
- Step 1:
Navigate to the “Buy/Sell” page from the top navigation bar.
- Step 2:
Here you have a few options for making a cryptocurrency purchase.
- Step 3:
To make an instant order purchase, select the Buy option and note how much fiat currency you would like to spend on your purchase.
- Step 4:
If the transaction information provided is correct then click the ‘Buy’ button at the bottom of the page to complete the transaction.
- Step 5:
Transactions can be reviewed by navigating to the Transactions section on the left-hand side navigation panel.
How to sell cryptocurrencies on Bitstamp?
- Step 1:
Navigate to the “Buy/Sell” page from the top navigation bar.
- Step 2:
Here you have a few options for selling the cryptocurrencies
- Step 3:
To make an instant order sale, select the Sell option.
- Step 4:
If the transaction information provided is correct then click the ‘Sell’ button at the bottom of the page to complete the transaction.
- Step 5:
Transactions can be reviewed by navigating to the Transactions section on the left-hand side navigation panel.
Bitstamp Pros and Cons
Pros
- Advanced trading platform
- It is a Regulated Exchange
- High liquidity
- Low Fees
- Supports credit/debit cards transactions
- Supports major fiat currencies
Cons
- Weak Customer support
- High minimum fees for fiat withdrawals
- Long waiting period for account verification
Conclusion
Bitstamp is a reputable exchange platform that is recognized globally. The trading platform is well built and easy to use even for intermediate traders.
The fees they charge are more reasonable than other crypto exchanges. The exchange supports fiat currencies that is considered to be a major advantage for many people seeking to trade cryptocurrencies.
Recent Updates
- On Sep 10, 2020, Bitstamp implemented a new cutting-edge matching engine from Nasdaq
- On Sep 03, 2020, Bitstamp exploring support for 25 additional cryptocurrencies and stablecoins for potential new listings
- On Aug 31, 2020, Bitstamp enabled all order types and card purchases on the XLM pairs.
- On Aug 26, 2020, Bitstamp is the first exchange to go live on the BLINC network
Bitstamp FAQs
- How long do Bitstamp withdrawals take?
Bitstamp withdrawals can take from 1 to 5 business days, depending on whether you’re in or outside the SEPA zone.
- Does Bitstamp accept US customers?
Bitstamp is supported and there are no restrictions in the US.
- Does Bitstamp accept fiat currencies?
Yes, Bitstamp accepts fiat currencies, including EUR and USD.
- How do I make a Bitcoin withdrawal?
Go to your account and select “Withdraw”. Next, select “Bitcoin”. Enter the withdrawal address and the amount to withdraw and click “Withdraw.
- Is it safe to use Bitstamp?
Yes, Bitstamp is relatively safe as it employs best practices in terms of security, by utilizing advanced security technologies.
Bitstamp is one of the oldest crypto exchanges established in the year 2011. It is based primarily in Luxembourg but has its offices in London and New York.
