Bitstamp crypto exchange is registered in Luxembourg and headquartered in the UK. It is one of the oldest cryptocurrency exchanges in operation. Aimed at both novice and experienced traders, it allows users to trade Bitcoin (BTC), XRP, Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) with each other and against fiat currencies (USD, EUR, GBP ) exchange. Also, customers can deposit and withdraw fiat currencies using their credit and debit cards. And while the trading and currency dashboards are split across several separate pages, these are neatly laid out and generally very easy to use for both novice and experienced traders alike.
Bitstamp crypto exchange advantages and disadvantages
- Credit and debit card payment and bank withdrawal options Competitive fees fully licensed and regulated in the EU Low fees for SEPA deposits and withdrawals
- A smaller selection of cryptocurrencies. Slightly higher fees. Verification needs more personal information than other exchanges
Bitstamp crypto exchange main features
Bitstamp crypto exchange is a one-stop shop for buying and selling cryptocurrencies. It is already an experienced exchange and has been providing a reliable way to conduct fiat-to-crypto exchanges since 2011.
Key features include:
- High liquidity fiat-to-crypto gateway. Bitstamp crypto exchange is one of the oldest and most respected cryptocurrency exchanges serving traders from all over the world.
- Regulated Exchange. Bitstamp crypto exchange was the first fully licensed European crypto exchange and is regulated by the Luxembourg Financial Industry Supervisory Commission (CSSF).
- Possibility to buy bitcoin and other cryptocurrencies with a bank card. Bitstamp crypto exchange supports instant cryptocurrency purchases with your bank card.
- Low fees for SEPA deposits and withdrawals for Europeans. Aside from receiving crypto with a credit or debit card, you can also deposit and withdraw cash directly into your bank account via wire transfer or SEPA transfer. The former is slightly more expensive than the latter.
- Convenient mobile app. Bistamp’s mobile app works on both Android and iOS devices, making it easy to trade on the go.
- Easy to use for beginners. Bitstamp crypto exchange has both simplified and advanced trading interfaces, making it easy to buy and sell crypto even if you are new to this market.
In short, Bitstamp is a convenient and trustworthy crypto exchange for both beginners and advanced traders. It offers a lot of useful trading options, high liquidity, and its security has been fairly tested over the 9 years of its existence.
Bitstamp crypto exchange background
Bitstamp crypto exchange is one of the oldest exchanges currently in operation. Founded as a European alternative to Mt.Gox, it launched in August 2011. Today it is primarily based in Luxembourg and occupies an accessible middle ground between advanced and beginner trading. Bitstamp allows users to perform a variety of trading types (although not margin trading), and it also trades Bitcoin (BTC), Ripple (XRP), Litecoin (LTC), Ether (ETH), and Bitcoin Cash (BCH). You can deposit fiat currencies USD, GBP, and EUR.
Unlike other popular crypto platforms, Bitstamp also allows users to deposit and withdraw funds using their credit and debit cards, although this is usually more expensive than a bank transfer.
Given that it’s been running for so long, its security is generally solid. However, it faced some cyberattacks in 2014 and 2015 when almost 19,000 bitcoins were stolen. Fortunately, it has since managed to operate without incident, while at the same time its licensing by the Luxembourg government in 2016 means it is now a fully regulated EU payment institution, making it more reliable than unregulated exchanges.
Bitstamp’s official addresses include the following locations:
Payment institution: Bitstamp crypto exchange Europe S.A., 21-25 Allee Scheffer, L-2520, Luxembourg.
Stock Exchange: Bitstamp Ltd., 5 New Street Square, London EC4A 3TW, United Kingdom.
Office: Bitstamp crypto exchange USA Inc., 27 Union Square West, Suite 205, New York, United States.
The current CEO of Bitstamp is Nejc Kodric. Other key team members are CTO David Osojnik, CFO Edward Kemp and COO Vasja Zupan.
Ways to invest with Bitstamp
You are not buying any crypto assets from Bitstamp itself; Bitstamp essentially facilitates trading between you and other customers. This means you are always either buying assets from another client or selling assets to another client.
Another thing worth noting: Bitstamp allows you to fund these transactions using fiat currencies (e.g. USD, EUR, or GBP) or cryptocurrencies.
Bitstamp also allows instant purchases with cryptocurrencies. It also says you can deposit or withdraw from anywhere in the world, and US customers can make free instant deposits via ACH transfers.
If you’re a fan of staking (staking pays you regular interest rewards for holding certain assets for some time), Bitstamp currently offers it for Ethereum. However, note that US merchants cannot use this feature.
Bitstamp crypto exchange Pro
The Bitstamp Pro platform could be a good option for traders who need more advanced trading tools. It offers multiple Application Programming Interfaces (APIs) – including FIX, HTTP, and Websocket APIs – that gives you efficient and stable access to the crypto market.
If security is your priority, you might appreciate that Bitstamp offers BitGo-sponsored institutional storage for your assets. And you have access to 24/7 customer support as well as an account manager if you need to place large volume trades.
As mentioned, Bitstamp crypto exchange also offers mobile trading access for those who need to trade on the go. The Bitstamp crypto exchange mobile app gives you access to real-time data charts, multiple order types, and secure wallet protection for your assets and all crypto transfers.
In addition, Bitstamp streamlines the account login process by allowing you to log in with fingerprint or face recognition.
Is Bitstamp trustworthy?
Bitstamp is a global crypto exchange with offices in Luxembourg, London, and New York. The Better Business Bureau has given its US division Bitstamp crypto exchange USA Inc. an F rating.
These ratings, which range from A+ to F, reflect the bureau’s opinion on how well it thinks a company interacts with its customers. Bitstamp is not BBB accredited. The Bureau lists several reasons for this rating, including: (1) four complaints were filed against Bitstamp USA, and (2) Bitstamp USA did not respond to those complaints.
The crypto platform’s record is fairly free of any major scandals or lawsuits. But in January 2015, hackers stole around $5 million worth of Bitcoin from Bitstamp. This forced the investment company to for the time being suspend its services.
Bitstamp crypto exchange USA has closed three complaints in the last 12 months.
Bitstamp crypto exchange Supported Countries
As of 2021, Bitstamp’s services will be available to citizens and residents of the following jurisdictions:
- All 27 European Union (EU) countries.
- The United States, Cayman Islands, Puerto Rico, Dominican Republic, Curacao, Dominica, Bahamas, Trinidad and Tobago, Barbados, Jamaica, Guadeloupe, Martinique, and Sint Maarten.
- United Kingdom, Switzerland, Norway, Monaco, Montenegro, Serbia, Turkey, Andorra, Moldova, Gibraltar, Iceland, Greenland, Lichtenstein, Isle of Man, Faroe Islands, Aland Islands, San Marino.
- Hong Kong, China, Singapore, Taiwan, South Korea, Japan, India, Brunei.
- Australia, New Zealand, French Polynesia, New Caledonia.
- Argentina, Brazil, Chile, Peru, Ecuador, Paraguay.
- Kuwait, Qatar, Saudi Arabia, Lebanon, Israel Jordan, Bahrain.
- South Africa, Madagascar, Mozambique, Réunion.
All users of the exchange must undergo a thorough KYC process and provide legitimate personal information, including verification address, personal picture, and a copy of an ID document.
Bitstamp crypto exchange Currencies and payment methods
Bitstamp crypto exchange works with Euros and US Dollars for fiat currency options. If you have a European bank account you will find the service particularly useful as you can deposit funds via SEPA and it will arrive relatively quickly. Alternatively, you can use a regular bank transfer. You can also buy bitcoins with a credit card through Bitstamp crypto exchange. However, this method involves a 5% fee, with no possible additional fees from your CC issuer. The cryptocurrencies on offer are those you would expect from a major exchange: Bitcoin (BTC) Ethereum (ETH) Litecoin (LTC) Ripple (XRP) Bitcoin Cash (BCH) Stellar Lumens (XLM) Paxos Standard Token (PAX) Pay of course also enter one of the currencies mentioned on the stock exchange. As part of being a gateway to the Ripple network, Bitstamp also accepts BTCUSD promissory notes.
Deposits, withdrawals, and trading fees at Bitstamp are pretty cheap compared to other exchanges. The deposit fee for international transfers is only 0.05%, which is pretty low. Trading fees vary depending on your “buy and sell” amounts. The highest trading fee is 0.5% for amounts under $10,000 and can drop as low as 0.10% if you are lucky enough to trade with more than $10,000,000. However, be careful when using your credit card as depositing by card will cost you dearly. All credit and debit card deposits are subject to a 5% fee. You can Deposit and withdraw in Bitcoin, Litecoin, and Ethereum for free.
Bitstamp crypto exchange Customer Support and Reviews
You can contact Bitstamp through a ticketing system and will typically receive a response within 24-72 hours, depending on the nature of your request. The company’s UK phone number is also available in case of an emergency. There is also a decent FAQ page. Many companies only pay lip service to this area of their websites, but Bitstamp crypto exchange provides detailed information that should answer most of the important questions. The exchange gets a “poor” rating on TrustPilot, but that seems to be the norm for exchanges in general. I’ve been a Bitstamp customer for 3 years and have usually had a timely response whenever I’ve had an issue.
Bitstamp crypto exchange customer satisfaction
Given the negative feedback, Bistamp receives on consumer review sites, this exchange seems to have low customer satisfaction. This is typically the case with many exchanges, as people are much more likely to leave a bad review when something goes wrong than a positive review when things are working normally.
Many users complain about problems processing withdrawals or freezing transactions. They also say that the customer service didn’t solve their problems even though a lot of time has passed. On the other hand, some reviews praise the customer service as “the best”.
The Bitstamp team responds to many of their user reviews, whether positive or negative.
Opening a Bitstamp account
Bitstamp’s account registration process is quite similar to that of other crypto exchanges. To open a personal account, first, enter some basic personal information and confirm your email address.
Next, choose a complex, unique password and set up multi-factor authentication with Google Authenticator or Authy. You can enable multi-factor authentication and email verification for critical account actions like trading and deposit to add an extra layer of security.
Depending on where you live, you will need to meet different know-your-customer (KYC) requirements. This process will mostly require a webcam photo or video. According to Bitstamp crypto exchange, at a minimum, you must provide “high-quality photographs of your current and valid identification document (e.g., international passport, national ID card, driver’s license) and proof of residence (e.g., utility bill, bank account statement, a government-issued document).
After submitting the information and documents, you can activate your account, log in and connect a payment method to deposit funds. Or you can transfer cryptocurrency from another wallet to Bitstamp. Then you are ready to buy, sell, and trade crypto.
Bitstamp vs Kraken
Kraken and Bitstamp are considered two pioneering exchanges due to their early market entry. Both exchanges are not very user-friendly in their interface and are suitable for more experienced traders. The exchanges are similar when it comes to fees, however, the Kraken crypto exchange supports a wider range of cryptocurrencies. While Kraken is more focused on features and functionality (e.g. futures and margin trading), Bitstamp is more customer-centric. Overall if you are looking for advanced trading features I would go with Kraken but if you are looking for a stable platform with better customer support I would go with Bitstamp.
Bitstamp vs Binance
Bitstamp and Binance are both suitable for beginners and advanced traders.
Binance has much lower fees, averaging 0.1% per trade
Bitstamp crypto exchange offers 53 currencies compared to Binance’s 403 (71 currencies for Binance.US)
Binance.US is FDIC insured, Bitstamp is not
Both Bitstamp and Binance have charts and trading tools for all types of traders.
New traders and Beginners who like the option of 24/7 support and a straightforward fee structure might find Bitstamp crypto exchange to be an acceptable place to start. Advanced traders might also find Bitstamp appealing due to its advanced charting capabilities and reliable availability, although more advanced users will likely find the features lacking.
While anyone could benefit from Bitstamp, other options might be more appealing. Other crypto exchanges have lower fees and along with 24/7 support, Bitstamp doesn’t stand out from the crowd.
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