Bitstamp Review

Bitstamp is one of the oldest crypto exchanges that still exists today. 2011 might not look too far ago in the real world, but it stands like being established back in the Bronze Age, speaking of the digital currency timeline. For more than a decade now, Bitstamp has remained a solid solution for most people looking for options to buy and sell Bitcoin, Etherium, Ripple, and other coins.

The crypto exchange has gone a long way from being repeatedly hacked in its early days to becoming one of the safest zones for traders in present times. Surviving in such a dynamic and aggressive market is proof in its own right of Bitstamp’s credibility. The platform follows a strict Know Your Customer (KYC) policy – no user is allowed to trade until the whole identification process is complete. It might turn away some digital coin players but stands as a guarantee for the vast majority who buy BTC for fiat money or vice versa.

PROS

Accepts fiat payments
✓ Efficient customer support
✓ Highly reliable
✓ Mobile app for both iOS and Android
✓ Easily accessible support team

 

CONS

Security issues in the past
✗ Not suitable for beginner traders
✗ Not a great variety of cryptocurrencies

Bitstamp was created in Slovenia, later moved to the UK, and now is based in Luxembourg. From the start, the idea behind Bitstamp was and still is being a top option for the EU crypto traders. Residents of all member states can use the platform. Bitstamp is also supported in a significant number of territories around the world, including Turkey, Argentina, Brazil, etc.

Cryptocurrencies available for trade

While you will easily find exchanges operating with a greater number of coins than Bitstamp, this platform has what most traders look for. The emphasis is on quality rather than quantity. Yet, there are still more than two dozen coins to buy or sell. Here are the top cryptocurrencies available on the exchange:

  • Bitcoin
  • Ether (Ethereum)
  • XRP (Ripple)
  • Litecoin
  • Bitcoin Cash
  • Chainlink
  • Uniswap
  • Stellar Lumens
  • AAVE
  • USD Coin

Among the fiat currencies accepted at Bitstamp are the USD, the Euro and the GBP.

Deposit methods

You can buy some crypto using another crypto as long as Bitstamp supports both. And it’s fee-free. But when it comes to paying with fiat money to purchase digital coins? Here are some of the payment methods accepted at the platform:

  • SEPA (European Bank Transfer) – Free
  • Bank wire – 0.05% transaction charge with a top limit set at 300 Euro
  • Debit Card – Fixed fee of $10 or 2% for deposits of more than $10,000.
  • Credit Card – 5 percent of the deposit. Credit card provider fees are not included in this.

Safety

The whole platform was put on the brink of collapse several years ago, due to a series of attacks. However, ever since those critical days back in 2014, Bitstamp has significantly beefed up the security level. The platform insists on stringent KYC demands. No one is allowed to trade before being verified by checking documents and personal data. Clients’ details are well protected.

Low fees

This is actually one of the primary advantages of Bitstamp compared to other crypto platforms. The prices are quite reasonable yet still depend on the payment method and the amount of money. Deposits and withdrawals in Bitcoin, Litecoin, and Ethereum are free of charge. Depositing fiat money to buy digital coins will usually take as low as 0,05% for the service. But using a debit or credit card for the transactions costs much more – it might go as high as 5 percent! And still, Bitstamp delivers more affordable options than most exchanges.

Tradeview Interface

The charts and other features really help traders. Bitstamp’s Tradeview Interface employs advanced technological tools and graphics. It offers real-time market insights, a great variety of analytical tools and order types.

    Customer Support

    Another reason for many users to prefer Bitstamp. Users can file a ticket or complaint. The reply will come back no later than 72 hours, but usually, the response is present much faster. The platform’s FAQ section also delivers detailed information on many of the possible issues.

    Not so welcoming to newbies

    Bitstamp might be an excellent platform for highly experienced traders as well as intermediate-level buyers/sellers. Anyway, crypto rookies often face difficulties in getting an understanding of the whole system.

    A limited array of cryptocurrencies available for trade

    Some essential coins are missing here, such as Cardano, Polkadot, Theta, to name a few. Those can be found on bigger exchanges, such as Binance for instance.

    Asking for personal details

    The more the company knows about its customers, the bigger the chance to welcome them in a safe environment. But not everyone is happy sharing so much personal data. And on top of that, after the transactions hit a specific threshold, users are required to expand the list of shared details.

    Bitstamp support beyond EU borders

    The crypto exchange is accessible in every European Union member state. Outside the EU, Bitstamp accepts payments from more than 40 countries and territories. Keep in mind that if you are from Brazil or Turkey, for example, you can trade crypto on the platform using fiat money with instant transfers via debit or credit card. Bitstamp is available in the USA too, but not all of the states. And users may face the requirement for some additional identity verification.

    Opening an account on Bitstamp

    You need the registration to be allowed to trade on the Bitstamp platform. The sign-up process on the crypto exchange is not hard to understand. Users can also utilize a Two-factor authentication (2FA) to increase the security level.

    Those KYC requirements might make many users quit before they complete the registration. But as it has been said before, Bitstamp has made significant efforts to improve the levels of safety.

    Overview

    Bitstamp presents a variety of decent options for traders, especially for those based in the EU. It might take some time to get how the platform operates, but it is definitely worth trying it out.

    Score 4.2/5

    Nothing on this website should be perceived as financial, investment or trading advice. We urge you to do your own research prior to investing and we highly recommend that you consult a certified financial advisor.

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