shape shape shape shape shape shape shape

Bitstamp review

Bitstamp exchange platform review: the ultimate guide

The market of crypto exchanges continues to booming the world of cryptocurrencies. New solutions appear, as well as the most reputable ones provide their users with more and more unique functions. In case you are new to the crypto environment, you will surely need a handy exchange with intuitive design to suit your needs. Those, who are experts in crypto operations, might be searching for a more profitable and feature-rich service. Is it possible to find a system that will fit the requirements of both types of users? Sure! 

 

Bitstamp wallet is likely to become your favorite service for a wide range of crypto needs. In this post, we’ve tried to provide you with the most recent and detailed data about using Bitstamp exchange. Discover more important facts about the program and make sure it is an excellent solution for different cryptocurrency transactions. 

Bitstamp: the basic concepts 

The service is considered to be among the leading solutions for crypto exchange operations since 2011. Although the platform handles operations with a limited number of types of coins, it offers a top-notch user experience with an excellent design, plenty of unique features, and lightning-fast transactions. 

 

The service deals with 12 different types of crypto money and allows using the most popular fiat currencies, including the euro, the US dollar, as well as crypto Bitcoin. This means it is relatively flexible and might become a universal platform to cover all your operations in a single place. 

The platform’s history 

The service was founded in 2011 by  Damijan Merlak and Nejc Kodric. It was a Slovenian startup that was developed to be one of the most serious competitors of Mt.Gox. The developers paid extra attention to the system’s usability and easy design to attract a maximum number of customers. This worked excellently and the service started to gain popularity with its feature-rich menu and handy interface. 

 

When its main competitor, Mt.Gox, was hacked and bankrupted, the developers had put the platform’s security in the first place. They focused on crafting a solution that will have the strongest security functions that will make using the service totally safe and reliable. The company boosted its security features and moved to some of its operations to the capital of the UK. This placed Bitstamp at the center of the European financial system. However, the company faced with an issue of the lack of regulation on crypto markets in the UK. 

The founders believed that a lack of regulations was one of the most serious problems for crypto during this time. The matter is that the customers are likely to choose only those solutions that are regulated and follow certain rules, established by the government. This made the innovators look for a country that has already adopted certain laws for the crypto exchanges. In 2016, the company switched its activity to Luxembourg.   

 

In just a few months, Bitstamp became the first cryptocurrency exchange that had a national license. This means that the service not only follows Luxemburg’s regulations but is also licensed in 28 countries of the EU. This step is one of the most important ones in the history of the platform. 

 

The crypto solution is now cooperating with a wide range of global institutions, including Credit Agricole, Swissquote, and many others. The platform has a brilliant reputation and is likely to hold the leading positions among the crypto exchange services. 

Bitstamp benefits you should know about 

When it comes to comparing different exchange platforms, Bitstamp is ready to beat most of its competitors. So, what makes the service special and brings millions of new customers? 

  • Functionality. The service has the most advanced functions and options for professional trading. Its feature-rich interface will surely suit both pro and beginner crypto enthusiasts. The platform has a great number of various balances and charts to make your operations even more effective. 

  • App. Bitstamp has a mobile app for iOS and Android users with the functionality, similar to its desktop version. Performing operations on the fly and keeping in touch with the global crypto trends is as easy, as 1-2-3. 

  • Security. The safety of users is the top priority for the popular exchange service. The platform meets the latest regulations and customer protection requirements to guarantee the maximum security level. Moreover, it uses cold storage for digital assets and Amazon Services for online assets.

  • Affordable fees. The exchange service is also attracting crowds of new clients with its incredibly low fees. The fees depend on your trading volumes. The more coins you trade, the lower the fees you will be offered. Generally, the fees range from .09% to 0.10%.

  • Global service. The platform can be used by customers from over 60 countries that make Bitstamp become one of the global exchange systems.

  • Customer care. The platform’s website contains a handy FAQ menu, where you will easily find the answers to the most common questions about using the service. Moreover, the platform has email support, where the professional managers will give you the expert help within the shortest terms. As a rule, the emails are replied within a few hours. The customers can also visit the company’s office in case of an emergency. 

 

Bitstamp pricing policy

The platform supports a significant number of crypto coins, including BTC, ETH, XRP, LTC, and BCH. The fiat currencies available are the US dollar and the Euro. You can either use a bank account, credit or debit card, and AstroPay payment options. The number of payment methods is not really impressive but it is usually enough for most users. 

 

Making transactions with the help of the popular exchange service is usually pretty cheap compared to the system’s major competitors. In case you would like to make a wire transfer, you will be charged a deposit fee of just 0.05%. 

 

As for the trading fees, they appear to be different. The price depends on the amounts of coins you will sell or purchase. The highest fees (0.25%) are applied to transactions that are lower than $20,000. In case you are trading in high volumes and operate with over $20,000,000, you will be able to get a fee of only 0.10%. 

 

However, it is important to be careful when using your credit card for charging your financial operations. The matter is that Bitstamp has a high 8% fee for transactions under $500.The great news are that BTC, LTC, and ETH deposits and withdrawals don’t require any fees at all. 

 

When using the debit card, you will be charged a minimum of $10 when withdrawing your transactions. 

Is Bitstamp safe and legal? 

Bitstamp is one of the leading solutions when it comes to crypto security measures. The platform suffered from hacker’s attacks in 2014 and 2015, and boosted its safety measure since then. The service has a perfect reputation of a legal and trustworthy exchange solution. 

 

The innovative security measures protect all the users’ money for almost 100%. The fact is that almost 98% of all the money is securely stored in cold storage that is not accessible by any hackers. The platform also uses a classical two-factor authentication, confirmation email letters, as well as SMS notifications for maximum security. Multi-signature support, PGP data encryption, and other safety tools are also set for protecting your money and data from any third parties or malware. The service doesn’t offer any insurance on your assets stored on the platform. 

 

All these functions make Bitstamp a completely safe solution for performing different types of transactions. Millions of users trust the service and use the system for exchanging in high volumes. 

Bitstamp withdrawal limit and time 

The platform is one of the exclusive solutions that enable its users to withdraw assets like gold. The withdrawal is accessible for users from the EU only. The entire process can be easily tracked. By the way, those users, who would like to get their gold as soon as possible, can also collect it from the company’s office in Slovenia for free. 

 

Another excellent benefit for all the users is an option to withdrawal most crypto coins in no longer than a couple of minutes. As for the Euro and the US dollar, the withdrawals usually take a few business days and are processed by SEPA or wire transfer. 

Customer support: good or bad?

The system has multi-channel professional support. You can choose from a wide range of different options to get expert assistance in using Bitstamp. All the channels are active and up-to-date, so you can easily use any of the following options: 

 

  • FAQ. The easiest way to find the solutions to the most common questions regarding the service is to open an official Bitstamp website and switch to the FAQ section. Unlike most exchanges that pay lack attention to this menu, Bitstamp has a detailed description of all the issues most users can face. 

  • Phone. In case you are a lucky resident of the UK, the United States or Luxemburg, you can also call the support team via phone directly. The landline is available 24/7, so you can easily ask any questions anytime day and night. However, you might need to wait for a couple of minutes in case you are making a call during the peak time. 

  • Email. In case you have some time to wait to solve your issue, you can contact the experts via email. You are likely to get the answer in a few business days. The same time concerns contacting the support managers by Twitter. 

  • Tickets. The service also has a handy ticket system, where you can mark your issues with different flags. Although there are no pre-set time limits to get a response via this communication channel, most users report the tickets to be solved fast. However, certain delays might also occur during business hours. 

Is Bitstamp popular? 

According to the recent data, Bitstamp is hitting the top 20 largest exchange services. The platform can boast to make operations for approximately 200 million dollars every 24 hours. In other words, the system handles around 6% of the global crypto operations. The service is available in more than 60 countries, including the United States, the UK, Brazil, and South Korea. Millions of people are using the service on a regular basis.

 

Bitstamp advantages 

When you start to compare Bitstamp with the other popular exchange platforms, you will surely need to know its unique benefits. So, what is the service famous for? 

 

Reputation. The service has an excellent reputation, according to the feedback of thousands of users. Being one of the most trustworthy exchange platforms, it offers fast, easy, and safe transactions to all its users. In case you have some worries about whether the service is legal, it is important to note that Bitstamp has all the required licenses for performing operations with crypto on the global financial market. Furthermore, the company has been successfully audited by the world-known Ernst &Young. 

 

Top solutions for fiat exchange. There is nothing new that the system specializes in trading crypto coins for various fiat currencies. Unlike most analogs, the number of currencies supported by the platform is not limited to standard ones only. Thus, you can use the Russian Ruble, Chinese Yuan, Swiss Franc, and lots of other currencies that are widely used by different countries. Trading fiat is surely great for newbie crypto enthusiasts, who are planning to purchase coins for the first time. You don’t need to possess any other crypto coins to buy the desirable cryptocurrencies  - you can pay with your local money instead. 

 

Safety. Many crypto experts remember the black day for Bitstamp when the service was hacked in 2015. This accident still makes many beginners wonder whether the service is secure now. According to numerous crypto professionals, the platform is now having one of the most securely protected systems among hundreds of other exchange solutions. 

 

The fact is that after the service was hacked, it was totally rebuilt and enriched with the highest security standards. Furthermore, the program still values the safety of its users the most and is still focused on improving the platform’s safety according to the latest trends in the crypto world.

 

The service is currently using:

  • Cold storages for storing funds. These storages are offline solutions that can’t be hacked by any third party. 

  • 2-factor authentication. To access your account, you will need to provide the service with two types of data. In most cases, it is a password and a code, generated by Google Authenticator. 

  • Text message alerts. All the operations related to your account are double-checked with the help of text messages. 

  • PGP protocol. This is an innovative protocol that helps to keep all the users’ data 100% private. 

 

Pricing policy. The solution has one of the most affordable fees among analog exchange programs. Not only Bitstamp offers low fees for all its users but it also has completely understandable pricing with no hidden fees. The fees are based on your country of residence and the chosen payment methods. However, all the additional charges made by the platform, are fair and affordable. 

 

Payment options. This is another feature that is highly valued by the platform’s users. The number of payment methods is likely to suit most crypto enthusiasts. You can effortlessly deposit your account with the help of the bank transfer or credit card account. In case you are using the crypto exchange for the first time, you will not get lost in the payment parameters available in your profile. 

 

Design. The platform has a modern interface with all the menus and options located right in their places. You will easily learn how to use the platform and will make your first operation in a blink of an eye. Bitstamp is a brilliant option for beginner cryptos. Furthermore, the program will fit all the requirements of crypto experts since it has everything needed for professional trading. 

 

Client support. The program has perfect customer support, accessible via different channels. The easiest way to know more about the service is to read the FAQ section online. In case you want to get pro assistance within the shortest terms, you can also call the support team (it is usually used for urgent issues) The email support is also very handy - you will get a solution to your issue in no time. By the way, Bitstamp is one of the most customer-oriented exchange services that is ready to provide an individual approach to each customer. 

Bitstamp disadvantages 

Although the service is highly valued by most users because of the whopping number of benefits, it still has some minor drawbacks any new user should know about. Discover the program’s cons and decide whether the service meets all your expectations. 

  • Limited coins options. Unlike most exchange websites, the service has a limited number of supported types of crypto coins. The number of trading pairs is 11 only that might appear to be not enough for pron traders. Furthermore, in case you would like to deal with a larger number of different types of coins, you might consider switching to another platform. 

  • Mobile version. Unfortunately, the mobile version of the service is not as perfect as its desktop analog. Many users find it too slow, as well as it lacks some functions available in Bitstamp desktop. 

  • Usability. The service has an amazing number of functions and options for pro cryptos. However, such a rich functionality might seem a bit confusing for beginners. 

Top tips on how to use Bitstamp

Using Bitstamp is considered to be amazingly easy. Even the users with no trading experience can enjoy using the service and benefit from all its functions. Here is how to start using the popular exchange program:

  1. Registration

As for any other common solution, the first thing you will need to start using Bitstamp is to register on its official website. The process is pretty standard and relatively fast. You will just need to provide the data about your name, surname, country, and email. After that, you will receive a confirmation link exactly to your email address. Just click on your personal link in the letter you received. 

Note: you will be also asked whether you would like to use 2-factor authentication. Don’t skip this option! Using this type of authentication is obligatory for maximizing your safety measures. In case you don’t know how to set up the option, just click on the PDF document with detailed instructions provided by the developers. Although setting up the feature might require extra time, make sure to start using it. 

  1. Pass the verification procedure. The verification will not take you long. Just click on your account details and go to personal account verification. Here you will need to upload a scanned copy of your ID document and the proof-of-address. After that, go to Phone verification. After that, you will get a confirmation code right on your smartphone. As a rule, the verification process is completed in a few business days.

  2. Start using the service. Click on Buy/Sell and go to your Credit Card details. Make a payment, and get your crypto. Congratulations, now you are an experienced trader! 

Conclusion 

Generally, Bitstamp is a brilliant exchange service with a balanced number of coins, fiat currencies, and features. The platform has been present on the market for over a dozen years and gained incredible popularity. The program has a well-polished design, handy menus, and advanced functionality all available for reasonable prices. The service attracts crowds of beginners and crypto experts with its excellent user experience. If you still hesitate, whether to start using Bitstamp, create an account and just take a look around on the platform - you will surely like it.