Are you researching for a reliable and secure cryptocurrency exchange platform? Bitstamp may be the answer you’re looking for. Founded in 2011, this Luxembourg-based crypto exchange has grown to become one of the largest order book exchanges in Europe.
Bitstamp was launched as a European alternative to Mt.Gox, which was dominating the global crypto space back then. Customers from all over the world use this platform to purchase Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC) and other prominent digital currencies. However, with hundreds of options available out there—how trustworthy is Bitstamp?
To answer that question, let’s take an in-depth look at this esteemed crypto coin trading platform and see how it stacks up against its competitors. In this Bitstamp review by Crypto Charity, we cover everything from fees to payment methods and security features so you know exactly what to expect before deciding if it’s right for you or not.
Trustworthy or Too Risky? Our Honest Bitstamp Review
Bitstamp is one of the oldest cryptocurrency exchanges in operation, registered in Luxembourg and headquartered in the UK. It allows users to exchange bitcoin (BTC), XRP, Ethereum (ETH), litecoin (LTC), and bitcoin cash (BCH) with each other and against fiat currencies (USD, EUR, GBP). Bitstamp reviews cover a wide range of topics from Administrative to Transportation, and are available for current employees, part-time, contract, internship, full-time and freelance roles. The reviews are available in multiple languages including English, French, German, Dutch, Portuguese, Spanish and Italian. According to the reviews 91% of reviewers recommend Bitstamp to a friend and 84% approve of the CEO.
What’s Bitstamp?
Bitstamp is one of the oldest and most trusted cryptocurrency exchanges in the world. Founded in 2011 by Damijan Merlak, it is registered in Luxembourg and offers competitive trading fees for more than 54 cryptocurrencies. It claims to provide a secure and user-friendly experience for traders looking to buy and sell crypto, allowing customers to deposit and withdraw fiat currencies such as USD, GBP, and EUR using their debit and credit cards. Bitstamp also supports Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC), Ripple (XRP), and Bitcoin Cash with fiat.
Investing in cryptocurrencies, DeFi, and ICOs is highly risky and speculative; therefore it is important to consult with a qualified professional before making any financial decisions. Bitstamp has been around since 2011, so they have a long track record of providing reliable services to their customers. They are committed to providing a secure platform for traders to buy and sell crypto with confidence.
Company Overview
Bitstamp is a leading cryptocurrency exchange that was originally launched in Slovenia in 2011 and now has offices in multiple global financial centers. It offers trading of 54 popular cryptocurrencies, including Bitcoin, Ethereum, Uniswap, Litecoin, and Stellar Lumens. Bitstamp provides both basic and active trading platforms to cater to beginners and casual traders alike.
The platform also offers enterprise-level access to crypto markets for institutional clients with advanced security measures such as military-grade storage for asset protection. Additionally, Bitstamp provides 24/7 customer service, account manager support, and expert support for custom solutions. Furthermore, its Crypto-as-a-Service allows businesses to integrate crypto exchange services with their platform(s). With its comprehensive suite of services and features, Bitstamp is well-positioned to meet the needs of both individual and institutional investors.
Pros Explained
Bitstamp is a popular cryptocurrency exchange that has been in operation for many years. It offers a user-friendly platform with competitive fees, making it an attractive option for those looking to buy and sell digital assets. The platform’s fees start at 0.50%, and decrease with higher trading volumes, providing users with an incentive to increase their trading activity. However, Bitstamp only supports 54 cryptocurrencies, which is fewer than other major exchanges. Additionally, the platform does not offer margin trading or lending features, and only two currencies are available for staking with a top rate of 5% APR.
Cons Explained
Bitstamp is one of the oldest exchanges in the cryptocurrency industry, with over 10 years of experience. It offers a user-friendly platform for buying and selling cryptocurrency with competitive fees, starting at 0.50% and decreasing with higher trading volumes. However, there are some cons to using Bitstamp as an exchange. Firstly, it only supports 54 cryptocurrencies, which is fewer than other major exchanges. Additionally, only two currencies are available for staking, with a top rate of 5% APR. Furthermore, Bitstamp does not offer margin trading or lending features that can be found on other exchanges.
Overall, Bitstamp is a reliable exchange that has been around for a long time and provides users with competitive fees when buying and selling cryptocurrency. However, its limited selection of cryptocurrencies and lack of advanced features such as margin trading or lending may be off-putting to some traders who are looking for more options and features from their exchange.
Cryptocurrencies Available on Bitstamp
Bitstamp is a popular cryptocurrency exchange platform that offers users the ability to trade digital assets such as Bitcoin, Ether, Uniswap, Stellar Lumens, Tether, USD Coin, Litecoin, Chainlink, Bitcoin Cash and Gemini Dollar. The platform also supports fiat currencies such as U.S. Dollars, British Pounds and Euros. BitStamp offers 54+ digital assets for spot trading and allows users to trade crypto against fiat currencies such as USD, EUR and GBP. This makes it a great option for both novice traders and experienced cryptonians who want to diversify their portfolios with different types of cryptocurrencies.
XRP is not available in the U.S., however Bitstamp does offer a wide range of other digital assets that can be traded on its platform. With its user-friendly interface and competitive fees structure, Bitstamp is an ideal choice for those looking to get started in the world of cryptocurrency trading or those who are already experienced traders.
Trading Experience
Trading cryptocurrency on Bitstamp is a great way to get started in the world of digital currency. With three different platforms to choose from, traders can find the one that best suits their needs and preferences. Bitstamp.net, Bitstamp Tradeview, and Bitstamp Mobile all offer the same trading fees, so traders don’t have to worry about extra costs when switching between platforms. Additionally, buying cryptocurrency with a credit card is easy and straightforward – just select the “Buy/Sell” icon and then choose “Credit Card Purchases”. Once your payment goes through, your first cryptocurrency will be sent directly to your account!
Overall, trading on Bitstamp is an excellent experience for both experienced and novice traders alike. The user-friendly interface makes it easy for anyone to get started quickly and securely.
Bitstamp.net
Bitstamp is a trading platform that offers users the ability to buy and sell cryptocurrency. It provides instant, market, limit, and stop orders for users to take advantage of. With Bitstamp, users can purchase crypto with their balance or with a connected card for an added fee. The central platform includes a basic chart, current buy and sell offers outstanding, and a simple purchase form.
Bitstamp also offers Tradeview for more advanced users as well as Bitstamp Earn which allows users to earn crypto rewards. It supports multiple payment methods such as ACH transfers from bank accounts, debit card payments, credit card payments, and international wire transfers. With its wide range of features and services available to its customers, Bitstamp has become one of the most popular exchanges in the world for buying and selling cryptocurrency.
Tradeview
Tradeview is an active trading platform offered by Bitstamp that provides users with advanced charting features. It offers a live updated order book, depth chart, and quick trading forms to make it easy for traders to take advantage of market movements. The same available order types are available on both the basic and Tradeview platforms, so users can easily switch between them depending on their needs. Making your first crypto trade is also easy with a credit card; simply select the “Buy/Sell” icon and choose “Credit Card Purchases” to begin. Once the payment goes through, your first cryptocurrency will be sent directly to your account!
Tradeview is an ideal platform for those looking to get into cryptocurrency trading as it provides all the necessary tools and resources needed to start making trades quickly and efficiently. With its intuitive user interface, comprehensive charting capabilities, and secure payment processing system, Tradeview makes it easy for anyone to start trading cryptocurrencies without any prior experience or knowledge.
Bitstamp Mobile
Bitstamp offers mobile apps for Android and iOS devices. These apps provide users with all of the features available on the web-based trading platform, allowing them to buy, sell, send, and receive crypto. The free mobile app for Apple and Android devices provides users with an easy way to view their account status and trade directly from their smartphone.
The app includes features such as Tradeview charts, remote disabling, private mode, and the ability to switch between sub-accounts. All transaction history balances and details can be viewed clearly in the app, making it easy for users to keep track of their investments. Additionally, users can send and receive cryptos for free using the Bitstamp mobile app. This makes it a great choice for those looking to stay up-to-date on their investments while on the go.
Fees
Bitstamp has a range of fees associated with its services, including trading fees, funding and managing an account, crypto conversions and purchases, and withdrawing cryptocurrency to an external wallet. Trading fees start at 0.50% for regular trades for all pairs, with discounts available for high-volume traders. Funding and managing an account may incur additional costs such as a 5% fee for debit/credit card payments and a 0.05% deposit fee and 0.1% withdrawal fee for wire transfers. Crypto conversions and purchases may also incur fees of up to 0.50%, while withdrawing cryptocurrency to an external wallet may have other fees mentioned.
To begin trading on Bitstamp, users must first sign up by providing their name, date of birth and email address before completing a Know Your Customer (KYC) process with phone number, government-issued ID and financial information.
Security
Bitstamp takes security very seriously, offering two-factor authentication and AES 256 encryption for connections to their server. The bulk of the exchange funds are kept in cold storage and customers’ wallets are protected with 2-factor authentication. Bitstamp has multiple lines of defense to mitigate the risk of loss, including higher levels of encryption and multi-factor authentication. 98% of user assets are stored in cold storage, which is largely impermeable to hacking attempts. All personal information is encrypted and all assets held at Bitstamp are fully insured against theft or hacking.
Despite these measures, there is no way to guarantee that the exchange won’t be hacked. Bitstamp has suffered hacking attempts in 2014 and 2015, prompting them to take extra measures to ensure the security of their exchange. All crypto investors must be aware of the risk of hacking when using any exchange, even if it is generally secure like Bitstamp where users’ assets and personal information are unlikely to be lost.
Opening a Bitstamp Account
Opening a Bitstamp account is a straightforward process that requires verifying an email address, setting an account password, and connecting with a multi-factor authentication app. To meet KYC requirements, users must upload an image of their photo ID along with a short video of themselves reading a three-digit code. Once the signup process is complete, users can fund their account using a bank account or buy crypto directly with a debit card for an added fee.
To create an account at Bitstamp, users must fill out the registration form online or through the app. This includes typical details such as name, address, and contact information. After submitting the form, Bitstamp has a two-step verification process to complete the registration. This includes verifying the email address and setting up multi-factor authentication for added security. Once these steps are completed, users can start trading on Bitstamp’s platform and enjoy its many features such as low fees and fast transactions.
Customer Service
Bitstamp is considered a reliable crypto exchange that offers customer support via a ticketing system. Replies are usually provided within 24-72 hours, and the business also has a UK phone number available for emergencies. Currently, Bitstamp does not offer live chat support, which may be slower than other crypto services. Customers can submit tickets through their ticketing system or emails – support@bitstamp.net or complaints@bitstamp.net – as well as contact the exchange using one of the provided phone numbers or browse Bitstamp’s knowledge base for basic questions.
Overall, Bitstamp provides customers with reliable customer service options to address any issues they may have with their account or transactions. While it may take longer to get an answer compared to other exchanges, customers can rest assured that they will receive a response in due time. Furthermore, customers can access the knowledge base for quick answers to common questions and use the emergency phone line if needed.
Customer Satisfaction
Bitstamp is a popular online trading platform, but it has received mixed feedback from users. Complaints are primarily focused on slow withdrawal times and poor customer service interactions. Bitstamp support is limited, so users must be comfortable managing their own accounts and have experience with online trading. Those without experience may struggle with the learning curve when starting with Bitstamp.
However, Bitstamp does offer quick and helpful customer support, with 99% of email enquiries answered within 24 hours and 80% of phone calls answered within 30 seconds. Negative reviews typically relate to inactivity fees (now scrapped) or the rigorous KYC processes. Personal experience has been positive for many users, with timely responses to any issues that arise. Overall, Bitstamp provides a reliable service for experienced traders who are comfortable managing their own accounts.
Account Management
Bitstamp offers users an easy way to manage their accounts. Through the online dashboard, users can deposit funds via bank account, credit/debit card, or cryptocurrency transfers and withdrawals. Bitstamp also provides enterprise-level access to crypto markets with advanced security, a mature crypto approach, and non-stop availability. This makes it ideal for businesses looking to integrate crypto exchange services into their platform(s).
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How Bitstamp Compares to Other Cryptocurrency Companies
Bitstamp is a popular cryptocurrency exchange that offers low trading fees and a user-friendly platform. It supports a growing list of cryptocurrencies for spot trading, as well as U.S. Dollars, British Pounds, and Euros. Popular cryptocurrencies available on the platform include Bitcoin, Ether, Uniswap, Stellar Lumens, Tether, USD Coin, Litecoin, Chainlink, Bitcoin Cash and Gemini Dollar. However, it does have some limitations in terms of its selection of cryptocurrencies for trading and staking; XRP is not available in the U.S., for example.
Overall Bitstamp is a good choice for many users looking to get started with cryptocurrency trading or staking. The platform is easy to use and has competitive fees compared to other exchanges. However, it could be improved by offering more cryptocurrency options so that users can access a wider range of digital assets.
Bitstamp vs. Coinbase
Bitstamp is a cryptocurrency exchange that provides users with web wallets for their accounts. It is suitable for beginner to intermediate traders and those with a more casual approach to crypto trading. Bitstamp offers a beginner-friendly platform with reasonable fees and 54 available currencies to trade. It is not recommended to keep funds on any exchange, and cryptocurrencies should be moved to a non-custodial wallet.
In comparison, Coinbase provides more options and features, including 150+ currencies to trade, 6 currencies available for staking, and customer service options such as chat bot. Coinbase also has an intuitive user interface that makes it easy for beginners to get started in the world of cryptocurrency trading. However, Coinbase does have higher fees than Bitstamp which may make it less attractive for those looking for lower cost trades. Ultimately, both exchanges offer different features that will appeal to different types of traders depending on their needs and preferences.
Methodology
Investopedia is committed to helping those interested in cryptocurrency investing make informed and safe decisions. To ensure that investors have access to the best possible resources, Investopedia has developed a comprehensive methodology for reviewing exchanges. This methodology takes into account a variety of factors, including security, fees, the number of cryptocurrencies available, and more. The review process also includes a correction from December 10th 2021 to ensure accuracy and fairness.
The review process is designed to be thorough and objective. It begins with an initial assessment of the exchange’s security measures, followed by an analysis of the fees associated with trading on the platform. Additionally, Investopedia evaluates the number of cryptocurrencies available on each exchange as well as any additional features or services offered by the platform. Finally, all reviews are subject to a correction from December 10th 2021 in order to guarantee accuracy and fairness in our ratings. By utilizing this comprehensive methodology for evaluating exchanges, Investopedia strives to provide investors with reliable information about cryptocurrency investments.
Who Is Bitstamp Good For?
Bitstamp is a reliable and safe crypto exchange that has been designed for professional traders. It offers basic services and reasonable fees, including an easy-to-use instant buy platform and several order types. Reviews suggest that Bitstamp is best suited for experienced traders as it can be difficult to use for beginners. Additionally, Bitstamp provides phone support which is rare among other crypto exchanges. However, if you prefer text-based customer support, you may be better served elsewhere as Bitstamp does not offer live chat support.
Overall, Bitstamp is a great choice for experienced traders who are looking for a reliable and safe crypto exchange with reasonable fees. It offers basic services such as an easy-to-use instant buy platform and several order types, as well as phone support which is rare among other crypto exchanges. However, if you are new to trading or prefer text-based customer support then you may want to look elsewhere.
What Makes Bitstamp a Good Choice
Bitstamp is a great choice for those looking to buy and sell cryptocurrencies. It offers basic services and reasonable fees, including an easy-to-use instant buy platform and several order types. Bitstamp provides phone support, which is rare among other crypto exchanges, as well as text-based customer support via email ticket. It also allows users to buy cryptocurrencies with fiat currencies (USD, GBP, EUR) and supports credit card and bank transfer payments.
The security of the exchange is also top-notch with two-factor verification and text message alerts for added security. Furthermore, the fees are low and payment methods are easy to understand. The customer service is excellent with a UK-based helpline and detailed FAQ page. Bitstamp has strong links to financial institutions and a 4.8/5 rating on the Apple Store, making it highly reputable in the industry. All these features make Bitstamp a great choice for those looking to get into cryptocurrency trading.
Crypto Charity’s Verdict on Bitstamp
Bitstamp is a reliable and safe crypto exchange that has been designed for professional traders. It offers basic services and reasonable fees, including an easy-to-use instant buy platform and several order types. The Crypto Charity review would suggest that Bitstamp is best suited for experienced traders as it can be difficult to use for beginners. Additionally, Bitstamp provides phone support which is rare among other crypto exchanges.
