Bitstamp is a cryptocurrency exchange that provides users with the ability to trade Bitcoin, Ethereum, and Litecoin. It was founded in 2011 by Nejc Kodric and Damijan Merlak.
Bitstamp is a cryptocurrency exchange that has been around since 2011. In 2019, the exchange is still safe and reliable.
Bitstamp is one of the most well-known and well-established cryptocurrency exchanges today. If you reside in Europe, you’ve almost certainly heard of this trade. Bitstamp was founded in 2011, not long after Bitcoin became popular. It has established itself as one of Europe’s top cryptocurrency exchanges since its start.
With headquarters in London, New York, and Luxembourg, Bitstamp now has users from all around the globe. We’ll go through the exchange’s features, security capabilities, and fees in detail in our Bitstamp review. We’ll also go through how to purchase, sell, and trade cryptocurrencies on the exchange in a short tutorial.
Let’s get started without further ado.
Bitstamp was founded in 2011 by Nejc Kodric and Damijan Merlak. At the time of its inception, Bitstamp’s goal was to provide a European-focused exchange. Mt. Gox dominated the market at the time, and Kodric and Merlak sought to provide an alternative.
Bitstamp started in Slovenia, but in 2013 decided to expand and established an office in the United Kingdom. The exchange established an exchange in Luxembourg three years later. In addition to its offices in London and Luxembourg, Bitstamp also maintains a branch in New York.
Both expert and intermediate digital currency traders frequent the bitcoin market. BItstamp may be the ideal exchange for individuals looking to purchase and sell cryptocurrencies using fiat currency.
Bistamp aims to provide a method for its customers to trade huge quantities of bitcoin for lower costs than other exchanges that handle the same volume. Each day, the exchange processes roughly $1 billion in digital currency transactions.
- Low Costs — Compared to many of the larger exchanges, Bitstamp charges cheaper fees. A fee of 0.05 percent will be charged on a minimum wire deposit of 7.50 EUR/USD. An overseas withdrawal will be charged a 0.09 percent fee and must be for at least 50 EUR/USD. For monthly volumes under $20,000, users pay 0.25 percent in trading fees. Fees of 0.10 percent are charged on volumes exceeding $20 million.
- Security – Bitstamp maintains a professional level that complies with all consumer protection laws and digital asset legislation. The exchange keeps all of its digital assets in cold storage and uses Amazon Web Services to handle its online assets.
- Functionality — Bitstamp provides a well-designed, straightforward, and simple-to-use platform. Users may examine balances and trends as well as rapidly access important information on orders, pricing, and transactions. Bitstamp also has a mobile app available for both Android and iOS devices.
- Customer Service – The exchange provides its clients with a FAQ area that addresses frequently asked queries. Users will also receive instructions on how to purchase and sell Bitcoin on the exchange. Specific questions are sent to an email form, which usually receives a response within a few hours.
What are the Benefits of Using Bitstamp Exchange?
How do you determine which cryptocurrency exchange is best for you when there are so many to pick from? Let’s take a look at why you may choose Bitstamp over other alternatives.
Even though Bitstamp isn’t the most popular exchange, it’s still one of the finest. With over three million members, the exchange is one of the most popular cryptocurrency exchanges in terms of 24-hour BTC trading volume.
There are many advantages to using Bitstamp over other, more well-known exchanges. Here are a few of the more notable examples:
Customers like Bitstamp because of its straightforward and user-friendly design. The site’s navigation is straightforward, and the interface reacts to choices fast. With the touch of a mouse, users may check prices, examine charts, make orders, and manage their accounts.
Despite a brief setback in 2014 and 2015, when the site was hacked, Bitstamp has maintained a good reputation among cryptocurrency exchanges since its inception in 2011. Since 2015, there have been no further outages, hacking, or shutdowns of the exchange.
Charting and analysis
Bitstamp offers some of the finest research and charting tools among high-ranking cryptocurrency exchanges. Charts include sophisticated technical indicators and time periods, as well as a variety of analytical and sketching tools. Furthermore, Bitstamp enables traders to place orders directly from the charts, allowing for quicker execution.
Is Bitstamp a reputable company?
Bitstamp is a well-known and well-respected bitcoin exchange. It has a number of noteworthy collaborations and accomplishments to its credit, which assist to validate its status as an exchange.
Bitstamp became the first Ripple gateway as one of the initial partners in Ripple’s incentive program. Bitstamp has also formed agreements with Swissquote and Credit Agricole SA, demonstrating the exchange’s financial strength.
Bitstamp was also Europe’s first and only fully licensed digital currency exchange. The Financial Industry Supervisory Commission in Luxembourg regulates it. This assists in ensuring that the exchange is completely compliant in all of its operations and that the necessary reports are filed to reflect this.
The exchange aims to offer a pleasant experience for its users, and the majority of the feedback received is generally favorable. The platform’s lengthy response time for support tickets and emails is the source of the majority of its negative complaints. Customer service typically responds to tickets within 24 to 72 hours.
Bitstamp is a trustworthy cryptocurrency exchange. Its users may anticipate a positive experience on a secure platform. Bitstamp does all it can to offer its customers with a user-friendly platform for trading major cryptocurrencies.
Creating a Bank Account
Go to Bitstamp’s website and select the “Create Account” button in the center of the page to create an account.
Bitstamp will ask for some information on the following screen. Fill in your name, email address, and country, then double-check that you aren’t a robot. To continue, click the blue “Register” button.
A message will appear informing you to check your email to confirm and finish your registration.
Go to your email account and click the link in the message. It will take you to the Bitstamp website, where you will be asked for a password.
That concludes our discussion. You’re ready to go. You’ll be prompted to log in once you’ve entered a password. When you do, you’ll get a notice on your screen asking you to activate a few security measures. From this point on, you may opt to activate two-factor authentication and validate your account.
Security Features of Bitstamp
Bitstamp’s ability to set up two-factor authentication is a useful security feature (2FA). When you initially create an account, you’ll be given the opportunity to sign up for two-factor authentication. It will appear as a popup. If you rejected it at the time, you may now set it up under your account’s security settings.
You’re set to go after installing the Google Authenticator software on your Android or iOS smartphone and scanning the QR code. This technique is highly recommended by Bitstamp since it adds an extra degree of protection to your account.
Bitstamp also conducts frequent audits of its website. One of the Big Four accounting firms audits the exchange’s data security and IT infrastructure methods to verify that they comply with laws and standards.
Bitstamp also uses PGP to encrypt documents that are uploaded. That means that even if hackers get access to the site, all of your personal information is protected. When you visit Bitstamp, be sure you can see the green padlock in the URL tab since the exchange encrypts connections to their servers.
Finally, multi-signature technology is now used in Bitstamp’s wallets, which store client assets. This implies that an attacker would have to fool more than one Bitstamp employee to get access to your account, even if they got past one layer of protection. To validate a transaction, Bitstamp needs several employees to sign their keys.
Verification of the Bitstamp
Bitstamp utilizes both Anti-Money Laundering (AML) and Know Your Customer (KYC) laws for verification. As a result, if you wish to be able to deposit and withdraw money, you’ll need to verify your account.
Users may choose between a company or personal account, although both need the following documents for verification purposes:
- Validation requires identification. It may be a passport, a national identification card, or a driver’s license.
- Please provide evidence of residency. A bank statement, utility bill, or other government-issued papers may be used.
After you’ve submitted the required papers, you’ll be asked to provide your phone number. You may accomplish this by sending an SMS. Once you’ve done that, Bitstamp will give you a code to input on the website.
You now have full access to the exchange’s features and functionalities. You are free to deposit, withdraw, and trade as much as you like. Bistamp claims to verify accounts as soon as possible; nevertheless, it has been reported that the exchange may take up to two weeks to complete verification.
Withdrawals and Deposits
To begin trading on Bitstamp, you must first fund your account. You may do so by choosing “Deposit” from the menu at the top right of the page. This will provide a selection of deposit choices from which you can choose the kind of deposit you want to make.
It’s possible that your deposit may take up to three days to process. SEPA and cryptocurrency deposits are usually considerably faster. You may begin trading as soon as your money are accessible in your account.
Withdrawing money from Bitstamp is quite similar to depositing them. To begin, go to the menu in the upper right corner of the webpage and choose “Withdrawal.”
Users have a variety of options for withdrawing their money. Just make sure you choose the correct method and double-check your wallet address if you’re withdrawing to a different digital currency wallet.
To begin trading on Bitstamp, go to the top right menu and choose either the “Buy/Sell” or “Tradeview” option from the drop-down menu. Whatever option you pick, you’ll need to decide on your trading pair, the amount you want to trade, and the price you’ll pay. You’ll also have to choose an order type.
When the transaction is completed successfully, your account will be credited with the digital currency of your choosing. The cryptocurrency may then be sold on the exchange or withdrawn to an external wallet of your choosing.
Keep in mind that the denominated trading pair of the currency you choose must have a minimum of five Euro/USD. A minimum of 0.001 BTC is also required. The minimum for all other trading pairings is five units of a particular currency.
On its trading platform, Bitstamp provides a plethora of tools and features. The exchange has a good user interface, and the buy/sell barriers are visible. On the right side of the exchange, there is a list of the most recent transactions, which includes an audio option if you choose to go that way.
This is the trade for you if you’re a technician or someone who enjoys charting. You may access a broad variety of indicators and technical research at Bitstamp. Users may also make charts full-screen if they only want to look at the chart.
Types of Orders
When you’re ready to start buying and selling cryptocurrencies, you may select from a variety of order types. From the menu in the top right corner of the page, choose the kind of order you wish to use. You have the following choices to choose from:
Orders are processed immediately.
You may sell or purchase cryptocurrencies with immediate orders by entering the desired amount and then choosing Sell or Buy. Before trying to utilize the Buy or Sell features, make sure you have money in your Bitstamp account. Otherwise, it simply will not function.
Orders for Tradeview
Bitstamp also allows you to purchase and sell digital currencies utilizing a full-scale trading interface. From the drop-down menu in the top right corner of the exchange, choose “Tradeview.” For traders with greater expertise and knowledge of what they’re doing, Tradeview orders are a fantastic choice.
Order types include market, limit, and stop orders.
These orders are under the “advanced” section because they offer you more control over your Buy and Sell orders than the Instant Order. Limit Orders Buy or Sell at a specified price, while Market Orders Buy or Sell at the current price.
Stop Orders allow you to choose a price point for entrance and exit. The Stop Order becomes a Market Order when the market exceeds the specified entry/exit point.
Deposit Options on Bitstamp
Bitstamp accepts a number of payment options for deposits and purchases. You may pay using one of the following methods:
- Card (credit or debit)
- AstroPay is a service that allows you to pay
- Bitcoin is a kind of cryptocurrency (BCH, BTC, ETH, LTC, XRP)
- Wire Transfers Around the World
- Bank of the World
Fees for Bitstamp
Because Bitstamp utilizes a single pricing schedule, its customers benefit from cheaper costs than many other exchanges. Bitstamp performs an excellent job of tracking all of its costs. You may find it on the site as well, however here are some of the most common issues you’ll run across while utilizing Bitstamp:
- SEPA – Deposits: Free Withdrawals: 0.90 EUR SEPA – Deposits: Free Withdrawals: 0.90 EUR
- All purchases made with a credit card will get a 5% discount.
- Withdrawal with a debit card costs $10 up to $1,000. Over $1,000, there is a 2% charge.
- Cryptocurrencies – All digital currency deposits and withdrawals are free.
- Wire International – Fee of 0.05 percent on deposits Withdrawals are subject to a 0.09 percent charge.
- Trading –.25 percent for monthly volume less than $20,000, 0.10 percent for monthly volume more than $20 million
Application for mobile devices
Because Bitstamp does not have a client for Windows, Mac OS X, or Linux, it has a mobile app for Android and iOS. Users may use the program to keep track of their positions and make orders. If you wish to perform any kind of technical analysis, you’ll also have restricted charting capabilities.
Now is the time to download the Bitstamp iOS app!
However, the app’s functionality is restricted. For example, you won’t be able to place a Stop Order via the app. Because the charts do not scale properly, this exchange may not be the best choice for mobile traders.
Get the Bitstamp App for Android!
Is Bitstamp a secure platform?
Bitstamp is one of the most dependable and safe cryptocurrency exchanges available. Despite the fact that the exchange was hacked in 2014 and 2015, Bitstamp has worked hard to maintain its image as a reliable and trustworthy exchange.
Following the attacks, the Bitstamp team reviewed security processes and added extra layers to guarantee that its users were protected. Almost majority of the money on the exchange are held in cold storage, which means hackers can’t get to them.
Bitstamp also protects these funds by requiring mandatory confirmation emails, two-factor authentication, and SMS alerts. In addition to everything else, the site encrypts all submitted files using PGP. This keeps them safe and confidential.
Bitstamp has done its part to ensure that no other incidents occur since its most recent hack in 2015. It has established a reputation as a safe, dependable, and trustworthy exchange that anybody can trust.
Advantages and disadvantages
- Since 2011, it has been a reliable bitcoin exchange. One of the most well-known and reputable cryptocurrency exchanges.
- Licensed and follows all applicable laws and regulations. Users may rest easy knowing that their funds are secure.
- The exchange has a lot of liquidity since it conducts a lot of everyday trade. As a result, users are free to choose whatever kind of order they wish.
- Users have a variety of payment methods to select from. For deposits and withdrawals, you may use both money and cryptocurrency. Credit and debit cards are also accepted.
- It has a user interface that is simple to use.
- Verification criteria imply that you must verify your identity before to utilizing the exchange. Nobody can use Bitstamp and remain anonymous.
- There are just a few cryptocurrency pairings. Many cryptocurrencies outside of the top 20 are not supported by the exchange.
- The website is only available in English. There are no other languages available. The fact that English is the only language available may deter some merchants.
Bitstamp is a reputable cryptocurrency exchange with a solid track record. The fact that the exchange has been around since 2011 demonstrates its durability and desire to go above and beyond for its customers.
This exchange is ideal for individuals searching for a method to get started with cryptocurrencies. It works in a similar manner to Kraken and Coinbase, making it simple to buy digital assets using fiat currency.
Bitstamp is a good place to start if you want to buy popular cryptocurrencies like Bitcoin, Ripple, Litecoin, or Ethereum. It provides a safe and secure platform for these transactions to take place.
That isn’t to suggest there aren’t areas where things might be better. It would be wonderful to be able to trade more cryptocurrencies, and having a chat option for customer assistance would be fantastic. Furthermore, the fact that English is the sole accessible language for the exchange may deter foreign customers.
Bitstamp is a fantastic option for organizations or individuals looking to get into cryptocurrencies. The exchange concentrates on the major currencies, allowing customers to buy with either US dollars or Euros. With this trustworthy and well-established cryptocurrency exchange, users can be certain that their digital assets are safe.
DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.
The bitstamp review 2019 is an exchange that offers a variety of cryptocurrencies. It has been around for years and has a good reputation. Reference: is bitstamp safe reddit.
Frequently Asked Questions
Is Bitstamp a reliable exchange?
Bitstamp is a reliable exchange.
Is the exchange safe?
The exchange is safe.
Is Bitstamp a legitimate company?
Bitstamp is a legitimate company.
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