Bitstamp is one of the most reputed, oldest, and most popular cryptocurrency exchanges operating in the industry. Being easier to use and cheaper than most other platforms, it is a preferred choice for beginners as well as advanced traders looking to buy and sell cryptocurrencies.
However, this exchange is known to offer a smaller selection of cryptocurrency options and lower liquidity as compared to others.
In this review, let us cover the important aspects of Bitstamp from features, security, and trading fees to its merits, limitations, and more to help you determine if you should trade cryptos on the exchange.
Bitstamp Review – Updated 2022
Bitstamp has been around since the advent of cryptocurrencies themselves. It was founded back in 2011 and is currently based in Luxembourg. It operates in more than 100 countries and has a vast user base of over 4 million customers around the world.
Through this platform, you can trade in 54 of the most popular cryptocurrencies including Litecoin, Bitcoin, Ethereum, Ripple, and more. Users can trade crypto with its basic or active trading platform available on the web as well as mobile apps.
Though crypto trading is volatile and risky, Bitstamp does a great job at keeping users secure while providing them a user-friendly investing experience.
Traders can fund their accounts and withdraw their profits using a variety of methods including credit/debit card and bank account. The platform also offers an extensive collection of educational material, dedicated customer support, and powerful trading tools to enhance the experience.
Here are some features the Bitstamp cryptocurrency exchange offers.
Ease of Use
Trading on Bitstamp is easy with its comprehensive platform that helps you learn quickly how to buy and sell cryptocurrency.
The user interface is designed to be simple and intuitive and makes it easy to navigate to instant funding options. The account registration process is simple, resembling most other exchanges.
Apart from the regular platform, BItstamp offers an active trading platform called Tradeview with more advanced trading forms, depth chart, live updated order book, and advanced charting features.
A great thing about the exchange is that the trading fee remains the same whether you use the regular or advanced platform.
Bitstamp offers best-in-class trading fees with a straightforward fee structure where your fees depend on your 30-day trading volume.
The highest fee you pay on the platform is 0.5% for those who have a trading volume under $10,000. Fees decrease if you trade more; high-volume traders can have their fees dropped to up to 0% on volumes of over $20 billion.
Support for Fiat Currencies
Bitstamp lets users buy cryptocurrencies with the use of fiat currencies like the British Pound, Chinese Yuan, US dollar, etc.
The exchange also serves as a fiat-to-crypto gateway for users in different parts of the world. You can use any fiat currency on Bitstamp for speculation.
Bitstamp offers mobile applications for the trading platform for iOS and Android devices. On the app, you can view your account status and enjoy the convenience of trading directly from your smartphone.
The application supports most of the functions and options of the exchange so that traders can buy and sell crypto on the go.
How Bitstamp Works?
The crypto exchange facilitates buying and selling different cryptocurrencies and crypto investments. The platform comes with support for multiple payment methods including bank transfer, credit/debit card payments, and international wire transfer for deposits and withdrawals. The exchange can be accessed from a web browser or as a mobile application on smartphones.
While the standard platform offers features that cater to most investors, it also has an advanced platform for seasoned traders.
You can buy and sell on the exchange with the limit, instant, market, or stop orders. You can make a purchase from your account balance or a linked card. You can also access purchase forms, basic charts, buy and sell offers, and other trading tools.
Cryptocurrencies you can Trade on Bitstamp
Though Bitstamp doesn’t feature the broadest selection of cryptos, it offers some of the most popular and the largest coins available. Some of the currencies you can find on the platform include:
- Gemini dollar
- USD coin
- Bitcoin cash
The platform is quite serious about user security after the hacking attack in 2015 that resulted in a huge loss. Bitstamp currently utilizes a two-factor authentication for the trader account and email confirmation for withdrawals. On the server-side, the company holds most of its funds in cold storage which is insured. It also uses the latest encryption standards to establish connections with the server. Bitstamp also gets periodic audits from reputed accounting firms to maintain its security.
Bitstamp offers users an easy way to report concerns through a ticketing system where you can expect a response in 24-72 hours. Though the company does not offer a live chat facility, users can use phone or email to contact the support team in case of any query or concern.
- Competitive pricing
- Easy to use
- Highly rated mobile app
- Available in a large number of countries
- Support for various payment methods
- Dedicated customer support
- Choice of charting tools
- Best-in-class verification and security practices
- Live support not available
- Expensive trading and deposit fees
- Limited cryptocurrency selection
- No margin trading or lending features
Overall, Bitstamp is the perfect solution for those who are looking for a regulated, licensed, reliable exchange for trading cryptocurrencies. The platform ticks all the boxes in terms of safety, security, and the availability of tools a crypto trader would require.
Some of the most impressive aspects of Bitstamp are low withdrawal fees for high-volume investors, a good market reputation, and fast execution. If you are an active trader focused on crypto assets, this platform can prove to be an excellent choice for you.