Bitstamp Exchange Review: Features, Fees, Pros, Cons & More

Bitstamp is a Europe-based crypto exchange that offers its services worldwide. It’s one of the oldest crypto platforms and has outlasted many competitors. As per Coinmarketcap, Bitstamp occupies the 9th spot in the list of the top 10 cryptocurrency exchanges by trading volume. It is a user-friendly crypto exchange that offers over 85 crypto assets. It allows traders to buy and sell crypto through the spot market. To begin, sign up and finish the KYC process. 

The World’s First Licensed Crypto Exchange

Bitstamp was founded in 2011 in Slovenia by Damijan Merlak and Nejc Kodric. In the past, cryptocurrencies were new, and there weren’t many trusted exchanges for crypto investors. Mt. Gox was the top Bitcoin exchange at that time, but it got hacked twice and went bankrupt in a few years. The platform received a positive response from the crypto community and added more features as it grew.

The founders moved the exchange to Luxembourg to make it legal, as the UK had no crypto regulations at the time. Bitstamp became the world’s first regulated crypto exchange. It operates across all 28 European Union countries.

Available Cryptocurrencies

Bitstamp provides access to a modest range of about 85 digital assets available for trading. These encompass major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and Ripple (XRP). However, some significant assets are unavailable, including TRON, BNB, and Lido Staked Ether, all of which are among the top 20 cryptocurrencies by market cap. You can also trade crypto against fiat: EUR, USD, and GBP.

Bitstamp Fees

Deposit & Withdrawals Fees

Bitstamp charges fees for spot market trading using a maker-taker system. 

Deposit Methods

• Bank transfer
• Credit card
• Cryptocurrency
• Debit card
• SEPA
• Faster Payments (FPS)

Beginner-Friendly Platform With Advanced Functions

Utilizing Bitstamp is straightforward, particularly for newcomers to cryptocurrency trading. Beyond its user-friendliness, the platform also offers advanced trading features to enrich your trading experience. These include stop-loss orders, limit orders, and real-time market data. Bitstamp also provides detailed trade history logs, order books, and customizable charts. These tools help analyze market trends and make informed decisions.

Bitstamp Earn

The exchange features a crypto staking program known as “Bitstamp Earn.” With Bitstamp Earn, you can stake the cryptocurrencies held in your Bitstamp account to earn rewards. Initially, Bitstamp Earn launched with two cryptocurrencies, Ethereum (ETH) and Algorand (ALGO), and it provides competitive reward rates for both of these assets.

Security Measures

Although user interface, Liquidity, and trading tools are important when choosing a crypto exchange, they won’t matter much if the platform is not secure. The exchange suffered hacks in 2014 and 2015, losing 19,000 bitcoins (worth $5 million). However, it does not indicate that the exchange is not safe. In fact, Bitstamp is known as one of the safest crypto platforms and has not experienced a security breach in the last seven years.

Here are some key security steps Bitstamp takes to protect customer funds:

• Email confirmations
• Two-factor authentication for logins
• Google Authenticator Login
• 98% of assets are kept in cold storage

In the most recent Exchange Benchmark report by CryptoCompare, Bitstamp exchange is positioned as the 5th best exchange in terms of overall quality. Regarding security, it holds the 13th spot out of 159 rated exchanges.

Educational Resources

Bitstamp’s platform is an excellent choice for novice cryptocurrency traders, as it offers valuable educational resources and support. They provide a variety of tutorials, guides, and articles covering everything from fundamental concepts to advanced trading strategies.

These resources are specifically crafted to assist beginners in understanding cryptocurrencies, interpreting market trends, and making well-informed trading decisions. Bitstamp also offers 24/7 dedicated customer support to address any user questions or concerns.

Whether you require assistance with setting up your account or comprehending intricate trading tools, Bitstamp ensures that new traders have access to the information and guidance necessary to navigate the crypto market effectively.

Is BitStamp A Wallet?

Bitstamp facilitates the online buying and selling of cryptocurrencies; however, it does not function as a wallet. Typically, crypto wallets, whether they are hot (online) or cold (offline), serve as storage solutions for your assets. However, you must use a wallet to access and store your crypto codes. To keep your cryptocurrency safe, don’t leave it all online. The best way is to use both hot and cold storage. For extra security, consider a hardware wallet like the Ledger Nano X.

Mobile App

The Bitstamp mobile app allows you to execute and manage trades seamlessly. The application is available on the Google Play and Apple App Store. It has received 4 stars out of 11K reviews on Google Play and 4.6 stars out of 100 reviews in the App Store.

Simple Sign-up Steps

1. Visit the Bitstamp website and click “Register.” Enter your name and email to begin.
2. Fill in the necessary details, including your country and phone number.
3. Boost security with two-factor authentication via your mobile or an authentication app.
4. Submit documents for review, like a government ID and proof of address.
5. Verification usually takes 1-2 days, but it may be longer during busy times.
6. After verification, deposit funds using supported methods like bank transfers or cards.
7. Start trading after receiving funds in the account.

Customer Support

Bitstamp’s customer support is quite impressive compared to other famous crypto exchanges. It offers global live customer support via a toll-free phone number. They also provide multiple email addresses; responses usually come within 24 to 72 hours. Additionally, Bitstamp maintains an extensive FAQ page covering almost every aspect of its website.

How To Purchase And Sell Crypto On Bitstamp

• Sign up on Bitstamp’s website or app.
• Complete verification for security and compliance.
• Deposit funds using bank transfer, credit, or debit card.
• Go to the trading dashboard and pick your cryptocurrency pair.
• Decide between a market order (current price) or a limit order (specific price).
• Enter the amount and review.
• Confirm, and your trade happens.
• Your cryptocurrency balance updates.
• Selling follows a similar process, but choose “sell.”

Pros And Cons Of Bistamp

Pros 

• User friendly
• Great customer support
• Multiple payment methods
• Regulated exchange
• Advanced trading platform
• No margin trading or lending features
• 98% of assets are stored in cold wallets

Cons

• Limited cryptocurrencies
• Lengthy verification period
• Comparatively high trading fees
• Does not support margin trading

Final Thoughts

Bitstamp is a reliable cryptocurrency exchange suitable for everyday trading. While it may not offer the lowest fees or the most extensive selection of cryptocurrencies, its user-friendly interface makes it accessible to both beginners and experienced traders. If you are looking for a simple fiat-to-crypto onramp or offramp, Bitstamp is an excellent choice for users worldwide, with a particular advantage for Europeans who can benefit from free deposits and cost-effective withdrawals on the platform.