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|Year of foundation||2012||2011|
|Languages||English, Portuguese, German, French, Spanish, Italian, Dutch||English|
|Mobile app||iOS, Android||iOS, Android|
Trading Volumes and Traded Pairs
There are two types of currency trading offered by cryptocurrency exchanges. These are cryptocurrency and fiat currency.
Coinbase users can buy cryptocurrencies using the standard currencies of any of the 32 countries in which Coinbase is available. You can sell cryptocurrencies in all 32 countries except Australia and Canada. Coinbase is a brokerage exchange. That means it buys and sells cryptocurrency for a specified currency. Buyers and sellers do not trade with each other; they deal with Coinbase.
In comparing trades between Bitstamp and Coinbase, Coinbase does not offer trading pairs in the same way as Bitstamp. Instead, it has a conversion service. Coinbase will offer to set a price or conversion rate for each trade. The cryptocurrencies you can buy or sell using Coinbase’s conversion service are Bitcoin, Litecoin, Ethereum, and Bitcoin Cash.
Bitstamp supports currency trading with Euros (EUR) and US Dollars (USD). British Pounds and Swiss Francs can also be used on Bitstamp, but you will not trade with them. They will be converted to EUR or USD before you can deal with them. The following five cryptocurrencies are available on Bitstamp: Bitcoin, Bitcoin Cash, Ethereum, Ripple, Litecoin. There are 11 trading pairs available on Bitstamp. Bitstamp exchange combines buyer and seller.
Coinbase commissions are almost six times higher than Bitstamp commissions. A commission of 1.49% is charged every time you buy or sell cryptocurrency. This fee is as high as 3.99% for purchases made with a credit card.
Deposits in euros at SEPA are free of charge. When withdrawing euros from SEPA, a fee of 0.15 euros is charged. Promises made in U.S. dollars by bank transfer are free of charge. Withdrawals in U.S. dollars are charged at $10.
Bitstamp charges 0.25% for all transactions under $20,000. This means that whether you buy or sell a cryptocurrency, you pay the same fee. This is great for newbies. Comparing Bitstamp and Coinbase fees, Bitstamp’s fees for fixed deposits and withdrawals are a bit more complicated. Bitstamp doesn’t charge for euro deposits in SEPA. Withdrawals in euros to SEPA cost €0.90.
However, Bitstamp charges at least $7.5 for U.S. dollar deposits. Bitstamp does not charge a fee for cryptocurrency withdrawals. Withdrawals under $1,000 cost $10, and withdrawals over $1,000 cost 2% commission. Bitstamp users can also use credit cards to purchase cryptocurrency. The fee for using a credit card is 5% of the transaction amount.
Security has been a significant problem for most crypto exchanges.
Coinbase customers had their money stolen, but the platform was not hacked. Most losses occur when a user has a stolen password or is a victim of a phishing scam. Coinbase has an excellent security record compared to most other exchanges. About 98% of Coinbase funds are held offline. The remaining 2% is insured against theft. Coinbase also offers two-factor authentication.
Bitstamp takes user security very seriously. In January 2015, 19,000 BTC were stolen from Bitstamp. The entire platform was rebuilt for safety, and not a single customer lost money. It keeps almost all of its digital assets in cold storage. This means they are offline, away from thieves and hackers. The platform also offers users two-factor authentication.
Convenience of Use
Coinbase is probably the best platform for beginners. It is designed to be easy to use. As I said earlier, Coinbase is a brokerage exchange. That means it’s more like a store than an exchange. Buying and selling just got easier. Coinbase’s layout and features are similar to online banking and shopping apps. You won’t find an easier way to buy your first cryptocurrency than on Coinbase.
Bitstamp is a well-designed platform with limited trading features. This means that it only has a small number of cryptocurrencies and a small number of things you can do with them. However, the way Bitstamp displays some of its trading information is not so simple.
Pros and Cons
Overall, Coinbase is ideal for quick cryptocurrency purchases because it supports more local currencies. Bitstamp is ideal for users who want a comprehensive trading experience with its advanced trading features.
I have been studying cryptocurrency for over 5 years. I have accounts in every exchange and I test everything on myself.
I want this market to be more understandable for everyone.