Bitstamp Cryptocurrency Exchange Review

Exchanges
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Bitstamp History

This platform is one of the few ones that allow you to deposit funds using traditional payment methods, such as bank cards. The Bitstamp exchange was created in 2011. The company has several offices: in Luxembourg, London and New York.

It is worth mentioning that Bitstamp is the first exchange in Europe that has received all the necessary licensing documents and permits and now works within the law. Regulation of the exchange is carried out by the Commission for the Supervision of the Financial Sector (CSSF), which is headquartered in Luxembourg.

The fact of registration and licensing of activities increases the confidence of customers and partners, because in order to obtain such documents it is necessary to meet a certain level of organization and business. Regulation and control by reputable organizations serve as a guarantee of honesty and transparency in working with customers. Bitstamp is registered as a payment authority, so you can always be safe for the invested funds. The platform constantly provides reports on the results of its activities.

Specifics of Work on Bitstamp

In 2017, Swissquote, a well-known Swiss bank and broker, signed an agreement with Bitstamp. This allowed the bank’s clients to trade bitcoin. It was planned to integrate MetaTrader4 (MT4) platform for trading. The exchange allows cryptocurrency trading in pairs with dollars and euros. However, there are not many varieties of digital currencies. Among them, Bitcoin, Ripple, Lightcoin, Ethereum and Bitcoin cache.

If users are interested in working with other cryptocurrencies, this platform can be used to transfer fiat savings into the currency provided on the exchange, and then, use it already on another platform. It is also worth noting that the Bitstamp platform does not perform margin trading.

Bitstamp trading platform has a fairly user-friendly browser-based interface, which has many of the necessary tools and features. According to this indicator, the exchange is the leader on the background of competitors. And, of course, the main advantage of this service is the possibility to deposit the wallet not only in cryptocurrencies, but also in fiat currency from bank cards.

Registration on Bitstamp

The registration stage at the exchange does not take much time.

  • It is necessary to specify a working e-mail address, the first and last name of the user and choose the country.
  • Next, confirm the rules for using the service and send the registration form. Go to the mailbox, the letter from the platform will contain the user ID and a unique password only for a single login. The next action after logging in is to change the password to a customer-friendly one.
  • Now, after the account is created, to log in you will need to specify the ID that was in the email and the password specified by the user. Setting your own login on the exchange is not provided, so you need to remember the same ID which comes with the registration.

In order for an account to have full access to all functions, you need to go through identity verification. There are 2 types of accounts: personal and corporate. In the first case, there is filling out quite a lot of information, including the usual user details, residential address and identity documents.

Deposit and Withdrawal from Bitstamp

Deposit and withdrawal processes on the platform are very simple. You can replenish your wallet with dollars or euros from your bank account or card. After depositing fiat, money can be converted into the desired digital currency. Withdrawals can be made to a user-friendly cryptocurrency wallet, as well as to a bank account or card.

In order to start trading on the exchange, you need to open the Tradingview tab. In addition to all active orders on the left side of the screen, in the center will be presented a chart that has a set of different settings. The filter under the chart allows you to select the necessary ones. The order panel, where orders for transactions are formed, is located on the right side of the screen.

Bitstamp Fee

Transaction fees on Bitstamp exchange range from 0.1% to 0.25%. Depending on the volume of trading, this value will change: with the increase in the size of the transfer, the commission will fall.

Security on Bitstamp

In 2015, the site was attacked by hackers. After the incident, the development team completely revised the security system. Now, they claim that about 98% of all savings that come to the exchange are in cold wallets.

The rest of the funds are available for exchange. This method guarantees safety from losing all funds at once if hackers attack. The service has a two-factor authentication service, which will allow you to secure your account.

Pros
  • Good reputation of the exchange;
  • High liquidity;
  • Trading, deposit and withdrawal in fiat currency;
  • No deposit and withdrawal limits.
Cons
  • Lack of Russian language support;
  • Obligatory verification;
  • Limited selection of digital assets;
  • Lack of support for stabelcoins.
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