Bitstamp review 2024: Pros, cons, fees & more
Bitstamp uses some of the best practices when it comes to cold storage of their cryptocurrency assets. What this basically means is that they keep the majority of their coins off line in an air-gapped state. Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Before making an initial purchase with Bitstamp exchange, we recommend that users find a digital wallet with which the store the coins they are going to buy on Bitstamp.
- I have spoken to several people who tell me the exact same thing-verbatim.
- The platform also implements high encryption of personal data to prevent leaks.
- Once you have funds available in your account balance you can begin trading.
- The exchange doesn’t support many cryptocurrencies, however, it does offer EUR and USD trading pairs on all supported cryptos with relatively low fees.
You can do this either by clicking the “Buy/Sell” link at the top of the page, or by clicking the “Tradeview” link at the top of the page. In either case you will need to choose the pair you’d like to trade, the amount of your trade, the price you’re willing to pay, and the order type (instant, market, limit or stop). Once you’ve clicked you’ll receive a “Registration Complete” message if https://forex-review.net/ you’ve filled out the form correctly. You’ll also receive your customer ID and password at the email you used to sign up. The automatically generated password should be used for the first login, but then changed. If you were looking for another Fiat gateway that had a larger range of altcoins that you could buy then you could consider Kraken which is an exchange based in California.
This is combined with basic charting and indicators to provide a positive and in-depth enough experience for most traders on the exchange. Bitstamp is not the cheapest when it comes to fees and charges, but many options are available. There are dozens of cryptocurrency exchanges which means that Bitstamp has a lot of competition everywhere, however, there aren’t that many exchanges offering fiat. Binance, for instance, offers users the ability to buy a few cryptocurrencies with fiat, however, it does not offer fiat trading pairs. Bitstamp emerges as a well-established and reputable cryptocurrency exchange that caters to a global user base.
It also has limited charting ability should you wish to do any technical analysis. When you visit the official Bitstamp site you’ll see a “Register” link in the upper right https://forex-review.net/bitstamp-review/ corner of the site. Clicking on that link will open the registration form for the exchange, where you will need to enter your name, email address, and country of residence.
The CoinCodex Cryptocurrency Price Tracker
If you can’t find the answer here, then the company also offers direct email support through [email protected] and [email protected]. They also offer a phone support service with numbers in the UK, US, and Europe. The owner(s) of this website may be compensated to provide opinions on products, services, websites and various other topics. The views and opinions expressed on this website are purely the author.
We all know how frustrating it can be when you have to wait four ages for support tickets to get answered. Lastly, because Bitstamp deals with sensitive information like identity documents and account passwords, they have to make sure that all of the communications are secure. Moreover, it is important to look at the steps that the exchange has taken since then and how they have improved their security. Let’s take a look at some of the security policies of Bitstamp. Although these hacks did happen, they were as a result of phishing attempts that managed to dupe exchange employees.
How to Buy Bitcoin Cash (BCH) Where, How and Why
Users wishing to earn rewards by staking their crypto assets can use Bitstamp Earn. While writing our Bitstamp review, we checked out the Bitstamp Earn service, and while the reward APY was reasonable, only two cryptos were supported, hiding the service’s usability. While researching for our Bitstamp review, we were impressed with the exchange’s overall execution but disappointed by its limited functionality. In 2015, Bitstamp suffered from a phishing attack and lost 18,866 BTC which was worth around $5 million at the time. While the company acted quickly, the loss highlights how big a target these crypto exchanges are.
In conclusion, Bitstamp stands out as a reliable and trustworthy cryptocurrency exchange with a long-standing reputation in the industry. The exchange was the first crypto exchange to receive a Payment Institution License in the EU and holds 50 licenses and registrations globally. SEPA withdrawals incur a fee of 3 EUR, FSP withdrawals cost 2 GBP and Wire withdrawals incur a fee of $25. However, this simplicity also means that Bitstamp’s product offering is quite limited compared to other exchanges. We would argue that it’s slightly too simplistic and basic in order to compete with the large range of exchanges in the market today. The signup process is quick and simple, only requiring users to fill in their full name, email, date of birth, and country of residence.
Although Bitstamp has their head office in Europe and have made this their market over the past 4 years, Coinbase is making an aggressive push into their market. Hence, if you are a user who is heavily involved in mobile trading then you may want to consider another exchange that has a more advanced and powerful trading application. While it is a great option for those traders who want to monitor their positions on the go or place one or two simple trades, it is not really that advanced. This is also what most of the feedback points out on both the itunes store as well as Google Play. For example, you cannot place stop orders and only limit orders and when you are looking at the charts, it does not scale too well. Note that there is a minimum of 5 Euro for Euro denominated trading pairs, and a 0.001 BTC minimum for Bitcoin denominated trading pairs.
Through the dashboard, you can easily deposit funds via bank account, credit or debit card, or make cryptocurrency transfers and withdrawals. Note that Tradeview may have more limited account management features. In conclusion, Bitstamp stands out as one of the oldest and most established cryptocurrency exchanges in the industry. Its user-friendly platform, wide selection of leading cryptocurrencies and popular altcoins, and a variety of order types cater to both beginners and more advanced traders. ACH transfers, encompassing both deposits and withdrawals, are processed free of charge. Thus, by using bank account transfers, you only incur Bitstamp’s reasonable trading fees.
SEPA and ACH deposits are free, while ACH withdrawals are also free. Bitstamp uses strong security practices and stores the bulk of client funds offline in cold storage. When signing up for a new account, the platform allows you to set up and use multi-factor authentication for added security.
How Does Bitstamp Compare?
Bitstamp offers a variety of fiat withdrawal methods for their users such as Wire Transfer, ACH, SEPA, and Faster Payments (FSP). • Complete the registration form by visiting the website or mobile app. • Upon verification request approval, move ahead with the KYC process. The Bitstamp mobile app claims to offer unlimited access and a seamless experience to users.
Bitstamp FAQs
The College Investor does not include all companies or offers available in the marketplace. And our partners can never pay us to guarantee favorable reviews (or even pay for a review of their product to begin with). Although Bitstamp is one of the leaders in terms of security, the exchange was, unfortunately, hacked in January 2015. The hackers were able to access the hot wallet of Bitstamp and steal 19,000 bitcoins, which were worth around $5 million at the time. Bitstamp had to suspend operations for a while and decided to rebuild their entire trading platform with new safety standards.
Crypto Head’s editorial principles prioritise transparency and reader trust. To maintain our free content and further support our work, we receive compensation from some companies advertising on Crypto Head. The support team is well-equipped to handle a wide range of customer needs, ensuring a smooth and reliable service. By doing so, Bitstamp has managed to sustain relevance and remain a preferred platform for a diverse range of investors seeking exposure to the digital economy. If neither of the above options works out for you, Bitstamp also accepts AstroPay payments.
To further increase account security, you can also activate the email confirmation. However, Bitstamp dealt with the hack very well -in the hack of 2015, no customer funds were lost, and the platform was rebuilt entirely to prevent it from happening again. Kodric and Merlak aimed to establish a safe and reliable exchange.