Bitstamp, since its inception in 2011, is an original crypto exchange that facilitates buying, selling, and trading of cryptocurrencies. This Bitstamp review is an up-to-date, detailed analysis of the Bitstamp exchange, containing everything you need to know about Bitstamp and whether it’s the right exchange for you.
Bitstamp exchange review
Bitstamp, founded in August 2011 by Damian Merlak and Nejc Kodric, is one of the oldest crypto centralized exchanges (CEXs), with over 4 million users and a presence in over 100 countries. Jean-Baptiste Graftieaux is the CEO of Bitstamp. The exchange claims to provide a convenient, understandable, and simple platform for all types of users.
Customers have access to 161 digital assets and can buy cryptocurrencies with debit or credit cards, ACH transfers, or international bank transfers. Novice investors have access to a wealth of educational resources, trading tools, and live support service 24 hours a day, seven days a week. Competitive trading fees, an enhanced version of the platform called Tradeview, and a staking program called Bitstamp Earn are available to advanced traders.
The exchange is licensed as a payment institution in the EU and as a BitLicense in New York, and it is audited on a regular basis by the Big Four accounting firms. It also claims to keep customers’ assets offline and to offer BitGo insurance as well as additional crime insurance for funds.
Bitstamp review: What is Bitstamp?
Bitstamp bills itself as the “original global crypto exchange,” offering a secure and dependable platform for exchanging traditional currencies for a variety of the world’s leading cryptocurrencies.
The exchange, which has been in operation since 2011, has earned the trust of over four million individuals and financial institutions looking for a dependable trading venue. Bitstamp provides you with the tools you need to execute your strategy and capitalize on market opportunities.
Bitstamp Pros and Cons
This Bitstamp review displays its pros and cons.
- User-Friendly Interface: Bitstamp provides a simple, user-friendly interface that makes it easy for both beginners and advanced crypto traders to buy and sell cryptocurrencies.
- Competitive trading fees: Bitstamp is one of the best cryptocurrency exchanges in terms of trading fees. It has a straightforward fee structure, with trading fees calculated based on your 30-day trading volume.
- A long history of supporting cryptocurrency users: Bitstamp has been at the forefront of the crypto revolution since 2011, which is why they call themselves “the original crypto exchange.” With a proven track record and a compliance-forward approach, Bitstamp caters to millions of crypto enthusiasts from all corners of the world.
- Ability to Earn: Bitstamp Earn is a part of our platform that enables you to earn cryptocurrency rewards in exchange for holding assets for a certain amount of time. This works through a process called staking.
- Good Security: Bitstamp uses MultiSig technology to protect your funds with strong data encryption. To increase security, 95 percent of crypto assets are stored in offline vaults, and it also has a Cold-wallet and crime insurance policies in place.
- Good array of Cryptocurrency: Bitstamp has a good array of cryptocurrencies amounting to 161. This is a good choice for users looking to invest in a wide array of cryptocurrencies. So if there’s a crypto you’re looking to invest in there’s a good chance it’ll be here.
- Educational resources: Bitstamp offers an impressive library of educational resources in its Learn center. You’ll find articles on a wide variety of crypto topics, such as How does a crypto exchange work, what is web3, and so on.
- Got hacked in 2015: The Bitstamp cryptocurrency exchange suffered a notable security breach. Hackers successfully carried out a phishing attack on Bitstamp employees in 2015, stealing nearly 19,000 Bitcoin valued at around $5 million at the time.
- Staking options are limited: There are only two currencies available for staking, with a maximum APR of 4.5% for staking ether and 1.6% for Algorand. Other exchanges offer more staking options as well as higher APRs. Furthermore, customers in the United States do not have access to this feature.
Bitstamp review: How Bitstamp Works
Bitstamp is a cryptocurrency exchange where you can buy, sell, and trade various cryptocurrencies. Money can be deposited and withdrawn using a variety of methods, including ACH transfers from a bank account, debit, and credit card payments, and international wire transfers. A bank transfer is the most cost-effective payment method because there are no fees for ACH deposits and withdrawals.
Bitstamp is available as a web page as well as an app for Apple and Android devices. Both options allow you to purchase cryptocurrency. While the exchange’s standard platform is adequate for many investors, Tradeview, a trading platform for more advanced users, is also available.
The exchange provides Bitstamp Earn to investors who want to earn cryptocurrency rewards. This allows you to stake specific cryptocurrencies, putting those digital assets to work for you.
Bitstamp review: How to use Bitstamp
The Bitstamp crypto exchange offers you suites of products and services, all of which can be accessed when you sign up on its exchange, then proceed to verify your identity, make a deposit, and begin trading and exploring all of Bitstamp.
Bitstamp Sign up
With this Bitstamp review you can get signed up in just a few steps.
Go to Bitstamp.net and click on “Get Started.” On the next page, you’ll be prompted to create an account by inputting the following details, as seen in the screenshot below.
Check your inbox, as an email will be sent to you to confirm your registration. Now head to your email, open it, and click on “Complete your registration.” Then you’ll be redirected to a new page to create a password.
Bitstamp review: Bitstamp KYC
Follow the detailed steps outlined in this Bitstamp review to complete your Bitstamp verification.
Now it’s time to get verified by clicking the “Starting your verification” button. On the new page, fill in the required details as seen below in the screenshot, and lastly, click on “Continue.”
Now enter your social security number (SSN) and click on “Continue.”
Note: This information is for internal Bitstamp use only.
Enter your number and click “Continue.” A four-digit code will be sent to you to verify your phone number. Input it in the field and click “Continue.”
The next step is to submit an ID; click “Start Now.” On the next page, you’ll need to choose a document type to upload from the list of options provided, as seen in the screenshot below.
Now you’ll need to submit a clear photo of the front and back of your ID from your computer, by clicking on “Upload photo.”
Note: If you don’t have an already taken photo on your PC, you can switch to mobile by clicking on “Continue on phone” and then “Get secure link.” You’ll need to input your phone number, and a link will be sent to your mobile; click on it to continue the verification process.
Next up, you’ll need to take a selfie video on your PC, or you can have the link sent to your phone.
You’ll be asked to complete the simple act of calling out a 3-digit code displayed on your screen while filming yourself. When you’re done upload the video.
Now you’ll be asked for your basic financial information; fill it in and click “Continue.” On this next page, you’ll answer questions on how you intend to use Bitstamp. When you’re done, click “Continue.”
Congratulations! Now we’re done with verification, and you’ll need to secure your account by enabling two-factor authentication.
How to Enable Bitstamp Two-Factor Authenticator (2FA)
Click on “Secure my account.” Now click on “Get Google Authenticator” if you don’t have it installed yet, but if you do, click “Continue.”
Open the Google Authenticator app on your mobile device. In the app, add a new account and click on the + icon at the bottom right of the screen, then select “Scan a QR code,” then position your mobile to scan the QR code. Click “Continue” when you’re done.
A 6-digit code will be generated on the app, input the code in the required field, and finally click “Enable final security.”
Congratulations! As you have now completed your signup and KYC on Bitstamp. Your information will be reviewed by the team and will take 5–15 minutes. Now click on “Finish.”
Note: You’ll receive a notification via mail if the verification was successful before proceeding to buy crypto and start trading.
How to Deposit money on Bitstamp
After signing up and completing your KYC verification with this Bitstamp review, now it’s time to make your first deposit.
Log in to your Bitstamp account and go to Deposit.
Select “Bank Transfer,” which is located in the menu on the left.
From the options, select the currency you want to deposit and the balance you would like to credit it to, and click “Deposit.”
Note: Bitstamp bank details and your personal message number will appear; make a transfer from your bank and make sure you write your personal message number as the transfer reference.
How to Buy Bitcoin on Bitstamp
After making your first deposit successfully with this Bitstamp review, let’s proceed to buying your first crypto using a credit or debit card.
Log into your account, then go to the deposit page and select “Card purchase” from the side menu.
Now from the options, choose the cryptocurrency you would like to buy; in this case, select Bitcoin (BTC).
Select which currency you will use to pay, and how much currency you would like to purchase.
Enter your card details, and finally, confirm your purchase.
How to Withdraw on Bitstamp
Log into your account and click on “Wallet” in the bottom bar.
Now choose a currency and select “Withdraw.”
Input the amount you’d like to withdraw and your bank account number, then tap “Next.”
Lastly, review the information and confirm.
Bitstamp review: Bitstamp Supported Countries
Bitstamp is supported in over 190 countries. Some of the most well-known are the EU, US, UK, Switzerland, Norway, Monaco, Montenegro, Serbia, Turkey, Andorra, Moldova, Gibraltar, Iceland, Greenland, Liechtenstein, Isle of Man, Faroe Islands, land islands, San Marino, Hong Kong, China, Singapore, Taiwan, South Korea, Australia, New Zealand, Japan, Argentina, Brazil, Israel, South Africa, Chile, Kuwait, Cayman Islands, Qatar, Saudi Arabia, India, and Puerto Rico.
Bitstamp Crypto list
Bitstamp has an array of cryptocurrencies that users can use to facilitate buying and selling on its platform, amounting to 161. Some of the most popular cryptos include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Bitcoin cash (BCH)
- Litecoin (LTC)
- Uniswap (UNI)
- Algorand (ALGO)
- Polygon (MATIC)
- Hedera Hashgraph (HBAR)
- Stellar Lumens (XLM)
- Paxos Standard (PAX)
- Chainlink (LINK)
- Ox (ZRX)
- USD Coin (USDC)
- Gemini Dollar (GUSD)
- Tether (USDT) and many more.
Bitstamp review: Bitstamp Fees
To determine trading fees, Bitstamp employs a maker-taker fee model. There are different fees for orders that provide liquidity (maker orders) and orders that take liquidity (taker orders). This fee is also calculated based on your current pricing tier at the time your order is executed. Bitstamp also offers an 80% discount on certain trading pairs, which include:
Fee discounts are also accumulated based on a trader’s 30-day volume. For those of us wondering what are bitstamp fees well let’s look at a more detailed view in the image below.
Bitstamp Deposit and Withdrawal Fees
According to this Bitstamp review, the deposit and withdrawal fees are displayed as seen in the image below.
Bitstamp features mobile apps for Android and iOS devices available in the Google Play Store and App Store. Bitstamp offers mobile apps for Android and iOS devices, which are available in the Google Play Store and App Store, respectively. Its apps include all of the features found in the Bitstamp web-based trading experience but in a smaller package.
In addition to buying and selling anywhere you have a secure internet connection, you can use the Bitstamp app to send and receive crypto to store in a Bitstamp account. That said, the app has a 3.8 ⭐ rating on playstore and a 2.3 ⭐ rating in over 664 reviews on Trustpilot. Below are mixed reviews from users regarding the Bitstamp exchange app.
Bitstamp review: Bitstamp API
Bitstamp application programming interface (API) allows our clients to access and control their accounts, using custom-written software. Whether you’re trading on the Bitstamp web platform or mobile app, Bitstamp gives you the tools you need to effectively execute your strategy and seize market opportunities with its outstanding APIs.
Bitstamp customer service is available by email 24/7, and you can get phone assistance by calling Bitstamp customer support at 1-800-712-5702. There’s also an extensive help section where you can read answers to common questions about opening and using a Bitstamp account.
But, like most crypto exchanges, Bitstamp has received a mixed bag of user reviews from current and former customers, with some of the most common complaints centered on slow withdrawal times and poor customer service interactions.
Bitstamp review: Is Bitstamp Safe?
According to this Bitstamp review, Bitstamp is one of the safest cryptocurrency platforms, with excellent security. 95% of the exchange’s assets are kept offline in cold crypto storage. Because offline storage protects funds from hackers, it is the most secure type of crypto storage. The small portion of funds kept in “hot storage” (connected to the internet) by Bitstamp are used for day-to-day trading.
Bitstamp provides an additional layer of security by offering a crime insurance policy that covers theft. Its insurance covers theft when the exchange is breached, but it does not cover your individual account if your login credentials are compromised.
Bitstamp provides two-factor authentication (2FA) and address whitelisting as optional security measures to protect customer accounts and assets. You must log in with your password and another type of authentication, such as a code sent to your phone, to use 2FA. You can specify which addresses can receive withdrawals from your account using address whitelisting.
Bitstamp review: Bottom line
According to this Bitstamp review, its long history makes it a trustworthy exchange among other cryptocurrency exchanges. It does a good job of making it simple to buy and trade cryptocurrency while keeping fees low. The exchange can also expand its cryptocurrency list.
Bitstamp could be a good option if you want a safe way to buy cryptocurrency quickly and manage a basic crypto portfolio with the ability to stake. Although its staking features are limited to Ether and Algorand, it intends to expand the list of cryptocurrencies that can be staked.