Bitstamp Review

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Bitstamp Review

Bitstamp Overview 

Bitstamp is one of the oldest cryptocurrency exchanges and has been operating since 2011. As of right now, it enables traders who want to purchase and sell over 70 cryptocurrencies, with low trading costs.

Users can trade either through the web trading platform, advanced desktop interface or through their all in one mobile app.

Bitstamp does a good job of keeping client accounts safe while delivering a user-friendly experience for cryptocurrency trading and investment.

Platform & Features

Instant deposits

Deposits are processed instantly, making Bitstamp easier to use than other cryptocurrency exchanges that might take several days to process a deposit and delays customers from getting their hands on potential coins.

Push notifications

It may be frustrating to wait around for a cryptocurrency transaction to complete, especially when working with currencies that have slower transfer speeds. Bitstamp solves this issue with push notifications that inform you the moment a transaction clears.

Whitelisting

The whitelisting features of the platform provide another layer of protection for our data. You may construct a list of people you know you can trust to receive cryptographic messages, eliminating any doubt that your message will reach its intended receiver. 

Whitelisting prevents unauthorized parties from misusing your money by restricting transfers to just those you’ve approved.

API

Bitstamp’s API lets you modify the software to meet the specific requirements of your company. With the use of an API, you may modify the product’s code to better suit your specific processes. An additional benefit of API development is the ability to connect to third-party apps for a more streamlined workflow.

History Of Bitstamp

Bitstamp was first introduced to the world in 2011 in Slovenia. At the moment, they have a worldwide office in a number of important financial hubs all over the world, such as the United Kingdom, the United States, Singapore, and Luxembourg. 

New York serves as the headquarters for Bitstamp USA. The exchange now has more than 4 million clients from all over the globe.

You are able to purchase and sell 70 of the most prominent cryptocurrencies by using the Bitstamp platform. These cryptocurrencies include Bitcoin, Uniswap, Ethereum, Litecoin, Lumens, Stellar, and many more. 

Bitstamp offers both simple and active trading platforms. However, the fact that it only supports a limited number of currencies suggests that it is best suited for inexperienced traders and casual investors.

Security and Regulation

Since cryptocurrency transactions only go in one direction, it’s possible that you won’t be able to get any of your money back if your account is hacked.

When using Bitstamp or any other cryptocurrency exchange, it is essential to implement stringent security procedures. These procedures should include the use of a one-of-a-kind password as well as multi-factor authentication, preferably with the assistance of third-party authenticator software.

Bitstamp follows rigorous security best practices and maintains the vast majority of customer cash offline, in “cold storage.” You are able to set up and utilize multi-factor authentication on the platform, which provides an additional layer of protection when you sign up for a new account on the platform.

When withdrawing fiat cash or bitcoin from your Bitstamp account, as well as when doing any other kind of account maintenance, you should exercise the same degree of caution that you would with any other cryptocurrency exchange.

Fees and Commissions

The minimum commission rate for routine trades on Bitstamp is 0.50% across the board for all currency pairings. This price structure is clear and is comparable to those of leading rivals’ professional platforms. The fees are not the least cost that can be found, but they are also not the most expensive.

If you have traded more than $10,000 worth of volume in the preceding 30-day period, your fees will be reduced. When trading volumes reach or exceed $20 billion per month, high-volume traders may be eligible for fees as low as zero percent.

Bitstamp will deduct 15% of your winnings but will not charge you any further fees if you choose to stake using their platform. You may have to pay additional fees when financing or maintaining your account in addition to the expenses associated with trading.

What Can You Trade On Bitstamp?

The number of cryptocurrencies that may be traded in the spot market on Bitstamp is always expanding. Additionally, you are able to deposit and keep Euros, United States Dollars, and British Pounds. The following is a selection of the currencies that may be traded on the Bitstamp platform:

Bitstamp currently supports a growing list of cryptocurrencies for spot trading. You can also deposit and hold U.S. Dollars, British Pounds, and Euros. Here’s a partial list of currencies available on the Bitstamp platform:

  • Ether
  • Tether
  • Bitcoin
  • Litecoin
  • Uniswap
  • Chainlink
  • USD Coin
  • Bitcoin Cash
  • Gemini Dollar
  • Stellar Lumens

How To Open Your Bitstamp Account

The process of opening a Bitstamp account is simple, and it typically takes between five and ten minutes to complete. In order to get started, you will need to enter your email address, validate it, and then establish a password for your account.

Pick a one-of-a-kind passphrase to provide the highest level of protection for your account. After that, you will be requested to connect with a multi-factor authentication tool such as Google Authenticator.

You will be asked to record a brief video of yourself reciting a three-digit code in addition to uploading a picture of your photo identification in order to comply with the Know Your Customer (KYC) standards.

Your profile will be placed in a queue for moderation as soon as you upload your images and provide your personal contact information, which may include your Social Security number.

After you have received your activation email, you will be able to log in to your account and add money to it by using a bank account. You may also purchase cryptocurrency directly with a debit card for an additional cost or deposit cryptocurrency from an external wallet.

In general, the procedure of signing up is somewhat similar to that of other cryptocurrency exchanges.

Bitstamp Customer Support

You may contact Bitstamp’s customer care team via email around the clock, and if you prefer to speak to someone over the phone, you can do so by dialing 1-800-712-5702. (for U.S. customers). 

There is also a comprehensive help section available, in which you can read answers to frequently asked issues about the creation of a Bitstamp account and its use.

Pros

  • Bitstamp provides a platform that is straightforward to use, making it possible to purchase and sell cryptocurrencies with relative ease.
  • Costs begin at 0.50% and fall lower with bigger trading volumes. However, you do not need to utilize an advanced trading platform in order to make use of the platform’s lowest prices. Instead, you may take advantage of these fees by trading on the main platform.
  • Bitstamp has a long history of assisting cryptocurrency customers and is one of the oldest exchanges in the industry. It has been in the cryptocurrency exchange business for more than ten years.

Cons

  • Bitstamp only offers 70 different coins, which is a much smaller number compared to other big cryptocurrency exchanges.
  • Staking possibilities are quite limited. You can only stake one of two currencies at a maximum annual percentage rate of 5%. In addition, consumers located in the United States are unable to make use of this function.
  • Bitstamp, unlike several of its rivals, does not provide any services that allow for margin trading or lending.

Conclusion

When it comes to minimizing costs and streamlining the process of buying and selling bitcoin, Bitstamp performs an admirable job. Having access to a wider variety of currencies and a more robust active trading platform would be fantastic. 

Because of its limited functionality, Bitstamp may lose the business of serious investors and traders. However, Bitstamp may be a decent option for novice and intermediate traders who take a less serious approach to cryptocurrency trading. 

Bitstamp is a reliable platform for beginners to maintain a small bitcoin portfolio and make fast purchases.