More and more traders are daily involved in electronic money. For this reason, the topic of cryptocurrencies prospects is becoming relevant. The current spread of bitcoin and the constant involvement of new people allows us to give confident forecasts about the future of cryptocurrencies. The prospects of cryptocurrencies and exchanges look rosy because they obey the natural laws of supply and demand. For instance, bitcoin has become clear proof of the growing popularity of crypto money.
The use of the current leaders of cryptocurrencies in the future looks quite promising. The reason for it is simple, and it is not the fees only. People use Ethereum and bitcoin to pay for goods and services and to conduct ICOs. This money is the basis for converting many coins on major exchanges. By the way, the growing popularity of bitcoin has predetermined the development of cryptocurrency exchanges. The most reputable crypto trading platform is the Bitstamp exchange, which appeared in 2011. In general, this trading service is the most successful and respected exchange among other cryptocurrency exchanges. The founders of this trading service are Nejc Kodric and Damijan Merlak. They invested just 1,000 euros in launching this trading platform and turned Bitstamp into the leading trading cryptocurrency exchange in Europe.
This article provides a detailed analysis of the emergence and development of Bitstamp cryptocurrency exchange, its features, and prospects. Read the Bitstamp review carefully to avoid knowledge gaps and make a profitable investment.
Bitstamp Reviews for customers
Bitstamp is a Luxembourg-based cryptocurrency exchange to buy and sell cryptocurrencies for fiat currencies. Bitstamp crypto exchange became one of the founders of cryptocurrency trading. Today, its trading volume is about 18 thousand bitcoins per day. In April 2019, Bitstamp received a BitLicense. It is a license to provide services to New York.
It is worth noting that Bitstamp has offices in London, Luxembourg, and New York and still focuses on the European market. Customers from the European Union and other countries can purchase bitcoin using a debit or credit card. In general, the Bitstamp crypto exchange has a positive aspect of the activity, as evidenced by customer reviews. The following funds are available from cryptocurrencies:
The consumer is not limited in their actions. The main thing is to follow the policy of the Bitstamp exchange and not engage in fraud. The trading service aims to provide both private users and investors with a secure trading environment. Read the list of recommended information to study below:
- Bitstamp Review and crypto industry
- Bitstamp options
- Bitstamp cryptocurrencies and payment methods
- Trading fees and deposits
- Digital assets
- Currency distribution
- Reviews and customer support
- Bitstamp and Kraken
- Your questions
In understanding the cryptocurrency exchange rate and the functioning of the Bitstamp trading exchange, it is necessary to study every step and paragraph of this article. This approach will allow you to gain a user experience and skills for trading both on the Bitstamp platform and on another cryptocurrency exchange.
Bitstamp Review and crypto industry
As noted earlier in the review Bitstamp, this trading platform appeared in 2011 in Slovenia, and its creators are Nejc Kodric and Damijan Merlak. The company’s headquarters are located in Luxembourg, and the project is aimed at cryptocurrency traders in Europe. In this vein, the Bitstamp trading exchange was supposed to be an alternative to the then-dominant bitcoin exchange Mt. Gox. All deposits and transfers are made through the EU single payment area (European wire transfers).
In October 2018, the Belgian investment company NXMH purchased a majority stake in the Bitstamp exchange. According to a statement from Bitstamp, the exchange’s sale did not affect the management and overall concept. Bitstamp trading service is the best platform for buying and selling bitcoin, altcoins, and fiat currencies. Every EU crypto customer can register a Bitstamp account on the site and conduct full-fledged activities. In any case, access to the Bitstamp exchange is open and secure. Bitstamp provides customers with a low-fee way to exchange digital assets in enormous amounts.
The exchange has a mobile trading app for Android and iOS, but it has a limited set of tools for trading. Bitstamp corresponds to TradingView, which includes a wide range of technical indicators and tools necessary for effective trading. Although more and more spot exchanges are adding a margin trading option, Bitstamp does not offer margin or derivatives trading.
One of Bitstamp’s principal services is the trading bitcoin and a limited list of other cryptocurrencies. The primary focus is quality over quantity. For this reason, Bitstamp is a popular exchange and has success among other crypto companies. Undoubtedly, the customer will not find an infinite variety of currency and advanced order types. However, Bitstamp functions reliably. The security of customer funds is a vital concern of Bitstamp.
Thus, on the Bitstamp page, each customer can use the following types of orders:
Also, do not forget that Bitstamp has a great mobile app with a trading interface and a trendy design. This fact demonstrates the responsible approach of the company to the implementation of its obligations towards customers. You may use these services and products.
Bitstamp cryptocurrencies and payment methods
As for the supported cryptocurrencies, Bitstamp works with dollars and euros for fiat currencies. For such operations, you need to create a European bank account. Thanks to this bank account, your transactions will be carried out safely and quickly. In addition, through the SEPA mechanism, you can deposit money and use a regular wire transfer.
Indeed, an international wire transfer is the most convenient and efficient way to transfer money to a bank account. Users make such an international wire transfer using electronic communication, which ensures the security of their funds. By the way, in this case, you can also use a mobile app or a debit card (and credit card). Opening an account on Bitstamp is not an easy task. To do this, the customer must pass the mandatory verification process. This method distinguishes Bitstamp from most other exchanges that impose restrictions on unauthorized users. Crypto trading Bitstamp offers two account types: personal and corporate. The first option is suitable for most users.
As for buying bitcoin via a credit card, a five percent fee is charged. However, such a trading fee does not include additional Bitstamp fees from your CC issuer.
Below is a list of available coins for exchanges. Check out this step for further understanding of the Bitstamp Review:
- Bitcoin Cash
- Star Lumens
As part of being a gateway to the Ripple network, the Bitstamp platform accepts BTCUSD IOUs. To understand these processes, watch the video “What is Ripple.” By the way, unlike other exchanges, Bitstamp works with AstroPay payments.
What else do users need to consider? After registering your Bitstamp account, Bitstamp will offer you complete the verification process. First, you will need to provide your full name and address, as well as your date of birth and nationality. After that, you will need to confirm your mobile phone number and provide an identity document. This two-factor authentication allows you to ensure the security and ease of use of Bitstamp tools. All your funds will be under the control of the service and its protection from hackers.
Trading fees and deposits
Deposit fees, withdrawals, and trading fees on Bitstamp are cheap. Such a deposit fee is usually not more than 0.05 percent of the money for an international wire transfer. Imagine, thanks to such a system of fees, you save your money and time.
Such Bitstamp fees vary depending on the amount of buying and selling bitcoin and altcoins. Perhaps the highest trading fee is 0.5 percent of all funds for amounts less than $ 10,000. However, not everything is so smooth in the service. It is necessary to consider any risk in such cases. So be careful when using a credit card, as paying a credit card fee is expensive. For payment of fees by credit card (or debit card), the charges are almost five percent.
However, withdrawals of the trading amount and deposits in Bitcoin, Litecoin, and Ethereum are free. You can view the Fee schedule features here.
Bitstamp is one of the most minimalistic exchanges on the market. Bitstamp supports only five cryptocurrencies. On the other hand, these are the five largest crypto assets by market capitalization: Bitcoin, Ether, Litecoin, XRP, and Bitcoin Cash. The exchange also supports the US dollar, euro and does not work with stable coins.
Bitstamp is one of the few cryptocurrency trading platforms that allow users to withdraw their funds in gold. Currently, the withdrawal of gold is only available to customers from the EU, and the delivery is fully insured. Indeed, the exchange offers 14 trading pairs of cryptocurrencies with the dollar, euro, or bitcoin. As a rule, Bitstamp is also one of the few exchanges that offer trading pairs of euros and dollars.
Thus, since Bitstamp has a limited selection of cryptocurrencies, traders and investors who want to access lesser-known coins will have to look elsewhere.
Over the years, Bitstamp has managed to become one of the most reputable exchanges in the industry. In 2016, the exchange became the first cryptocurrency platform to receive a payment institution license in Luxembourg. It allowed this company to conduct business in all EU states.
Today, Bitstamp supports operations in 28 EU countries and the following:
- Faroe Islands
- Aland Islands
- New Caledonia
- South Africa
In general, this is an extensive list of countries where Bitstamp operates. On the website of this platform, you can get acquainted with all states. There are also Bitstamp offices in the United States, worked by a subsidiary of Bitstamp USA.
It is worth noting that Bitstamp recently announced a partnership with BitGo, which provides cold storage for digital assets. BitGo uses third-class bank vaults for cold storage of crypto assets and has entered into a $ 100 million insurance policy. It covers the theft or loss of cryptocurrencies. This fact indicates the firm intentions of the company to develop its activities.
Reviews and customer support
As one of the reputable crypto platforms, Bitstamp has a feature-rich service, including customer reviews and customer support. For instance, you can contact Bitstamp via a support ticket, and the support team will reply to you within three days. It all depends on the nature of your request and the waiting time for customer support. For emergencies, you may use the UK business phone.
As for the reviews, there is a Bitstamp FAQ page. As a rule, you may enter a specific question in the browser, and the experts will reply to you. Bitstamp, as one of the reliable exchanges, works on the result and notifies in detail. Unfortunately, Bitstamp has a low rating on TrustPilot, but this is normal since many exchanges have such indicators.
Below are several problems that you may encounter:
- Strong two-factor authentication
- Slow operation of the support service
- Limited currency pairs
- Lack of partner and referral programs
- Slow withdrawal of trading volume of money
Comparison of cryptocurrency exchanges
The next step in learning about Bitstamp, its security, fees, and money withdrawal is to compare it with other platforms. So, one of the most popular platforms is Kraken. Learn about the advantages and disadvantages of these sites.
Bitstamp and Kraken
As a rule, Bitstamp and Kraken are innovative exchanges and newcomers to this field. The disadvantage of the two platforms is the inconvenient interface and the focus on experienced traders. Beginners are unlikely to be able to work with these platforms and withdraw funds.
In general, both Bitstamp and Kraken are identical in fees. However, Kraken supports a lot of coins, and experts reply to requests faster. While Kraken focuses on margin trading, Bitstamp focuses on customers and the security of their money.
When comparing the two platforms, you need to consider your needs and desires. If you look for an exchange with extensive trading features, it is better to choose Kraken. Otherwise, stability and security are about Bitstamp. For more information, check out the Kraken review.
1) Withdrawal of money
As for withdrawing funds from the Bitstamp platform, this procedure takes from 2 to 5 working days. If you make transfers through the SEPA mechanism, withdrawals will be faster. Consider these factors when choosing a withdrawal method.
2) This platform is a wallet or an exchange
Bitstamp is a cryptocurrency exchange that provides e-wallets for accounts and funds storage. In any case, it is better not to store money in electronic wallets, as there is a possibility of hacking your account. It is better to keep money in a wallet that has double protection and closed codes.
3) Depositing Dollars in Bitstamp
To do this, follow these steps:
- Log in to Bitstamp and account
- Go to the section about deposits
- Choose an international bank
- Enter your deposit information
- Make a bank transfer of funds and scan it
- Check all transaction data
In general, this course of action will ensure the security of the transfer of your funds.
Summing up the above, Bitstamp provides currency exchange at low fees and reliability of all operations. This platform has been functioning for a long time and offers decent tools for operations with large trading amounts.
In general, Bitstamp is one of the oldest and most reputable exchanges in the crypto industry, which is suitable for both those who are just starting to master this market and more experienced traders. It is a convenient platform for those who want to work in EU countries. You do not need to worry about the security of your funds, as they are protected.
The main advantages of Bitstamp are:
- The reliable reputation of the exchange
- High liquidity
- Trading, deposit, and withdrawal in Fiat
- No limits on deposits and withdrawals
For beginners, it is worth choosing another exchange, as there are some difficulties. In any case, use all the tools of this platform, create an account and explore the world of cryptos. In this research Bitstamp review, I tried to collect all the information about the company’s activities. If you have had experience interacting with Bitstamp and paying fees, share with users.
What’s Bad About Bitstamp?
Unfortunately, this platform is no exception and has several disadvantages. Among the problems, it is worth noting the slow work of technical support and withdrawal of funds. Users cannot get in touch with customer support because no phone on the site works. The case is not an isolated one, as evidenced by the records of the victims on the Internet. Specialists reply to requests for a long time.
Which countries does Bitstamp support?
In general, the Bitstamp system operates within the European Union, so all EU countries have access to the platform’s tools. Also, this includes Japan, Turkey, Madagascar, Mozambique, and other countries of the world. It is better to review the list on the company’s website via your account.
Does Bitstamp have an app?
Within the framework of this trading system, there is a mobile application for clients. Through this mechanism, you can view your account, pay fees, and other transactions. It is a convenient and effective tool for analyzing your actions.
Why is Bitstamp cheaper?
Bitstamp is a low-cost platform thanks to its fee policy. Unlike other exchanges, there is a minimum fee for transactions. The exception is credit card transfers.