Bitstamp – Crypto Exchange Expert Review
Team of STO Investment Platforms Reviewers
Welcome to our Bitstamp Cryptocurrency Exchange Expert Review. In today’s review, we’ll have a critical look at the Bitstamp crypto exchange and gauge if it’s worth a try.
What Is Bitstamp Crypto?
Bitstamp is a well-known crypto exchange that lets traders buy, sell, and exchange digital currencies through its easy-to-use interface. Unlike some other platforms out there, Bitstamp mainly targets new users and is known for supporting more than 70 recognized cryptocurrencies, including Bitcoin, Litecoin, and Ether.
Based in Luxembourg and established in 2011, it is one of the oldest crypto exchanges in the world. Also, it is now used by even experienced and professional traders thanks to features such as fiat-to-crypto transactions, staking programs, and high liquidity.
The trading platform has a growing customer base of 4 million registered traders today and headquarters around the world, including London, New York, and Paris.
How It Works
Bitstamp works by enabling traders to engage in buying and selling more than 50 different types of crypto on Bitstamp. Moreover, it allows users to choose from a variety of order types such as:
The intuitive platform supports deposits and withdrawals of fiat currencies. Users can choose a variety of methods such as ACH transfers, credit and debit cards, and wire transfers. While some methods are instant, some can take a while to process.
Once you deposit money, you’ll be able to start trading. You can use the desktop version or mobile app to complete trades.
The exchange is divided into 2 platforms:
Standard Platform (sufficient for most traders)
Tradeview (a trading platform designed for experienced traders)
Use the Standard version if you are new to the world of crypto trading. The advanced version offers more features such as detailed graphs and price charts.
Bitstamp also offers Bitstamp Earn, which offers rewards in exchange for storing digital assets for a certain period, otherwise known as staking.
How To Create A Bitstamp Account
Like most sites, it is mandatory to have an account before you can trade. Fortunately, the process only takes a few minutes.
Visit the official website and enter your email address and select a password. Then, Bistamp will reach out with a verification code. Use it to verify your account and link it to a multi-factor authentication platform (like Google Authenticator).
You will have to submit identity documents to verify your identity. We found the process a little slow as the company can take 3-4 days to verify accounts.
You will be asked to send a front and back picture of your ID card, and a video of yourself reading a 3-digit code out loud.
After your information is reviewed, you’ll receive an activation email and you can start funding your account after that.
Bitstamp Review: Pros & Cons
When choosing a reliable trading platform, it is imperative to look into its strengths and weaknesses. According to our expert review, Bitstamp has the following pros and cons:
The platform is very easy to use
Offers several ways to passive income, including crypto staking
API capabilities to customize the platform
Gives you the option to choose from different order types
No margin trading
No staking available for U.S. traders
Cryptocurrency And Coin Availability On Bitstamp
The platform offers more than 70 growing digital currencies for spot trading, some of which include:
USD Coin (USDC)
Shiba Inu (SHIB)
XRP (XRP) (Not available for U.S. residents)
If you look at it, you will find some not so popular names but also some popular names appear to be missing.
Is Bitstamp A Secure Exchange Platform?
Bitstamp exchange platform implements advanced security practices and is known to be secure. We did some research and found that it hasn’t been a part of major hacks and has used great tools to prevent data theft and hacks, including:
Hot and cold wallet storage system
2-Factor Authentication (2FA) for all key account functions
Whitelisting as a security measure
PGP data encryption functionalities
Regulated by CSSF
Highest level of AML policies
Bitstamp has been safe since the 2015 hack. Also, like Gemini and other firms, the company promises to reimburse members in case of a mishap.
Fee Structure And An Overview Of The Costs
Bitstamp has a straightforward fee structure and the trading fee is dependent on your 30-day trading volume. The more you trade, the more you’ll save.
The maximum trading fee on Bitstamp is just 0.50% for traders with less than $10,000 in a 30-day trading volume. Trading costs will decrease if you trade more than $10,000 in a 30-day trading volume.
It is also possible to trade without any fee (0%) if you hit at least $20 billion per month.
How to buy Ripple on Bitstamp?
Here’s how to buy Ripple on Bitstamp:
Login to your account.
Go to the top of the page on the Bitstamp website and click on the “Buy/Sell” tab.
To trade right away, click on the “Instant Order” tab.
Next, enter the amount you wish to purchase.
Click on the “Buy Ripple (XRP)” tab and proceed.
You’ll be notified once your order is processed.
Why does Bitstamp need my SSN?
Bitstamp requires you to submit your SSN for reasons such as:
To confirm your location
To confirm your identity
To track your trades for tax purposes
How to withdraw funds from Bitstamp?
To withdraw funds from Bitstamp, you will need to:
Login to your account.
Click on the “Wallet” tab at the bottom of the page.
Click on “Choose a currency” and enter the currency you want to withdraw.
Enter the amount you want to withdraw alongside and choose your preferred withdrawal method.
Confirm the withdrawal.
The money will show up in your account in 24-48 hours based on your withdrawal method.
The Bottom Line
Bitstamp is a user-friendly crypto exchange recognized for its easy-to-navigate environment and fairly low trading fees. We found the platform impressive but it has some drawbacks such as a low number of coins and some missing features. Still, it can be a good platform for someone interested in casual trades
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