Bitstamp Comprehensive Review – Fees, Pros, and Cons

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The year 2022 appears to be pivotal in the evolution of cryptocurrencies. With the market capitalization of significant cryptocurrencies approaching $200 billion, investors are finding it impossible to abandon this new digital gold. Bitstamp is a trendy, globalized, and revolutionary cryptocurrency platform that offers an experience comparable to purchasing traditional currencies. Bitstamp makes it easy to spend, store, and trade bitcoin and other cryptocurrencies by providing real-time price updates.

So if you’ve been thinking of signing up over the platform, this is the Bitstamp review you’ll need. The following sections summarize everything you need to know about the Bitstamp exchange and will attempt to analyze the strengths and downsides for you. So, let’s get started.

 

Pros and Cons of Bitstamp

Pros

  • Competitive trading commissions.
  • Simple to use.
  • A powerful platform is offered.
  • Excellent smartphone app.
  • Excellent cryptocurrency choices.
  • A long track record.

     

Cons

  • Several prominent crypto coins are missing.
  • Rigid staking program.
  • In 2015, it was hacked.

     

Bitstamp at a Glance:

Official Website https://www.bitstamp.net/
Headquarters Luxembourg
Found in 2011
Native Token None
Listed Cryptocurrencies 20+
Trading Pairs 50+
Supported Fiat Currencies USD, EUR, GBP
Minimum Deposit 50 USD/EUR/GBP
Trading Fees 0.0% to 0.50% based on your total trading volume over the past 30 days.
Withdrawal Fees Depend on the crypto you choose.
Customer Support Email ticket system.

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Bitstamp Crypto Exchange: Company Overview

Bitstamp has been active since the foundation of the crypto industry itself! The platform was established in 2011 and is currently headquartered in Luxembourg. It presently has a global staff of over 400 employees.

Bitstamp is available in over 100 nations, with different options open for users from different countries. For instance, only people from certain countries can finance their profiles with a credit or debit card. Customers in the United States can also finance their profiles with ACH transfers, Bitcoin, or some other cryptocurrencies.

Bitstamp is a famous crypto exchange that also acts as a paper currency gateway for investors all across the globe. On Bitstamp, users may speculate using fiat currencies like GBP, USD, and EUR.

The platform may appeal to novices who wish to experiment with a small platform rather than the more well-known ones. Bitstamp may appeal to individuals who like to keep to the biggest currencies, as the exchange offers fewer alternatives than certain peers.

Customers may trade 15 virtual commodities and 56 crypto pairings. One of Bitstamp’s primary advantages is that it provides an excellent customer experience for users of all skill levels.

Bitstamp is regarded as the first registered European cryptocurrency exchange governed by the Luxembourg Financial Industry Supervisory Commission.

As a user, you may use your bank card to purchase Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), as well as other approved coins. In addition, Bitstamp allows customers to gain crypto with their bank cards.

Bitstamp provides handy software that works across both Apple and Android smartphones, allowing users to trade on the move.

It provides an easy and complex cryptocurrency trading platform, allowing even inexperienced traders to purchase and sell BTC.

Cryptocurrencies Supported in Bitstamp

Presently, Bitstamp offers these few major crypto assets:

Bitcoin (BTC) Tether (USDT) Ether (ETH)
Bitcoin Cash (BCH) Chainlink (LINK) Litecoin (LTC)
Paxos Standard (PAX) Curve (CRV) Basic Attention Token (BAT)
The Graph (GRT) Synthetix (SNX) Yearn finance (YFI)
DAI (DAI) AAVE (AAVE) Stellar Lumens (XLM)
USD Coin (USDC) Uniswap (UNI) XRP (XRP)
Kyber Network (KNC) Audius (AUDIO) Gemini Dollar (GUSD)
Ethereum 2.0 (ETH2) Maker (MKR) Ethereum 2.0 Rewards (ETH2R)
UMA (UMA) OMG Network (OMG) 0x (ZRX)
Algorand (ALGO) Compound (COMP)  

 

Besides, the platform is also expected to introduce new crypto projects in the coming years, making it a reliable option for traders who want to diversify their folios. 

Key Features of Bitstamp Crypto Exchange

Quick Funding

Bitstamp comes with a quick funding functionality, easing the job of active traders. Initially, exchanges would take up to two-three working days to highlight the funds in your account. However, with the quick funding feature over Bitstamp, the process becomes fast and the deposits are easier!

You can instantly begin trading after depositing funds into your account through a credit card. This function removes the time-consuming process of buying cryptocurrency on outside marketplaces and then importing it into Bitstamp, sparing you either energy or cash.

Commodities Securely Available On The Internet 

The seller implements fairly excellent privacy and a strong encryption strategy to guarantee that the products are securely stored. The encryption process disguises your data in a sequence of digits and characters that need a one-of-a-kind secret key to access; this protects your critical digital cash from various digital risks.

Whitelisting 

The site’s extensive whitelisting features help to safeguard our data even more. They allow you to build a network of independent receivers to whom you may transfer cryptocurrency, so you don’t have to question if it is delivered to the person. If whitelisting is enabled, the platform would only move the commodities to allowed parties, preventing malevolent hackers from intercepting and misallocating your cash.

Easy Modifications 

Bitstamp allows you to tailor the application to your business requirements with API functionality. Application program interfaces (APIs) will enable you to change the product’s program code to customize it to your processes. API development also allows you to create integrations with third-party software applications, resulting in a more integrated work approach.

bitstamp

Additional Features Of The Platform

  • Open to diversifying your folio: Cryptocurrency and fiat deposits and withdrawals are also possible via the basic operating panel. It can also handle payment options from this area. Bitstamp accepts a variety of payment options.

Clients can stake specific assets using the dashboard besides making orders and monitoring reserves. 

  • Competitive trading commissions: Bitstamp is among the top crypto marketplaces regarding trading costs. It offers a simple pricing structure for which they calculate your trading costs depending on the 30-day trading activity.

For users with less than $10,000 in a month of trading activity, the highest trading cost on Bitstamp is merely 0.50 %. They significantly reduce the fees for those that trade larger sums each month.

  • Payment Notifications: Waiting for the execution of one crypto transaction can be daunting, especially with slower-moving cryptocurrencies. Bitstamp solves this with automatic updates that notify you when a transfer is completed. You will receive updates via the smartphone app, text, or email, ensuring that your crypto inventory is constantly updated.
  • Simple to use: Trading cryptocurrency on Bitstamp has a low learning curve. It provides an easy-to-use platform for learning how to purchase and trade cryptocurrencies. When you’re new to cryptocurrency, Bitstamp is indeed an easier exchange to use.
  • A powerful platform is offered: Bitstamp also provides Tradeview, another live trading platform, on top of its standard platform. This version includes more complex charting capabilities and trade forms.

One advantage of Bitstamp would be that trading charges are one and the same when you use its standard platform or Tradeview. There is no pricing difference with Bitstamp. Therefore it is simply a matter of preference.

  • Excellent smartphone app: A great phone app is a significant benefit since it lets you manage your assets and trade even though you’re away from your PC. The Bitstamp app offers the complete trading capability and has received great feedback from Apple and Google Play Store.

[maxbutton id=”3″ url=”https://www.bitstamp.net/” text=”start trading with Bitstamp” ]

  • Excellent cryptocurrency choices: Bitstamp allows users to trade over 45 different coin pairs. Although this is far from the best, this exchange provides a solid assortment containing many of the most significant currencies and minor crypto projects. Bitstamp should include all you need if you’re seeking the finest locations to buy Bitcoin, plus those few other digital currencies that grab your attention.

 

  • A long track record: Bitstamp is the longest-running cryptocurrency exchange. It is among the first cryptocurrency platforms to open in 2011, and it has survived the race to emerge as the world’s oldest exchange. That consistency is an attractive selling factor in a sector where many exchanges fail or face major regulatory challenges.

Trading Experience

Bitstamp.net 

Bitstamp’s basic trading interface allows you to purchase and sell using immediate, limit and stop orders. You can place a transaction using the Bitstamp account or a linked card for an additional cost. 

The leading portal has a simple chart, live buy and sell offers, and a simple buying form.

Bitstamp Tradeview

More experienced traders can access the Bitstamp Tradeview, Bitstamp’s live trading interface with much more comprehensive charting capabilities, a live refreshed trade ledger, detail chart, and rapid tradings. Both basic and Tradeview systems offer a similar transaction type.

Bitstamp Mobile 

Bitstamp offers smartphone applications for Android and iPhone, accessible for the Android Store and App Store, respectively. Its applications provide all the Bitstamp internet stock trading functionality but in a smaller package.

Anyone may use the Bitstamp application to transfer and get cryptocurrency to hold in a Bitstamp profile, besides purchasing and trading wherever users have safe internet service.

Fee Structure

Bitstamp generates revenue in three ways. But, first, let’s inspect the charges for our evaluation. Bitstamp charges three sorts of fees to traders. These include funding, trade, and withdrawals.

Trading fees

  1. The trader must pay 0.25% as Bitstamp costs for each deal they complete. For instance, if a person trades $1000 in cryptocurrency, they must pay $2.50.
  2. For advanced traders who trade more than $20 million per month, the cost is reduced to 0.10%. These fees are quite high when matched to other cryptocurrency exchanges.

Deposit fees

  1. Bitstamp charges a set cost of $10 for debit card deposits under $10,000 and a 2 % deposit fee for deposits beyond $10,000.
  2. Credit card deposits are taxed at 5% of the deposit value plus an extra fee levied by the credit card issuer.
  3. Transactions between SEPA and Europe are free.
  4. They impose a service charge of 0.05% for wire transfers.

Withdrawal fees

  1. With Bitstamp, there are no charges for debit or credit card withdrawals.
  2. The SEPA European banking withdrawals fee is 0.90 Euros.
  3. Wire transfer withdrawal costs are 0.09 % of the transaction amount, with at least 15 Euros.

How Secure Is Bitstamp?

You might have the question, “Is Bitstamp legit?

Yes, Bitstamp is safe, and it keeps your coin secure. The exchange stores 98% of its assets in cold crypto storing. Since offline storage safeguards cash from hackers, it is the safest crypto storage system. The little percentage of money kept in the hot store linked to the web by Bitstamp is utilized for day-to-day trading.

Bitstamp provides additional security by offering crime insurance coverage that covers theft. Its insurance covers theft when the platform is penetrated, but it does not protect your profile if the login details are compromised.

Bitstamp provides two-factor authentication (2FA) and addresses whitelisting among additional security measures to protect client credentials and funds. You must log in using your passwords and another method of verification, such as an OTP delivered to your cell phone, to use 2FA. You may also choose specific locations that might accept payments via the account using address whitelisting.

Bitstamp USA Inc. has a B- rating from the Better Business Bureau.

These ratings, ranging from A+ to F, represent the bureau’s assessment of how successfully a firm communicates with its clients. Bitstamp is not a BBB-accredited company. This ranking is based on two factors, according to the agency. The first is that Bitstamp USA has had 10 complaints from customers, and the second is the amount of time Bitstamp USA is now in business.

The crypto platform’s track record is mostly free of big controversies or litigation. However, in 2015, hackers seized around $5 million in bitcoin from Bitstamp. This led the financial firm to halt its operations temporarily.

In the last year, Bitstamp USA has resolved a few complaints.

Account Opening With Bitstamp

Account opening over Bitstamp is similar to all the other crypto platforms that you might’ve come across. Here are the steps to help you get started:

Step 1: Visit their website https://www.bitstamp.net/ and go to the ‘Get Started’ option.

Step 2: Once there, the page asks you to fill in personal information like name, email, and date of birth. 

Step 3: Post the information, you’ll have to fill in the information provided on your government IDs. This way, the platform will do your KYC and establish you as a registered user.

Step 4: The next step is to link your bank account or choose among the different funding options and fund your crypto trading account.

Step 5: Congratulations! You’re all set to trade. 

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Customer Satisfaction

Bitstamp includes a FAQ section containing solutions to several frequently asked issues and helps users with various methods.

Although email customer support tickets are normal, providing direct email and phone help 24/7 a day, 7 days per week, goes over and above what many competitors provide. Bitstamp does not offer live chat help.

Contact Method Details
Email ticket
Direct email (24/7 support) [email protected],

 

[email protected] 

Phone (24/7 support) 1-800-712-5702 (U.S.) +44-20-3868-9628 (U.K.) +352-20-88-10-96 (Europe)

Talking of the reviews left behind the users, Bitstamp seems to have poor client satisfaction. The users have left behind critical reviews on different consumer review websites. This is common for many trades since customers are much more inclined to submit a negative review when anything bad happens than they really are to write a nice review when everything works smoothly.

Many consumers talk of experiencing difficulty completing withdrawals or getting transactions stopped. They further claim that customer support has not fixed their problems even after complaining. But some testimonials appreciate the customer service.

Who Can Take Proper Advantage of Bitstamp?

Bitstamp is a reliable platform to begin with! However, provided the simple fee structure and the capability to buy crypto using conventional money directly from a savings account. Other options include credit card or debit card, which might be a suitable alternative for people new to crypto and seeking to stick to the significant currencies, perhaps more renowned options.

Experienced traders may be dissatisfied by the limited number of accessible cryptos, the lack of margin trading, and the relatively expensive trading costs. Those hoping to receive points on their cryptocurrencies via staking will have to search elsewhere for the time being.  The newly introduced Ethereum staking scheme by Bitstamp, wherein users lend out their Ethereum possessions so that others may use those to validate payments upon the ETH blockchain, isn’t really currently accessible in the United States.

Exercise caution while investing in cryptocurrency regardless of your knowledge or the cryptocurrency exchange you pick. Not only is BTC susceptible to price fluctuations, but it is also subject to hackers.

It is critical to understand all the dangers associated with an investment in cryptocurrency: You’re not only risking price fluctuations, but you might also lose your entire capital if the platform or wallet wherein you keep the cryptocurrency is stolen. This is why some cryptocurrency traders choose to remove their coins from platforms and store them in cold wallets, which are not linked to the web.

 

Bitstamp Vs. Competition

Considering the wide range of services and functionality covered over Bitstamp, the platform covers its users with many services. Moreover, the platform is touted to be a leading innovator for the functionality that it continues to add, making the most of the trading experience of its users. Besides, Bitstamp has also earned a name around a sound fee structure and the safety of its users.  

However, along with its features, the platform continues to have a drawback in terms of customer service and the overall security that it has. If Bitstamp doesn’t seem like the best option for you, here’s a detailed comparison of Bitstamp with Binance, Coinbase, and Gemini.  

Bitstamp vs. Binance

Bitstamp and Binance are both ideal for both novice and experienced traders. In addition, Bitstamp and Binance both feature charting and investing tools for various traders. 

Binance charges for reduced costs, around 0.1 % for every trade. Binance US provides over 80, and Binance International offers over 600. Binance. in the United States is also FDIC-insured.

Bitstamp vs. Coinbase

Coinbase supports over 120 coins, such as most of the market heavyweights, as well as a plethora of lesser coins that have the potential to rise through the ranks. This platform is incredibly famous since it is so user-friendly for beginners and provides a more complex interface, Coinbase Pro.

Bitstamp vs. Gemini

Considering the several options available in the market, it is only a wise move first to have an idea of all the different perks and drawbacks of signing up for the platform. Therefore, continue reading as we walk you through our final verdict of the Bitstamp platform.

Looking at the brief insight on the different platforms, it won’t be wrong to say that Bitstamp takes the lead with simple UI, compelling features, and stringent security measures. However, its competition also takes the lead with lower fees, seamless funding, and various token offerings. 

Final Verdict

Should You Consider Using Bitstamp?

Considering the several options available in the market, it is only a wise move to first have an idea of all the different perks and drawbacks of signing up for the platform. Therefore, continue reading as we walk you through our final verdict of the Bitstamp platform.

  1. Attractive fee structure: The fee structure is both more and less beautiful to users than those of other platforms, based on where you fall in the platform’s fee structure. 

Even though many other firms use a maker-taker model, Bitstamp charges a single fee calculated on your previous 30-days of trading activity, irrespective of how much you’re providing or taking liquidity. So the more you deal, the lesser your fees; nothing out of the ordinary here.

  1. Benefits of Staking: Few cryptocurrency exchanges allow you to receive staking incentives on the investments, but Bitstamp does. Staking incentives are payments made to owners for their help in maintaining the coin. 

Staking is the practice of having to put up your money to assist with the verification of transactions in a certain cryptocurrency. In exchange, you will be compensated for the risk of involving your assets.

Bitstamp lets you organize staking and afterward hands on the gross payout, deducting its 15% charge. Staking incentives at Bitstamp are available exclusively on Ethereum and Algorand. Sadly, they are currently only accessible to non-US clients.

  • Decent Customer Service: Bitstamp shines among its customer service in a congested sector of cryptocurrency exchanges wherein help is typically marginal to inadequate. 

Bitstamp provides the industry standard for cryptocurrency exchanges: a self-help area on the website and a customer support system and email. 

However, you will receive phone service 24/7 a day, which is uncommon among cryptocurrency platforms. 

When you need to discuss a difficult situation and might not even completely grasp what’s going on, having smartphone access may be a tremendous help.

Shortcomings Of Bitstamp

  1. Lack of maker-taker fee structure: Bitstamp does not operate on a maker-taker compensation basis. In a maker-taker arrangement, the few who add money (makers) and those who withdraw liquidity (takers) often pay different prices. This frequently means that makers ultimately pay less, usually much less than takers.

2. Higher Deposit and Withdrawal fee: Bitstamp charges fees for funding and withdrawals, many of which are marginally higher or unusual. However, if you want to pay using a debit card, Bitstamp will charge you a 5% fee on top of whatever your card provider charges. It’s one of the most expensive fees we’ve seen.

As you can see from this Bitstamp Exchange review, it is a respectable but unspectacular option for getting started in the crypto trading game.

The exchange supports over 50 crypto coins, along with some of the major ones, so you will have a diverse choice to trade with. Because their fee structure benefits true high-volume traders, individuals who deal on a lower volume may find better prices elsewhere.

Active cryptocurrency traders might go to Binance, which offers a diverse range of cryptocurrencies and competitive prices. With minimal fees and a wide range of tradable currencies, Kraken might be another attractive choice here.

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