Bitstamp is a European-based Cryptocurrency exchange that allows users from around the world to buy and sell their favorite coins using either fiat or virtual currencies. Since its inception in 2011, the exchange has grown to reach other regions and later becoming one of the “Big Four” based on the CoinDesk Bitcoin Price Index (XBP). The other three exchanges in this category include OkCoin, Coinbase, and itBit.
Account Opening
To purchase or sell Cryptocurrencies on Bitstamp, one must create an account. When you visit the exchange’s homepage https://www.bitstamp.net/, click ‘create’. You will be required to provide your first and last names, email, and country, before proofing you are not a robot. Click on ‘register. An email containing your customer ID and password will be sent to the email you used to sign up. The 2-factor authentication requirement ensures your account is secure.
As a regulated Cryptocurrency exchange, Bitstamp verifies all the accounts. The exchange requires the users to provide proof of residency and a valid government-issued photo ID. It is only after your account is verified that you can use this exchange. The company always informs its customers on the information it is collecting.
Supported Currencies
Bitstamp Cryptocurrency Exchange supports both fiat and virtual currencies. This feature has enhanced its popularity, as it has become easy to deposit or withdraw cash from this website.
The Exchange Supports USD and EUR Fiat Currencies.
Apart from BTC, the exchange supports other Cryptocurrencies like XRP, ETH, LTC, and BCH.
Deposit Methods
Bitstamp provides its customers with different deposit methods to make easy for them to get into the Crypto space. They include credit card, debit card, bank transfer (SEPA), wire transfer, and Cryptocurrency which involves sending coins from another external wallet.
Transaction Duration
Deposits take different times to reflect on your account depending on the method used. Bank wire transfer and SEPA transfer take 2-3 days and 1-3 business days respectively. Cryptocurrency deposits mostly take about one hour to reflect in your account.
Withdrawals in the SEPA zone mainly take 2-3 days. Those in this zone can withdraw a minimum of $10. It takes up to five business days for those outside SEPA zone to receive funds in their accounts after withdrawing.
Fees
Just like most of the other exchanges, Bitstamp generates its income from the fees it charges its customers. Generally, the higher your monthly trading volume, the more you will save on these fees. Some of the fees available on this exchange include;
Trading Fees
The minimum trade size on Bitstamp is $5 regardless of the trades. New members and those with the low monthly trading volume (less than $20,000) on Bitstamp pay a trading fee of 0.25 percent, which is the highest on the platform. The fees decrease with an increase in the trade up to the lowest charge of 0.1 percent to those with a monthly trading volume of over $20 million.
Deposit Fees
Those who deposit funds to their accounts through Cryptocurrencies or SEPA method are not charged anything. Credit card and wire deposits attract a fee of 5 percent plus and 0.05 percent plus respectively. The minimum deposit is 7.50 USD/EUR.
Withdrawal Fees
The minimum amount you can withdraw from your Bitstamp account is 50 USD/EUR. Withdrawals in Cryptocurrency don’t attract any fee. However, the company charges SEPA withdrawals €0.90 and wire 0.09 percent. Withdrawing under $1,000 through debit card attracts a $10 fee while amounts more than $1,000 are charged 2 percent.
Available Trading Pairs
Traders on Bitstamp Cryptocurrency Exchange have access to various trading pairs. They can participate in Crypto-fiat trade or Crypto-Crypto trade. The available trading pairs include;
Ethereum (ETH/BTC, ETH/EUR, ETH/USD)
Litecoin (LTC/BTC, LTC/EUR, LTC/USD)
Ripple (XRP/BTC, XRP/EUR, XRP/USD)
Bitcoin (BTC/EUR, BTC/USD)
Availability
Bitstamp has offices in the United States, the United Kingdom, and Luxembourg, which enhances its availability in the US and EU. Furthermore, the exchange is available in over 60 other countries that include South Korea, Singapore, New Zealand, Brazil, Australia, Japan, India, and Hong Kong among others.
Customer Support
Given the complexity of Cryptocurrency trade, customer support is an important consideration when deciding which exchange to use. Due to the high number of customers on this exchange, it has become increasingly difficult to get responses on time.
When you log in to your account, you can contact the exchange’s customer care agents by opening a new ticket. However, before going through this tedious process, it is advisable to go through the FAQ page to look for relevant information.
Security
Just as countries such as South Korea and Canada are trying to find ways to make the Crypto sector more secure, exchanges are doing the same too. To boost the security of their customers’ accounts, the exchange uses a 2-factor authentication method. The exchange is among the safest websites to purchase or sell different altcoins.
Pros
• The exchange has low transaction fees.
• Bitstamp is highly liquid.
• The exchange supports both coin-to-coin and coin-to-fiat currency transactions.
• The Crypto trading platform is recognized globally.
Cons
• Customers have access to a limited selection of Cryptocurrencies on this exchange.
• The exchange only has a few payment options.
• The exchange is not ideal for small traders due to the high deposit fees for small amounts.
• Newcomers may have a challenge using the exchange due to various factors included long duration before getting a response from the company.
Conclusion
Bitstamp is one of the most reliable Cryptocurrency exchanges, especially among experienced Crypto traders. Given the extensive accessibility of the exchange globally, it facilitates the buying and selling of different coins in many regions. When you want to deal with an exchange that has been around for long and has maintained a good reputation, you should go no further.