Everything you should know about Bitstamp! Bitstamp Review for you. Bitstamp is one of the oldest and most famous cryptocurrency exchange platforms in the current market. Although they have suffered some major blows in the past few years due to hacker attacks in 2014 and 2015, they have always been one of the most easy-to-use, secure and reliable trading media.
Bitstamp Pros and Cons
- Accept debit / credit cards and bank transfers
- For all countries (if encrypted storage is used)
- 24×7 telephone support
- Good choice of chart tools
- Credit and debit card payment and bank withdrawal options
- Competitive expenses
- Fully licensed and regulated in the EU
- Low fee SEPA deposits and withdrawals
- Bitstamp has only 5 cryptocurrencies available
- No short selling
- Bitstamp has expensive transaction and deposit fees
- No real-time chat facilities
- There are a limited number of countries that support debit/credit card deposits
- Major hacker attacks in 2015 led to the theft of 19000 bitcoins
- Slow verification
- A smaller range of cryptocurrencies
- A little higher
- Verification requires more personal information than other exchanges
What is bitstamp?
Bitstamp is one of the most mature cryptocurrency exchanges in the industry. Bitstamp was launched in 2011. Users can buy, sell and trade five different cryptocurrencies. Bitstamp is also very popular because it allows you to buy cryptocurrency in legal tender currencies such as US dollars and euros.
If you are considering using bitstamp to open an account to meet the needs of cryptocurrency transactions, please be sure to read our comprehensive guide first. We will cover all the information you need to know, such as cost, security, user friendliness, etc.
Bitstamp is a cryptocurrency exchange headquartered in Luxembourg. Although the platform initially focused on EU customers, bitstamp now provides services worldwide.
Bitstamp exchange allows you to buy and sell five different cryptocurrencies. You can use daily payment methods (such as debit card / credit card or bank account) to access funds.
Since bitstamp began operation in 2011, it is one of the most long-term exchanges in the bitcoin trading field. At the time of writing, bitstamp’s average daily trading volume was about $40 million. This is much lower than other exchanges such as coinbase, bitoasis or kucoin.
How does bitstamp work?
Bitstamp operates in a manner similar to other leading cryptocurrency exchanges in the industry. Once you open an account and deposit money, you can choose to buy and sell coins. The platform itself is essentially a third-party intermediary between buyers and sellers.
Therefore, when you buy crypto in bitstamp, you don’t actually buy it directly from the exchange. Instead, you buy coins from another person, and bitstamp facilitates this.
In return for matching buyers and sellers, bitstamp charges users transaction fees. This enables the platform to provide services without interruption.
Unlike other leading cryptocurrency platforms, bitstamp only allows long. This means that if you think cryptocurrency will increase in value, you can choose to make a profit, but if you think the market will fall, you can’t repeat the process.
This is a major disadvantage because day trading professionals operating in the cryptocurrency market like to have the choice of long and short.
Is bitstamp legit or a scam?
Bitstamp exchange security is one of the most important issues for users. Cryptocurrency exchange is the main target of hackers. From MT GOx to coincheck, we have seen many examples recently. Bitstamp is a legit and safe platform.
This is also a particularly sensitive issue for bitstamp, because they were also attacked by hackers in 2014 and 2015. In the hacker attack in 2015, the attacker successfully rescued 19000 BTC, which is actually one of the largest cryptocurrency exchange hackers in history. Having said that, is it still safe to use bitstamp? Short answer: Yes, although these hackers did happen, they were the result of phishing attempts to deceive exchange employees. They are not the result of technological failure. In addition, it is important to see what steps exchanges have taken since then and how they have improved security.
What cryptocurrencies does bitstamp support?
Bitstamp allows you to buy and sell only five different cryptocurrencies. We list these below.
- Bitcoin (BTC)
- Ethereum (ETH)
- Wright coin (LTC)
- Bitcoin cash (BCH)
Bitstamp supported coins
In terms of the number of coins provided by bitstamp exchange, you will have access to 15 digital assets and 56 pairs of cryptocurrencies. This includes bitcoin, Ethereum and ripple. You can buy chainlink, litecoin, OMG network, bitcoin cash, stellar lumens, kyber network, ox, maker, USD, Dai, Paxos standard and Gemini.
As mentioned earlier, bitstamp provides investors with access to 56 cryptocurrency pairs, which means that you can use legal currencies such as US dollar, euro and sterling and encrypt to cryptocurrency pairs. Crucially, unlike most cryptocurrency exchanges on the market, bitstamp also allows users to conduct legal to legal transactions, such as GBP / USD, GBP / euro and EUR / USD.
Fiat to encryption gateway, with high mobility. Bitstamp is one of the oldest and most respected cryptocurrency exchanges, serving traders around the world.
Regulated exchange. Bitstamp is the first fully licensed European cryptocurrency exchange regulated by the Luxembourg financial industry supervision commission (CSSF).
Be able to use bank cards to buy bitcoin and other cryptocurrencies. Bitstamp supports instant cryptocurrency purchases using your bank card.
Low cost SEPA deposits and withdrawals in Europe. In addition to obtaining encryption through credit or debit cards, you can also deposit and withdraw cash directly to your bank account by wire transfer or SEPA transfer. The former is slightly higher than the latter.
Convenient mobile applications. Bistamp’s mobile app can run on Android and IOS devices, so it’s easy to trade on the move.
Easy for beginners. Bitstamp has a simplified and advanced transaction interface. Even if you are a novice in this market, you can easily buy and sell encryption technology.
If you want to continue using bitstamp, we provide a simple step-by-step guide below to show you how to get started.
Step 1. Open an account using bitstamp
After accessing the bitstamp home page, you need to click Register. Next, you need to enter some personal information. This will include your full legal name, email address and country of residence. Make sure this information is correct because you may need to further verify your identity.
Step 2. Confirm your email address
You need to confirm your email address before entering the next stage of the registration process. Go to your email inbox and click the verification link sent to you by bitstamp. Once you do, you will display your unique account ID.
Make sure you record this and store it in a safe place because you need this record to log in to your bitstamp account. You also need to select a strong password.
Step 3. Improve the security of your account
Now that you have opened your bitstamp account, you can improve the security of your account by setting up two factor authentication (2fa). Here, you need to enter a unique code, which is extracted from the phone every time you log in or withdraw funds.
Click enable two factor authentication and write down your authentication key. You need to download Google authenticator and insert the key.
To further improve the security of your account, you should also select the option to activate email confirmation. This will require you to confirm an email every time you perform the critical account function.
Ultimately, although the above features will make your bitstamp account more secure, coinbase is more secure. When you purchase cryptocurrency in the form of CFD, users cannot invade your account in order to recover your investment.
Step 4. Authentication
If you want to deposit in cryptocurrency, you do not need to verify your identity at this time. However, if you want to deposit with a real payment method (such as debit card / credit card or bank account), you need to verify your identity first.
Before you start, make sure you can use a government ID, such as a passport or driver’s license. You also need a copy of your residence certificate. This will include a utility bill with your address or a bank statement.
First enter your samp account and click verify. You should see that your bitcoin account status is not verified. Click personal account verification, of course, unless you are a corporate customer.
After completing the validation step, you need to wait about 24 hours for bitstamp to confirm your document. Once you receive an email stating that your account has been verified, you can continue to deposit legal tender.
Step 5. Deposit
At the top of the screen, click deposit. You will then see a drop-down list of all payment methods available to fund your account.
Just select the payment method you like, enter the amount of funds you want to deposit, and then click OK. If you use a debit or credit card, you can expect your bitstamp account to be credited immediately. If you use bank transfer, you may have to wait a few days to see your funds.
Step 6. Purchase cryptocurrency
If you follow our steps step by step to this point, you should have successfully opened an account and deposited funds by now. It’s time to trade. At the top of the screen, click buy / sell.
Then, you need to select the cryptocurrency transaction pair to buy and sell.
Once you enter the transaction page of cryptocurrency to be purchased, just enter the amount to be traded, and then select whether to buy or sell.
What is bitstamp earning and betting?
Bitstamp is a global crypto exchange with branches in Luxembourg, London and New York. Better business bureau rated its U.S. division bitstamp USA Inc. as f.
These ratings range from a + to F, reflecting the Bureau’s view on the degree of interaction between the company and its customers. Bitstamp is not BBB certified. The Bureau listed several reasons for the rating, including: (1) four complaints against bitstamp USA, and (2) bitstamp USA failed to respond to these complaints.
The records of the encryption platform are quite clear, and there are no major scandals or lawsuits. However, in January 2015, hackers stole bitcoin worth about $5 million from bitstamp. This forced the investment company to suspend its services.
Bitstamp earn is part of the bitstamp platform, which enables you to earn cryptocurrency rewards by holding assets for a period of time. This is achieved through a process called piling.
By locking your assets on the blockchain, you can earn more cryptocurrency by betting. Once you hold cryptocurrency, you will not be able to withdraw or trade the asset within the set period of time in exchange for regular payments.
Betting is based on proof of bet (POS), which is used by some blockchains to reach a consensus on a real transaction history. If you bet your currency on the POS blockchain, bitstamp’s blockchain algorithm may give you the right to generate new blocks and reward you with a predetermined amount of cryptocurrency or transaction fees (or both).
In terms of costs, bitstamp makes money in two key ways. The platform charges transaction fees and deposit fees.
In terms of transaction fees, you will pay 0.25% for each transaction. For example, if you trade cryptocurrency worth $1000, you will pay a transaction fee of $2.50. When you close the transaction, you will pay the money again.
If you are a professional trader and manager with a trading volume of more than $20 million a month, you can reduce this proportion to 0.10%.
Compared with other platforms, the transaction fees charged by bitstamp are actually quite expensive. However, they are at least a little cheaper than coinfloor, which charges 0.30%.
The deposit fee is as follows:
- Debit card: a fixed fee of $10. 2% for deposits over $10000.
- Credit card: 5% of the deposit amount (plus any fees charged by the credit card provider)
- SEPA (European bank transfer): Free
- Bank wire transfer: 0.05% transaction fee (min / max) € 7.50 / € 300)
- Cryptocurrency: Free
If you intend to send funds to bitstamp, these funds will vary depending on the method you use to fund your account.
If you send funds by SEPA transfer in euros, you will not pay any fees. When you make a request from bitstamp, you only need to pay a withdrawal fee of 0.90 euros.
However, if you do not have an EU bank account and want to pay by international wire transfer, you will pay a deposit fee of 0.05% (the minimum fee is US $7.50). If you want to withdraw money by wire transfer, you must pay a fee of 0.09%, with a minimum fee of $15.
If you buy coins with a credit or debit card, you will pay a fixed fee of 5%. This is a bit high-end for buying cards compared to other solutions such as hodgly and coinmama.
Finally, bitstamp will not charge you when you withdraw in cryptocurrency. However, you must pay a network fee, which will be used to process transactions.
Bitstamp Referral Program
The bitstamp referral program allows you to win rewards when inviting friends. In addition, once your friends start trading and make a deal of $100 or more, they will get the same reward. Therefore, for each successful recommendation, both parties can get a bonus of $20. The ongoing referral program will continue until March 31, 2022. However, the bitstamp referral plan is currently on hold.
Is bitstamp worth it?
Bitstamp allows users to purchase encryption software in legal tender. Legal tender is the official currency of each country. Legal tender includes RMB, US dollar and Russian ruble.
Some crypto exchanges, such as bittrex, do not allow transactions in legal tender. This is not good for beginners who buy cryptocurrency for the first time. With bitstamp, you can purchase encryption without first accessing other exchanges.
Bitstamp allows users to fund their accounts using credit cards and bank transfers. Some exchanges, such as Kraken, do not support credit card payments. The payment method selected by bitstamp makes your first encrypted transaction easier!
Bitstamp is one of the longest lasting bitcoin transactions. Bitstamp experienced the beginning of the history of cryptocurrency. At that time, it was not even sure whether cryptocurrency could survive. Over the years, it has positioned itself as a secure and reliable exchange that uses legal tender to buy top cryptocurrencies.
Due to its low cost and easy-to-use interface, bitstamp is a good choice for experienced, intermediate and junior cryptocurrency lovers who want to buy bitcoin, Ethereum, ripple, bitcoin cash or litecoin.
Since the exchange is headquartered in Europe and focuses on European customers, SEPA is a good choice because of its low transfer cost.
That is to say, bitstamp found room for improvement. For example, all Trading Spaces add more cryptocurrencies and fiat currencies. Adding online chat may be a great way to stand out from the cryptocurrency exchange that has eroded bitstamp trading volume over the past year.
In general, bitstamp is a good choice for those who want to buy and trade major cryptocurrencies, especially those in Europe. As one of the oldest cryptocurrency exchanges, you can rest assured that the team is reputable and trustworthy.