Investors looking to enter the world of cryptocurrencies as traders have to choose a reliable exchange for transactions. Bitstamp is one of the popular options today, but is it the right choice for you? Our Bitstamp review will cover everything you need to know about the exchange to help you make the best decision for your crypto trading career.
- Operating Since 2011
- Currencies Supported 54
- Fees Varies
- Deposit Methods Cryptocurrencies, fiat, debit and credit cards
- Fiat Currencies Yes
- Verification Methods email, 2FA, KYC
- Margin Trading No
- Futures Trading No
- Bitstamp Overview
- Cryptocurrency Options on Bitstamp
- Bitstamp Trading Experience
- Bitstamp Payment Methods
- Bitstamp Fees and Limits
- Bitstamp Leveraged Trading
- Bitstamp Security
- Bitstamp Account Creation Process
- Bitstamp Customer Service
- Bitstamp Account Management
- Bitstamp Pros and Cons
- Bitstamp Crypto Exchange Review for Australia
- Bitstamp Crypto Exchange Review for Canada
- Bitstamp Crypto Exchange Review for UK
- Bitstamp Review: The Bottom Line
Bitstamp is the oldest cryptocurrency exchange in existence today. Damijan Merlak and Nejc Kodric launched the exchange in 2011. They moved operations from Slovenia to Luxembourg in 2016 to take advantage of a more favorable legislative environment for cryptocurrency businesses. Right now, they are currently headquartered in London.
The founders launched Bitstamp as a solution for Europeans looking for an alternative to Mt. Gox, the largest crypto exchange in the early 2010s.
Bitstamp accepts clients from all around the world. However, it doesn’t allow credit or debit cards from the U.S. and a few other countries. U.S. clients must fund their accounts using cryptocurrencies or through Automated Clearing House (ACH) deposits.
Newcomers to cryptocurrency looking for a reliable exchange to use outside the more publicized brands may enjoy working with Bitstamp. However, more experienced traders may find the platform a bit limiting compared to some of the biggest competitors.
Cryptocurrency Options on Bitstamp
Bitstamp supports 54 cryptocurrencies, including some of the most popular coins like:
- Bitcoin (BTC)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Litecoin (LTC)
- Polygon (MATIC)
- Stellar (XLM)
- Algorand (ALGO)
- Chainlink (LINK)
- OMG Network (OMG)
- Tether (USDT)
Traders looking for more altcoins may find the cryptocurrency options on the platform restrictive as other popular exchanges offer a selection of 400+ coins. However, if you’d rather avoid trading low volatility coins and focus on only the most liquid ones, the smaller selection of digital assets may be in your favor. Visit their website, bitstamp.net for more info about the coins they support.
Bitstamp Trading Experience
Trading on the Bitstamp platform is largely intuitive. Traders can find the main trading dashboard from the navigation bar at the top of the screen. On the dashboard, you can initiate different types of orders, including:
Click on the pair you’d like to trade, and you can place an order on the right side of the page.
More advanced traders may prefer trading with Tradeview on Bitstamp. The platform also supports four main order types, but Bitstamp offers more in-depth technical analysis trading tools. For example, it contains order books, trading indicators, and a depth chart.
Bitstamp Payment Methods
Traders on Bitstamp can transfer money in several ways. Some of the common options include the following.
Bitstamp allows you to transfer your standard government-backed currencies like US Dollars (USD), Pound Sterling (GBP), Canadian Dollars (CAD), and Euro (EUR) into your wallet. You can transform the fiat currency into any cryptocurrency of your choice.
The platform also accepts deposits in British pounds and Swiss francs, but it will automatically convert the amount into euros or dollars before you can buy crypto.
If you’re transferring euros from the Eurozone, it’s best to choose the Single Euro Payments Area (SEPA) transfer option. Bitstamp customers using this method won’t pay any fees. Traders outside the Eurozone can still make an international wire transfer. However, these transfers will incur charges.
Credit and Debit Cards
You can transfer money to Bitstamp using credit or debit cards. There’s a fee for the transfers, but it’s still a convenient solution for many traders. Most card transfers are instant, but bank transfers can take 1-3 days to complete.
Like other major exchanges on the market, you can deposit and withdraw cryptocurrencies on Bitstamp. It’s another instant and cost-effective option to consider. However, you should keep in mind that the brand only supports a few major crypto assets.
Bitstamp Fees and Limits
A Bitstamp review is incomplete without a look at the fees. The trading fees on Bitstamp aren’t the cheapest amongst the cryptocurrency exchanges. Compared to most crypto exchange platforms out there, Bitstamp charges one fix fee percentage, regardless of whether your order is a taker (reduces liquidity) or a maker (creates liquidity on the exchange) or whether your order is made using the instant or trading buy platform.
This makes the Bitstamp fee structure much simple to comprehend for those beginners, as well as those using the instant buy will benefit from industry-low fees. But that is if they use ACH and not debit card or credit card to finance their purchases. Most cryptocurrency exchanges apply a surcharge to orders transacted with their instant buy platforms.
The amount you’ll pay on trades varies depending on the size of your position. For transactions under $10,000 in size, the trading fee is 0.5%. Above $10 million, the trading fees fall to 0.1%.
On the transfer front, it’s best to avoid transferring money to Bitstamp using credit or debit cards. There’s a massive 5% fee on deposits and a minimum withdrawal fee of $10 on withdrawals.
SEPA deposits are free, but withdrawals cost a 3 Eur flat fee.
For international wire transfers outside of SEPA, Bitstamp charges a 0.05% deposit fee. However, they charge a minimum and a maximum with this method. The minimum amount to pay is $7.5, while the maximum is $300. So, it’s a good option for people transferring large sums.
For withdrawals, Bitstamp charges 0.1% of the transaction, with a minimum of $25.
Bitstamp Leveraged Trading
Bitstamp doesn’t support leveraged trading, and they don’t offer derivatives that will allow traders to earn profits while shorting a pair. Therefore, the exchange is a less than ideal platform for highly experienced traders looking to make money from cryptocurrency futures trading and other types of margin trading.
However, the absence of leveraged trading is good news for beginners or traders without the skills necessary to make money from leveraged cryptocurrency trading. Many traders have lost money on cryptocurrency trading due to excessive leverage.
Bitstamp suffered a widely publicized hack in 2015, where it lost 19,000 BTC. The total sum of lost coins amounted to around $5 million at the time ($760 million today!). However, since that hack, the company has put a lot of work into its security.
Today Bitstamp has enabled two-factor authentication for important account activities, and withdrawals require confirmation via email. Other changes they’ve made include the following:
- Moving user funds to a fully insured offline cold storage
- Use of multi-signature hot wallets, which require multiple keys to open
- Regular audits from top accounting firms
You should keep in mind that the 2015 hack wasn’t a breach of the company’s physical systems. The hackers staged a successful phishing hack targeting the company’s employees. Overall, Bitstamp is a secure and trustworthy exchange.
Bitstamp Account Creation Process
The account creation process on Bitstamp is similar to what you’ll find on other exchanges like Coinbase, Kraken, or Binance. You’ll start the process by submitting some personal information and confirming your email address.
Next, you have to choose a strong password and set up two-factor authentication using Authy or Google Authenticator. You can decide when the two-factor authentication requirement will kick in to ensure a smooth user experience. However, it’s important to leave it enabled for important account actions like deposits and withdrawals.
Once you have your account set up, you need to go through the know-your-customer (KYC) process. You’ll need a camera to complete the facial verification stage of the process. Additionally, you’ll need to provide:
- A valid identity document such as a driver’s license, national identity card, or international passport
- Proof of residency documents such as your bank account statement or utility bill
- A valid and working phone number
Upon completing the KYC, you can activate your account, log in, and deposit funds using any deposit options that appeal to you. Alternatively, you can transfer some digital currency from another crypto wallet. Once the funds appear, you can proceed to buy cryptocurrency, sell, and trade cryptocurrency on the platform.
Bitstamp Customer Service
You can reach Bitstamp support team through several channels. You can send an email or call over the phone—a rarity in the cryptocurrency exchange world. The company has a detailed FAQ page, so it’s best to search for your question on the page before you call support or send an email.
Not many exchanges can provide better service as far as support options go. Bitstamp remains the only exchange to offer 24/7 direct email and phone support.
Overall Customer Experience
Bitstamp isn’t rated highly across many consumer reviews sites, but that is common in the crypto exchange world. Customers are likely to leave poor reviews when unhappy, but they don’t leave a positive review when they are satisfied.
Some of the complaints against the brand include long wait times for responses to queries and issues with payment processing and withdrawals. The company doesn’t respond to reviews, so it’s difficult to ascertain the veracity of the claims from happy and unhappy customers.
Still, the company has around 4 million users. It’s a fraction of the user base on more popular platforms, but it’s a good sign of a satisfied customer base.
Bitstamp Account Management
You can manage your Bitstamp account by logging in through any of the Bitstamp mobile apps available on Android and iOS or the Desktop app.
Once logged in, you can view charts, check your wallet balances, and buy Bitcoin or other crypto and sell them if you want.
How Long Do Bitstamp Withdrawals Take?
Bitstamp cryptocurrency withdrawals are instant, but fiat currency withdrawals can take up to five days to complete. Fiat transfers within the SEPA area are typically the fastest.
Is Bitstamp a Wallet or an Exchange?
Bitstamp is a cryptocurrency exchange, but they also supply users with web wallets. However, as your cryptocurrency holdings grow, it’s best to invest in a non-custodial wallet where you’re the only one with access to the keys.
Is Bitstamp Legit?
Bitstamp is a legitimate business with a presence in multiple financial jurisdictions worldwide. Over four million traders trust the platform for their cryptocurrency transactions.
The company was hacked in 2015, but it’s now well-positioned to forestall a recurrence of such an attack. It’s as legitimate as some of the more popular names in the industry.
How Quick Does Funds Get Available?
Deposits usually take 2-5 days for a bank wire transfer, while a SEPA transfer takes 1-3 days to reach your account.
The time it takes for the blockchain network confirmation to confirm a transaction is what determines how much cryptocurrency deposit. Confirmation takes about an hour.
SEPA zone transfers typically take 2 to 3 days for withdrawals. Clients who are not in the SEPA zone usually have to wait five business days before they receive their funds.
Bitstamp Pros and Cons
- Major cryptocurrencies on offer
- Competitive trading fees for high trading volume
- Intuitive and user-friendly interface
- Bitstamp also offers an API
- Trading platform available on mobile and desktop
- A long history of providing support to crypto traders
- Flexible deposit and withdrawal options
- 24/7 phone and email support
- Good selection of technical analysis software on the trading platforms
- More than a decade of positive standing
- Bitstamp offers both fiat-to-crypto trading pairs and crypto-to-crypto
- Bitstamp has high liquidity, which is ideal for crypto traders who are looking to make large trades
- Bitstamp uses offline cold wallets for security to store digital assets
- Only 54 cryptocurrencies supported
- High fees for debit and credit card purchases
- No leveraged markets offered
- No derivatives offered
- The staking feature is mediocre
- No live chat functionality
- Verification process may be slow
- It may not be ideal for beginners
- Not regulated by Financial Conduct Authority or FCA
Bitstamp Crypto Exchange Review for Australia
Bitstamp is one of the most established crypto exchanges. It trades 56 cryptocurrencies. You can trade Bitcoin (BTC), Ethereum(ETH), Litecoin [LTC], Bitcoin Cash (BCH), as well as many other large market caps coins.
Bitstamp allows users to trade crypto-tocrypto and fiat–to-crypto pairs. This lets them trade cryptocurrencies against one another or against the U.S. Dollar (USD), the Euro (EUR) or the Great British Pounds (GBP). Fiat currencies can also be deposited and withdrawn via ACH. You can also use debit or credit cards to make purchases and deposit money.
Bitstamp is almost as old as crypto itself. The company was established in 2011 and is based in Luxembourg. The company now has over 400 employees worldwide.
Bitstamp works in over 100 countries. Only citizens of certain countries are allowed to fund their accounts with a debit or credit card. U.S. residents can also fund accounts using ACH deposits, bitcoin or any other cryptocurrency.
Bitstamp is a good choice for beginners who are looking to explore a smaller platform instead of the larger ones. Bitstamp is also a good choice for those who prefer to keep to the largest coins, since the exchange offers fewer options than many competitors.
Users of Bitstamp can access the basic trading dashboard by clicking the navigation bar at top of screen. You can access the basic dashboard to view all types of transactions such as instant, market and stop orders, as well as limit orders.
Simply choose the cryptocurrency trading pair that interests you and then place an order on right-hand side.
You can also make crypto (and fiat!) deposits and withdraws from the basic trading dashboard. You can also manage payment methods from this section. Bitstamp supports several payment options: bank wire transfers and ACH transfers (U.S. Only), SEPA transfers(Eurozone Only), credit/debit cards and crypto transfers.
Along with placing orders and managing deposits/withdrawals, users can also stake certain assets through the dashboard. Bitstamp allows you to stake only two coins at the moment: ETH2 or ALGO. Bitstamp charges a 15% commission on the total reward pool for users who stake or unstake.
Bitstamp is a good place to start trading for beginners who appreciate the convenience of having 24/7 support and a simple fee structure, as well as a limited number of cryptocurrencies. Bitstamp’s advanced charting capabilities and uptime may appeal to intermediate traders, but they will likely not like the lack of features for more advanced users.
With that said, here’s where you can buy and sell cryptocurrencies in Australia.
Bitstamp Crypto Exchange Review for Canada
Bitstamp has 56 cryptocurrencies available for trading and is the oldest cryptocurrency exchange. Trades can be made with Bitcoin (BTC), Ethereum, Litecoin(ETH), Litecoin Cash (BCH), Bitcoin Cash and other large market capital coins.
Bitstamp provides both crypto-tocrypto as fiat-tocrypto trading pairs. Users can trade cryptocurrencies against each others or against the U.S. dollars, Euro (EUR) and Great British Pounds(GBP). Fiat currencies are available for deposit or withdrawal via ACH. Debit and credit cards can be used to purchase and deposit fiat currencies.
Bitstamp has existed almost as long crypto has. The company was founded by Bitstamp in 2011. It is currently based out of Luxembourg. It currently employs over 400 people around the world.
Bitstamp works in over 100 countries. Only residents of certain countries can use Bitstamp to fund their accounts. U.S.-based customers can also fund their accounts via ACH deposits or bitcoins, as well as other cryptocurrency.
Bitstamp might be a good option for beginners looking to switch to a smaller exchange over the more popular options. Bitstamp could be a good option for people who only want the largest coins. The exchange also has fewer options than other competitors such as Gemini.
Bitstamp users have access to the basic trading dashboard via the navigation bar at their top. The basic dashboard lets you perform the most commonly used types of transactions like market, stop, limit and instant.
Select the crypto trading pair of your choice and place an Order on the right-hand Sidebar.
The basic trading dashboard can be used to make deposits and withdrawals in crypto (and fiat). This section also allows you to manage your payment methods. Bitstamp offers several payment methods. These include bank wire transfers, PayPal, Faster Payments, ACH transfer (U.S. only), SEPA transfer (Eurozone only), credit/debit card transfers, and crypto transfers.
Along with placing orders and managing deposits/withdrawals, users can also stake certain assets through the dashboard. Bitstamp only allows you stake two coins currently: ETH2 (algo) Bitstamp earns a 15% commission from all users, despite there being no fees for unstaking or staking.
Bitstamp could be a good choice for beginner traders who are looking for a simple fee structure and 24/7 phone support (and don’t mind limited cryptocurrencies). Bitstamp could be appealing to intermediate traders due to its advanced charting tools and reliable uptime. However, more experienced users may not find these features as useful.
So, if you’re one of those experienced users, you might want to check this list of the best Bitcoin trading platforms in Canada.
Bitstamp Crypto Exchange Review for UK
Bitstamp offers 56 cryptocurrencies for trade and is considered one of the best crypto exchanges. Users can trade Bitcoin, Ethereum (ETH), Litecoins (LTC), Bitcoin Cash(BCH), and many other large-market cap coins.
Bitstamp has both crypto to-crypto (fiat-tocrypto) trading pairs. So users can trade cryptocurrency against each other, against the U.S.dollar, Euro (EUR), and Great British Pounds. Fiat currencies may be deposited or withdrawn through ACH. You can also purchase or deposit using your debit and credit card.
Bitstamp’s existence has been almost as long as crypto itself. The company was started in 2011 and is located in Luxembourg. The company employs more than 400 people worldwide.
Bitstamp works in over 100 countries. Only citizens of certain nations can fund their accounts via a credit or debit cards. U.S. users can fund their accounts with ACH deposits and bitcoin or other cryptocurrency.
Bitstamp could be an option for those who are just starting out and want to test out smaller exchanges instead of more established ones. Bitstamp may be more appealing to those who aren’t interested in the larger coins. However, the Bitstamp exchange does offer a few more options than others.
Bitstamp customers can access the basic trading platform from the navigation bar located at the top. The basic dashboard provides access to the most popular types of transactions including instant, market stop, stop and limit orders.
You can choose the crypto trading pair that you are interested in and place your order on the right side of the page.
As well as crypto and fiat deposits, withdrawals can also be made from the basic trading platform. The same section can also be used to manage payments. Bitstamp accepts several payment methods, including bank wire transfers (U.S.), ACH transfers only (Eurozone), SEPA transfers only (Eurozone), credit/debit and crypto transfers.
Along with placing orders and managing deposits/withdrawals, users can also stake certain assets through the dashboard. Bitstamp is currently able to stake two coins, ETH2 and AlGO. Bitstamp receives 15% commission from the total reward pool, although there are no fees for either unstaking or staking.
Bitstamp can be an acceptable place for beginners who want to have 24/7 phone support, a simple fee structure, and don’t mind trading a small number of cryptos. Bitstamp is also appealing for intermediate traders because of its advanced trading charting features, reliable uptime and other features. However, advanced users will likely find the features lacking.
That said, if you are one of those advanced users, you might want to check this list of the best British crypto exchanges.
Bitstamp Review: The Bottom Line
Bitstamp is one of the best crypto exchanges to work with if you love the idea of 24/7 support and straightforward fees. Intermediate traders looking for decent charting solutions, speedy transactions, and high-level reliability will also find the platform useful.
However, as highlighted in a part of the Bitstamp review, the platform doesn’t offer a rich selection of coins. The 0.5% trading fees for volumes under $10,000 may also be prohibitive for small retail traders, and the lack of margin trading makes the platform unattractive for advanced traders looking to take more risk.