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Bitstamp bitcoin exchange review

Bitstamp is a “Big Four” digital asset exchange that has earned the trust of the global blockchain community.

In 2017, Bitstamp celebrated its sixth anniversary. Over that short period, it has become one of the world’s premier marketplaces for buying and selling bitcoin.

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2

Fiat currencies

61

Cryptocurrencies

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Details

Product Name Bitstamp Cryptocurrency Exchange
Fiat Currencies USD, EUR, GBP
Cryptocurrencies BTC, ETH, XRP, USDC, LTC, BCH, LINK, XLM, DAI, AAVE & 50+ more
Deposit Methods Bank transfer
Cryptocurrency
Credit or Debit Card
SEPA
Faster Payments (FPS)
Trading Fee 0.0% - 0.50%
Deposit Fees Cryptocurrency: None
Credit card: 5%+
SEPA: None
Wire: 0.05%+
Withdrawal Fees Cryptocurrency: None
SEPA: 3 EUR
Wire: 0.1% (25 EUR/USD minimum fee)
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

What is Bitstamp?

Created in 2011, Bitstamp is one of the oldest and most reputable exchanges on the market. Known for being a simple yet complete platform, it has increased in popularity over the past 10 years and is commonly used as a resource with regards to the accuracy of prices across exchanges. However, it only offers a limited number of cryptocurrencies and has a lengthier KYC verification process than most other exchanges. This review will look into how it has stood the test of time and continues to be an excellent option for cryptocurrency trading and investing.

  • If this is your first exchange: Although many of its options are well suited for a beginner, the trading portal can be a bit overwhelming if you are just getting started.
  • If you´re switching exchanges: This is a great platform for reliability and accuracy in prices, although it offers a substantially lower number of trading pairs compared to other exchanges.

Pros and cons of Bitstamp

Pros

  • Reliable platform
  • Low fees
  • Great customer support

Cons

  • Long verification process
  • Low number of trading pairs
  • Trading portal not very beginner friendly

Verdict: Is Bitstamp any good?

Bitstamp is a great platform, although it can be a bit tedious during the verification process. It doesn't offer a lot of coins but does offer good uptimes and reliable services. It is not the most popular exchange, but if you are looking to trade specific coins on an exchange with very competitive fees and a good reputation, then Bitstamp might be the place for you.

What to know about Bitstamp

One unique feature of the exchange is its long-standing reputation for usability during times of market volatility and for being a well-functioning platform.

Although the exchange has expanded the number of coins it currently offers, the trading pairs are quite limited for certain less popular assets. This means that you may have to look elsewhere for the pairs you want.

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Fees and costs

Bitstamp charges average costs for using the platform. It does not charge any deposit or withdrawal fees when using cryptocurrency. Keep in mind you will still need to pay a network fee. There is also a fee when depositing and withdrawing fiat, though these fees are relatively moderate.

Fiat withdrawal and deposit fees
DepositWithdrawal
0.05-5%0-0.09%
Crypto withdrawal and deposit fees
DepositWithdrawal
Free (network fee must be paid)Free (network fee must be paid)

What is it like to use Bitstamp?

The user interface is quite well designed. It has a clean platform and doesn't overwhelm users with options. Although the trading portal can scare off beginners, the rest of the platform has been nicely designed for most users.

Getting Started/KYC

Although the interface is straightforward, it takes time and requires a bit more information than other platforms. Keep in mind that without going through the verification process, you won't be able to buy, sell or trade any type of asset, including cryptocurrencies.

Bitsmap

Trading Terminal

The portal for trading on Bitstamp can be a bit complicated for a beginner. That being said, all the information is on the screen, and if you are a slightly more advanced trader, you shouldn't have any issues using the platform.

Bitsmap

Mobile app

Bitstamp has created an easy-to-use mobile app that allows portfolio tracking and trading among digital assets.

Bitstamp Market

Earning interface

Bitstamp has enabled an option for earning passive income on your crypto funds through staking. At the moment, there are only options for staking Ether and Algorand.

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User interface

Bitstamp has created an easy-to-understand and intuitive platform for users to navigate. Below, you can see how it provides an approachable view of markets and other sections of the website.

Bitsmap

Does Bitstamp have good customer support?

Bitstamp's customer support is standard for cryptocurrency exchanges. It has a worldwide toll-free number that is available 24/7 and offers several email addresses that usually get replied to within 24 to 72 hours.

Bitstamp also has an in-depth FAQ page, which has nearly every aspect of the website covered in detail.

Support offeredWait times
Contact us formBitsmap24-72 hours
Live chatcheckcheck
FAQ PagecheckN/A
Phonecheck24/7 availability

List of services on Bitstamp

Bitstamp has a somewhat limited number of services on the platform. Essentially, it only offers trading and earning, but its trading tools are highly rated and reliable. Earning, while limited, is a feature that not all exchanges offer for users.

Trading on Bitstamp

Bitstamp offers advanced trading tools for its users, while also offering basic trading options. Basic trading options include market, limit and stop loss. Advanced trading tools include charting capabilities, trailing stops and more.

Earning on Bitstamp

At the moment, staking is being offered for Ether and Algorand on Bitstamp. Ether currently offers 4.64% APR and Algo is at 5% APY. The website does state that more cryptocurrencies will be coming soon, and the listed APY's are subject to change.

Trust rating

Having been around since 2011, Bitstamp has an upstanding reputation for both security and reliability. That being said, it has experienced difficulty in the past, although the issue was dealt with swiftly without any loss of customer funds.

Past Hacks

In 2015, Bitstamp suffered a hack that saw the loss of 19,000 Bitcoin tokens from the exchange as well as an interruption of services ranging from deposit options to withdrawals. The team at Bitstamp dealt with the situation quickly, and no customer funds were lost since the majority of funds are kept in cold storage wallets.

Security Audits

Since the 2015 hack, Bitstamp has placed extra emphasis on the platform's security. It is currently secured by one of the largest insurance companies in the industry, BitGo, which performs regular third-party audits.

Insurance

At the moment, BitGo is the insurance company that backs Bitstamp and it has a $100 million policy in place. The exchange keeps 98% of user assets in offline cold storage to help negate any potential impacts of a successful hack.

Signing up on Bitstamp

Step 1: Sign up

Click on Get Started at the top right of the landing page, which will prompt you to register your name, date of birth and email address. Once this information has been completed, you will receive a verification code in your email to verify it belongs to you and to access the platform.
Bitsmap

Step 2: KYC

Once your email has been verified, you will be prompted to complete a Know Your Customer (KYC) process. It will require you to present a phone number, government-issued ID and some basic financial information. It might take a few days for the entire process to be completed, but once done, you will have access to everything on the website.
Bitsmap

Step 3: Make a deposit to begin trading

Once you are verified, click on "Deposit" on the top of the screen, and pick the best option for you to fund your account with. Be sure to check what cryptos are available for swapping and which pairs exist.

Compare Bitstamp to other cryptocurrency exchanges

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AUD

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cryptocurrencies

CoinSpot lets you buy, sell and swap 100s of cryptos from its simple-to-use desktop or app trading accounts.
Swyftx Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, Osko, PayID
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313
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Finder Exclusive: Receive $20 BTC on sign-up and verification.
Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
Digital Surge Cryptocurrency Exchange
Bank transfer, Cryptocurrency, POLi, Osko, PayID
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303
cryptocurrencies

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An Australia-based exchange with a focus on simplicity that allows users to purchase a range of cryptocurrencies with AUD.
Disclaimer: Star ratings are only displayed for products with 10 or more reviews.
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Frequently asked questions

Can I trust Bitstamp?

Although cryptocurrency is a risky world, and Bitstamp did suffer a hack in 2015, the website is known for its reputation and longevity within the space.

Is Bitstamp regulated?

Bitstamp is regulated in Slovenia and Luxembourg, and it allows users from dozens of countries to use its services.

How can I withdraw money from Bitstamp to my bank account?"

The general process of withdrawing fiat currency from Bitstamp to a bank account is to link the account, then wire or swift transfer the money into the account. The process and ability to withdraw money from Bitstamp will vary based on your geographical location.

Which countries does Bitstamp support?

At the moment, there are more than 60 countries that allow Bitstamp to operate, including Australia. Be sure to check its website for more information.

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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