Bitstamp Review: Should You Trade On Bitstamp? 2024 Review

Lyle Daly is a personal finance writer who specializes in credit cards, travel rewards programs, and banking. He writes for The Ascent and The Motley Fool, and his work has appeared in USA Today and Yahoo! Finance. He was born in California but currently lives as a digital nomad with a home base in Colombia. That said, Bitstamp still ranks on the lower side of crypto exchanges in our review regarding security as determined by crypto exchange security evaluator CER.

1. It was one of the first exchanges originally created to trade Bitcoin as a competitor to the then-popular Mt.Gox.
2. One of the nice things about Bitstamp is that trading fees are the same whether you use its regular platform or Tradeview.
3. You can receive notifications for open orders, switch to a private mode that hides your balances or remotely disable the app.
4. Founded in 2011, Bitstamp is one of the oldest active crypto exchanges around.

In the aftermath of FTX and Celsius, the exchange has disabled new orders and canceled existing orders for all FTT and CEL trading pairs. Bitstamp features both basic and active trading platforms, though its relatively short list of currencies likely makes it better for beginners and casual traders. Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC). Cryptocurrency exchanges typically offer multiple cryptocurrencies, trading tools, fees, and other resources. Some investing platforms are better for more advanced investors or active investors, while others may better suit beginner investors and passive investors. Bitstamp was evaluated with a focus on how it performed in each category.

Customer Support and Reviews

The Bitstamp app is designed well and offers all the functionality of the web platform. Initially, users are met with a screen containing quick links to core services and an overview of a few top-performing assets. After logging in, users can browse coins, see the top gainers/losers, trade crypto, and access Bitstamp earn features. With users able to tailor the platform’s features to their needs, the platform is great for beginners and experienced investors. While the lack of margin trading features could cause issues for some crypto enthusiasts, Bitstamp is well-rounded and excellent for spot trading. While the company offers advanced features that crypto trading enthusiasts require, Bitstamp continues to focus on the mainstream adoption of cryptocurrency.

What Are the Cons of Bitstamp?

Bitstamp differentiates itself by offering its Tradeview, its advanced platform made available to anyone who chooses to use it. It is not the cheapest exchange on the market—Binance is typically the low-cost leader—but it is well-insured and easy to use. Many people will dismiss these attributes, but they are important, especially for individuals who are worried about crypto investing. People using the Bitstamp exchange need to know about the following fees. From our analysis it seems that Coinbase and Bitstamp are similarly quite established.

Bitstamp Review – Is It the Right Crypto Exchange for You?

The platform has several order types that traders can use to get optimal use of the platform. The order types on Bitstamp include; Instant order, market order, limit order, stop order and trailing stop order. The exchange can be accessed by traders from most parts of the world, including Europe and Africa. Due to the stringent compliance rules of the US SEC, Bitstamp is not available to U.S. citizens. Bitstamp exchange was founded in 2011 by Damian Merlak and has been running since then. The cryptocurrency exchange was initially based in the United Kingdom but later relocated to Luxembourg in 2016.

Credit card purchases have a 5% flat fee and withdrawals vary depending on the cryptocurrency. For a full detailed list of all Bitstamp fees, check the official fee schedule here. Bitstamp was the first cryptocurrency exchange in the world to obtain a national license. The exchange was licensed to operate in 28 European countries, but Bitstamp is also allowed to offer its services to US customers thanks to its subsidiary, Bitstamp USA.

Deposits and withdrawals in Bitcoin, Litecoin, and Ethereum are free of charge. You can, of course, deposit any of the cryptocurrencies mentioned above to the exchange as well. As part of being a gateway to the Ripple network, Bitstamp also accepts BTCUSD IOUs (for a complete explanation of what IOUs are, watch our “What is Ripple” video). Bitstamp has a simplistic trading interface for beginners, as well as a more advanced trading interface for advanced users called “Tradeview”. Bitstamp also claims that 95% of user funds are held in cold storage (offline) and are protected by the insurance coverage of their custodians, BitGo and Paragon. Later on, the exchange moved to the UK (2013) and then Luxembourg (2016).

To that end, we really have to compliment the customer support at Bitstamp. If you were going to send funds to Bitstamp, then they will differ according to the method that you used to fund your account. Also, if ever you are to send funds out of your online wallets, Bitstamp will need confirmation via email as an additional security feature. This means that they inaccessible to hackers as they are not connected to the internet. These will only ever be accessed and withdrawn from when they are running low on coins that they keep in their “Hot Wallet”.

Bitstamp’s spot maker fee is 0.30% and their spot taker fee is 0.40% which is quite higher than exchanges such as OKX and Binance. On the other hand, they are competitive with exchanges like Coinbase and Gemini. Bitstamp supports a limited number of cryptos and some of the popular cryptos are not yet listed on the platform. Binance offered leveraged tokens for traders to multiply their positions accordingly. Next, enter the amount you want to deposit and click on ‘confirm’. Check your email inbox and click on the verification received from Bitstamp.

Bitstamp review verdict

It’s been around long enough to establish a good reputation and knows how to offer a decent service – especially for large trade amounts. Be wary of using your credit card, though; depositing via card for will cost you dearly. Bitstamp is one of the oldest and most respected cryptocurrency exchange platforms. In this post, I’ll review the exchange, compare it to other leading exchanges, and describe my personal experience with it as well. Both platforms offer educational resources, but Kraken offers a larger catalog of content including webinars, blog posts, and its Crypto 101 video series.

If you’re considering crypto futures trading, it’s essential to thoroughly understand technical skills and the foundational trading principles before diving in. Founded in 2011, Bitstamp is one of the oldest & most trusted exchanges in the world. They currently accept Canada, https://forex-review.net/bitstamp-review/ UK & USA residents excluding the states of Alabama, Hawaii, Idaho, Louisiana, Nevada, & New Jersey. Most importantly, unlike some competing exchanges they don’t list every token under the sun, instead they focus on choosing the best and most legitimate projects.

It offers a straightforward platform where you can quickly learn how to buy and sell cryptocurrency. If you’re new to crypto, Bitstamp is one https://forex-review.net/ of the more user-friendly exchanges. The highest trading fee on Bitstamp is just 0.50% for those with under $10,000 in 30-day trading volume.

A Well-Regulated Crypto Exchange with 10+ Years Experience

Quality over quantity is clearly one of Bitstamp’s most important rules as the exchange lists a smaller amount of cryptocurrencies than many of its competitors. However, Bitstamp has been making improvements on this front, and is now steadily listing new cryptocurrencies, giving customers better access to the diverse world of cryptocurrency. On Bitstamp, you’ll be able to find major cryptocurrencies like Bitcoin, Ethereum and XRP, as well as many tokens related to DeFi – Chainlink, Uniswap and Aave are just a few examples. Coinbase does have slightly higher trading fees than Bitstamp and these are flat. This could be an important consideration for those traders who do a great deal of volume and would like slightly lower fees.

This is also a particularly touchy point for Bitstamp as they also suffered hacks in 2014 and 2015. In the 2015 Hack, the attackers managed to extricate 19,000 BTC which is actually one of the biggest cryptocurrency exchange hacks ever. You’ll need to validate your email address before moving on to the next step of the registration process. Go to your inbox and click the verification link sent by Bistamp. Make a note of it and save it somewhere safe since you’ll need it to log in to your Bitstamp account.