Bitstamp

Bitsamp is one of the oldest crypto exchanges on the market as we can see in our Bitstamp review today, and we will find out many other things related to this platform. The Bitstamp reviews show that the platform offers a user-friendly interface and reasonable trading fees with up to 70 cryptos to choose from. However, the more experienced traders are likely not satisfied with this choice but there are some other order types as well.

Bitstamp is based in Luxembourg and it also got a license to operate in 27 EU countries but also got a license to operate in the US and China. Bitstamp also has the highest 24-hour trading volume and this is likely due to the fact that it is one of the oldest trading platforms on the market.

Bitstamp Features

As the Bitstamp app reviews show, users have access to 15 digital assets and up to 56 crypto trading pairs. One of the positive sides of this platform is that it offers a decent user experience for traders. It allows them to purchase crypto using fiat currencies such as the British Pound, the Chinese Yuan, and the US Dollar.

Users can simply deposit money to their accounts via credit, debit card, or bank transfer. The Bitstamp reviews also show that the exchange is considered to be the first licensed EU crypto platform regulated by the Luxembourg Financial Industry Supervisory Commission.

Users can buy BTC, Bitcoin Cash, ETH, and other crypto assets via bank cards. It also offers a convenient app where it works on Android devices and iOs devices as well, making it easier for traders to buy and sell crypto.

What’s good about it is that the platform has an app that can be downloaded from Google Play Store and the Apple app store which allows users to gain access via their mobile devices and make the trading experience faster and more available. Also, it offers an API that allows users to control access to their accounts but only 600 requests per 10 minutes are allowed to go through.

There are two types of accounts on Bitstamp, personal and corporate and they both have different charges. The Individual trading fees are based on 30-day USD trading volumes and they get lower when the trading volume increases. The charges are based on the payment method that is used by the traders but depositing and withdrawing crypto are free. The bigger traders that can be market makers can request maker fees if they contact support.

One of the most important features is probably the safety measures for the users’ funds as the platform offers offline cold wallets to store assets and also has a hot wallet to offer constant liquidity that is enhanced with multi-sig technology.

Fee Structure

Bitstamp has three ways of making money via fees.

Traders are charged three types of fees: Deposit, Trading Fees, and Withdrawal Fees.

1. Trading fees

For trading, users have to pay up to 0.25% so for example if one is to trade $1000 worth of crypto, they would have to pay $20.50. If professional traders trade more than $20 million in one month, the fee will go down to 0.10% which makes the fees quite high compared to other competitors.

2. Deposit fees

To deposit via debit card, Bitstamp will charge you a fee of $10 which is also a fixed fee and for a deposit of over $10,000, the deposit fee is 2%. Deposits made via credit cards are charged 5% of the amount deposited but there’s also the additional fee that the credit card provider charges.

Also, for SEPA transfers, there’s no charge. For wire transfers, there’s a 0.05% charge fee and for depositing crypto, there’s no charge.

3. Withdrawal Fees

Withdrawing fees from a SEPA EU Bank will cost 0.90 EUR while wire transfer fees for withdrawal are 0.09% for a minimum of 15 EUR.

Bitstamp Reviews On Exchange’s Downsides

This platform lacks some of the more common advanced trading features. There’s no margin trading available as well and there’s no rewards card which can be often found at other exchanges as an easy way to use crypto without having to cash out.

Furthermore, Bitstamp doesn’t have a good rating on CER.live. This site gives a score of BB while the highest ranking is AAA which means according to the Bitstamp review, it doesn’t hold a top spot among the top-rated 50 crypto exchanges.

Security and Safety

Bitstamp was hacked back in 2015 in a phishing scheme that led to the loss of about 19,000 BTC worth $5 million at the time. The exchange was able to reimburse the users for their losses however the users didn’t feel quite as secure anymore.

Bitstamp decided to up its security game and now keeps most of its digital assets offline in cold storage and all assets are insured against hacks and other kinds of attacks. However, despite all this, Bitstamp ranks on the low side regarding security features according to multiple online Bitstamp reviews.

It does offer two-factor authentication and the password used has to be changed once in 90 days. After the hacks in both 2014 and 2015, Bitstamp aims to solve the security issue every day now by applying email verification alongside two-factor authentication and multi-sig wallets. In their hot wallets, they store a small chunk of assets while most of the funds are kept offline in cold storage.

FAQ

Is Bitstamp a Wallet?

Bitstamp is initially an exchange but it does offer web wallets to its clients if they have an account within the platform. It is always advised to move money from the exchange to a wallet.

Is Bitstamp Legit?

The online Bitstamp reviews suggest that Bitstamp is legit but after suffering the hack attacks, many users lost their trust in this platform.

Is Bitstamp regulated in the US?

Bitcoin got the license to operate in the US in 2019 from the United States New York Department of Financial Services.

Does Bitstamp accept debit or credit cards?

Yes, it does. It accepts Visa, Maestro, and Mastercard.