Bitstamp Review

The information that follows is a comprehensive Bitstamp website review. We answer the several questions including, “What is Bitstamp?” An established, secure, and reliable cryptocurrency exchange. One of the first global exchanges, established in 2011, the exchange has become one of the most favored options with crypto traders worldwide. Cryptocurrency is a digital medium of exchange (virtual currency). 


Cryptocurrency is not controlled by a single entity and can be exchanged with anyone with a BTC address.



The BitStamp History


Bitstamp, based in Luxembourg, is the oldest, longest-running and leading-edge Bitcoin exchange. Originally founded as a European-focused exchange, Bitstamp has become one of the world’s largest cryptocurrency exchanges .


This exchange reports an excellent level of liquidity, allowing for trading prices to remain at stable. Bitstamp regularly deals with over 700 million dollars in cryptocurrency trades per day. Across various Euro pairings, the exchange handles over 100 million pounds in trades per day, and over 400 million dollars via USD pairings. 


This global exchange deals with transactions in a multitude of currency. Deposits and withdrawals are available for all of the most common forms of cryptocurrency including the most popular, Bitcoin. 


For beginners, Bitcoin was the first cryptocurrency created.


You may wonder, “Is Bitstamp safe?” Bitstamp provides a reliable, user-friendly platform that ensures the highest security measures are enforced for every transaction.


Bitstamp security


A pioneer in a multitude of exchange security features and technical standards, Bit stamp’s top priority is security.


This is a regulated exchange, holding a Payment Institution License from Luxembourg, allowing for operation in the 28 countries of the EU. The professional team monitors compliance with all regulations pertaining to digital assets, along with consumer protection regulations. All customers are offered a two-factor authentication along with confirmation emails to ensure the utmost account security.


Also notable is being the first to implement multi-signature technology for its wallet and to institute insurance funds for reimbursement in the unlikely event of a hack. 


The exchange stores 98% of its digital assets on offline, “cold storage” servers, hosting the remaining 2% of its assets in the secure hands of Amazon Web Services. Additionally, USD accounts are FDIC insured.


With all data and server connections encrypted, Bitstamp has earned a reputation as one of the most stable and secure exchanges in operation today. Bit stamp’s internal processes, infrastructure, and data security are audited annually.


Bitstamp Supported Currencies


The exchange operates markets featuring the most established cryptocurrencies including:

  1. Bitcoin (BTC)
  2. Bitcoin Cash (BCH)
  3. Ethereum (ETH)
  4. Litecoin (LTC) and
  5. Ripple (XRP).




The site currently trades 12 market pairs, indicating that Bit stamp is cautious to add only the most established coins. Bitstamp provides the ability to exchange both the Euro (EUR) and the US Dollar (USD) for the most popular cryptocurrencies, and vice versa. 


Bitstamp has partnered with the well-respected Swissquote, a banking group specializing in online financial and trading services, to offer BTC-USD and BTC-EUR trading pairs.


Signup, Login & Verification




The first step to trading is to create a free account. Follow these easy steps:


  1. Visit Bit stamp.net
  2. Click “Register” in the upper right corner
  3. Fill in the Registration Form
  4. Click “Agree to the Terms of Service”
  5. Verify “I am Not a Robot”
  6. Click “Register”


Upon completing a “Registration Complete” notification will appear. A Customer ID and Password will be emailed to your registered email address.


  1. Use the auto-generated password for the initial login
  2. Update to a personal password which will log out the session
  3. Log in again with your new password
  4. Set up 2-factor authentication to fully secure the account
  5. Account verification is required due to EU policies. Verify your account to access deposits and withdrawals:
  6. Provide a valid ID (driver’s license, passport, etc.)
  7. Provide proof of residence (utility bill, bank statement, etc.)
  8. Complete SMS phone number verification


The First Deposit


It is now time to fund your account. A SEPA transfer in Euros is free. 




An international wire transfer will incur a .05% deposit fee (minimum $7.50). Another convenient, yet pricey, option is to buy currency is with a card. Whether credit or debit the charge is a 5% flat fee.


  1. Log in to your account
  2. Click the ''Deposit'' link
  3. Choose one of the Bitstamp deposit methods
  4. Complete the form
  5. Click the “Deposit” button to complete the transaction
  6. Buy Bitcoin


Both individual traders and businesses globally can buy and sell Bitcoins 24 hours a day, seven days a week through the platform. The exchange allows customers to order Bitcoin at the best price available at the time of the trade. Read our full & simple review about Bitstamp Fees for deaper study.


Trading with Bitstamp


At Bit stamp.net potential traders will find a detailed trading platform. The “Bitstamp Tradeview” aspect of the interface provides a wealth of information including Bid and Ask pricing for both BTC and USD.


  1. Visit Bitstamp.net
  2. Log on to your account
  3. Deposit funds, if necessary, via one of the Bitstamp deposit methods
  4. Visit the Bitstamp Tradeview page
  5. Choose a trading pair and amount
  6. Enter the desired purchase amount
  7. Place your order
  8. Confirm order details
  9. Click “Buy BTC”


Supported cryptocurrencies may also be purchased directly. Choose the “Credit Card Deposit” option. Use your Visa or MasterCard credit or debit card.


Additionally, cell phone apps for both iOS and Android make trading on the fly a breeze.


Withdrawal Fees




We’ve covered deposit fees above. Withdrawals are available in EUR for a .90 charge; wire transfers incur a fee of .09% (minimum of $15). There is no charge for withdrawals in cryptocurrency but there will be a network fee levied to process the transaction.


Bitstamp Trading Fees


Charges are on a sliding scale, according to the volume of trading, calculated every 30 days. For monthly volumes under $20,000 the fee is .25%; the charge drops to .10% for monthly volumes over $20 million.


Hot Wallet


A digital wallet is a software program that stores virtual currency, necessary to trade in cryptocurrency. Via private and public keys, the wallet interacts with various lists of records called blockchains that contain transaction data including a timestamp. Through the digital wallet users can send and receive digital currency and monitor balances.


For security the majority of virtual currency is kept off-line in an “air-gapped” state, meaning that no interfaces are connected to outside networks to make them inaccessible to hackers. Coins are only transferred to the online “Hot Wallet” when required for transactions. Hackers would need to acquire multiple keys to access any funds.


Bitstamp Pros and Cons

Pros


  1. Solid bitcoin exchange
  2. Excellent reputation
  3. Competitive fees
  4. Free withdrawals of cryptos
  5. Ability to withdraw in gold
  6. Quick verification


Cons


  1. Requires customers identify themselves
  2.              -- proof of identity
  3.              -- proof of address
  4. No margin trading


Is Bitstamp For You?


When considering a Cryptocurrency Exchange keep in mind that Bitstamp is the world’s oldest exchange. Bitstamp is a top pick for both European and American traders. Although the corporate offices are located in Europe, they are well-established with US transactions, offering multiple crypto pairs available.


  1. The platform offers:
  2. Multiple Buy and Deposit Methods
  3. Crypto Pairs: BTC, ETH, LTC, BCH, XRP
  4. Support: Ticket System, Telephone, Email
  5. Trading Fees: .25% to .10%
  6. Funding Feeds: No Fee for Wire Transfers, 5% for Card


Conclusion


Many common questions have been answered here.


What is Bitstamp?

Known as one of the safest exchanges on the market.


Is Bitstamp safe?

The company’s commitment to uphold regulations and remain current with security updates is world renown. Users of the platform can trust the exchange when buying or selling cryptocurrencies.


Is the platform user-friendly?

The platform offers an easy, quick, hassle-free trading system including phone apps.


Is Bitstamp reliable?

For the novice to the experienced trader, Bitstamp is considered a most reliable place to trade cryptocurrency.


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