Is Bitstamp Safe

Bitstamp is a leading exchange service for Bitcoin in Europe. It rose to popularity and widespread use in 2011, and it has enjoyed a number of iterations and improvements since. As such, in the elapsed time the service has become one of the best places to conduct online cryptocurrency trades. In spite of this, people still ask the question like, "is Bitstamp safe?"




The answer is an emphatic yes. Bitstamp has gone out of its way to provide a safe and secure online trading hub. To answer the question "is Bitstamp safe in 2018," the answer is still yes. The service is more secure than it has ever been, and it has ramped up security efforts in accordance with their rapidly expanding user base. Because of this, Bitstamp has become the undisputed king for trading regulated, cryptocurrencies on the internet. 


The service goes above and beyond to offer a fast, effective, and safe trading environment. Is Bitstamp safe? Absolutely.


The Pros and Cons of Bitstamp


Like any service, Bitstamp has some positive aspects and some drawbacks. In our opinion, the good far outweighs the bad. Below is a list of both if you want to make your own decision.


Pros:


Bitstamp features a remarkably well-designed user interface, which means that transactions and crucial information are easy to find and understand. Additionally, the service's immense popularity translates to there being a lot of different transactions at all hours of the day.


Additionally, payment is streamlined to point where both credit cards and other cryptocurrencies are acceptable forms of payment. 


And lastly, any coins kept on the website are safe.


Cons:


Bitstamp has a lot of fees associated with completing transactions, and the majority of them are higher than they need to be in most cases. 


Additionally, account verification is obnoxiously slow-paced, often discouraging newcomers from enduring the slog. Once you reach a certain level of success on the website, the service will ask for some pretty invasive personal details—your social security number being the most noteworthy. 


Lastly, the service may accept all cryptos as payment, but supported cryptos for trading purposes are disappointingly limited.


Reviewing Bitstamp Overall Security




The service goes to some admirable lengths to provide a very safe experience. Bitstamp requires all new users to get equipped with two-factor authentication. This process means that whenever someone tries to sign into an account, they need to know their password as well as another form of verification, like a cell phone number or email address. 


Furthermore, the service also offers some intensive anti-money laundering technology, which does an effective job of keeping bad actors at bay. And to wrap things up, Bitstamps, robust verification process can be customized to your liking at any time. In short, to answer the question of "is Bitstamp verification safe?", the answer is an a resounding yes.


Bitstamp is a great deal more secure than its nearest competitor, Coinbase. This in mind, it's easy to see why Bistamp is often considered the superior trading option of the two.


How Secure Are Funds Kept on Bitstamp?


Your funds are kept very safe when stored on Bitstamp client. If someone wrongfully accessed your account and steals from you, the service will reimburse you after having verified the infraction. 


Users report this service being fair, balanced, and skewed more towards the user in terms of what constitutes an infraction. As such, you shouldn't have any concerns regarding the service's overall safety. 


The steps that the website takes to ward off bad actors do a lot to improve consumer confidence. Overall, the website's verification process is admirable and effective.


Bitstamp Trading Conditions


A crucial part of any trading service is the trading conditions offered. If the conditions are too strict, then trading can be a hassle. If they are too lenient, then there is far to great a risk of you getting taken advantage of. Thankfully, Bitstamp manages to strike a balance between the two extremes and delivers a fantastic trading experience as a result.




Bitstamp only allows you to begin trading after having completed their verification process. As mentioned above, the process is slow and cumbersome. With that being said, it is extremely effective in ensuring that those participating in trades are the real deal. 


Additionally, Bitstamp requires more of your personal details after having reached 10K in profits in trading. This fact is to ensure that those who have participated in a large volume of trades are inclined to make good on them, and not leave a large number of trade partners hanging with unfulfilled deals. 


Also worth mentioning is the fact that the service does not allow margin trading.


Explaining Bitstamp Payment Process


Bitstamp accepts all forms of credit and debit cards. Additionally, the service can also convert any other cryptocurrencies you have into their relative value in your selected currencies. Bank transfers are also available as a payment option. The EU protection services monitor the validity of these transactions. While this guarantees each transaction's validity, it can also make them take a bit longer for those located outside of the EU.


Is It Safe to Keep Coins On Bitstamp?


Bitstamp wallet uses the same verification tools as the rest of the website. As such, it is incredibly safe. 


How safe is Bitstamp wallet? Very.


Is It Safe To Give Bitstamp My Social Security Number?


People often ask, "is it safe to give Bitstamp my social security number?" While it may seem like an invasive thing to ask for, ultimately it is required for the service to guarantee safety for those using it. As such, the answer to "is it safe to give Bitstamp my SSN?" is yes.


Conclusion


To wrap things up, Bitstamp is a fantastic service. They deliver on all fronts, and you should strongly consider using them next to time you want to do some cryptocurrency trading online. They are just as effective and safe as their P2P counterparts and even more so in several areas. Bitstamp comes highly recommended.


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