Since 2011, Bitstamp has cemented its place as the most senior and reliable exchange platform in the world of cryptocurrency. It is compatible for traders using Bitcoin and altcoins but is not really suitable for newcomers to the scene for a couple of reasons. One of the biggest being its priority in offering low fees to those exchanging larger amounts and keeping high fees for those with less spending power. They are particularly popular in Europe where they are based and continue to grow.
Do you want to know everything there is to know about this giant of a platform? Read on for a full Bitstamp review, and we’ll cover everything from their fees and the verification process to their customer support. You’ll also be pleased to know we even cover aspects such as security and trading features, so that you can make an informed decision whether to sign up or not.
The Bitstamp platform operates using wired transfers only. Deposits begin at 7.5 USD or 7.5 euros and incur a 0.05% fee whilst withdrawals start at 15 USD or 15 euros and incur a 0.09% fee. All deposits and withdrawals will take 2-5 business days to be completed.
In respect to their trading fees, they may be seen as a bit pricey and the most negative aspect of their platform. Any monthly volume lower that 20,000 USD will be charged a trading fee of 25%. This monthly fee gradually reduces as your volume increases but to get it down to 10% you will have to have a monthly volume of just 20 million USD – this is why our Bitstamp review does not see how this platform is suitable for newbies who are looking to build up their bitcoin collection!
Bitstamp seem to have nailed the verification process by getting it in early to not annoy traders at the eleventh hour, as well as making it clear, acceptable, and abiding by industry standards where applicable.
To complete the verification step will take around 2 hours if you have the two required documents at hand. At present, to verify yourself you will need to provide some photographic ID such as a national identity card, a passport, or a driver’s license. This photographic ID will need to be accompanied by proof of address such as a utility bill and this document must have been issued within the last three months.
This mentality seems to be a trend when looking up cryptocurrency companies online as they are all fairly new businesses and learning the game just like us. In fairness, Bitstamp has both good and bad reviews which could make you concerned of which category you are going to fall into. Not all new companies tend to invest heavily in customer support- and even the larger ones struggle to accomplish satisfactorily – and this one is no exception. The good news is that you will get replied to eventually and the agents who finally get in touch actually know what they’re talking about and are able to resolve issues quickly.
Yet, they have a lot of good customer service features such as an email address where your query will be answered within 3 working days, a London based telephone number for emergencies, and an in-depth FAQ page which is not just for show.
Bitstamp have maintained industry standard but basic security processes, including:
They are transparent about the data they have collected from you and guard this data in line with data protection protocol
- Two-stage authentication process AND password to access your account. This triple lock ensures that your data is kept safe and secure against any possible external threats
- Passwords need to be changed every 90 days. Is this for an extra peace of mind or simply an inconvenience – we’ll let you decide on that one.
- They are highly alert in preventing money laundering and even created their own rules due to missing government legislation concerning Bitcoin exchanges
- They remade their site after being hacked in 2015 ensuring the same hack is no longer possible on their platform
- They keep a reserve of Bitcoin in the event of a hack so they can reimburse customers to the best of their ability. This is now known as a cold stock.
- Email and text alerts regarding account activity can be opted into for extra piece of mind, and you can keep up to date with your account on the go
Bitstamp enables their users to make immediate orders at the very best bid available, as well as asking for price and placing limit orders. Bitstamp offers all their users the opportunity to purchase Bitcoin at all times using the 24/7 tradeview interface and celebrated API. This API gives users unrestricted access to their account and methods in analysing ticket information and the public book. All of which can be executed on their iOS and Android compatible app. Noteworthy, Bitstamp supports Bitcoins but does not support altcoins and does not offer a margin trading platform.
Bitstamp Review: The final verdict
If you are looking for negative reviews you will not have to look far. This is not a true reflection of their current standards and service but more a reflection of a young business still learning the world of cryptocurrencies like ourselves. Just with any fledgling company, there are bound to be many creases that need to be ironed out over time, and that will only come with experience and constructive user-feedback. People not only expect but deserve a user-friendly platform to use these days, and if it’s not living up to their standards then there are always 10 other alternatives ready to take their place- Bitstamp needs to bear this in mind.
Bitstamp is undoubtedly one of the most reliable exchanges to date with a stack of satisfied traders and connections within the industry to grant themselves more legitimacy. Despite it being easy to use, it remains an unrealistic option for new traders due to high fees for trading low volumes. It is especially a really attractive option for traders based in Europe.