Bitstamp Review (2021): A Complete Beginner’s Guide

This post is a detailed review of Bitstamp, a cryptocurrency exchange that makes trading easy.

At Bitstamp, both intermediate and experienced traders have no trouble opening and closing trades.

Also, large volume trading is obtainable on this platform with convenient payment options.

Over the years, the founding team has consistently improved its platform to serve users better.

As you read on, you’ll learn more about Bitstamp, its features, services, fees, and more.

Are you ready? Let’s get started!


Post Summary

This review is grouped under the following subheadings:

  1. Bitstamp Overview
  2. Features Of Bitstamp
  3. Bitstamp’s Products & Services
  4. Supported Countries & Currencies
  5. Payment Methods & Transaction Fees
  6. Transaction Limits & Verification Requirements
  7. Customer Support & Public Opinion
  8. How To Trade On Bitstamp
  9. FAQs
  10. Conclusion

Click on any item above to read its details right away.

Happy reading!


1.      Bitstamp Overview

bitstamp overview

Bitstamp is a cryptocurrency exchange founded by Nejc Kodrič and Damijan Merlak in 2011.

It has physical offices at Slovenia, the U.K., Luxembourg, London, and New York.

 As mentioned, this platform makes trading easy for everyone, whether newbie or pro.

Users can trade between fiat currency, bitcoin and other cryptocurrency.

There are about 45 currency pairs available.

Moreover, the platform has other tools that facilitate trading, which you will find out as you read on.

Next, I’ll show you the features of Bitstamp.

Keep reading!

Visit Site


2.     Features Of Bitstamp

Let’s see the products and services offered by Bitstamp.

Tag along!


3.  Bitstamp’s Products & Services

Services provided by this platform include:

a.     Trading

The major service provided by Bitstamp is trading. Users have 45 trading pairs to pick from.

Later in this post, I explained how you can trade on this platform (make sure to read to the end).

b.    Crypto-as-a-service

Here, Bitstamp enables financial institutions to provide crypto exchange services on their apps and platforms.

Learn more about this service here.


4.    Supported Countries & Currencies

Countries

All

Currencies

Crypto

Fiat

  • USD
  • EUR
  • GBP

In the next section, you will find the payment methods and fees charged by Bitstamp.

Read on!


5. Payment Methods & Transaction Fees

Payment methods

  • Bank transfer
  • Cryptocurrency
  • Credit/debit card
  • SEPA

Transaction Fees

Trading fees are charged based on total trading volume over the past 30 days. Find more details below:

Fee %30 days USD volume
0.50%< $10,000
0.25%< $20,000
0.24%< $100,000
0.22%< $200,000
0.20%< $400,000
0.15%< $600,000
0.14%< $1,000,000
0.13%< $2,000,000
0.12%< $4,000,000
0.11%< $20,000,000
0.10%< $50,000,000
0.07%< $100,000,000
0.05%< $500,000,000
0.03%< $2,000,000,000
0.01%> $10,000,000,000

Deposit & Withdrawal Fees

Payment methodDepositWithdrawal
SEPANIL3.00 EUR
ACHNILNIL
Int’l Wire0.05%0.1%

For Crypto trading, there are no deposit charges. The withdrawal fees are as follows:

CryptoFees (units)
BTC0.0005
XRP0.02
LTC0.001
ETH0.04
BCH0.0001
XLM0.005
PAX3
LINK0.25
OMG0.75
USDC13

Then for Card purchase, users are charged 5% of any amount of asset they wish to buy.

You will find further information on fee rounding, non-standard processing, and bank exchange rates here.

Next, we’ll look at the limits of transaction.

Keep reading!


6.    Transaction Limits & Verification Requirements

Limits

Base currencyMin trade amount (units)
USD/EUR/GBP/PAX/USDC25
BTC0.001
ETH0.02

Verification Requirements

Bitstamp requests users to verify their accounts before they commence transactions on the platform.

To verify your account, you’ll need:

  • A government-issued ID e.g. driver’s license, passport, national ID
  • Utility bills or bank statements to prove your address.

7.       Customer Support & Public Opinion

Bitstamp has an FAQ session where users can find answers to their query.

Also, users can reach the admins through any of these channels:

I checked Bitstamp on TrustPilot and it had a poor rating with 362 reviews. 60% of the reviews were negative.  

However, WebOfTrust considers Bitstamp safe to use with a 4.5/5 rating and 6 reviews.

Also, on SCAMADVISER, the platform has a 100% trust score.

Judging from these results, Bitstamp has to work on improving users’ experience with the platform.

Moving on, I’ll show you how to trade on Bitstamp.

Tag along!


8.    How To Trade on Bitstamp

a. First, you have to register. Visit Bitstamp.net and click on ‘get started’ on the homepage.

bitstamp reg

b. Choose your preferred account: personal or corporate

bitstamp create acc

c. Complete the fields that will pop up and hit ‘continue’

d. Check your inbox and click on the link sent to you to confirm your email

e. After that, you’ll be re-directed to set your password.

f. Now, it’s time to verify your account. Follow the instructions provided to upload your documents and the required info.

bitstamp verification

g. Once your account has been verified, you will be notified via email. At this point, you can proceed to your dashboard to start trading.

h. From your dashboard, click on ‘deposit’ to fund your Bitstamp wallet.

i. Next, you click on ‘buy/sell’.

j. Now, choose a trading pair and place an order.

k. Input the quantity and price you are willing to buy.

l. Once your transaction is processed, you’ll find your newly purchased asset in your Bitstamp wallet. Bravo!


PS. If you don’t understand what I mean by ‘place an order’, you can enroll in our CTmastery course to learn how to trade like a pro. You can also join our Telegram community at https://t.me/ctmastery.


FAQs

Is Bitstamp safe?

I have reasons to believe that Bitstamp is a safe platform including:
– The founders are known
– It has physical offices in different countries
– Bitstamp is licensed by the Luxembourg government
– The platform stores users’ funds in a cold-wallet and insured by BitGo, Amazon web services fund, and FDIC.
Nevertheless, this is just my opinion. Ensure you DYOR before investing your money.

Can I use Bitstamp with just the app?

Yes. You can use Bitstamp from the app without having to log in on the web page.

Can I open multiple accounts on Bitstamp?

No. You can only open one account for personal transactions.
However, Bitstamp has an option for a corporate account. You can opt for that if you are opening the account on behalf of your company.


Conclusion

Bitstamp is a good start for young traders. It provides relevant services and the platform is easy to use.

We have now come to the end of this review. I hope you enjoyed the read.

Now I’d love to hear from you:

Would you trade on Bitstamp?

Or, are you already a user of the platform? What has been your experience?

Also, what other currencies would you like to be added on the platform?

Let me hear your thoughts in the comments section right now.

Afterward, don’t forget to share this post with your friends, ciao!


You may also like:

Bitstamp

0.00
8.8

Ease of Use

8.5/10

Reputation

9.5/10

Fees

9.0/10

Customer Support

8.0/10

Pros

  • Solid Reputation
  • Low Trading Fees
  • High Liquidity

Cons

  • Limited Cryptocurrency Supported

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