Bitstamp is one of the oldest crypto exchanges in the market, as we can see in our Bitstamp review today, and we will discover many things related to this platform. Bitstamp reviews show that the site offers a user-friendly interface and reasonable trading fees with up to 70 cryptos to choose from. However, more experienced traders are not satisfied with this choice, but there are some other order types.
Bitstamp is based in Luxembourg and is licensed to operate in 27 EU countries but also in the US and China. Bitstamp has a high 24 hour trading volume and this is probably due to being one of the oldest trading platforms in the market.
As Bitstamp app reviews show, users can access up to 15 digital assets and 56 crypto trading pairs. One of the positive sides of this platform is that it provides a good user experience to the traders. It allows you to buy crypto using fiat currencies like British Pound, Chinese Yuan and US Dollar.
Users can deposit money into their accounts by credit, debit card or bank transfer. Bitstamp Reviews The exchange is considered the first licensed EU crypto platform regulated by the Luxembourg Financial Industry Supervisory Authority.
Users can buy BTC, Bitcoin Cash, ETH and other crypto assets via bank cards. It also offers a convenient app that works on Android devices and iOS devices, making it easy for traders to buy and sell crypto.
The good thing about it is that the platform has apps that can be downloaded from Google Play Store and Apple App Store, allowing users to access it via their mobile devices, making the trading experience faster and more accessible. Also, it provides an API that allows users to restrict access to their accounts but only allow 600 requests per 10 minutes.
Bitstamp has two types of accounts, personal and corporate and they both have different fees. Individual trading fees are based on 30-day USD trading volumes and are lower as trading volume increases. Fees are based on the payment method used by traders, but depositing and withdrawing crypto is free. Larger traders who may be market makers may request a maker fee if they contact support.
One of the most important features may be security measures for users’ funds, as the platform offers offline cold wallets to store assets and a hot wallet to provide stable liquidity enhanced with multi-sig technology.
Bitstamp has three ways to earn money through fees.
Traders are charged three types of fees: deposit, trading fees and withdrawal fees.
- Trade fees
For trading, users have to pay up to 0.25%, for example if one wants to trade $1000 worth of crypto, they have to pay $20.50. If professional traders trade more than $20 million in a month, the fee drops to 0.10%, which is very high compared to other competitors.
- Deposit fee
To deposit via debit card, Bitstamp will charge you a $10 fee, which is a flat fee, and a deposit fee of 2% for deposits over $10,000. Deposits made through credit cards are charged 5% of the amount deposited but there is an additional fee charged by the credit card issuer.
Also, there are no fees for SEPA transfers. There is a 0.05% fee for wire transfers and no fee for depositing crypto.
- Withdrawal fee
SEPA EU bank withdrawal fees cost 0.90 EUR, while wire transfer fees for withdrawals are 0.09% for a minimum of 15 EUR.
Bitstamp reviews about the shortcomings of the transaction
This platform lacks some common advanced trading features. There’s also no margin trading, and no rewards card, which is seen as an easy way to spend crypto without cash on other exchanges.
Also, Bitstamp does not have a good rating on CER.live. The site offers a score of BB, while the highest rating is AAA, which means, according to the Bitstamp review, it does not rank among the top 50 best-rated crypto exchanges.
Safety and security
Bitstamp was hacked in 2015 in a phishing scheme that resulted in the loss of approximately 19,000 BTC worth $5 million at the time. The exchange was able to compensate users for their losses, although users no longer felt safe.
Bitstamp has 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 forms of attacks. However, despite all this, Bitstamp ranks low when it comes to security features according to many online Bitstamp reviews.
It provides two-factor authentication and requires changing the password used once every 90 days. After hacks in both 2014 and 2015, Bitstamp aims to address the security issue every day by using two-factor authentication and email verification with multi-sig wallets. In their hot wallets, they store a small amount of assets while most of the funds are kept offline in cold storage.
Frequently Asked Questions
Is Bitstamp a wallet?
Bitstamp is initially an exchange but offers web wallets to its customers if they have an account on the platform. It is always advisable to move money from the exchange to a wallet.
Is Bitstamp legit?
Online Bitstamp reviews claim that Bitstamp is legitimate, but after being hit by hack attacks, many users lost their trust in the site.
Is Bitstamp regulated in the US?
Bitcoin received a license to operate in the United States in 2019 from the New York Department of Financial Services.
Does Bitstamp accept debit or credit cards?
Yes, it does. It accepts Visa, Maestro and MasterCard.