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17 Mar

Bitstamp Review: One of The Oldest and Most Respected Exchanges

Next, select your desired payment method and input the number of funds you wish to deposit. Finally, click on confirm for your transaction to come into action. The platform’s past security incident, lack of margin trading, absence of a rewards card, and lower security ranking on are areas where improvement could be made. Furthermore, Bitstamp enhances its security through a crime insurance policy that provides coverage against theft. However, it’s important to note that this insurance applies only when the exchange itself is compromised, not when individual accounts are breached due to stolen login credentials.

This will give you the option to add funds with your credit or debit card, or through a bank account which you already linked or will link at this time. The process is straightforward, and funds should arrive in minutes (for credit card and debit card payments) or a few days (for wire transfers). Alternately, you can use this page to deposit coins like Bitcoin, which you can then trade for other supported coins on the network. Bitstamp is a Luxembourg-based cryptocurrency exchange that allows users to buy, sell, and trade popular digital assets.

My funds were frozen from the time I deposited them back in October. I went through the security interview and just kept getting no real response about when my funds would be available. And haven’t been able to get any confirmation about my request to return my $. This is looking like absolute fraud, and I’m so frustrated that I got sucked into using this service. To withdraw from Bitstamp, click on the wallet and then select the withdrawal option. It should correspond to your bank account details and then confirm.

  1. In 2015, Bitstamp suffered from a phishing attack and lost 18,866 BTC which was worth around $5 million at the time.
  2. The global nature of the company and the trusted regulation and licensing put in place is also a positive aspect for many new or experienced users.
  3. However, credit and debit card purchases on Bitstamp are subject to a 5% fee.
  4. The Lightning Network improves the performance of the blockchain connections.

Deposits from a corporate bank account to a personal Bitstamp account are not allowed and will be instantly blocked. Our Website may link to external sites or content not controlled by us. Such links don’t imply our endorsement, and we aren’t liable for the content, products, or services of these third-party entities.

Bitstamp Review 2024: Oldest Cryptocurrency Exchange

However, the exchange’s withdrawal fees depend on the payment method used. While ACH deposits are free, a 3 EUR and 2 GBP fee is charged for SEPA and Faster Payments deposits. Furthermore, instant purchases made via a credit or debit card incur a 4% fee, significantly limiting the viability of this method. It’s a convenient platform for those looking to work within the EU and you can feel safe in the knowledge that it will keep large amounts of funds secure. It also has excellent customer support, with a bunch of great reviews and quick turnaround times for one-on-one help.

How to close the Bitstamp account?

Bitstamp was among the first platforms to compete with Mt. Gox, the largest cryptocurrency exchange in the industry’s early days. It did, however, have security issues – Mt. Gox was hacked in June 2011 and was bankrupt in 2014. Overall, both the fiat withdrawal and cryptocurrency withdrawal options on Bitstamp come with a higher than average cost. This is definitely something to consider when choosing which exchange to use as each additional fee eats up your profit margins. The second option is by buying with a debit/credit card, which provides users with the convenience of instant purchases.

Bitstamp Review 2024

Kraken also offers more features than Bitstamp, such as account management, one-on-one consultations for institutions, and over-the-counter (OTC) trading. Kraken is another popular crypto exchange platform offering over 200 cryptocurrencies and services for individuals and institutions. Bitstamp’s Crypto-as-a-Service also lets you integrate crypto exchange services (e.g., buy and sell transactions) with your business’ platform(s).

With a user-friendly interface, trading on the go using Bitstamp app is hassle-free. For successful deposits and withdrawals of funds, it is mandatory to go through the KYC process on Bitstamp. Bitstamp’s trading fee is based on a user’s 30-day trading volume and the rate keeps decreasing with increasing trading volume.

You can stake cryptocurrency that you have in your Bitstamp account to earn rewards on it. Bitstamp Earn started with two cryptocurrencies, Ethereum (ETH) and Algorand (ALGO), and it offers competitive rewards rates on both. One of the nice things about Bitstamp is that trading fees are the same whether you use its regular platform or Tradeview.

How to Open an Account

Users highly praise the user experience as the app is extremely easy to use and provides additional security. Generally, Bitstamp fees are quite low starting at 0.5% on all pairs, however, this number can change based on your 30-day USD volume and drop if you produce a lot of trading volume. Your next step before trading will be to make a deposit, which you can do by clicking the “Deposit” link at the very top right of the web page. This will open the deposit options page where you can choose to deposit via SEPA or international wire, or if you prefer via your preferred cryptocurrency (BTC, ETH, LTC, BCH, XRP). If you already have funds on the exchange then you will be charged a percentage fee for the amount that you are trading. This is tied to the amount of volume that you have traded in the past 30 days and follows a sliding scale.

Bitstamp Services

Now that you know the pros and cons of Bitstamp, you are all set for crypto trading. The fiat currencies you can trade with on Bitstamp are the U.S. You can also use Swiss Francs and British Pounds on Bitstamp, but you won’t be able to trade with them. They will be converted into USD or EUR before you can trade with them. Kodric and Merlak wanted their exchange to be in the heart of European banking.

Furthermore, it helps European traders to exchange Euros for crypto. In this Bitstamp review, we will go through all of its features, trading fees, steps to buy crypto using Bitstamp. The cheapest crypto exchanges are those that charge low or no fees at all and can offer you the lowest possible prices for buying and selling cryptocurrencies.

Bitstamp is of course available on both Android and IOS and has over 500,000 downloads on their Android app with a 3.7 rating based on 12,000 reviews. There is no doubt that Bitstamp is safe, simple to use, and has low fees. However, platforms like eToro have an upper hand when it comes to regulatory concerns. We also recommend eToro which unlike Bitstamp as copy trading tools.

All crypto investors must be prepared for this risk no matter what exchange they use. Today, Bitstamp has multiple lines of defense to mitigate the risk of loss in the future. All users are required to use multi-factor authentication when accessing their accounts. Buying Bitcoin back when it was invented in 2009 was difficult for the average person, until the advent of crypto exchanges, like Bitstamp. Bitstamp has a traditional ticketing system where you can send your complaint at any time.

You’ll be forced to change your password after your first login. Changing your password will log you out, and you’ll then log in with the new password. Bitstamp is often considered more of a “Fiat Gateway” than a large exchange to buy a range of smaller Altcoins. Bitstamp will usually get to your ticket in the space of an hour or two. This is drastically shorter than it is with many other comparable exchanges. Customer support is usually one of the most important boxes an exchange must tick.

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