Bitstamp is an exchange platform for the cryptocurrency. The company started in Aug 2011 and as per 2016 data, it is the second largest exchange in the world in terms of trading volume. Nejc Kodric is the CEO of Bitstamp. It has great liquidity in terms of exchange and trading and a robust infrastructure.
Bitstamp headquarters is in Luxembourg with two other offices in New York, United States and London, United Kingdom. The company allows for the exchange of following cryptocurrencies i.e. BTC, Ripple, Litecoin, which can be traded against USD and EUR. Bitstamp is EU first platform with license for Bitcoin.
Features and partnerships of Bitstamp
Bitstamp has several partnerships to provide more convenience to its users. It has partnered with Simplex for BTC card purchases. Simplex provides a safe online platform to accept credit card payments. Caceis, an investor service firm looks after the merger between BTC and traditional financial services. It has partnered with Ripple for its gateway and incentive programs.
Bitstamp has some exceptional features thus, making it a user’s preferred choice over other exchange platforms. It has no hidden transaction fees thus it develops a sense of trust. The trading and exchange are instant as the platform accepts all major credit cards. This also maintains transparency with its customers, which is essential when it comes to money investments. The platform is secure and is yearly audit occurs.
In terms of security, Bitstamp takes strict measures for both online and offline storage of crypto and flat currency. 98% of the currency is stored offline in a cold storage thus preventing any cyber criminal activity. For online amount, this exchange uses Multisig technology where more than one signature is required to approve a transaction. Other security levels are two-factor authentication and email verification, which a user can enable for additional security.
A mobile application is also available for Bitstamp. They are convenient and can be a user can easily operate on the go. The application can run on both iOS and Android platforms.
How to make an account on Bitstamp Exchange?
To set up a new account, a user can log on to www.bitstamp.net. Click on the “register” tab to open a free account. Enter the details such as first name, last name, email ID and country. Then click on I agree to T&C to register. A customer ID along with a system-generated password goes to the registered email ID. The User can change the password later for additional security.
Click on “verify account” tab to make authentic transactions. Fill in the personal information for Identity and phone number verification.
It also provides the service of SMS alert. It keeps a user updated of all transactions that is occurring in the account. One of the Bitstamp features is opening a sub-account, where a user can add more than one account to his current profile. To pen a sub account, Identity verification is a must.
Buying & Selling on Bitstamp
Click on “Buy/Sell” tab to place an order. Bitstamp has various order types. Depending on a user’s requirement and finance, the user can select the preferred type. The order types are either simple or in the advance category. The instant order comes under simple while Limit order, market order and stop order comes under advanced. A user can also buy Bitcoins directly from a credit card.
Deposits can be made either through EU bank if a users region lies under SEPA or International bank transfer can be made. The option of AstroPay is also available. In the case of Withdrawals, the user can select the mode i.e. flat currency or crypto and the specified amount to request for a withdrawal.