The cryptocurrency world is growing very fast taking the world by storm, and most of us want to be part of it? However, the only fear you have is how to invest? Which exchange to choose? This is where you are in a dilemma to choose between ‘a good exchange’ and ‘a better exchange’ for trading cryptocurrencies. One such exchange is Bitstamp Exchange.
Bitstamp Exchange Review
QUICK NAVIGATION :
- About Bitstamp Exchange
- Features and partnerships
- Account Registration and Verification
- Latest Updates
About Bitstamp Exchange
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 the trading volume. Nejc Kodric is the CEO of Bitstamp. It has great liquidity in terms of exchange and trading and a robust infrastructure.
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 cryptocurritencies i.e. BTC, Ripple, Litecoin, which can be traded against USD and EUR. Bitstamp is EU first platform with a license for Bitcoin.
Features and partnerships
Bitstamp has several partnerships in order 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. Additionally, It has partnered with Ripple for its gateway and incentive programs.
The exchange has some exceptional features, thus making it a user’s preferred choice over other exchange platforms. Bitstamp fees have no hidden charges; 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 a yearly audit occurs.
Is Bitstamp safe?
To answer queries, Is Bitstamp Safe?, the exchange takes strict measures for both online and offline storage of crypto and fiat currency. 98% of the currency is stored offline in cold storage, thus preventing any cybercriminal activity. For online amount, this exchange uses Multisig technology, where over 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.
This BitStamp review chalks out BitStamp features. A mobile application is also available for the platform. They are convenient and can be a user can easily operate on the go. The application can run on both iOS and Android platforms.
Bitstamp provides access to the most established cryptocurrencies like Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP). There are 15 market pairs being traded on the site which are linked to the 3 base currencies of the Euro (EUR), the US Dollar (USD), and Bitcoin (BTC).
Supported Payment Methods
Bitstamp allows for making purchases using different methods. The exchange supports a variety of payment options which include:
- Credit/Debit Card.
- International Wire Transfer.
- Cryptocurrency Exchange (BTC, ETH, LTC, XRP, BCH).
How to make an account on Bitstamp Exchange?
In the first place, 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 the 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.
Furthermore, It also provides the SMS alert service. It keeps a user updated of all transactions that occur 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 open a sub-account, Identity verification is a must.
Buying & Selling on Bitstamp Exchange
Click on the “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. Ordinarily, 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 the EU bank if a users region lies under SEPA or International bank transfer can be made. The option of AstroPay is also available. With Withdrawals, the user can select the mode i.e. fiat currency or crypto and the specified amount to a request for a withdrawal.
Aug 20, 2019: Fee schedule updated.
July 29, 2019: GBP Transfers now available on BITSTAMP, in partnership with BCB Group.
July 8, 2019: BITSTAMP launched its own Lightning node
May 7, 2019: BITSTAMP official website is revamped
Apr 9, 2019: BITSTAMP gets BitLicense for crypto trading services in the US
Jan 31, 2019: BITSTAMP launched its mobile application
Conclusion – Is Bitstamp Legit?
The exchange is one of the industry leaders in terms of its security procedures, and the platform has a good reputation as being a trustworthy exchange.
To summarize this BitStamp review, BitStamp is convenient for US traders. It is a bit complicated for Bitcoin newbies.