Bitstamp Reviews | Honest User Reviews

Bitsamp is one of the oldest crypto exchanges on the market, as you can see in today’s Bitstamp review, and many other things related to this platform. According to a Bitstamp review, the platform offers an easy-to-use interface and reasonable transaction fees with up to 70 cryptos to choose from. However, experienced traders are likely not satisfied with this selection and there are other order types.

Based in Luxembourg, Bitstamp is licensed to operate in 27 EU countries, but also licensed in the US and China. Bitstamp also has the highest 24-hour trading volume for him, possibly because it is one of the oldest trading platforms on the market.

bit stamp function

As our Bitstamp app review shows, users have access to 15 digital assets and up to 56 crypto trading pairs. One of the positive aspects of this platform is that it offers traders a decent user experience. This allows you to buy crypto using fiat currencies such as British Pounds, Chinese Yuan, and US Dollars.

Users simply deposit money into their account via credit, debit card or bank transfer. The Bitstamp review also shows that the exchange is considered to be the first licensed EU crypto platform regulated by the Luxembourg Financial Industry Supervisory Commission.

Users can purchase BTC, Bitcoin Cash, ETH, and other crypto assets via bank cards. We also offer convenient apps that work on Android and iOS devices to make it easy for traders to buy and sell cryptocurrencies.

The good thing about it is that the platform has apps that can be downloaded from Google Play Store and Apple App Store that users can access from their mobile devices to make their trading experience faster and more accessible. It also provides an API that allows a user to control access to his account, but only allows 600 requests per 10 minutes for him to go through.

Bitstamp has two types of accounts, personal and business, both with different pricing. Individual transaction fees are based on 30-day USD trading volume and decrease as trading volume increases. Fees are based on the payment method used by traders, but crypto deposits and withdrawals are free. Large traders who can become market makers can claim a maker fee if they contact support.

One of the most important features is probably the security of users’ funds. The platform offers offline cold wallets to store assets and also has hot wallets that provide constant liquidity powered by multisig technology.

Fee structure

Bitstamp has three ways to earn money through commissions.

Traders are charged three types of fees: deposits, transaction fees, and withdrawal fees.

1. transaction fee

For trading, users have to pay up to 0.25%, so for example, if they trade $1000 worth of cryptocurrencies, they have to pay $20.50. If a professional trader trades more than his $20 million in a month, the commission drops to his 0.10%, which is significantly higher compared to other competitors.

2. deposit fee

When depositing with a debit card, Bitstamp charges a fixed fee of $10. For deposits over $10,000, the deposit fee is 2%. Deposits made by credit card will be charged 5% of the deposited amount, plus additional fees charged by the credit card provider.

Also, there is no charge for SEPA transfers. There is a 0.05% fee for wire transfers and no fees for cryptocurrency deposits.

3. withdrawal fee

The fee for withdrawals from SEPA EU banks is €0.90, while the wire transfer fee for withdrawals is 0.09% with a minimum of €15.

Bitstamp’s review of Exchange shortcomings

The platform lacks some of the more common advanced trading features. Margin trading is also not available, nor are the reward cards commonly found on other exchanges as an easy way to use cryptocurrencies without cashing out.

Additionally, Bitstamp does not have a high rating on CER.live. The site gives a score of BB, but the highest rank is AAA. This means that it does not hold the top spot among the 50 highest rated crypto exchanges according to Bitstamp reviews.

security and safety

Bitstamp was hacked in a phishing scam in 2015, resulting in the loss of about 19,000 BTC worth $5 million at the time. The exchange was able to refund the losses to users, but users no longer felt so safe.

Bitstamp has decided to step up its security game and now stores most of its digital assets offline in cold storage, all of which are insured against hacking and other types of attacks. Despite all this, however, multiple online Bitstamp reviews rank Bitstamp on the low side when it comes to security features.

It offers two-factor authentication and passwords used must be changed once every 90 days. After hacks in both 2014 and 2015, Bitstamp now aims daily to solve security problems by applying email verification along with two-factor authentication and multisig wallets. Their hot wallets store small chunks of assets, but most of the funds are kept offline in cold storage.

FAQ

Is Bitstamp a wallet?

Bitstamp is initially an exchange, but offers a web wallet if the client has an account within the platform. We always recommend moving money from exchanges to wallets.

Are Bitstamps Legal?

Online reviews of Bitstamp suggest that Bitstamp is legit, but many users have lost trust in the platform after it was hacked.

Is Bitstamp regulated in the US?

Bitcoin received a license to operate in the United States from the New York State Department of Financial Services in 2019.

Does Bitstamp accept debit or credit cards?

Yes, it is. We accept Visa, Maestro and Mastercard.