Bitstamp is the oldest cryptocurrency exchange in the world with its inception in 2011. It has been registered as a digital asset exchange in the UK since 2013. The platform is based in Luxembourg but offers services to over 100 other nationalities.
In this review, we will take a deep dive into the key features and services of Bitstamp, including customer support, fees, features, security, mobile app and more.
- Fast and Free SEPA and ACH Bank Transfers from the USA and Europe
- Offers over 25 of the top crypto assets with a flat fee of 0.5%
- Long running and trusted exchange that was founded in 2011. Domiciled in Luxembourg.
Bitstamp Features
On Bitstamp, features mean less than security and instead of adding a myriad of features on its platform, it focused on being regulated, licensed and secure for its institutional clients. In saying that, users do have access to cryptocurrency trading and staking on Bitstamp. Below you can see the available features on this platform:
- Bitstamps trading platform is easy to use, and allows these orders types - market executions, stop orders and limit orders. To use these, simply select the crypto asset to trade, then indicate the order type and risk parameters.
- Bitstamp also offers a staking feature, however, users are only allowed to stake ETH2 and ALGO. According to Bitstamp, more options may become available in the future. The APY for Algorand is 5% and ETH2.0 is 4.24%
- Bitstamp offers a secure, fiat-crypto platform for institutional clients with reliable trade execution, deep order books and industry-leading API connectivity.
How many cryptocurrencies are supported on Bitstamp
Bitstamp currently offers the buying and selling of over 75 cryptocurrencies. Most of these cryptos can be traded against various currencies, including the US dollar, Euro, and British Pound. Though other exchanges may offer a larger and more diverse selection of crypto, Bitstamp still provides access to the popular coins traded by most users.
Are Bitstamps fees high?
Yes, Bitstamps fees are at the mid - high range and considered higher than most cryptocurrency investing platforms. For trading, Bitstamp charges a flat 0.5% fee for new users but the figure can vary based on your 30-day trading volume. Users with less than $10,000 trading volume would be charged 0.5%. Your fees decrease as your trading volume increases.
Deposits and withdrawals on the other hand are a little more complex. Refer to the list below for a breakdown of the deposit and withdrawal fees offered on Bitstamp.
Deposits
- SEPA, ACH, Faster Payments, Crypto - Free
- Any Card Purchase - 5% fee
- International Wire Transfer - 0.05%
Withdrawals
- ACH - Free
- SEPA - 3 EUR
- Faster Payments - 2 GBP
- International Wire - 0.1%
- Cryptocurrencies - Subject to gas (network transaction) fees
For a full breakdown of all the fees including staking, forex and administration, you can visit Bitstamps Fees Schedule.
Is Bitstamp a safe and secure platform
Unfortunately, Bitstamp was the subject of a hacking incident in 2015, that lead to the loss of $5M. Since then, there have been better security measures put in place to prevent such attacks in the future. Bitstamp now uses multi-signature wallets, cold storage, 2FA and email confirmation for withdrawals to prevent unauthorized access.
Overall, the company has leveled up its security protocols to prevent any hacks or breaches of its systems. Bitstamps offline wallets are insured by BitGo's insurance policy. The platform is regulated and authorized by the Luxembourg financial regulator, the Commission de Surveillance du Secteur Financier.
Does Bitstamp offer a mobile app?
Yes, the Bitstamp mobile app provides unlimited access to trading opportunities as it allows you to execute and manage trades on the go. The app is available for download on Google and Apple stores and has several features to enable seamless trading on your mobile phone.
The Bitstamp app is rated 4 stars from 11K reviews on the Google Play store and 4.6 stars from 100 reviews on the App store.
Customer Support & Satisfaction
Right off the bat, Bitstamp is one of the only exchanges in the world to offer 24/7 email and phone support. This has significantly improved user experience, and the website also provides a detailed FAQ section that answers most of the questions new users may have.
If you would like to join one of its online communities, Bitstamp is available on the following social media platforms - Twitter, Telegram, Facebook, LinkedIn and Instagram.
Final Thoughts
In conclusion, Bitstamp is a well-established cryptocurrency exchange that prioritizes security and regulatory compliance, catering primarily to institutional clients. With support for over 75 cryptocurrencies and a user-friendly platform, Bitstamp offers reliable trading opportunities along with staking for ETH2 and ALGO. Although its fees are on the higher side compared to other platforms, Bitstamp ensures a secure trading experience with robust security measures and 24/7 customer support. The availability of a mobile app for on-the-go trading further solidifies Bitstamp as a reliable choice for cryptocurrency investors.
Dylan Matthews is the Co-Founder and head of operations at Buy Bitcoin Bank, with a background in engineering and experience as a Prop Trader. He has leveraged his knowledge and skills to build and scale the platform, providing users with a seamless experience for buying and selling cryptocurrency.
