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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
Bitstamp stands out because of its 24/7 customer service and competitive trading fees. If you are a beginner, the user-friendly platform might be a great place to start your trading journey. Professional traders might also benefit from the advanced Tradeview functionalities. However, the lack of sufficient customer support and limited crypto assets leave much to be desired.
