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Bitstamp Exchange: The Complete Guide

Trading

Bitstamp is an online exchange platform for digital currencies. Based primarily in Luxembourg, the company commenced operations in 2011 and has an outstanding feature of permitting trading with larger amounts than is the case with other exchanges. Bitstamp also has offices in the UK (London) and US (New York).

Bitstamp is the first digital currency exchange platform to be fully licensed in Europe, making it one of the very rare cryptocurrency exchanges to be so licensed in the world. The exchange is authorized and licensed by the Luxembourg Financial Industry Supervisory Commission (CSSF). Such regulatory oversight gives users added protection when trading on the Bitstamp exchange.

Users can deal fiat currencies like Euro and the US Dollar for various digital assets such as Bitcoin, Ethereum, Litecoin, and Ripple. In addition, the platform provides an API that lets clients develop applications that they can use and access their accounts.

Along with Coinbase, OKCoin, and itBIT, Bitstamp is one of the four major exchange platforms that contribute to pricing on the CoinDesk Bitcoin Price Index. The Bitstamp platform is targeted at intermediate and advanced digital currency users who want to deal in exchange business that involves altcoins, Bitcoin and fiat currencies. Large sum trading with low transactions cost is the major unique selling proposition on Bitstamp.

The Bitstamp Platform

Bitstamp offers traders the following platforms:

Web-based Trading Platform

As is the case with most exchange platforms, Bitstamp offers services to its clients via an application that is based on the web. The platform looks quite robust even at first glance with an advanced charting feature that will meet all of your trading needs. There are also several technical indicators and tools.

The program’s order book is placed right below the chart. The feature is one of the best you will find on the market and looks every bit like something that was built by a professional trader. The bid-ask price is located next to each other to allow investors to make an instant and easy analogy of the market depth.

Mobile Trading Platform

Bitstamp offers a mobile trading app that features loads of functionalities that traders will be glad to work with. Users can now utilize the Tradeview and Order Book options on their mobile devices. In addition, the system supports EUR/USD, BTC/EUR, BTC/USD trading pairs. Android users can download the app from Google Play Store, while iOS users can do so from the Apple App Store.

You can deposit and withdraw funds directly using the platform. The app also offers market data in real time. Furthermore, traders can make payments using QR codes and Bitcoin wallet addresses. If you are the type that is concerned about security, Bitstamp allows you to secure transactions using PIN code authentication.

Assets Traded

Cryptocurrency users who are registered to the Bitstamp exchange can add funds to their accounts via both fiat currencies and digital assets. Usable fiat currencies include the Euro (EUR), US Dollar (USD), Great British Pound (GBP), and Swiss Franc (CHF). As a result, users can trade between digital currencies and fiat currency as well as among digital assets themselves. The available cryptocurrencies include:

  • Bitcoin (BTC)
  • Litecoin (LTC)
  • Ethereum (ETH)
  • Ripple (XRP)

Similarly, adopters can trade the following pairs:

  • BTC/EUR
  • BTC/USD
  • XRP/EUR
  • XRP/USD
  • XRP/BTC
  • LTC/EUR
  • LTC/USD
  • LTC/BTC
  • ETH/EUR
  • ETH/USD
  • ETH/BTC

Bitstamp Fees

Bitstamp adopts a unified fee plan that ensures a uniformity in the fee system. The fees the exchange charges for transactions include:

Credit card Payments

Purchases made using credit cards are charged at 5 percent for all amounts. However, you may be charged an additional fee by your card issuer.

Debit card Withdrawals

Withdrawals involving debit cards attract a $10 fee for up to $1,000. Clients who are loading amounts in excess of $1,000 will be charged a 2 percent fee.

Cryptocurrency

Deposits and withdrawals involving cryptocurrencies are made free of charge.

Trading

Monthly trade volumes under $20,000 cost 0.25 percent. Monthly volumes of more than $20m attract a fee of 0.10 percent.

SEPA

Deposits made through SEPA are not charged. However, withdrawals are charged 0.90 Euro.

International wire

International wire deposits attract a 0.05% fee. The minimum deposit fee is 7.5 euro/US Dollar, while the maximum deposit fee is capped at 300 US Dollar/Euro. Users are also charged a withdrawal fee of 0.09 percent. The minimum fee is 15 Euro/US Dollar. However, traders may be charged added international bank fees.

Euro-denominated Bitstamp trading pairs have a minimum allowable trade of €5. For Bitcoin-denominated trading pairs, the minimum allowable trade is 0.001 Bitcoin.

Deposits and Withdrawals

Bitstamp users can deposit and withdraw funds from the exchange platform using a variety of supported payment methods. These options consist of:

Credit or Debit card

Bitstamp clients can make a deposit to their account through a debit or credit card.

SEPA

Traders can deposit money into their Bitstamp account using SEPA.

International wire Transfer

Traders can deposit securely to their Bitstamp account via international wire transfer.

Cryptocurrency Exchange

Bitstamp accepts deposits made via cryptocurrency.

It may take between two to three business days for a bank wire transfer to reach your trading account, while SEPA transfers take between 1 to 3 business days. The time it takes for deposits made via cryptocurrency to arrive your Bitstamp account varies depending on the amount of time it takes the blockchain network to verify your payment.

Security

Regarding security, Bitstamp is one of the safest crypto exchange platforms you could use for buying and selling digital assets. The company provides its clients with secure wallet options. Around 98% of funds on the exchange are stored in a cold storage, an offline wallet that is almost inaccessible to hackers. In addition, the funds are insured.

Other security apparatus the firm uses include a two-factor authentication (2FA), a system designed to prevent thieves from gaining access to a user’s account by utilizing their password. Bitstamp also uses compulsory confirmation emails, as well as SMS alerts to secure clients’ accounts. Further, Bitstamp deploys a Pretty Good Privacy (PGP) data encryption that helps verify and keep all uploaded files private.

Limits

Bitstamp specifies a minimum trade size of $5 on all trading activities. If you are using SEPA to withdraw funds from your Bitstamp account, the minimum amount you could withdraw is $10.

Supported Countries

Bitstamp is available in all countries around the globe. The company has offices in the United States, United Kingdom, and Luxembourg.

Customer Support

All customers crave exceptional customer service. When a platform can guarantee this, along with other trading essentials, then they can keep a client for life. Great customer service delivery makes users feel more comfortable and willing to continue using a trading platform. However, some companies fail to get this right even in this age where customers’ expectations for service are on the rise.

For a company to continue to thrive, they will need to see the value in offering great support services to clients. With Bitstamp, the reviews have been mixed. Some customers claim that they receive amazing customer support whenever they contact the company’s help desk, while others claim that the firm does not make customers a priority.

Whatever the case, it is evident that the increase in client demand has put a substantial strain on the company’s customer support. As a result, traders no longer receive a prompt response to queries on the Bitstamp platform.

However, users can contact Bitstamp’s helpdesk whenever they like through a variety of channels that include:

Email

Traders can reach Bitstamp’s customer support team via email at support@bitstamp.net. You can also send any complaints you might have through complaints@bitstamp.net. You should receive a response to your query within 24-72 hours.

Ticket

To contact support through this medium, you will need to log into your Bitstamp trading account and open a new ticket.

FAQ

Bitstamp offers an FAQ page that contains comprehensive and thorough responses that have been explained carefully and in great detail. The page should answer most of the questions that you have in mind.

Telephone

Bitstamp offers phone support for clients. If you need help, you can contact the company by phone on +44 20 8133 5474.

Conclusion

Bitstamp is a reputable exchange platform that is recognized globally. The company has managed to get a lot of things right over the course of its existence. The trading platform itself looks well done and easy to use even for intermediate traders. You will find useful information on prices and orders. In addition, the charts are updated regularly.

Another positive for this platform is that they run a lower fee structure than other crypto exchanges. The company has done marvellously on the security side of things as well, as a lot of systems have been put in place to ensure funds security and account safety.

Whether you are looking to trade cryptocurrencies or just want to embark on cryptocurrency-to-fiat currency exchange, Bitstamp help makes that possible, thanks to a fairly rich list of asset pairings.

But while we would recommend Bitstamp, the program is not suitable for newbies. If you are just starting your crypto journey, it would make more financial sense to look for a platform that is beginner-friendly. We also do not like that the organization has limited payment options. However, these do not take from the fact that Bitstamp is a great exchange.  

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