BitStamp Review: With the onset era of Bitcoins that have recently surpassed the price line of $11000 (highest of all the time), many people are now getting attracted to the world of cryptos.
Bitcoin users have been tremendously increased in the past few months. But more people want their pie of Bitcoins, hence they are looking for more suitable platforms to buy it.
Each one of us is eager to try our luck in crypto space.
And why not?
Do you know an amazing fact of crypto space or let’s say Bitcoins?
You will be surprised and also might feel unfortunate by knowing that if you could be able to spend $1.55 in 2010 then it would have become $31,000 by now.
Because it’s never too late to invest in the world of crypto and if you are willing to hold it for the considerable amount of time. Cryptocurrencies market are highly volatile and you need to have patience with the up and downfall of prices.
So, To buy Bitcoin everyone looks for a reliable exchange which is easy to operate and have cost-efficient transaction fees.
Not only these aspects but I am pretty sure there must be other constant question roaring in your mind. The analyzing process of these exchange platform may include dimensions like:
- Which one is easy to use?
- Which one will provide a good deal of return?
- Which one is easy to use?
- Which one is legit? and so on.
Analyzing these platforms and which one is best suited to you involves lots of brain working. That’s why coinscage is here, with yet another review of Bitcoin exchange platform to ease the process of your decision-making process.
Today, the detailed review is about BitStamp.
So without any further ado, let’s get started.
- 1 What is BitStamp?
- 2 What are the features of BitStamp?
- 3 Which cryptocurrencies are available?
- 4 What are the Available Countries?
- 5 What are the accepted payment methods?
- 6 Fee Structure of Bitstamp:
- 7 How long does it take to receive our Bitcoins?
- 8 Customer Support:
- 9 Pros and Cons:
- 10 What is the current Market Situation of BitStamp?
- 11 How to get started with BitStamp?
- 12 How do I need to verify my account?
- 13 Is it safe to use BitStamp?
- 14 My take on BitStamp:
What is BitStamp?
BitStamp is one of the oldest Bitcoins exchange which allows trading Bitcoins with fiat currencies in Europian Countries.
Bitstamp is based in Luxembourg and was launched in 2011. Recently, they have also celebrated their 6th anniversary as the continuous success ever since.
Not only Bitcoins, Bitstamp also supports Litecoin, Ethereum, and Ripple deposits and withdrawal with transparent fee structure.
What are the features of BitStamp?
BitStamp has the following features:
- It is claimed to be the first Bitcoin exchange platform with the operating license in Europe.
- It offers you transparent fee structure according to the volume traded.
- You can trade instantly with all the supported credit cards.
- It also provides you a friendly mobile app for both iOS and Android.
- It offers two-factor authentication process for the secure transaction.
Which cryptocurrencies are available?
Bitstamp works with euros and US dollars for fiat currency options. If you have a European bank account then it will be quite easy to use this platform because these are specially built for European Countries.
Bitstamp allows users to add funds through crypto and fiat currencies such as USD, EUR, GBP, and CHF. The platform supports following cryptocurrencies:
This means you have numerous available pairs to exchange from. You can either exchange between fiat and cryptocurrencies or between cryptocurrencies itself.
What are the Available Countries?
Bitstamp is available worldwide for cryptocurrency trading.
However, If you want to Buy Bitcoin with Debit/Credit card then it is available only for a few countries. Apart from EU-28 countries, Bitstamp allows the users of following countries:
Switzerland, Norway, Monaco, Montenegro, Serbia, Turkey, Andorra, Moldova, Gibraltar, Iceland, Greenland, Liechtenstein, Isle of Man, Faroe Islands, Åland Islands, San Marino, Hong Kong, China, Singapore, Taiwan, South Korea, Australia, New Zealand, Japan, Argentina, Brazil, Israel, South Africa, Chile, Kuwait, Cayman Islands, Qatar, Saudi Arabia, India, Lebanon, Puerto Rico, Peru, Madagascar, Mozambique, Dominican Republic, Curaçao, Dominica, Jordan, the Bahamas, Bahrain, French Polynesia, Ecuador, Trinidad and Tobago, Barbados, Réunion, Jamaica, Paraguay, Brunei, New Caledonia, Guadeloupe, Martinique and Sint Maarten.
What are the accepted payment methods?
It seems like BitStamp is continuously trying to ease the buying and selling methods of Bitcoins over time. The supported payment methods are:
- MasterCard or Credit Card.
- Cryptocurrencies exchange (BTC, ETH, LiteCoin, Ripple).
- International Wire Transfer
Fee Structure of Bitstamp:
The transaction process with BitStamp is cost-efficient as compared to most of the other exchange platforms. Deposit fee is quite negligible with the overall fee of 0.5% of the total amount.
You have to pay only 0.25% per trade. Sometimes it also depends on the volume of the amount being traded which goes up to around .10%.
However, if you are thinking to buy Bitcoins via credit cards then the fee is quite high (up to 8%) for other countries. You can check the complete fee schedule here.
If you willing to trade more than 80 million EUR then receiving date of Bitcoins will vary from 15 days to 30 days. There is also no fees involved in trading of Bitcoins.
One great advantage of BitStamp is that the more you trade the transaction fees will go down simultaneously.
How long does it take to receive our Bitcoins?
In terms of considering time, after deposits, SEPA transfer takes 1-3 working days to get to your account and Wire Transfer usually takes 3-5 working days.
In terms of withdrawal, transfer through SEPA usually takes 2-3 working days while the transaction outside SEPA took a long time of around 5 days to receive funds.
In my case, I received my Bitcoins within 18 hrs of depositing it through my EURO account. It is quite fast in most of the cases.
If I talk about BitStamp in terms of customer support, then it has quite a great positive reviews over time. They have been really considerate in terms of responding to their users.
As you know they have been maintaining their position for long 7 years along with highly good reputation in compared to other competitive exchanges.
BitStamp customer support service typically replies within 24hours-72hours.
You can obviously send email to them for any of your required queries and issues.
They have also gained the trust of many users by giving honest and instant replies to support tickets. Online help support is available for 24 hours.
Additionally, the BitStamps FAQs sections have detailed information for all your related queries.
I was seriously impressed by their response time and exact solution of my queries everytime.
To get an information for your queries contact BitStamp on:
Pros and Cons:
Like every coin has two sides BitQuick has also some disadvantages along with advantages. These are:
- No hidden fees.
- Instant transaction.
- Secure and Transparent.
- Globally recognized Bitcoin exchange platform.
- Cost-efficient fees.
- Beginners friendly.
- Good customer support system.
- High fees on deposits with credit cards.
- Limited cryptocurrencies supported.
- Limited options for Payment.
What is the current Market Situation of BitStamp?
At the time of writing this article, dated 4 December 2017, the current market situation of BitStamp according to coinmarketcap is:
Now, that we know alot about BitStamp. Let me guide you with a detailed review of how to get started with BitStamp and what process is involved for verification.
How to get started with BitStamp?
- To get started with BitStamp go to their official website to create an account.
- After, you click on to create the account you will be directed towards the page of registering your account. You will have to give your name, Email ID and create a unique password for your account and click ‘register’.
- Then, you will get the notification of “registration complete” on your email. You will be provided with your Client Id and Password. It is automatically generated by BitStamp. It is always suggested that you should change your password after your first login.
- After this, you need to login to BitStamp with given ID and Password to get access to all the present features.
- now you will directly get directed to the page of changing your password by default.
You can also choose for 2-factor authentication if in case you don’t want to change the current password.
After this process, you will get to access all the features of your BitStamp account.
How do I need to verify my account?
Verifying an account involves two phases.
In the first phase, you need to verify your account which is either a personal account or corporate account. You will need the following documents and details:
- Your personal details.
- Your valid Citizenship ID.
- Your proof of residence documents ( a bank statement, utility bill, and any government issued documents).
The second phase is the phone number verification in which you will be asked to confirm your phone number by verifying your account with an OTP code received on your phone.
Once, you get completed with the verification process you will be able to access all the features of BitStamp which is quite easy and convenient even for the beginners.
Is it safe to use BitStamp?
To be frank, you’re likely to find these kinds of questions and queries hanging over most exchanges, as the people don’t quite trust the cryptocurrency world as a whole yet.
If I talk about BitStamp, it has gained a great degree of reputation over time. The security factors include:
- The feature of two-factor authentication ensures safe and secure transaction in every aspect.
- The company keeps 98% of customer’s coins on cold storage wallets, which is a pretty good security measures.
BitStamp is also paying great emphasis to money laundering prevention too. Bitstamp has set their own terms of rules and norms which they follow in order to prevent any shady financial practices on their platform.
However, you should be aware of the fact that BitStamp suffered hacks and stopped trading at times during 2014 and 2015. The hacking incidents swift away 19000 Bitcoins at that time. But, they have already solved the related problems long time back and rise up with full energy to perform their functioning in crypto space.
“This breach represents a small fraction of Bitstamp’s total bitcoin reserves, the overwhelming majority of which are held in secure offline cold storage systems. We would like to reassure all Bitstamp customers that their balances held prior to our temporary suspension of services will not be affected and will be honored in full.“
My take on BitStamp:
BitStamp provides you with security, reliability along with liquidity, margin trading and instant transaction feature. It has already acquired very large user base and is spread across diverse regions, which is still increasing day by day.
It is also one of the promising platforms for all the existing users and upcoming potential users (especially all European Countries) with the user-friendly platform.
Yes, it has few downside in the mode of payments with limited options of currencies supported, but that is what sometimes worth when you are getting proper security for your currencies along with low fees for the transaction.
Personally, I have always been really satisfied by BitStamp in most of the aspects. Also, they provide the great customer service which is better than other Bitcoin exchanges.
Now, I would like to hear your opinion on BitStamp. Give your opinions in a comment section down below.
Till then, read some of our recommended articles:
- What is HODL and other Popular cryptocurrency terms
- Best Blockchain and Cryptocurrency courses
- Best Bitcoin wallets to store your crypto safely