Bitstamp Bitcoin exchange review

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Bitstamp is a “Big Four” digital asset exchange that has earned the trust of the global blockchain community.

In 2017, Bitstamp celebrated its sixth anniversary. Over that short period, it has become one of the world’s premier marketplaces for buying and selling Bitcoin.

2

Fiat currencies

5

Cryptocurrencies

Details

Product Name Bitstamp Cryptocurrency Exchange
Fiat Currencies USD, EUR
Cryptocurrencies BTC, BCH, LTC, ETH, XRP
Deposit Methods Credit card
Cryptocurrency
Debit card
Bank transfer (SEPA)
Wire transfer
Trading Fee 0.0% - 0.50%
Deposit Fees Cryptocurrency: None
Credit card: 5%+
SEPA: None
Wire: 0.05%+
Withdrawal Fees Cryptocurrency: None
SEPA: 3 EUR
Wire: 0.1% (25 EUR/USD minimum fee)

Pros

  • Globally recognised bitcoin exchange
  • Enables crypto-to-crypto and crypto-to-fiat currency transactions
  • Highly liquid
  • Low transaction fees

Cons

  • May not be suitable for beginners
  • High deposit fees on small amounts of money
  • Limited payment options
  • Limited selection of altcoins
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Exchanges like Bitstamp

What is Bitstamp?

Bitstamp is a European Union-based marketplace connecting buyers and sellers of Bitcoin and other digital assets. As one of the most trusted names in the cryptocurrency market, Bitstamp allows traders to buy and sell Bitcoin safely.

Bitstamp is one of the “Big Four” exchanges that determines the CoinDesk Bitcoin Price Index (XBP), which is based on specific criteria. Currently, the four exchanges representing the BPI include Bitstamp, Coinbase, itBit and OKCoin.

Which cryptocurrency pairs are available?

Bitstamp allows users to add funds through crypto and fiat currencies such as USD, EUR, GBP and CHF. The platform facilitates trading in the following cryptocurrencies:

  • Bitcoin
  • Ripple
  • Litecoin
  • Ethereum
  • Bitcoin Cash

This means you have the option of trading between cryptocurrency and fiat currency and among cryptocurrencies themselves.

Available countries

Bitstamp is available worldwide, with offices in Luxembourg, the United Kingdom and the United States.

What payment methods are accepted?

Bitstamp accepts the following payment methods:

  • SEPA
  • Credit card
  • International wire transfer
  • Cryptocurrency deposit

How much will it cost me to use Bitstamp?

Like other major exchanges, Bitstamp charges a trading fee, which depends on the user’s 30-day trading history. The more you trade, the more you save on fees.

Trade fees vary depending on volume, declining substantially the more you trade. Debit card withdrawals, SEPA withdrawals, credit card purchases and international wire transfers may also be subject to a fee.

A full breakdown of Bitstamp’s fee schedule, including withdrawal and non-standard processing fees, can be found on the Bitstamp site.

How fast will my funds be available?

In terms of deposits, a bank wire transfer usually takes two to five days and a SEPA transfer one to three business days to reach your account.

Cryptocurrency deposits depend on how long it takes for the blockchain network to confirm the transaction. Confirmation time is usually one hour.

In terms of withdrawals, SEPA zone transfers usually take two to three days. Clients outside of the SEPA region (including Canadians) usually wait five business days to receive their funds.

Are there any transfer limits?

To reduce the impact of rounding, Bitstamp stipulates minimum trade sizes, and minimum withdrawal amounts.

Is Bitstamp secure?

Bitstamp is generally considered to be one of the safest platforms for buying and selling cryptocurrency. The two-factor authentication and anti-money laundering guidelines greatly enhance Bitstamp’s security.

The company is also transparent about what information it collects and how it uses it. At the same time, account verification requires a valid government-issued photo ID and proof of residency. These are standard guidelines for regulated Bitcoin exchanges.

Customer support

You can contact the customer support team anytime by logging into your account and opening a new ticket. Here, you’ll have access to more than two dozen categories. However, Bitstamp hopes that its detailed FAQ section will answer most of your questions.

Pros and cons

Pros

  • Globally recognized Bitcoin exchange
  • Enables crypto-to-crypto and crypto-to-fiat currency transactions
  • Highly liquid

Cons

  • May not be suitable for beginners
  • Deposit and withdrawal fees
  • Limited payment options
  • Limited selection of altcoins

Next steps

Once you have done your research and decided to trade on Bitstamp, opening an account is fast, easy and free. To register, go to the homepage and select “Create Account”. After filling out the form, you can login and select your funding method. You will be presented with two main choices: Bitcoin you wish to sell or fiat currency you would like to use to buy Bitcoin.

Bitstamp-Homepage_333KB

Frequently asked questions

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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