Last updated on February 10th, 2018 at 04:27 pm
Table of Contents
- Bitstamp- Introduction
- Bitstamp Review
- How can you pay at Bitstamp? Currency Support
- How responsive is the Customer Support of the Bitstamp?
- How to trade at Bitstamp? Complete Trading Guide
- How to Open Account at Bitstamp?
Today we will talk about the Bitstamp exchange. Bitstamp exchange is a European platform for bitcoin trade. It provides the facility for all people around the globe to safely sell and purchase the bitcoins. This exchange takes money in the form of cash, bitcoins, Litecoins and Altcoins for trading. The Bitstamp exchange allows clients to exchange their cash for bitcoins and vice versa. Bitstamp is a worldwide platform that provides the users for exchanging money and the bitcoins in a safe and simple trading environment. At this platform, individuals do not need to buy and sell their bitcoins without guarantee. It has a very easy and a fast process to open an account on the Bitstamp. Moreover, Bitstamp is one of the oldest and most reputed exchanges of cryptocurrencies. It is functioning since 2011. It is particularly good for intermediate and expert users who wish to business in Bitcoins, fiat currencies, and altcoins. It is also one of the cheapest exchange as compared to other exchanges in the market. It offers very small fees for a large volume of the digital currency. It is particularly popular among the people of Europe. In this article, we will review the benefits and the drawbacks of the Bitstamp exchange.
Related reading, see: 10 Best Bitcoin and Cryptocurrency Exchanges
The Bitstamp exchange is a well reputed, and reliable service in the market of digital currency. It is one of the oldest exchange created for the trading of Bitcoins in competition with Mt. Gox exchange. Mt.Gox exchange is nearly handling more than 70% of transactions of people around the Tokyo. Mt.Gox was brought down by the hack faced by the exchange. In this hack, they lost 850000 coins. Many people lose their money. Due to hack of coins from Mt.Gox Bitstamp become dominant over Mt.Gox. It is good to use Bitstamp, but it is quite difficult for the beginners to work with Bitstamp exchange. So it is suggested that beginners must use simple exchanges first before using Bitstamp. If we talk about the security of the Bitstamp, it is leading the industry of cryptocurrencies with its top security procedures. They had created their repute once again by devotion and constant hard work. The industry has its history of problems, Bitstamp was hacked and stopped its business during 2014 and 2015. They suffer from the loss of 19000 bitcoins. That was a serious loss but not as big as faced by the Mt.Gox. But Bitstsmp team worked hard in serious terms and rebuilt the reputation of the company. Now it is one of the best exchange for trading cryptocurrencies, and they have created and deploy many new methods of security.
Related reading, see: 3 Methods to Buy Bitcoin With PayPal Instantly
How can you pay at Bitstamp? Currency Support
Bitstamp exchange works with the US dollars and Euros from fiat currency options. If a user has an account in a European bank, he will find the services of the exchange more promising as compared to another user away from Europe, because the European account holder can deposit funds via wire transfer. Wire transfer helps the user to avoid paying heavy credit card fees. The Bitstamp have many currencies including Ethereum, Bitcoin, Ripple (XRP) and Litecoin (LTC). The Bitstamp exchange supports these all mentioned currencies, and they also have trading and wallet options.
Related reading, see: 6 Ways to Buy Bitcoin Without Verification or ID Anonymously
In which Countries Bitstamp has offices? Geographical locations
Bitstamp is a European based global platform for everyone. Its main office is in the United Kingdom. But people from all over the world can connect them to the internet. This exchange is working everywhere in the world from developed countries to developing countries. This exchange has fantastic support for the people with European bank accounts. If the user will deposit fiat currencies with European account, then wire transfer is the best option. It now enables the deposit of funds through a credit card that is a beneficial feature of Bitstamp for all users. But using a credit card is an expensive solution. It has offices in Luxembourg, the UK, and the USA. It is quite motivating to know that they have an address from UK and a phone number for customer support that makes users feel comfortable that it is a trustworthy exchange.
The trading, withdrawal and deposit fee for Bitstamp exchange is quite low as compared to other exchanges. The deposit fee for Bitstamp is 0.05% of the fund which is very low. Other exchanges have high deposit fees like 2%, 3% or more than that for the deposit of funds. While the trading fees of the Bitstamp exchange variate from other exchanges. The variation in trading fee also depends on the volume of the trading liquidity. The highest trading fee that Bitstamp charge is 0.25% for the amount of money less than 20,000 dollars and it can be as low as 0.1% if a user will work with more than $20,000,000. But still, these charges are negligibly small as compared to other competitor exchanges. A user should be careful or advised to not use his credit card, particularly for small amounts because it cost the user dearly. For example money, less than 500 dollars carries 8% of the amount as fees. Whereas the deposit and withdraw in Litecoin, Bitcoin and Ethereum are free of cost.
Related reading, see: 30 Fastest Growing Cryptocurrencies to Invest (Promising Altcoins)
User Security at Bitstamp?
Yes, this is the priority of the Bitstamp exchange to keep the account and personal data of their clients safe and secure. They used to take new and advanced precautions against new threats and also they constantly monitor their system for any suspicious activities. But they do not take guarantee for the Bitcoins stored on the user’s computer. For this user needs to take extra precautions by himself to protect his wallet. They have introduced the advancements on the security of the exchange concerning the accounts of the users. The Bitstamp has cold storage for keeping funds to secure them from hacks. Bitstamp provides its user with the option of secure wallets. 2FA authentication also protects the users account so that the only password is not the key to access the account of the user.
Related reading, see: 6 Simple Ways to Buy Ethereum Instantly
How responsive is the Customer Support of the Bitstamp?
The customer support services for cryptocurrency exchanges can be unreliable, and it can variate from company to company and even from client to client. A new user will get reviews about good as well as bad experiences of the Bitstamp exchange. But this news is obvious for the pioneering venture in developing the industry. A user can contact Bitstamp exchange through email, or they have provided the phone number for clients so, they can contact them freely. They usually respond within 24 to 72 hours depending upon the nature of the issue. Moreover, it has an FAQ panel in which Bitstamp provides in-depth information related to the common issues a user can face.
Related reading, see: How to buy Ripple (XRP) – A Beginner’s guide
Public Opinions/ Online Reviews about Bitstamp
Bitstamp is a respectable organization, and it contains a higher position for the customers of cryptocurrency. As it is discussed above in this article that this venture was developed in 2011 so, it is six years old; a user can get bad reviews as well if he checks the reviews for the Bitstamp exchange. For example, If a user searches on the google for the reviews of Bitstamp he will get some searches like it is a scam or not? But to be honest, these are some reviews user will get for many cryptocurrency exchanges as many people do not believe in the world of cryptocurrency as a whole, so these reviews are obvious. The user will always get bad reviews about the cryptocurrencies exchanges because many people also don’t know how to use these services. But many people give a positive review of this exchange as it has low fees and it is a reputed platform.
Our Concluding Remarks – Is Bitstamp a good Exchange?
Bitstamp exchange offers low fees for the cryptocurrency trade. They know how to provide good and best services to the traders for the big volumes of funds. It is also a good platform for the users who want to work with the euros and US dollars. A user can feel secure with Bitstamp as it provides good modes of security for the funds of users. The only dark side of trading in Bitcoin market for new people is, so they first look deeply into the reviews about the exchange and its trading methods. If the user wants to trade for the first time, he must choose a simple platform for it. But Bitstamp is a good option for the experts and the intermediate traders of the cryptocurrency exchange.
Related reading, see: The 5 Most Important Altcoins Other Than Bitcoin
How to trade at Bitstamp? Complete Trading Guide
After creating a new account, and performing all the requirements needed a user can now trade on Bitstamp by clicking on the deposit button from the main menu and clicking on the deposit type he is interested. But in general, there are two choices. The user can sell the bitcoins, or he can spend money on buying bitcoins. After opening an account on the Bitstamp exchange, he should also know how to trade. If he is new in this field of cryptocurrency like me, then he should go with some simple exchange for trading. After the successful opening and putting money into his account it’s time for him to trade in the safe and simple environment of Bitstamp. Simply click on the trade button from the main menu it will show two type of orders: instant and limit order. Use of instant order is simple but limit order gives authority of setting the price rate a user wants to pay and get for his bitcoin. It is the choice of the user in which order type he is interested. If a user wants to cancel any opened order, then it is not a troubling thing. He can do it by two methods. First one is to go to the accounts. After selecting the open orders from the left side of the menu selections, select that particular order, a user wants to cancel and then simply press the cancel button against that particular order, he wishes to cancel. Another way is to click the “Order Book” button and search the order with the green triangle and cancel it. The Bitstamp exchange recommends the new users to choose instant order s they are new in this market, and they want a trade at a much rapid rate, and limit orders are for those who have some experience about the market of cryptocurrencies.
How to Open Account at Bitstamp?
To open an account on the Bitstamp the user has to follow five simple steps.
- First of all, a user needs to go to the main page of Bitstamp by writing www.bitstamp.net; a window will be prompt up to open an account on the Bitstamp. This window contains some different options including Home, account, deposit, withdrawal, sell/buy and many more. In the middle of the displayed page user will find the button of “create account” as shown in the above figure.
- By clicking on the button “create account” user will go to the next page where he needs to provide some personal details including user’s first name, last name, email address and the selection of the country. Moreover to proceed with the account the user needs to agree to the terms and the conditions related to open an account on the Bitstamp. Without accepting the terms and the conditions, the user cannot open an account on the Bitstamp. After filling the required information and clicking on the registration, button user will go to the next tab.
- In the new window, a user will see a message that will inform the user that registration process ends. For email confirmation go to your inbox. It means you have successfully open account on the Bitstamp.
So, this is the simplest way by which an individual can open an account on the Bitstamp free of cost.
- Now Bitstamp will send them a customer ID and password through email, that user can change when he is logged into the Bitstamp for the first time because it is recommended to the user to change the password as you first time logged in to secure your account. The email will look like the one given in the figure below. It contains the information related to client ID and password. That is machine generated code
- Now the user will come back to the main page and click on the log in button a user interface will appear, and it will look like:
This window will ask the user to put client ID and the password sent by the Bitstamp through email. If a user forgets about the password, then he can click on the forget password button shown in the figure above.
- It will take you to the new tab where a user will see a message from the Bitstamp about lost login information. By providing your email address and click on the recover button it will send an email with a password against your client ID. So, the user can put that new password and open his account.
- Now after putting the client ID and the given password click on the Log in button it will open a new tab for the user. It will ask the user to change the password to enhance the security of user’s account.
- On the left side of the above-displayed window, there are many options for the user to explore. The user has an account he can also open Subaccounts. Sub-accounts, but sub accounts required verification of the user that will be discussed later in this article. Sub-account contains the information of your current active accounts, closed accounts and gives an option of a new.
Frequently asked questions about Bitstamp
Can you pay via credit card, debit card, bank account, PayPal, and Cash?
A user can pay for the Bitstamp using the Debit card. But it is only possible if a user will verify his new account after opening on the Bitstamp exchange.
How much time does it take to withdraw the funds?
Withdrawal of funds usually takes 2 to 3 working days normally if there is no issue with the system for the people transferring their transactions in the SEPA zone and it takes five working days for the user outside the SEPA zone.
How to contact the customer support in case of an issue?
As already told that the customer support services for cryptocurrency exchanges can be unreliable and it can variate from company to company even from client to client. A new user will get reviews about good as well as bad experiences of the Bitstamp exchange. But this news is obvious for the pioneering venture in developing the industry. A user can contact Bitstamp exchange through email, or they have provided the phone number for clients so they can contact them in case of an emergency.
How many countries does the Bitstamp support worldwide?
Bitstamp is a European based global platform for everyone. Its main office is in the United Kingdom and the USA. But people from all over the world can connect them to the internet. This exchange is working everywhere in the world from developed countries to developing countries.
User privacy at Bitstamp