Overview of the cryptocurrency exchange Bitstamp 2022. Features, commissions, pros and cons.

Table of content

What is Bitstamp

Cryptocurrency exchange Bitstamp is popular in many countries due to its ease of use. Even the United States, with its complex legislation, did not become an obstacle for the company. Only residents of the state of Hawaii cannot use its services. Also, the company focuses on professional trading, for which it fills the exchange with tools and opportunities for in-depth market analytics. The same applies to the development of new instruments and derivatives for trading. The key advantage of the Bitstamp cryptocurrency exchange is that it is available in all countries for legal work. Even the United States, with its complex legislation, did not become an obstacle for the company. Only residents of the state of Hawaii cannot use its services.

Also, the company focuses on professional trading, for which it fills the exchange with tools and opportunities for in-depth market analytics. The same applies to the development of new instruments and derivatives for trading. The only barrier to quickly getting started with Bitstamp is the complicated registration and verification process. The process includes several stages with the provision of a number of documents in order to get started with the platform.

How does Bitstamp work?

The main criteria that can be used to characterize Bitstamp are safety and comfort. Now that the technologies for storing and protecting assets have been perfected, the developers have switched to adding more and more professional features for traders and working on the interface to make it as simple as possible for those who have just joined the company. If you ask what Bitstamp is recommended for, there are three main reasons:

Easy to perform basic functions. Everything related to depositing, withdrawing, exchanging assets on the platform is very simple and fast, without delays and additional company in the interface;
Security. A hack in 2015 showed weaknesses in the security of the platform. During this time, its level is brought to the highest level;
Professional trading tools. A simple interface for beginners hides a separate section for professionals – TradeView. Everything is here to turn trading into a whole new world.

The only point that may confuse many is the limited choice of cryptocurrencies. 52 coins is not so little compared to other companies, but for many traders it seems not enough. On the other hand, the situation for each of them is stable, the market is large, liquidity is high – everything you need for professional trading with large trading volumes.

Key features and benefits of Bitstamp

Describing Bitstamp you can indicate a large number of advantages and features of the platform, which brings it to the TOP of companies working with cryptocurrency markets. We have summarized the key features in a list:

Simple procedure for buying/selling cryptocurrency;
Intuitive interface and ease of organizing sections and tools;
Fully functional mobile application;
Features for professional traders;
The listing includes only the best cryptocurrencies;
Passive income through referral program and staking;
Instant deposit methods;
High level of security;
Customer support is available 24/7.

There are also disadvantages:

A small list of cryptocurrencies for arbitrageurs and outright speculators;
Transaction fees are above average;
Creating and verifying an account is a complex and lengthy process.

What services does Bitstamp offer?

Consider the key services for which users choose the Bitstamp cryptocurrency exchange.

Convenient buying and selling of cryptocurrency

All typical functions in cryptocurrency exchanges are tried to be simplified so as not to strain the client with routine actions and reduce the time for making transactions. In order to start working on the exchange or purchase / sale of cryptocurrencies, no additional education or actions are required.

You need to select a coin from the proposed list, go to payment methods and conclude a purchase deal. Selling through the exchange machine is also simple, only in reverse order.

Convenient platform

Simplicity is the key to success. Bitstamp took this literally and divided the exchange into external and internal parts. The external part is aimed at novice traders and new clients. It starts from the main page of the company and offers all the main features, most of which are done with a couple of clicks. Navigation at the top of the cabinet is intuitive, and the ability to customize the display of each section makes the interface even more friendly.

Mobile applications

Without the ability to quickly monitor the market situation, it is simply impossible to trade profitably in the market. Mobile applications for smartphones have all the functionality, like the desktop version of the site. The display format can also be customized strictly for you, so that when you open the application, you immediately receive up-to-date information about the state of selected markets.

Application sizes are quite small, they are not demanding on performance, therefore they are supported by almost any smartphone.

Convenient cryptocurrency trading

With an abundance of monitored markets, it is sometimes difficult to navigate the market situation. Especially when each chart is cluttered with analytical information. Bitstamp solved this issue by creating a chart of the best buys and sells in the current time period. You make the decision on the transaction yourself and after choosing a specific asset, go to the subject chart.

Advanced trading for professional users

It’s time to talk about the second part of the Bitstamp interface, designed for trading by those who have good experience in cryptocurrencies or came to trading derivatives from classic trading. The Trade View option allows you to access more fiat and crypto trading pairs. Here you can also configure the appearance of the chart, the depth of analysis. More indicators are presented, it is possible to customize the type of candles to be displayed and much more useful.

Popular cryptocurrencies available for trading and buying

50+ cryptocurrencies in the Bitstamp listing are far from the first places in the TOP exchange in terms of the number of coins. But on the other hand, work on the introduction of coins, which after a while have to be withdrawn from the listing and endure criticism from users. Bitstamp went the other way, providing each listing coin with enough liquidity to cover even the biggest trades of their clients. When one of the active cryptocurrencies begins to meet the requirements of Bitstamp experts, it is added to the listing.

Passive income on staking and referral program

Everyone enjoys getting a few extra dollars for their investments or activities. The cryptocurrency industry is no exception. Bitstamp, like many other companies, encourages its users by inviting new customers to the company. Having a developed network of contacts, the income that an active partner of the company can receive can be quite impressive.

The second direction of passive income is the staking of coins, both in the investment sense, and holding them in growth.

Instant deposit methods available

For some directions of replenishment of the account of cryptocurrency exchanges, bank transfers are used. In some cases, the terms for crediting funds can be several banking days, which is not very suitable for the crypto market, which is distinguished by its volatility. Bitstamp avoided these problems by using instant money transfer systems. For accounts from Europe, the SEPA direction is best, and for users from the USA, ACH payments.

Impressive Security Measures

The 2015 hack set the company’s new security policy. Now, only cold storages with multi-level authorization of each transaction are used to store assets. Security within the company is on a par with the banking level. To avoid intrusions into user accounts and stop any fraudulent activity, Bitstamp’s registration and verification process has been established as one of the most difficult in the entire industry.

24/7 customer support

Problems can arise even with the best customer service systems. Support Bitstamp is distinguished by professionalism and efficiency in resolving all issues. There is no live chat on the site, but you can send a letter or call one of the 24-hour numbers at any convenient time.

What I don’t like about Bitstamp

All of the above certainly puts Bitstamp in a positive light, attracting attention and motivating users to open an account here. For fairness, it is necessary to note a number of points that may affect this decision.

Very few cryptocurrencies listed

For large traders or institutional investors, this is only a plus, because they buy in growth for long periods. But for novice traders, it is often expensive to buy established coins with a high price and a huge number of orders. Bitstamp lags behind many exchanges in terms of the number of coins in listings, but provides good trading conditions for each.

Relatively high taker/maker fees

The base maker/taker fee is 0.5%. This figure is significantly higher than what is accepted in the crypto industry. Fee reduction is possible under the usual conditions for crypto-exchanges, for a trading volume within 30 days, but even at the maximum discount level, the Bitstamp fee remains at a higher level than the base fee of many other platforms.

Lengthy account creation process

Registration and verification is a stumbling block for many users. After deciding to create an account, you want everything to happen quickly. But Bitstamp takes the security of the exchange and each client seriously. In addition to confirming the phone number and mail, you must provide a number of documents confirming your identity and address. In addition, photo verification is also required when a real-time document is shown against the background of a selfie. To be fair, it must be said. That verification is performed once and these inconveniences are aimed at protecting all parties to the trading process.

Lack of markets for traders

For those who are professional traders in the cryptocurrency industry or who come from classic trading, do not like the fact that Bitstamp does not provide any additional crypto markets. There are no futures, margin trading, derivatives and other innovations. Only the classic spot market.

Bitstamp fees

They play an important role for site participants, since the higher the fees and commissions, the lower the profit for traders and investors.

Commissions on Bitstamp

Fiat deposits on Bitstamp differ in the size of the commission depending on the direction of replenishment.

Sepa – free;
ACH – free;
Quick Pay – free;
Credit / debit card – 5% (an additional issuer commission is possible);
International transfers – 0.05% of the amount, but not less than $ 7.5 or equivalent. No more than $300 or equivalent;

Entering cryptocurrency is completely free.

Bitstamp Transaction Fees

Cryptocurrency exchange Bitstamp charges a standard commission of 0.5% for both sides of the transaction. Reducing the size of the commission is possible by increasing the volume of trade following the results of 30 days.

It is noteworthy that the commission completely disappears when a turnover of $ 20 billion is made within 30 days.

Fee for withdrawing fiat from Bitstamp

Here everything also depends on the direction:

SEPA – 3 EUR, regardless of the amount;
ACH – free;
FastPay – 2 GBR;
International transfer – 0.1% (minimum 25 USD) + bank fees.

Crypto withdrawal

The commission for cryptocurrency withdrawals depends on the coin that is being withdrawn. Actual fees are displayed in tables.

Pros and cons of Bitstamp

Let’s reduce the key features of the Bitstamp cryptocurrency exchange to a few theses in order to determine their positive and negative sides for users when making a decision.

Positive traits:

Ease of working with the platform, no overload with unnecessary functions and details;
Quick purchase/sale of assets;
Prompt support service via messages and telephone;
Advanced trading options for professional traders;
Passive income on staking and affiliate program;
Full featured mobile app.

Minuses:

A small amount of coins to trade in the Bitstamp listing;
No variety of trading markets and derivatives for professional trading
The account requires many additional documents and verifications.

Verdict

In general, the Bitstamp cryptocurrency exchange is a convenient and reliable platform for traders with different experience and deposit. Many options for depositing and withdrawing fiat with normal commissions allow you to work from anywhere in the world. Staking and affiliate programs for those who prefer passive income. But for sophisticated speculators, there are not enough cryptocurrencies in the listing and there are no alternative markets, such as margin trading, derivatives, and so on.

FAQ

When was Bitstamp hacked?

The incident happened in 2015. Fraudsters acted through the company’s employees, passing them documents infected with viruses under the guise of third-party communication on work devices. As a result of the hack, 19,000 BTC were stolen, which at that time was $5,000,000. Since then, the company has turned its warehouses into an impenetrable fortress, and the work of employees is controlled in many ways. The staff is reduced as much as possible and is under constant control.

Is Bitstamp suitable for novice investors and traders?

Fits perfectly. Novice traders and investors prefer less risky instruments and ways of earning due to ignorance of the market and not willingness to risk small deposits. In Bitstamp everything is focused just on this activity.

Why does the company have such high commissions?

This is most likely due to the fact that the platform has only the spot market, the commissions from which bring the main profit of the company. At the same time, other platforms have a market several times larger due to alternative trading and can afford to lower commissions to attract new customers.

Bitstamp cryptocurrency exchange review 2022