Bitstamp Cryptocurrency Exchange Review
Beginning and experienced traders enjoy using one of the oldest interfaces in the cryptocurrency industry, Bitstamp. They are headquartered in the UK and known for allowing users to use debit and credit cards to make deposits and withdraw fiat currency. Security has improved since being hacked in 2015 including a multi-signature authentication for all transactions. The platform is overall simple to use.
- Licensed and regulated in the EU
- Reasonable fees
- Credit and debit cards accepted
- Fewer cryptocurrency options
- Spread out interface
- More personal information necessary than with some other platforms
Even though the fees are a bit complicated to understand, when it is figured out, it’s determined that they are reasonable compared to other like-interfaces.
Cryptocurrency withdrawals and deposits are free except for when a user wants to utilize the BitGo Instant. That results in a 0.1% fee of the transferred amount. Ripple IOUs cost 0.2%.
Fiat currencies require payment for both deposits and withdrawals. International banks charge 0.5% for deposits and 0.09% for a withdrawal. There are different fees when using SEPA for deposits and withdrawals, but they are relatively low.
Trading fees are middle of the road at around 0.25% for users that trade less than $20,000 in a 30-day period. Finally, Bitstamp charges for debit card withdrawals and credit card purchases as well.
Bitstamp was started in August of 2011, and it is primarily centered in Luxembourg. Over the years they have found a nice balance between ease of use and advanced options so that beginners up to advanced exchangers can all benefit from the interface equally. They offer the use of both cryptocurrency and fiat currency. There is no margin trading that can be done through the exchange unlike some of Bitstamp’s counterparts.
Safety and Security
There were attacks on the site in 2014 and 2015, but since then there have been no issues with hackers. Turning on two-factor authentication through Google Authenticator is encouraged for users. An email verification is part of the withdrawal process for an extra layer of security. Other measures that keep Bitstamp safe as a unit include:
- Annual audits to prove finances and liquidity are solid
- Multi-signature wallets including several keys required for transactions
- Cold wallets store 90% of cryptocurrency
Ease of Use
The appearance of the dashboard of this interface is a bit old-fashioned compared to some of the more modern sites with different pages displaying different kinds of information. That being said, each page is formatted nicely and easy to follow. Nothing can happen as far as trades or deposits without verification which can take up to two weeks and there is more sensitive personal information required to make that verification possible.
Depositing and Withdrawing
There are a plethora of options when it comes to making deposits or taking a withdrawal. Users can select from the following options:
- Cryptocurrency wallets
- Credit and debit cards
- SEPA bank transfers – 1 to 3 days
- Bank wire transfers – 3 to 5 days