Bitstamp Review: Buy and Sell Bitcoin Worldwide
Bitstamp is a bitcoin exchange that has been operating since 2011. It offers features for selling, buying, and trading bitcoin worldwide.
Bitstamp is an exchange that has supported the bitcoin economy since 2011. It offers buying or selling bitcoin with a credit/debit card and trading, placing various types of orders. It also provides API and has mobile applications for trading on the go.
How Bitstamp Works
To start using Bitstamp, you need to create an account on its web-based platform or download the app on the App Store or Google Play Store. This process involves providing your name, surname, email, date of birth, and country of residence. Bitstamp follows KYC (Know Your Customer) regulations, so you must verify your identity by entering your basic financial information, uploading documents and enabling extra security.
Once the account is set up and verified, you can deposit either fiat currency (USD, EUR, GBP or a different currency that will be converted to EUR, GBP or USD before it is credited to the account) or bitcoin into it. Bitstamp supports the following deposit methods: bank transfers, credit/debit card payments, PayPal, Apple Pay or Google Pay. US customers can use ACH.
After the account is funded, you can start trading. Bitstamp matches buy and sell orders in its order book. It is possible to place the following types of orders: instant order, limit order, market order, stop order, trailing stop order, and fill-or-kill order. Upon completion of trading, bitcoin can be withdrawn to your external wallet, while fiat currencies can be withdrawn to your bank account.
You can also buy or sell bitcoin with a credit/debit card, entering the specific amount and selecting your linked card as the payment method. Once the transaction is approved, a confirmation message will be received.
- Bitstamp Pro app: It is an exchange platform designed for advanced traders and crypto experts. It offers four order types ( market orders, limit orders, stop orders, and instant orders), real-time charts, access to actionable data and analytical tools.
- API Support: Bitstamp provides APIs for setting up your trading interface or deploying algorithmic strategies.
- Staking: This feature allows Bitstamp users to participate in the operations of a Proof-of-Stake (PoS) network by delegating their assets to a staking node operator that validates transactions on the network. The underlying PoS protocol issues rewards for participation.
- Lending: Crypto lending enables Bitstamp users to lend their digital assets to others and earn interest on the borrowed amount.
A maker-taker fee model determines the trading fees. For trading volumes less than $1,000, both the maker and taker fees are 0.00%. As the trading volume increases, the fees adjust accordingly. For instance, for a trading volume greater than $1,000, the maker fee is 0.30%, and the taker fee is 0.40%. For a trading volume exceeding $1,000,000,000, both the maker and taker fees are 0.00%.
Bitstamp also charges fees for staking and lending. The staking fees for BTC are 15.00%, and the lending fees are 27.27%.
As for deposits and withdrawal fees, SEPA deposits, ACH deposits and withdrawals are free of charge. International wire deposits have a fee of 0.05%, and withdrawals have a fee of 0.1%. Bitcoin deposits are free of charge, while withdrawals have a fee of 0.0005 BTC.
Is Bitstamp Safe?
The exchange is regulated by the Luxembourg Financial Industry Supervisory Commission (CSSF) and complies with European Union regulations. It has incorporated Multi-Sig technology into its hot wallet, where only a minimal amount of crypto assets are stored. The bulk of the assets are in offline cold storage systems. The service provides withdrawal email confirmation and withdrawal address whitelisting.
We strongly advise removing your bitcoin from exchanges as soon as possible after purchasing or selling bitcoin. Moving your bitcoin to a non-custodial wallet such as Exodus protects you from losing your funds. Many exchanges have collapsed with users’ funds.
|Operating System (OS)|
|Hardware Wallet Integration|
|Type of Exchange|
|Over-The-Counter Trading (OTC Trading)|
Singapore, United Kingdom, Luxembourg, Slovenia, United States