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Bitstamp Review 2024: Features, Fees & Security
Swen Keller
- URL: https://www.bitstamp.net
- Headquarter: Luxembourg
- Year Founded: 2011
- Platform App: Desktop, Mobile
- No. of Cryptos: 80+
- Fiats Available: USD, GBP, EUR
- Withdraw Method: Bank Transfer, Crypto
- Payment Method: Credit and Debit Card, Bank transfer
Bitstamp Review: Our Opinion
The Bitstamp crypto exchange offers competitive trading fees which are less than what most crypto exchanges charge, which makes it an excellent choice for fee-conscious traders.
The Bitstamp crypto exchange stands out for its expert trading platform which targets experienced traders.
That said, the Bitstamp exchange falls short in supported cryptocurrencies as it is missing a couple of popular assets from its offering. It also suffers in security as it has been hacked in 2015.
An Overview of Bitstamp
Bitstamp is a crypto exchange based in Luxembourg that offers crypto trading services which allow users to trade between fiat currencies and over 80 cryptocurrencies.
The company is co-founded by Nejc Kodric, a popular member of the Bitcoin community. Nejc Kodric founded Bitstamp alongside Damijan Merlak in 2011 in Slovenia. They later moved its registration to the United Kingdom and then to Luxembourg in 2016.
Bitstamp has offices in Luxembourg, the United Kingdom, and the United States.
Bitstamp has had its fair share of controversies, in 2014, the Bitstamp exchange suspended withdrawals for a couple of days due to DDoS (distributed denial of service). The individuals behind the attack demanded 75 Bitcoins from Kodric who refused to pay the ransom.
Again, in January 2015, Bitstamp suspended its services after a hack in which 19,000 Bitcoins were stolen.
Pros
- Competitive trading fees
- Supports advanced trading features
- Supports popular fiat currencies
Cons
- It has been hacked more than once
- Users complain of poor customer service
- A limited number of cryptocurrencies
- Limited additional features
Bitstamp Review: Unique Features
Bitstamp Mobile App
The Bitstamp mobile app allows users to trade and manage their crypto assets on the go.
Both beginners and advanced investors can easily navigate the crypto market, and trade crypto using the various trading tools available in the app.
The Bitstamp app is available on iOS and Android devices.
The mobile app allows users to buy all the cryptocurrencies available on the Bitsmap exchange.
Users can buy crypto within seconds using different supported payment methods including debit/credit cards, Google Pay, Apple Pay, etc.
The app has a QR code scanner that allows users to easily send crypto to external wallet addresses. No wallet address is required for this method, all the sender needs to do is scan the QR code of the recipient and the funds will be transferred to the receiving wallet.
The app also supports direct deposit and withdrawal from the user’s Bitstamp account to their bank account.
Asides from crypto trade, users can view different order types, and analyze market trends with the Bitstamp TradeView charts and tools.
They can also inspect the entire order book, and browse all assets using search filters like the asset’s popularity and performance.
The mobile app is secured with all the security features of the desktop platform.
Available security features include password and biometrics login. Users can also remotely disable the mobile app if they lose their phones.
Bitstamp OTC RFQ Service
The Bitstamp Over-the-counter Request-for-Quote service is designed for high net worth crypto investors and high volume traders who wish to execute buy/sell orders between $50k-$500k on the Bitsmap Exchange.
The OTC RFQ service gives traders instant access to Bitstamp’s globally sourced liquidity, traders also avoid spillage and disruption of the regular spot market.
Bitstamp OTC traders have access to Bitstamp’s institutional-grade non-stop availability matching engine. The engine is powered by NASDAQ technology.
Just as the name implies, Bitsmap OTC service is available on an automated Request-for-Quote basis, traders can instantly obtain the optimal price quoted from different Bitstamp dealers for each trade.
To access the OTC features, all you need to do is to login into your Bitstamp account on the web platform, go to the top menu and choose OTC. No third party is needed.
Once you build your order from the available range of options, and you accept Bitstamp’s price quote, your trade will be executed in a single transaction. All trades are fast and discreet.
Available trading pairs on Bitstamp OTC RFQ include BTC/USD, ETH/EUR, BTC/ETH, BTC/EUR, ETH/USD, BCH/USD, USDT/EUR, USDC/EUR, USDC/USD, USDT/USD, XRP/USD, LTC/USD, DAI/EUR, XLM/USD, and DAI/USD.
Note: XRP/USD is not available to US customers.
Also, the OTC service is not available to customers in Singapore and the following states in the US: Nevada, Hawaii, and Louisiana.
Bitstamp Tradeview
Bitstamp offers experienced traders advanced trading features via Tradeview.
Tradeview is an advanced analytical trading tool that advanced users can use to track and analyze the state of the crypto market.
Despite being an advanced trading platform, Tradeview has a simple interface that allows users to easily place new orders and view existing orders.
Tradeview has 5 important elements: order book, trades, trading charts, active orders, and depth charts.
Order Book
This section is located at the bottom of the Tradeview page and it displays queued orders that have not been executed.
The Orders are color coded for easy identification. The bids are colored green while the asks are color-coded red. The “asks” are on the right-hand side of the page while the “bids” are on the left-hand side of the page.
The Order book section also displays the total sum of both bids and asks, the value of the order and the amount to be traded.
Depth Chart
This chart displays all limit buy and sell orders open on the order book, as well as, all the information the user needs about the relationship between the supply and demand of supported cryptocurrencies.
Just like the order book, the lines on the depth chart are color coded. The red lines represent the sell orders while the green line is for the buy order.
Each dot on the line shows how much a user can trade up to that point. The depth chart does not display stop orders because stop Orders do not appear in the order book.
The lines on the chart are drawn by plotting the dots. There is, however, a spread in the middle, as both buy and sell lines do not meet.
Also, the slopes on the red and green lines show how much money a user needs to move the price of a crypto asset.
A steep line means that more money is required to move the price of the asset, a vertical line shows that there is a large amount of Buy or Sell orders at the price where the wall is located while a flat line means that less money is required to move the price.
Trading Chart
The Trading Chart is the central feature of Tradeview. It shows a visual representation of market price movements within a selected time frame. Users can adjust the time from 1 minute to 3 days by using a panel located at the upper left-hand side of the price chart.
The trading chart features different trading indicators that users can use to predict future market movements. Available trading indicators include Relative Strength Index, Ichimoku Cloud, and Moving Averages.
The default chart type for Tradeview is the Candlestick chart. However, Bitstamp Tradeview has other chart types like bar charts and line charts that users can switch to.
Orders
This section allows users to place different orders. Supported orders include market orders for buying and selling crypto using fiat currency, limit orders, intent orders, and stop orders.
This section is located on the right-hand side of the Tradeview page. It also features a list of open orders.
Trades
This section displays all recent sales and purchases of supported cryptocurrencies executed by the Bitstamp trading engine. It features 3 columns; the tile column, the price column, and the amount column.
The prices on the price column are color coded. The green prices are purchases while the red prices are sales.
As already stated, Bitstamp Tradeview is straightforward to use. To place a Limit order on Tradeview, do the following:
Open Tradeview and click “Buy” or “Sell” on the Trading chart. Once you do this, a form will appear on the chart.
Input the amount of BTC you wish to buy or sell. Alternatively, enter the amount of USD you wish to receive or spend.
Drag and drop the horizontal line to set the price at your desired amount.
Finally, click “Buy” or ” Sell” to finalize your offer. If you wish to place a conditional order, click on “Add if Order”.
To cancel the Limit order, go to the “My Open Orders” column and click on the cancel button (X)
Cryptocurrencies Available on Bitstamp
The Bitstamp crypto exchange supports 80+ cryptocurrencies.
Supported cryptocurrencies include Bitcoin, XRP, Bitcoin Cash, Ethereum, Litecoin, Solana, Stellar Lumens, Shiba Inu, Polygon, Paxos Standard, Chainlink, Gemini Dollar, Hedera Hashgraph, Uniswap, Polkadot, Dogecoin, etc.
Bitstamp Review: Fees
As with most advanced crypto exchanges, Bitstamp uses the maker-and-taker fee model to determine its trading fees.
Different fees apply depending on if you provide liquidity (maker orders) or you take liquidity.
Bitstamp also calculates your trading fees based on your current pricing tier at the time of trade execution – the crypto exchange uses a previous 30-days crypto trading volume tier model.
So depending on your trade volume in USD in the last 30 days, you will be placed in a tier that offers a particular fee rate.
That said, here are its trading fees:
30 days trade volume: < $1,000
- Standard Fee: Maker:0.00% Taker:0.00%
- FX Fee: Maker:0.000% Taker:0.000%
30 days trade volume: > $1,000
- Standard fee: Maker:0.30% Taker:0.40%
- FX Fee: Maker:0.060% Taker:0.080%
30 Days trade volume: > $10,000
- Standard Fee: Maker: 0.20%, Taker: 0.30
- FX Fee: Maker: 0.040%,Taker: 0.060%
30 Days trade volume: > $100,000
- Standard Fee: Maker: 0.10%, Taker: 0.20%
- FX Fee: Maker: 0.020%, Taker: 0.040%
30 Days trade volume: > $500,000
- Standard Fee: Maker: 0.08%, Taker: 0.18%
- FX Fee: Maker: 0.016%, Taker: 0.036%
30 Days trade volume: > $1,500,000
- Standard Fee: Maker: 0.06%, Taker: 0.16%
- FX Fee: Maker: 0.012%, Taker: 0.032%
30 Days trade volume: > $5,000,000
- Standard Fee: Maker: 0.03%, Taker: 0.12%
- FX Fee: Maker: 0.006%, Taker: 0.024%
30 Days trade volume: > $20,000,000
- Standard Fee: Maker: 0.02%, Taker: 0.10%
- FX Fee: Maker: 0.004%, Taker: 0.020%
30 Days trade volume: > $50,000,000
- Standard Fee: Maker: 0.01%, Taker: 0.08%
- FX Fee: Maker: 0.002% , Taker: 0.016%
30 Days trade volume: > $100,000,000
- Standard Fee: Maker: 0.00%, Taker: 0.06%
- FX Fee: Maker: 0.000%, Taker: 0.012%
30 Days trade volume: > $250,000,000
- Standard Fee: Maker: 0.00%, Taker: 0.05%
- FX Fee: Maker: 0.000%, Taker :0.010%
30 Days trade volume: > $1,000,000,000
- Standard Fee: Maker: 0.00%, Taker: 0.03%
- FX Fee: Maker: 0.000%, Taker: 0.006%
International Wire Fees
Bitstamp charges users 0.05% in Bitstamp fees for all international wire deposits. It also charges 0.1% in withdrawal fees for an international wire transfer.
There are also dynamic withdrawal fees for digital assets depending on the coin being withdrawn.
Instant Buy
Bitstamp charges 4% for instant purchases via debit card, credit card, Apple Pay, Google Pay, or PayPal.
Staking Fees
Bitstamp, like other competing crypto exchanges, offers a staking service that allows users to earn interest on particular assets in their crypto portfolio. But this doesn’t come for free, the exchange charges the following fees for the service from the interest gained. This means your capital funds remain untouched:
- Ethereum 2.0: 15%
- Algorand: 15%
Bitstamp Fees for Deposits and Withdrawals
Here are the fees charged to deposit money on Bitstamp and withdrawal fees:
SEPA
- Deposit: Free of charge
- Withdrawal: 3.00 EUR
ACH
- Deposit: Free of charge
- Withdrawal: Free of charge
Faster Payments (UK)
- Deposit: Free of charge
- Withdrawal: 2.00 GBP
Bitstamp Review: Payment Methods
Bitstamp crypto exchange offers the following payment methods:
- Credit or debit card
- Apple Pay
- Google Pay
- PayPal
- Bank transfer (ACH, Faster Payments for the UK, and SEPA for Europe)
- International wire
The cryptocurrency exchange offers credit or debit card, Apple Pay, Google Pay, and PayPal as instant options for fiat currency deposits. Other payment options take 1 to 3 business days.
Bitstamp Review: Security
Bitstamp platform is one of the first crypto exchanges to exist – it is the oldest cryptocurrency exchange. It holds 50 registrations and licenses globally.
Bitstamp cryptocurrency exchange holds an ISO/IEC 27001 certification and conducts regular audits to ensure that the assets held match customers’ liabilities.
Just like other major crypto exchanges, Bitstamp stores 95% of users’ assets in cold storage offline. The cold storage facilities use bank-grade Class III vaults. Also, the assets in the cold storage wallets are insured.
The remaining assets are held in hot wallets to ensure fast processing of transactions and are secured with multi-signature technologies.
Bitstamp is fully responsible for the security of the private keys of cryptocurrencies stored on the platform.
Bitstamp stores customers’ cryptocurrencies and fiat currencies separately from Bitstamp’s corporate assets.
Users’ accounts are secured with security features such as password change prompts, two-factor authentication, address whitelisting, and confirmation emails.
Bitstamp Review: Staking Rewards
When compared to other crypto exchanges, the Bitstamp cryptocurrency exchange offers a very limited staking service.
Bitstamp currently only supports 2 cryptocurrencies for staking – Ethereum2 and Algorand. The APY earned for either asset is quite low as well – up to 4.5% APY.
Bitstamp also charges a service fee of 15% on earned rewards for both assets.
Bitstamp Review: Supported Countries
The Bitstamp platform operates in over 100 countries.
Supported countries include the Netherlands, all 27 EU Member States, over 48 states in The US, Italy, Spain, Luxembourg, Canada, Norway, Monaco, Iceland, Serbia, China, Japan, Taiwan, South Korea, etc.
Bitstamp Review: Opening a Bitstamp Account
To open a Bitstamp account download the Bitstamp mobile app from the Google Play Store or Apple App Store.
You can go through the Bitstamp website to download the app to ensure that you’re getting the official mobile app.
Once you’ve downloaded the app, launch it and choose your country.
Next, input your full name as stated on your official government-issued identification. Then enter your date of birth and email address.
Bitstamp will send a verification message to your email inbox. Open the email and confirm your address.
You’ve successfully opened a Bitstamp account!
After this, you’ll need to follow on-screen instructions to complete account verification.
The cryptocurrency exchange will request particular documents like identity documents (driver’s license, national ID, passport, etc) and proof of residency documents.
Bitstamp Review: Trading Experience
Bitstamp gives users 3 trading platforms via Bitstamp Tradeview, mobile app, and Bitstamp web. The primary difference between each platform is their target audience.
Bitstamp Tradeview is an advanced trading platform for expert traders while the Bitstamp web trading platform is primarily for beginners. It offers simple buy and sell crypto orders as well as supports increase, limit, and stop market orders.
The advanced trading platform supports advanced tools like in-depth charts, live order books, and quick trading forms. Concerning the mobile app, it works on both Android and iOS devices and supports the same features you’ll get from the web platform.
Bitstamp Review: Customer Service
Bitstamp offers customer support via email at support@bitstamp.net. Bitstamp support can also be contacted via phone and support tickets.
It has a well-equipped Help Center and FAQ page.
The platform also has a complaint resolution page, detailing the steps disgruntled customers can take to communicate their grievances with the support team.
Bitstamp Review: Customer Satisfaction
Bitstamp reviews on third-party review platforms show that the majority of customers are not satisfied with the service from the customer support team.
Users have also complained about the poor and intrusive nature of the personal account verification process.
Does Bitstamp Offer Education?
Yes, Bitstamp has an education service via its Crypto Learn Center.
The center provides tutorials on Bitstamp’s services, articles on Web3 developments, and covers crypto developments and blockchain technology in general.
The center is beneficial to both advanced traders and beginners.
Is Bitstamp Right for You?
Bitstamp is right for advanced traders who are fee-conscious.
While the trading platform may appear user-friendly to novice crypto traders, it’s the advanced users who will truly reap the benefits when it comes to its feature-rich capabilities.
Bitstamp Review: Conclusion
Bitstamp is a cryptocurrency exchange that targets expert traders via its advanced trading platform.
It offers advanced trading features like margin trading and a live order book.
However, it has some downfalls like a hacking history and high fees for Bitstamp’s staking program.
Our extensive analysis of the different Crypto Exchanges doesn’t stop here. You can also read about our Kucoin review as an alternative to Bitstamp.
FAQ
Most frequent questions and answers
Yes, Bitstamp was hacked in 2015, where the exchange lost about 19,000 BTC, which was around $5 million at the time.
Bitstamp is one of the oldest crypto exchanges in the world with over 4 million customers that trust their services.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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