Bitstamp Exchange Review (UPDATED 2018): Is It Safe? | VKOOL

1001 Review(s)
AVG Rating: 8.1/10

What exactly is Bitstamp?

Bitstamp is a cryptocurrency exchange that offers common coins such as Ripple, Bitcoin Cash, Litecoin, Ethereum, and Bitcoin. They are based out of Europe and offer limit orders as well as simple to set up account procedures.

The time it takes to initiate a bank wire is a maximum of 5 days, or 3 days for SEPA.  For security they offer people the opportunity to set up a phone number and 2FA.  Their FAQ section also makes it understand what their fee structure is like, and they explain in simple detail how they function and what they offer. We’ll delve deeper into Bitstamp to help explain all the important details about its exchange value.

To help people understand what the best coins are of the year, we’ve discussed our top picks in this guide.

The Fundamentals of Bitstamp

Since 2011 Bitstamp has offered a secure place to access common coins. With a long established history they have offered users multiple ways to make deposits either though bank wires, credit cards or by depositing crypto. They are based out of Europe but they also cater largely to people who trade with USD. On their website they make it clear as to how they function and what’s needed to establish an account.

Important Details of Bitstamp

It’s clear in reviewing the company that they are transparent and they mention in detail what the fees are.

There’s updated markets to help people know what it might cost if they make a transaction at that time. They have 3 separate locations where they operate from including a US, UK and Luxembourg office. Their main headquarters are in the UK however, and they claim to have over 3 million users.

Setting up a USD deposit is made simple, and European users can deposit EUR with even more ease. There is no added fee when depositing Euros due to their Single Euro Payments Are or SEPA.

Look at our research to help determine what coins have the best potential for growth this year.

User Reviews

No matter the exchange there will always be differences in opinions due to every transaction being different, and the fact that they have had over 3 million active users since 2011. With Bitstamp there tends to be a general consensus for how the company functions, and what can be expected from them.

Some but not all saw that the verification process took some time, which delayed the possibility to begin trading immediately. This is likely due to the sheer amount of people trying to register, and the fact that it takes time to fully review IDs and personal information. This is also to be expected as it prevents fraud and has to be fully verified to ensure users aren’t signing up to possibly launder money or commit criminal activities.

There was a lot of praise for the stable fees, transparency of fees, and the ability to get reduced costs with more trading volume. It’s also popular with European users due to the lack of fees for making a EUR based deposit.

Like any other exchange there is additional charges tacked on to credit card deposits, but that’s because of the nature of making such a transaction.  There’s also only a few coins offered and judging from how long they’ve kept these few coins, it appears likely they won’t be adding anything new anytime soon. Still, this is still very useful for people who want to take access more popular coins.

Safety of Bitstamp

The fact that they’ve been active since 2011 and that they remain a popular exchange is a testament to their dedication to safety. They had to deal with a 2014 DOS attack, but it was resolved in a few days with suspended withdrawals to ensure safety. People often said they had smooth transactions and withdrawals without any issues related to safety for some time.

Looking at the company website also highlights the fact they have internal audits and yearly audits which ensures that the IT security is maintained up to date. They also perform anti-money laundering tactics to ensure that there is a reduced risk for illegal activity from users.

They clearly have a good handling on ensuring that funds are secure, and that no one is cheating the system to perform fraud. The fact they maintain frequent audits ensures that they are aware and active in maintaining security.

Fees for Trading

Fees are going to vary depending on what kind if transaction is being requested. For example they have a 5% fee on credit card transactions, a 0.05% fee on international wires, and to deposit and withdraw crypto it’s free. They also have fees for cash withdrawals, PIN retrieval, replacing a card, or other kinds of transactions.

The fees for trading are as follows within a 30 day volume:

  • 0.25% on $20,000 or less, 0.10% on $20,000,000 or more, and in between the fees range from 0.24% to 0.11%.

This is all fully outlined and easy to understand, and it allows for competitive fees when compared to other exchanges. Some only have a flat rate and with Bitstamp, you’re able to take advantage of additional savings depending on the amount you’re looking to trade.  This might be preferable to major traders who want to access a lot of crypto within a 30 day period.

Consumer Support

On the bottom portion of the official website there is clear contact information including a phone number, different emails depending on what you’re looking for, and their headquarter address. For additional addressees in Luxembourg and the US there’s also that information.

People who have asked for support said that they were often responded to in a timely manner. There’s also the FAQ section which offers a simple overview of what can be expected.

The live updated markets also highlight what can be expected in terms of pricing.

There’s a lot of information we gathered to showcase why the following coins were the best of the year.

Bitstamp vs Kraken

Kraken offers an exchange full of different coins such as LTC, DASH, BTC, BCH, XMR, and a few others. They have been around since 2011 and they offer fiat deposits of CAD, EUR, USD, and JPY.  They are a popular exchange that is often used by traders due to its interactive interface and ease of registering.  Their customer service team can also be found at any time of the day, 24/7.

Bitstamp vs GDAX

With GDAX people can get a hold of LTC, BCH, ETH, and BTC. They are owned by Coinbase and as such, make it very easy to set up an account and begin trading. Users can deposit their crypto or perform a bank wire, and with Coinbase it’s possible to transfer credit card deposits into an account.  GDAX also has an easy to understand process and they highlight in updated detail the current value of the coin you’re interested in.

Bitstamp vs Coinbase

Coinbase was made in order to make trading as easy as possible. They offer numerous methods of deposit fiat currency to exchange it for ETH, LTC, and BTC. You can set up direct credit card deposits which come at a slightly larger fee than a bank deposit. Everything about the website is very easy to understand even for beginners, and it’s transparent in what they require of users.

Bitstamp vs GateHub

GateHub is a cryptocurrency wallet that stores ETH, BTC, ETC and XRP. They offer analytics with updated information to let people know what the net worth is, what the market looks like, and what the value is when compares to cryptocurrency or fiat currency. The wallet is made easy to use and even beginners can understand what the market looks like.

Bitstamp FAQ

  1. What’s a common Bitstamp review?
    The general consensus was that while it did take some time to verify the account, once it was, it was easy to start making transactions.
  2. What are the total Bitstamp fees?
    This is dependent on volume with anything less than $20,000 costing 0.25% in a 30 day volume. Fees are as low as 0.10% with $20,000,000 or more.
  3. Is there a Bitstamp Reddit page?
    Their Reddit page is featured here: https://www.reddit.com/r/Bitstamp/
  4. What is the official Bitstamp login page?
    You can find it here: https://www.bitstamp.net/account/login/?next=/market/order/instant/
  5. Is Bitstamp safe to use?
    People generally said they didn’t have any issues with safety either though losing coin or personal identify information.
  6. What is the Bitstamp verification needed?
    All that’s needed is name, address, nationality, birth date, an ID, with proof of residence and optional phone number for increased security.
  7. Does Bitstamp offer Ripple?
    They do offer XRP deposits and withdrawals.
  8. What is the official Bitstamp exchange location?
    They are based out of the UK and they have locations in Luxembourg and the US.
  9. What is some Bitstamp exchange coins currently offered?
    As of right now they only offer Litecoin, Bitcoin, Ethereum, Ripple and Bitcoin Cash.
  10. Does Bitstamp exchange offer BTC for XRP?
    Yes you can make transactions directly on Bitstamp for XRP.

Summary

Bitstamp has held a tradition of offering users an opportunity to get major coins at a reasonable rate. Whether it’s a direct bank deposit, credit card use, or the exchange of a crypto to another, they give the free reign to use their exchange as users see fit. They also give European users the ability to make deposits for free, and for USD it’s still at a reasonable rate.

The fee structure is also competitive when compared other exchanges. The website helps explain what can be expected as well as the current market pricing. BY ensuring that accounts are secure with 2FA and a phone number it also makes it easier to know that your funds won’t be stolen. There’s the added support from the audits which ensure that the security measures are up to date, and that there’s a reduced risk for tampering.

For your convenience we’ve compiled a list of the best coins of the year.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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