bitstamp review-bitstamp account verification

Bitstamp Review-A Europe Regulated Top Rated Crypto Exchange

This Bitstamp review is a complete guide on England based Bitstamp exchange with all latest information and updated details.

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The Bitstamp crypto exchange has been firmly established as a crypto exchange for some time and is one of the best-known crypto trading choices. Bitstamp is now a renowned name in the cryptocurrency market.

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In this Bitstamp review, you can read whether the exchange is convincing in security, reliability, trading, customer service, and how the broker performed in recent years.

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Bitstamp Location

Nejc Kodric and Damijan Merlak founded Bitstamp in 2011 in Slovenia. Bitstamp moved to London in 2013, But England did not have enough rules of selling and purchasing cryptocurrencies. The motive to move to London was to be in the center of the European Banks.

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As there were not enough rules regarding crypto assets in London in 2013, both founders shifted their exchange to Luxembourg in 2016. The move to Luxembourg came because of the advice of David Marcus, former Paypal President.

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In April 2016, Bitstamp became the first regulated crypto exchange in the world. Because of being a regulated exchange, Bitstamp was more trusted by customers, and they got access to more than forty European Union countries. It was an excellent achievement for Bitstamp and cryptocurrencies.

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As more countries adopted crypto and generated rules for them, Bitstamp made England their head office. Their complete address is Bitstamp Ltd5 New Street SquareLondon EC4A 3TW.

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Bitstamp is one of the earliest crypto trading exchange. Bitstamp was the only exchange that competed with MT. Gox. MT. Gox got hacked in 2011 and Bankrupted in 2014, leaving Bitstamp as one of the top crypto exchanges. Bitstamp learning from Mt.Gox hacks, started to build their security and name as the best crypto exchange.

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Bitstamp Features

  •  A minimum deposit is not required.
  • High-security standards apply.
  • EU license is available.
  • No high Bitstamp fees and the fee model is transparent.
  • With the Bitstamp app, you remain flexible.
  • Payments via bank transfer and credit cards possible.
  • Euro and Dollar are accepted.

 Cons

  • The platform is only available in English.
  • Only 12 different cryptocurrencies can be traded.

Bitstamp Interface

Bitstamp, which has been on the market since 2011, is very manageable and can be understood within a short time. Deposits can be made with a fiat currency or a cryptocurrency once a trading account has been created.

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On the one hand, the platform has a simplified view, which can be reached via the “Buy / Sell” button. 

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Alternatively, you can select the “Trading View,” which offers an expanded view that will especially please experienced traders, as it provides more detailed chart information.

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In both views, the cryptocurrency pair must be selected, then the desired amount is entered and the order type chosen.

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 The coins are credited to the account after the purchase or the order execution. Then you can transfer the coins to an external wallet or another crypto exchange.

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Bitstamp empowers its customers to trade directly with twelve different cryptocurrencies. If you would like to have access to a more extensive selection of coins, you should look at other crypto exchanges like Binance.

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What Can You Buy On Bitstamp

In addition to trading in Bitcoin, other currencies such as Ethereum, Ripple, Bitcoin Cash, and Litecoin are also available. Bitstamp covers all primary digital currencies with the largest market capitalization.

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The Bitstamp exchange not only offers crypto trading against Euros, GBP, and US dollars, but altcoins can also be traded against each other.

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 Bitstamp Exchange lets euros to be exchanged for USD or GBP can be traded against USD or Euro. Traders enjoy the choice between several options.

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Cryptocurrencies currently available on Bitstamp are:

  • BTC
  • GBP
  • EUR
  • XRP
  • LTC
  • ETH
  • BCH
  • PAX
  • XLM
  • LINK
  • OMG
  • USDC

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Bitstamp Fees

The fee model of the Bitstamp is simple and straightforward. For traders, there is always a fixed fee for the creation of orders. Fees are only charged when the order gets filled.

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The platform clearly states a basic fee of 0.25 percent of the order amount—no need to bother about hidden costs. Bitstamp does not charge any hidden fees.

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e.g., if you put an order of over 10,000 Dollars, Bitstamp charges a fee of 25 dollars when your order gets filled.

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Those who trade in substantial volume can profit from a discount, which, mind you, is not that comfortable to get.

 If your turnover is at least 20,000 Dollars per month, you get a discount of 5%. If you achieve a 20 million Dollars turnover per month, the Bitstamp fees are reduced to 10 percent.

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Trading Fees on All pairs Depending upon 30 Days of USD volume

0.50% < $10,000
0.25% < $20,000
0.24% < $100,000
0.22% < $200,000
0.20% < $400,000
0.15% < $600,000
0.14% < $1,000,000
0.13% < $2,000,000
0.12% < $4,000,000
0.11% < $20,000,000
0.10% < $50,000,000
0.07% < $100,000,000
0.05% < $500,000,000
0.03% < $2,000,000,000
0.01% < $6,000,000,000
0.005% < $10,000,000,000
0.0% > $10,000,000,000

ACH Transfers

  • Both Deposits and Withdrawals are free.

Faster Payments in the UK

  • Deposits are free of charge.
  • Withdrawal cost 2 GBP per transaction.

SEPA

  • Deposits are free of charge.
  • Withdrawal cost 3 EUR per transaction.

International Wire Transfers

  • Deposit fees are 0.05%.
  • Withdrawal fees are 0.1%.

Card Payments

Bitsamp deducts 5% of fees on any payments made by cards. You may incur additional fees from your card service provider.

Cryptocurrency Deposit Fees Withdrawal Fees

Cryptocurrency Deposit Fees Withdrawal Fees
BTC NIL 0.0005 BTC
ETH NIL 0.03 ETH
LTC NIL 0.001 LTC
XRP NIL 0.02 XRP
Chainlink NIL 0.25 Link
PAX NIL 0.5 PAX
XLM NIL 0.005 XLM
BCH NIL 0.0001 BCH
USDC NIL 0.5 USDC
OMG NIL 0.75 OMG

Bitstamp Payment Methods

Before starting on the exchange, the user must make a deposit. There is no minimum amount for your initial deposit.

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But you should only pay in as much credit as you need to start crypto trading because, despite the high-security standards that exchange applies, hacker attacks cannot be completely ruled out. It is therefore recommended to keep your coins in your wallet. This is the most reliable way to protect yourself from unauthorized access, even if the vast majority of Bitstamp’s crypto assets are in cold wallets that are not connected to the internet.

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Only when you have gone through a complete verification, you can get exclusive access to the trading platform with its full functions and make deposits and withdrawals for trade.

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To make deposits, customers can choose tradable digital currencies and credit card payments, and SEPA transfers.

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There is a charge of 5 percent of the deposited balance for credit card payments.

Payment Method Availibity
Cryptocurrencies Yes
Paysafecard NO
Neteller NO
Bank Transfer YES
Credit card YES
Paypal NO
Skrill NO
Instant Bank transfer (Endland Only) Yes
SEPA YES
ACH YES
International Wire transfer YES

Bitstamp Account Verification

Bitstamp verification is uncomplicated and requires some easy to follow steps (Details Below). Account verification is mandatory on Bitstamp, Without Bitstamp verification, your account is useless, and you cannot perform any actions (Deposits, Trading, Withdrawals) on Bitstamp.

How long does Bitstamp verification take

Bitstamp verification is required before depositing and trading any cryptocurrencies or fiat currencies. The verification is done by the Bitstamp team itself and not by any third party.

Verification is becoming very necessary on all legitimate crypto exchanges because of FATF requirements.

Exchanges like Bitstamp operating from Europe must comply with EU policies that require businesses to do standard KYC of their customers.

To get fully verified on Bitstamp, you need your national ID card and proof of address documents like Utility bills, Bank statements.

All documents can be uploaded on Bitstamp once you start your verification process.

If you are a trader with large capital, you need to fill out Bitstamp forms to provide additional information like your income source, Yearly earnings, etc. By providing all detailed information, you can trade with large sums and withdraw smoothly.

Bitstamp is UK based, so it follows Know your customer and Anti Money Laundering rules. To carry on with deposits and withdrawals on Bitstamp, you need to verify your account. You can choose a personal or business account depending upon your need. Still, both accounts need national ID, passport or driver license as verification documents and a utility bill, a bank statement as proof of address.

After verifying your documents, you need to verify your phone number. You give your phone number to Bitstamp, and they send an OTP code on your number to confirm it.

After all these steps, you are now a verified member of Bitstamp. You currently have complete access to all Bitstamp features, and you can effortlessly deposit, trade, and withdraw on Bitstamp.

The Bitstamp verification process is rapid and does not need enough time to verify your account.

Your account is verified in a few hours. You don’t have to wait for two to three days for account verification. The world is fast; no one can wait for that long to get an account verified, so Bitstamp has speeded up their account verification, and now it is a matter of only a couple of hours to get your account verified.

How To Use Bitstamp 

To trade cryptocurrencies with Bitstamp, you first have to create a trading account.

The registration process is done instantly so that you can start daily trading after a short time. Below, this Bitstamp review explains step by step guide on how the Bitstamp registration works.

Bitstamp Account Registration

To register with Bitstamp, click on the “Register” present on the website’s upper right-hand side. A window will open that requires you to enter your details and an email address.

 The country in which you live must be selected, and the terms and conditions and data protection provisions for a Bitstamp registration must be accepted.

 You will get an email with your Bitstamp login details and the automatically-generated password.

 You have to change this password after the first Bitstamp login.

 If you have changed the password, you have to log in again with your new Bitstamp password, and then you will receive an email informing you that the password has been changed.

 It is recommended to verify yourself after the Bitstamp login. Also By using two-factor authentication (2FA), you can increase the security of your Bitstamp user account.

 The 2FA is offered with the Google Authenticator or with DUO. At best, you should write down the authentication key separately.

Account verification

 Verification is required after Bitstamp registration and before making the first deposit. Verification helps to prevent money laundering and is also necessary because of the know-your-customer rule.

 To get to the user account verification, click on the menu item “Verify Account.”

 A window that opens shows whether you are registering as a single person or a company.

 Enter the credentials required, upload your photo ID’s front and back, and enter the ID data manually.

 To complete the verification, proof of residence (e.g., an electricity bill) is required to confirm your address.

 Checking your details by Bitstamp Support can take 24 to 48 hours.

Depositing on Bitstamp

 Now you can deposit money or cryptocurrencies into your user account and start trading.

 To do this, click on the “Deposit” and select the desired payment method.

 Deposits can be made either via SEPA transfer, credit card payment or with a cryptocurrency.

 Depositing money with SEPA or credit card can take one to three days to be credited to Bitstamp.

How To Buy On Bitstamp

 Once the amount deposited has been credited, you can buy Bitcoin and Co from Bitstamp.

 For this, you choose the USD-Bitcoin pair if you have deposited with Dollars. Several purchase options are available to you via the “Buy / Sell” menu item. Once you have bought the cryptocurrency you want, it is advisable to deposit it into your wallet.

 Crypto exchanges have already fallen victim to hacking attacks in the past, including Bitstamp. Regrettably, 100 percent security is never guaranteed, which is why you should take the safe storage of your coins seriously.

How To Withdraw From Bitstamp

Withdrawing funds from Bitstamp is not complicated.

You can withdraw cryptocurrencies by clicking on the menu item “Withdrawal.”

Suppose you want to withdraw Ethereum (ETH) from Bitstamp.

Login in to your account and click on “withdrawal.”

Now select “Ethereum” from the menu on the left-hand side.

Enter your ETH address. Please make sure that you only enter the ETH address here. If you, by mistake, enter BTC, LTC, etc., coin address and click withdraw, your ETH funds will be lost forever, and you will never get your ETH back.

Now, after the address, enter the sum of ETH that you want to withdraw.

Click on withdraw.

Enter your 2fa code and verify your withdrawal request from your email to complete your withdrawal process.

Such transactions are not reversible so please double check everything, especially the withdrawal coin address, to avoid any losses.

The withdrawal takes typically 15 to 30 minutes to complete, but it entirely depends on network congestion. If BTC, ETH chains are busy enough, your withdrawal may take hours to complete than minutes. Standard Bitstamp charges of ETH withdrawal is 0.03 eth.

The Bitstamp app

 Bitstamp has its app, which is available for iOS and Android devices. Bitstamp app proves to be very practical and enables great Bitstamp experiences, as you remain flexible with the application and are not tied to your desktop at home, with Bitstamp app you can trade crypto while on the go.

That was a positive point in our Bitstamp rating.

Downloading and using the Bitstamp app is also completely free.

The app is straightforward to use and offers a pleasant Bitstamp alternative to the desktop version.

However, the app does not provide access to extended functionalities, such as detailed charts.

Nevertheless, the core functions are covered, and you can trade cryptos on the move.

How safe is Bitstamp

 If you want to invest in cryptocurrencies and are looking for the right exchange, you should only turn to the most experienced exchanges on the market that operate with a valid license.

Bitstamp has an official license from the British authorities that proves its legitimacy.

The customer verification process is also an essential indicator of the correct way of working and offers users a secure environment and protects them from attacks.

To protect user’s accounts, Bitstamp works with two-factor authentication, which requires an additional security key in addition to the Bitstamp login. 2FA is an exceptional method to protect user funds from hackers. Bitstamp does not enforce 2FA, but it is highly suggested to use two-factor authentication to guard your accounts. When withdrawing funds, users are required to enter 2FA codes along with withdrawal approval from their emails.

Over 98 percent of Bitstamp’s crypto assets are stored in cold wallets so that hackers cannot gain access to them. Bitstamp follows the best methods when it comes to cold storage. Cold storage indicates that funds placed in cold wallets are away from the internet and protected by strong security measures. Cold storage funds are only accessed by Bitstamp when they are running low on funds in their hot wallets (Hot wallets are the ones that are continually being used in trading coins and transferring funds).

These hot wallets are further protected by multiple signatures, which means to access these hot wallets, approval from more than one top-level Bitstamp management is required.

That is why hackers need all the multiple keys to access these hot wallets, which is almost impossible.

Bitstamp stores all passwords and user verification data on their safe servers, so it is imperative that the exchange interaction with such sensitive data is highly protected.

To shield user data, Bitstamp uses advanced AES 256 encryption when connecting with their data servers. All documents that are uploaded to the Bitstamp site are saved using PGP encryption. Such protection is necessary not only to protect user data but also the exchange and its name.

Yet, it must be mentioned that in 2015 Bitstamp was the victim of a hacker attack, with around 19,000 Bitcoins stolen.

This incident caused damage to the image of the Bitstamp broker and a collapse in the Bitcoin price.

Anyone who trades in crypto should be aware that crypto trading platforms are repeatedly exposed to such attacks, so storing your crypto assets in your wallets other than exchange is more trustworthy.

But after the 2015 hack, Bitstamp has learned a lot, and they have fully modified themselves, offering robust security and protecting themselves from any vulnerabilities.

Bitstamp Customer Support

If questions and ambiguities arise when using a crypto exchange, it is vital that exchange is easy to reach and is available with qualified help.

Bitstamp support is a significant feature and is, therefore, an fundamental aspect of this Bitstamp review.

Bitstamp support can be reached on the one hand via email and on the other hand on workdays from 8 a.m. to 9 p.m. and Saturdays from 8 a.m. to 11 a.m by telephone. Bitstamp experiences show that you get an answer within a few hours if you have contacted the exchange by email.

If you want to contact Bitstamp Support by phone, you should be prepared for little Bitstamp fees.

Since the broker is from the UK, the Bitstamp support staff only speak English, which is not incredibly practical if you don’t speak English.

On the other hand, the FAQ area is very well set up, explains general questions about the platform, and offers quick help.

Emails [email protected]

[email protected]

[email protected]

[email protected]

 

Contact Numbers +44 20 3868 9628

+1 646 568 9784

+352 20 88 10 96

 

Live Chat NIL
Contact From YES
FAQ’s YES

Conclusion

Our Bitstamp review conclusion is as follows: Bitstamp is an established brand in the crypto market and enables trading with twelve different cryptocurrencies and facilitates its users to have positive Bitstamp experiences.

Bitstamp Exchange enables euros and GBP to be exchanged for USD.

Even if cryptos’ selection is not the largest, the exchange has a transparent fee model and low fees.

If you want to trade many crypto coins, you should turn to another exchange.

Unfortunately, the Bitstamp app does not offer advanced functionalities such as detailed charts. The mobile app is only suitable for basic things.

There is also a small point deduction as part of the Bitstamp review concerning the contact channels for Bitstamp support, as there is no live chat that enables questions to be answered quickly.

Instead, you have to use the email or the international hotline if you have any questions, which may incur costs. Also, the support staff only speak English, which must also take into account the Bitstamp rating.

Like many other crypto exchanges, Bitstamp has not been spared hacker attacks in the past, which is why Bitstamp security concerns can never be completely ruled out despite strong security precautions.

 It is advisable to keep your coins in a separate wallet.

Frequently Asked Questions?

What is Bitstamp

Bitstamp is a crypto exchange where cryptocurrencies can be bought and sold.

Is Bitstamp a Wallet

Bitstamp is an exchange, but it can be used as a wallet. Bitstamp has both online and offline wallets. Online wallets are hot wallets, connected with exchange and internet., Bitstamp keep funds in hot wallets to meet the needs of day to day operations.

Offline wallets are cold wallets. They are not connected with the internet. They are only touched by Bitstmap when funds go low in hot wallets. A high percentage of Bitstamp and user funds are kept in cold wallets for security reasons.

Despite, it is recommended not to keep your real crypto assets on exchanges. Hackers daily attack exchanges, and sometimes they succeed in their mission of stealing user’s funds.

There are so many hardware, mobile, desktop wallets out there in the market. You can try hardware wallets like Trezor or Ledger Nano S, Mobile wallets like Trust Wallet (owned by Binance), and many others. But only go for well-known wallets.

Is it deserving of opening an account with Bitstamp

Bitstamp is a top crypto exchange. The diverse trading opportunities and good customer support attract many customers, most of whom are very satisfied with the exchange.

How Much Money Should I Invest

The amount of investment depends on your capital, chosen cryptocurrency, and your risk tolerance. In general, you should never invest money that you need otherwise, as profits can never be guaranteed.

Where is Bitstamp Located

Bitstamp is located in London, England. Their complete address is Bitstamp Ltd5 New Street SquareLondon EC4A 3TW.

How long does a Bitstamp withdrawal take

The exchange also convinces here. Payouts are treated very fast, and, depending on the selected payout method, withdrawal is completed within a few minutes to 3 business days.

What are the conditions for trading successfully with Bitstamp

You should always know what you are investing in. Cryptocurrencies are highly volatile, so you should first learn about your chosen coin in detail. If you have the necessary know-how and a little bit of luck, nothing stands in the way of your early wins.

2 thoughts on “Bitstamp Review-A Europe Regulated Top Rated Crypto Exchange”

  1. I have tried Bitstamp and Coinbase. Bitstamp is good but there are not enough coins for trading. Coinbase on the other hand have so many coins listed.

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