Bitstamp Exchange Review 2022 - Regulated Crypto Platform

Bitstamp is a leading global cryptocurrency exchange based in Luxembourg. It offers trading in fiat currencies and popular cryptocurrencies. It was founded in 2011 by Nejc Kodrič and Damijan Merlak in Slovenia. Its registration was moved to the UK in 2013 and later to Luxembourg in 2016.

Bitstamp is a regulated and authorized payment institution holding a license from Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg.

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Bitstamp Features Reviewed

Here is an overview of the top highlights of the platform:

Intuitive Interface
Instant deposit and withdrawal of funds
Highly encrypted security
Cold storage security
Advanced Tools
24/7 dedicated customer support
Various deposit methods
Mobile App
Bitstamp Earn
Crypto-as-a-service
Trading view
Competitive fee structure
Compatible with IOS and Android mobile applications
Competitive fee structure

Few of the Features of Bitstamp – Picture from Official Website

Ease of Use and Interface

Bitstamp has a simple, user-friendly, and easy-to-use platform that can be used to buy and sell cryptocurrencies in a hassle-free manner. It is easy to navigate through its main dashboard to access the various tools and functionalities it hosts.

There are links at the top of the screen, which can be used to access the respective features of the platform.

Security

Bitstamp is a highly secured crypto trading platform. It employs industry-standard security measures and technologies to keep client’s personal data safe and secure.

98% of assets are stored offline in cold storage systems. For its hot wallet, it has implemented a Multi-Sig technology to safeguard the tiny portion of assets stored in it. It does not provide any security for assets stored on users’ computers.

For log-in purposes, it uses two-factor authentication (2FA). 2FA makes sure only the user has the access to his account by requiring him to confirm critical account actions, such as logging in or withdrawing funds, using a second device.

It also provides the users with the option to activate email confirmations, through which email intimation is sent to the registered email ID every time a user performs a key account function.

Customer Support

Good customer support is an essential feature of any crypto exchange, which ensures that customers are assisted in the best possible way to make their trading and learning experience a seamless one. Trading on an online platform comes with various challenges, especially for new traders. If their queries are not resolved on time, it creates unnecessary inconvenience and ruins their confidence in the platform.

Bitstamp has an active customer service support system providing 24*7 assistance to all its customers. The helpdesk can be reached either through phone or email or by sending a message directly through the app. It has also assigned dedicated account managers for partners.

How to contact support via the Bitstamp app?

Tap on the “Settings” tab on the right at the bottom.
Scroll down to the bottom of the settings page.
Go to the “About us” section
Click on the contact us link to send a message to the team.

Deposits

Bitstamp supports various deposit methods for hassle-free fund deposits. The following methods are currently available on the platform:

Direct Bank Transfer
Credit or Debit Card (with permitted international transactions)
ACH transfer for US customers.
Instant SEPA transfer for Eurozone customers from selected countries.

Bank transfer to a Bitstamp account is accepted only from a bank account that is registered under the same name as the Bitstamp account holder. Deposits from a different account may take time and require the user to provide additional information.

Deposits from joint bank accounts, sole proprietor business accounts, and payment processors are also accepted but may require users to provide additional information.

Deposits from a corporate bank account to a personal Bitstamp account are not allowed and will be instantly blocked.

Deposits from third-party accounts are not allowed, even with authorization to use the same.

Withdrawals

Bitstamp supports a total of 5 withdrawal methods. However, some of the options are not available in certain regions.

SEPA payments are for Eurozone consumers in selected countries. The customers need to have bank accounts within the SEPA zone. SEPA withdrawals take 1–2 business days to be processed and reflected in your bank accounts.
International wire payments are available for selected currencies and usually take 3–5 business days to be processed depending on bank networks.
Domestic USD payments are payments sent from one US bank account to another US bank account. They take 1–2 business days to be processed.
ACH withdrawals are available for personal account holders within the US and require prior bank verification. They are processed within 1–2 business days. ACH withdrawals have an upper limit of 50,000 USD per transaction.
FPS payments are domestic UK payments. Banks that are included in the Faster Payments Service scheme qualify for this payment mode. They have an upper limit of 250,000 GBP.

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What Cryptocurrencies Does Bitstamp Support?

Bitstamp allows you to buy or sell many different cryptocurrencies that include-

BTC
ET
Tether
ADA
WBTC
DAI
AVAX
MATIC
LINK
UNI
MANA
LRC
ENJ
AMP
COMP

The full list can be accessed through this link.

Pros and Cons

Pros

Various payment methods accepted
24*7 customer support
Competitive fee structure
Can be accessed on the desktop and mobile devices
User-friendly mobile app
Ensures the highest security standards
Transparency in fees

Cons

Limited choice of cryptos
Limited investment options
Not suitable for traders looking for advanced technical analysis
Withdrawal fees are charged
Slow staking process
Only two cryptos are available for staking

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Bitstamp Trading Platform – Order Types

1. Instant Order

Instant order is an order to either buy or sell that gets executed instantly on the prevailing market price of the selected asset. The price appears in the quotes flow at the time of placing the order. It can be executed by clicking on “instant” in the “Order type” drop-down menu.

Instant orders get executed at the exact price requested by the trader or do not take place at all.

2. Limit Order

It is an order to buy or sell, which is placed at a specified price. A buy limit order takes place only at the specified price of the trader or at a lower price. A sell limit order gets executed only at the specified price by the trader or at a higher price. This way, a limit order enables a trader to get a better price for his trades.

3. Market Order

A market order enables users to buy or sell at the best available market price. It is the default choice for placing an order wherein the trader only needs to put the quantity he wants to buy or sell. It takes place instantly at a price that is close to the price the trader can see while placing the order.

4. Stop Order

A Stop order is an order to buy or sell a stock once it reaches a specified price. These types of orders are used to limit potential losses when the price suddenly rises or drops. Once the price surpasses the selected price, the stop order gets executed.

5. Trailing Stop Order

A trailing stop order is a variation of the normal stop order that adjusts the trigger price based on market movements.

A sell trailing stop order can be set at a fixed price below the market price with an attached “trailing” amount. When the market price rises, the stop price will also rise by the trail amount. But the stop loss price doesn’t change if the price of the stock falls.

6. Fill-or-Kill Order

The Fill-or-Kill order (FoK) is a limit buy or sell order that has to be executed immediately in its entirety or cancelled altogether. If the order book doesn’t hold enough units of the assets to complete the order, it will be cancelled.

Fill-or-Kill orders are not supported in Bitstamp’s app or website. They are supported through REST and FIX APIs.

Bitstamp Mobile App

The Bitstamp mobile app is compatible with Android and iOS. The app is a standalone product and can be used without logging on to the webpage.

However, certain advanced settings are not currently accessible through the app. To access these advanced settings, users need to log in through the web page.

Bitstamp Earn and Staking

Bitstamp Earn allows users to earn cryptocurrency rewards through staking. They can earn more cryptos as rewards by locking up their assets on the blockchain.

You can currently stake the following cryptocurrencies at Bitstamp:

Ether (ETH)– staked manually once per month.
Algorand (ALGO)– staked automatically at the end of each governance period, which typically coincides with the end of the quarter.

ETH Staking at Bitstamp

To stake ETH you need to convert it to ETH2. Once the same is converted and held in your account the staking process will begin automatically. The staked assets are collected from customers in a pool and new staking nodes are launched.

Assets are then sent to the blockchain to start the staking process. This is done every 15 minutes. The time required for the completion of the staking process depends on network congestion.

Rewards are distributed on a monthly basis. The rewards for ETH2 are paid in ETH2R. Users are not allowed to withdraw ETH2R from their accounts until the staking period is finished. However, users can trade the staked ETH2.

Users can earn up to 4.38% on an annual basis by staking ETH.

Algorand Staking at Bitstamp

ALGO is automatically staked and need not be converted to any other token.

ALGO staking rewards are sourced from Algorand Community Governance Program. Rewards are quarterly at the end of each governance period. Users can earn up to 5% annual by staking ALGO.

There is no lock-up period with ALGO and can be withdrawn or traded anytime. Rewards are also automatically added to the base staking amount.

There are no slashing penalties when staking ALGO. Those who do not want to receive any staking rewards in ALGO can opt-out of it.

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Fee Structure

Bitstamp Fee Detailed Guide

1. Trading fees

Bitstamp has a unified trading fee for all trading pairs, which ranges from 0% to 0.5%. It charges a fee of 0.5% for $10,000 or less than 30 days USD volume. Users with a 30-day trading volume of $20,000,000,000 are not charged any trading fees.

2. Staking fees

There is no fee being charged for staking. However, Bitstamp charges a commission of a flat 15% separately on the rewards earned through staking of ALGO and ETH.

3. Withdrawal Fees

SEPA: 3 EUR
ACH: Free of charge
Faster Payments: 2 GBP
International Wire: 0.1%(min fee = 25 USD/EUR/GBP. Bank charges additional.)

4. Deposit Fees

SEPA: Free of charge
ACH: Free of charge
Faster Payments: Free of charge
International Wire: 0.05%(min fee = 7.5 USD/EUR, 5 GBP, max fee = 300 USD/EUR, 250 GBP)

5. Crypto Deposits and Withdrawals

All crypto deposits are free of charge while the withdrawal charge depends on the respective crypto.

6. Card Purchase

Flat 5 % transaction fee.

Minimum Trade

10 EUR/GBP/PAX/USD/USDC/USDT for EUR/GBP/PAX/USD/USDC/USDT-denominated trading pairs
0002 BTC for BTC-denominated trading pairs
002 ETH for ETH-denominated trading pairs

How to Sign up and Trade on Bitstamp Website

Step 1. Registration

Go to Bitstamp’s homepage and click on register. Enter the required personal information including legal name, email address and country of residence.

Step 2. Confirm Your Email Address

Check your email inbox and click on the verification received from Bitstamp. Once done, your unique ID will be displayed. Write down your unique ID completing the registration process.

Choose a password for your account and complete the first step of the registration.

Step 3. Identity Verification

Verification is mandatory if you wish to deposit fiat currencies. You will need to upload a government-issued ID (passport or DL) and a proof of residence (utility bill or bank statement; the latest one).

To complete your verification, log in to your account, go to “verify” and click on ‘personal account verification’.

Once your identity is verified, you will receive an email intimation regarding the same.

Step 4. Funds

Click on the “deposit” tab at the top of the screen. Select your preferred payment method from the drop-down list. Next, enter the amount you want to deposit and click on ‘confirm’.

Step 5. Trade

Click on “buy/sell” at the top of the screen. Select your preferred cryptocurrency trading pair, enter the quantity of the asset you want to trade and click on buy or sell to confirm the order.

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How to Get Access to Bitstamp on Mobile App

To get mobile access to your Bitstamp account, complete the following steps:

Install the Bitstamp mobile app on your device. It is available on Google Play on Android and App Store on iOS.
Once installed, open the app and register as a new account from the app and confirm registration from your email
In case the Captcha puzzle appears, solve it to proceed.
If you have enabled 2FA, then enter your authentication code.
Set a 6-digit PIN to access the app quickly without entering your login credentials every time.
You can also enable or disable touch/face ID to enhance security.
You can verify your account from the app, once you have successfully logged in.

The app can be used to perform all necessary functions like registration, verification, trading, market analysis, deposits and withdrawal, etc. However, certain advanced features are only available on the website.

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Comparing Bitstamp with Top Exchanges

Bitstamp vs eToro

Regulation

eToro is a highly regulated platform. It holds licenses from the Australian Securities and Investments Commission (ASIC), Financial Conduct Authority (FCA), and Cyprus Securities and Exchange Commission(CySEC).

Bitstamp holds a payment institution license issued by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg.