Bitstamp Exchange Review: Withdrawal Fees and Safety
What Is Bitstamp?
Bitstamp exchange is a trading platform for buying and selling cryptocurrencies for fiat money (dollar, pound, euro). Bitcoin, Litecoin, Ethereum, Bitcoin Cash and Ripple are available among cryptocurrencies. The platform aims to provide both private users and institutional investors with a safe and easy trading environment. Today, Bitstamp is regularly used by more than three million traders from around the world.
Date of Foundation
Number of cryptocurrency pairs
Bitcoin, Litecoin, Ripple, Ethereum, Bitcoin Cash
Methods of replenishment
fiat (bank transfer, cards); cryptocurrencies
How to register on Bitstamp in the UK
Trading on the Bitstamp cryptocurrency exchange can only be done after the user creates his own account. The procedure here is the most complicated among all cryptocurrency exchanges. You will be asked not only to confirm your identity by sending a passport photo, but also to prove that the address you specified is yours. To do this you will need to send the documents with your name next to the registration. So, in order.
First, you need to go to the official website www.bitstamp.net and click on "Create Account" in the middle of the page or "Register" on the top bar on the right. Next, specify that you are registering as an individual (if you are not registering a firm account).
Then you should enter your data (name and surname, e-mail address and country of residence), confirm that you are familiar with the rules of use and the security policy of the company and click "Register". The letter with your login will be sent to the specified E-mail address. Then you will verify the e-mail and set a password.
Then, you need to go through the verification procedure. Without it, the trader will not be able to work. Moreover, non-verified clients don't even have an opportunity to deposit their accounts. Verification on Bitstamp involves filling out a form with personal data, including full name, date of birth, exact place of residence and other personal information, as well as uploading scanned supporting documents (such as passport). You may even be asked to send a copy of a recent utility bill to verify your information.
After completing all of the above procedures, the user will need to activate two-factor authentication by verifying their cell phone number or email to strengthen the protection of their account. Authorization through Duo Mobile or Google Authenticator is available. This can be done in the "Security" section of the personal cabinet.
How to start work with Bitstamp
Cryptocurrency exchange Bitstamp does not refer to the resources where hundreds of currency pairs are traded, even exotic ones. The main distinctive feature of this site is its reliability, so new coins are added gradually, and only if there is a serious demand for them.
Today, the exchange supports only 30 digital currencies. All of them are combined into 70 pairs and are traded for fiat money (euros and dollars), as well as among themselves. In addition, the traditional EUR/USD pair is available.
The most popular coin is Bitcoin, previously the site focused only on this crypto, for which it was nicknamed the Bitcoin exchange. Trading volumes increased significantly during the surge of interest in cryptocurrencies.
Trading on the exchange looks traditional. It is enough to go to the "Tradeview" section to get access to the trading tools: tables with trading data and charts. There is a Depth of Market, Instant, Limit and Stop orders and four of them are available. Margin trading on the resource is not available.
In August 2017, Bitstamp management announced support for the innovative Bitcoin scaling service SegWit (Segregated Witness). Customers were able to generate SegWit-compatible bitcoin addresses, which will act together with regular addresses.
Peculiarities of depositing/withdrawing money on Bitstamp and internal commissions
To deposit the account, you need to go to the "Deposit" section, where all possible options for depositing money are presented. The client is offered a choice of several cryptocurrencies, payment system AstroPay, as well as bank transfers and debit cards Mastercard and Visa, which is not available on many trading platforms. To ensure the right level of convenience and security of bank transfers, Masterpayment. Thus, it is easy enough to deposit fiat currency to the account.
However, do not forget that when depositing Bitcoins the commission is zero, and if you transfer money through an international bank transfer, you will have to part with 0.05% of the amount entered (or at least 7.5 GBP).
Bitstampt charges commissions for internal transactions depending on the volume of the transaction. If you take the most traded pair BTC/USD as an example, you can see a significant reduction in the commission rate when the transaction volume for the previous month increases:
As you can see, despite the already democratic internal commissions, the administration of the service with its flexible policy of fees further "binds" its clients, encouraging them to active trading on the exchange.
Bitstamp cryptocurrency exchange has a fixed commission of 0.5%. This indicator is, on average, twice as high as those of competitors. For traders there are discounts on trading commissions for significant trading volumes. If within the last 30 days the trading volume exceeds 10,000 GBP, the trader will pay only 0.25%. You can read more about the size of the discounts in the table.
Trading volume over the last 30 days, GBP up to 10.000
Bitstamp Commission 0.50%
Trading volume over the last 30 days, GBP up to 20.000
Bitstamp Commission 0.25%
Trading volume over the last 30 days, GBP up to 100 000
Bitstamp Commission 0.24%
Trading volume over the last 30 days, GBP up to 200 000
Bitstamp Commission 0.22%
Trading volume over the last 30 days, GBP up to 400 000
Bitstamp Commission 0.20%
Trading volume over the last 30 days, GBP up to 600,000
Bitstamp Commission 0.15%
Trading volume over the last 30 days, GBP up to 1,000,000
Bitstamp Commission 0.14%
Advantages and Disadvantages
Bitstamp can be viewed in different ways. Some consider it too conservative and not flexible enough, others, on the contrary, give credit to its balanced policy and lack of desire to rush to dubious projects. Let us note as impartially as possible all the pros and cons of the trading platform.
In this Bitstamp Review you have been able to read everything about Bitstamp experiences and Bitstamp is reliable. It is a crypto exchange that has been around for many years and has all kinds of features such as a Bitstamp Wallet. Unfortunately, Bitstamp does not offer the possibility to use iDEAL as a payment method.
Nevertheless, there are a number of crypto exchanges and online brokers that are better than Bitstamp review. For example, it is better to start investing with an online broker like eToro, which offers you many more possibilities.
Enough reading in this Bitstamp review and do you want to get started with cryptocurrency? Then go to eToro via the button below and simply create an account!
Bitstamp Review Summary
We have analyzed key features of Bitstamp based on 3 important criteria for choosing crypto exchange:
Based on researches and our own tests, we have made an independent rating.