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Bitstamp Review 2020

Bitstamp Review 2020

When you’re one of the oldest and most beloved cryptocurrency exchange platforms in the world – with the kind of reputation others can only dream of – the weight of expectation can lie very heavy. That’s what we’re dealing with in this Bitstamp exchange review.

Realistically, we’re not expecting to come away from a Bitstamp review discovering that they’re all hype and aren’t a quality option. You don’t get in this position if you don’t have something serious to offer. The real question is whether they’re good enough to still be considered amongst the best of the best after all this time and in such a tougher marketplace.

Bitstamp: Pros & Cons
  • One of the most respected exchanges in the world
  • Ideal for newcomers
  • Easy to use design
  • Lives up to its legacy
  • FAQ could be more detailed
  • Doesn’t carry as many cryptocurrencies as some competitors

Usability, Look & Feel

You probably won’t be surprised during this part of our Bitstamp review to learn that this exchange is excellent with regards to security. Really, you don’t get to the level of reputation of Bitstamp if you can’t be trusted.

In part, this is down to the multi-sig technology utilised on their hot wallet, where only a small portion of crypto assets are kept, with the rest being in cold storage. Obviously, only using a limited, trusted selection of cryptocurrencies also allows them to keep customers safe.

That quality over quantity approach also helps provide a slim, streamlined design, which has been tweaked and tinkered with to deliver useability perfection. We can’t say their design is anything revolutionary, but from the website to their app, everything looks and works great. Top marks in this part of our Bitstamp review.

Payments

Just to reiterate some things we’ve mentioned earlier in this Bitstamp exchange review, payment options are split across both fiat and cryptocurrency options. However, things like fees may not be the same: not just across these two categories but also between different cryptocurrencies.

Also important to note is that using cards to buy bitcoin does have high limits. The two fiat options are Euro and US dollar, and the cryptocurrency options have already been mentioned in this Bitstamp review. Just for clarity, they’re bitcoin, Ethereum, Litecoin, Ripple and Bitcoin Cash.

Fees vary, some of which has been covered in a previous section of this Bitstamp review but full and up-to-date information is easily found on the Fees section of the site. In terms of transaction times, SEPA transfers usually take between 1-3 business days and an international bank wire takes between 2-5 business days. Again, this depends on cryptocurrencies, with much of that outcome being beyond their control. If we’re talking about speed though, Ethereum is a good pick.

The minimum trade amount is 25 EUR/GBP/USD. To utilise Bitstamp withdrawal, select ‘Withdraw’ from the main menu, enter the withdrawal amount and confirm. While fees differ, an example of the Bitstamp withdrawal fees include 0.0001 BCH free on the end of Bitstamp.

Customer Service

This is a bit of a mixed bag, so we’ll get the negative part of our Bitstamp exchange review out the way first. While much of the FAQ section is good, we did find it lacking in certain areas. It’s not a bad attempt by any means, but it lacks the comprehensiveness to be considered perfect. People may also be disappointed by a lack of live chat.

With that out the way, what they have as an alternative – which is a request system for queries – is very good. It can take a while to get a reply but when you do, it seems to be extremely detailed. Better still, customers in general seem to be happy with the service based on our research, meaning our experience appears to be typical. It’s good stuff in this part of our Bitstamp exchange review, if not quite perfect.

License & Security

When it comes to exchanges, licensing is a confusing and often misunderstood subject. That’s because the regulations are not as well established as something like online casinos.

With that said, the recognition which comes with a respected license can only be a positive in this part of our Bitstamp review. Indeed, Bitstamp was licensed by Luxembourg, hence why they’re available across all 28 EU member states. For an exchange, there’s little better proof of validity than that.

In terms of security, the only real blemish on their record was a large scale hack in 2015. That’s always unfortunate but doesn’t indicate any Bitstamp scams: they were simply taken advantage of and have done everything possible to improve security since. This includes encryption, cold storage and two-factor authentication, which also prevents minors utilising the site. They’ve also undergone independent audits to further cement their status.

All this made Bitstamp a hugely valuable investment opportunity, which is no doubt why they were acquired by Belgium firm NXMH in 2018. We expected nothing less than excellence in this part of our Bitstamp exchange review, and we got it.

Bitstamp Crypto

Trade Offer

If you’re looking for simplicity, you have come to the right place. One of the things which really defined this Bitstamp review is that this is an exchange which values quality over quantity.

Plenty of people will prefer this because of its improved simplicity, however, if you’re looking for something more leftfield, you may not find it here. Other options which utilise more of a free-for-all approach may be a better choice. We don’t think there’s a right or wrong answer: it’s more a matter of personal needs and preference.

The options at the time of writing include five of the heaviest hitters in the cryptocurrency game. Bitstamp markets include bitcoin, Ethereum, Litecoin, Ripple, SEPA and Bitcoin Cash. This means you can be sure that for Bitstamp safe options are a serious priority.

In terms of recommended options, there really isn’t one that’s clearly better than another. For those who are using the site because of its ease of use and mainstream appeal, bitcoin is the obvious answer. We don’t generally like to be predictable in our Bitstamp review, but sometimes that obvious answer is so for a reason.

Trading Costs

On a more positive note in our Bitcoin exchange review, the deposit fees are very competitive, being 0.05% for wire transfer, which is amongst the lowest you’re likely to find.

Transfer fees vary a great deal, with Bitstamp trading fees going down the higher your volume. It begins at 0.50% for $10,000 or less, going to 0% when you hit $10,000,000,000. Obviously, that latter example is only for the upper echelon of traders, but the gradual benefits between these two examples can save plenty of people money.

You can find the entire list on their fee schedule, as there’s a whole lot of options here so we can’t include them all. We can say though that their reputation for fairness and value for fees is something that’s consistently backed up.

Unlike before in our Bitstamp review where we had trouble finding information, there were no such issues here. We’re hoping for more of the same.

Trading Conditions

Bitstamp is available in all countries across the EU. This provides it with a huge amount of scope. However, you could argue that some other countries need cryptocurrencies even more because of restrictive gambling laws – not that European citizens don’t have plenty of great reasons to utilise these kinds of services, from security and anonymity to choice and opportunity.

Nonetheless, it’s an extra bonus for US citizens that this exchange is available through Bitstamp USA, as it allows them to buy bitcoin which can then be used to navigate around convoluted restrictions. If this doesn’t appear alongside the rest, don’t worry, that’s simply because it’s under the subsidiary of Bitstamp USA.

In addition, there are 28 countries outside the EU and the USA which can also use these services. Do note that not all services are available to all countries. Unfortunately, this isn’t clearly laid out so we can’t give you full details, but there are guides for how to use the site and that should give you a good overview. It would be a perfect score were it a touch more transparent.

Product Conclusion

In this part of our Bitstamp exchange review, we’ll be taking you through how to actually get going with the platform with a Bitstamp how to trade guide.

1. Register an account

The first step is nice and simple: hit that ‘Register’ button and fill in the appropriate information. This includes your name, email and country. Keep in mind that all this information will be verified, so don’t be tempted to use inaccurate details. A customer ID and password will then be sent to your email and you can use this to login.

2. Verify your identity

After this, you’ll have to prove your identity using a valid government issued ID, like a passport or driver’s license, alongside some proof of residence. You’ll also need to verify your phone number via text message. Note that we’re not aware of any Bitstamp referral code, so as far as we can tell, that’s not part of this process.

3. Make a deposit and start trading

Once done, you can begin your Bitstamp deposit. You can view all deposit options via a link at the top of the page and can choose whether to deposit through SEPA, international wire or any of the available cryptocurrencies.

Actually trading is simple enough too: head over to the Buy/Sell page found at the top and look at tradeview. Pick what you would like to trade, how much, the Bitstamp price and the order type. If this is all accepted, your account will be credited to this account. Keep in mind that it’s never recommended for you to keep your money in an exchange, so an external wallet is a good idea.

Although there’s a great deal more depth to it, that’s all you need to know to understand the basics. You can always learn about more advanced ordering like placing a limit order without too much trouble, and placing a stop order to reduce your level of risk through creating an automatic stop when certain conditions are met.

While we wouldn’t say someone without any technical experience would find it a breeze, you also don’t need to be an expert thanks to its straightforward system and excellent design. Not only that, Bitstamp displays its range here too, thanks to its excellent use of charts and technical indicators.

We hope that through this part of our Bitstamp exchange review, you can see that there’s nothing overly difficult or confusing here. We’d also like to conclude by saying we were very impressed by the process.

Overall Conclusion

You may be able to guess how some of this is going to go based on our Bitstamp review so far. We hate to be predictable again, but sometimes we’re left with no choice.

Bitstamp has the kind of reputation that few of their competitors can even dream of. This comes from being one of the longest running platforms, along with their licensing, security measures and general quality. This isn’t all hype: they really are as good as so many people say.

That brings us to the next point, which is customer feedback. We’ll say that there are some negative comments out there but in all honesty, we don’t think there’s a single exchange around which doesn’t have some negative feedback online. Overall, the response is positive for an exchange and backs up our excellent experience with this exchange.

It’s the end of the road of our Bitstamp exchange review. So, what did we learn? Honestly, that Bitstamp lives up to the hype. They may not have as many options as some other competitors, but if you want to keep things to several core cryptocurrencies – which let’s be honest, for many of us, is likely a wise route – then it’s hard to imagine anyone doing much better.

Minor issues regarding the FAQ section aside, Bitstamp remains an astonishing achievement from its overall quality to its ease of use. Plus, you have all that history and legitimacy to have something concrete you can trust in a market that’s often riddled with inconsistencies.

It won’t be the right choice for everyone, but for a huge amount of people, it will be exactly what they’ve been looking for. We’re happy to conclude our Bitstamp review by saying they’re a truly phenomenal betting exchange.

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