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Bitstamp Review | One Of The Oldest Cryptocurrency Exchanges

Buying Bitcoin back when it was invented in 2009 was difficult for the average person, until the advent of crypto exchanges, like Bitstamp.  Bitstamp

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Bitstamp Review

Buying Bitcoin back when it was invented in 2009 was difficult for the average person, until the advent of crypto exchanges, like Bitstamp.  

Bitstamp was one of the first crypto exchanges to hit the web and started as a tool to help people buy Bitcoin using fiat currency. Today, Bitstamp has grown to be one of the largest exchanges in the world. 

Whether you want to buy your first crypto, or you want to create algorithmic trading rules for a bot to execute, Bitstamp can support your needs. Here’s what you need to know about the crypto exchange that has survived for more than a decade.

bitstamp logo
  • A pioneer in cryptocurrency exchange platforms
  • Supports buying and selling for 70+ Tokens
  • Easy-to-use trading platform

Bitstamp Cryptocurrency Exchange

 Fee to Use Credit or Debit Card

Depends on your 30-day trading volume

What Is Bitstamp?

Bitstamp was founded in 2011, just two years after the creation of Bitcoin. The company may lay claim to the title of the longest-running crypto exchange on the planet. 

While the company offers advanced features that crypto trading enthusiasts require, Bitstamp continues to focus on the mainstream adoption of cryptocurrency. It simplifies the crypto buying process (register, fund, and trade) and provides a high level of security on its platform.

What Does It Offer?

Bitstamp is a crypto exchange committed to making access to crypto easier. It helps everyday people transition into crypto trading with an intuitive exchange and solid trading guides. But the company also supports advanced crypto traders with charts, API access, and trading rules.

Buy and Sell 70+ Crypto ‘Tokens’

Bitstamp supports more than 70 unique tokens, which is really just another name for cryptocurrency or cryptoasset. Tokens mainly refer to cryptocurrencies other than Bitcoin and Ethereum, even though those are technically tokens too. 

Compared to other largest exchanges, Bitsamp doesn’t offer as many tokens, but just know that most of the big name tokens can be traded through Bitstamp.

Staking Not Available in the U.S.

Staking is a process where a known token in the blockchain is used to verify and validate the blocks on the blockchain. In exchange for locking up access to assets for a while, investors receive a small reward for participating in the blockchain.

Staking reduces the energy consumption associated with the blockchain while maintaining the validity of the chain. Bitstamp allows investors to earn passive crypto by staking Ether (ETH) or Algorand (ALGO). Unfortunately, this option isn’t available to investors based inside the United States.

bitstamp screenshot 1

Same Price for Advanced Trading Platform

Bitstamp has an advanced crypto trading platform called Tradeview. This platform supports all kinds of advanced visualizations and trading options. 

Most crypto enthusiasts won’t need all the functionality that comes on Tradeview, but the platform doesn’t cost extra. Anyone who wants to do research can use the advanced trading platform.

Buy Crypto using Fiat Currency or Crypto

Bitstamp supports crypto investors from their first trade on the blockchain all the way to advanced traders. People preparing to make their first crypto purchase can deposit fiat currency (U.S. dollars) to Bitstamp and initiate their first trade through the platform. Investors can even buy crypto using a credit card (though this requires paying a 5% fee).

Bitstamp also supports crypto to crypto trades and allows users to convert their crypto back to fiat currency at any time (prices are subject to market fluctuations).

bitstamp screengrab 2

Are There Any Fees?

People using the Bitstamp exchange need to know about the following fees. 

If you buy crypto using a credit or debit card, you’ll be charged a flat 5%, plus any trading fees. The trading fees on Bitstamp depend on your 30-day trading volume. 

Volume discounts extend all the way to $20,000,000 but we’re showing the price for trades for people with up to $1,000,000 in trade volume. Here is what their fee schedule looks like, based on a 30-day trade volume.

For the full schedule, visit Bitstamp’s website.

How Does Bitstamp Compare?

While plenty of crypto exchanges have doubled down on crypto jargon and complexity, Bitstamp continues to make crypto more accessible to everyday people. It has a clear fee structure that’s competitive with other large exchanges, like Coinbase. 

It is not the cheapest exchange on the market—Binance is typically the low-cost leader—but it is well-insured and easy to use. Many people will dismiss these attributes, but they are important, especially for individuals who are worried about crypto investing.

Bitstamp differentiates itself by offering its Tradeview, its advanced platform made available to anyone who chooses to use it.

Here’s another quick comparison:

How Do I Open An Account?

To create an account at Bitstamp, you’ll need to fill out a registration form which can be done online or through the app. The registration includes typical account opening details such as your name, address, and contact information.

Once the registration form is complete, Bitstamp has a two-step verification process.

  • First, upload forms to prove that you’re going to fund an account from a personal bank account.
  • Then, complete the “Know Your Customer” verification which involves taking selfies and pictures of your photo ID and proof of residency, such as current utility bill.
bitstamp screen grab 3

Is It Safe And Secure?

In 2015, Bitstamp suffered from a phishing attack and lost 18,866 BTC which was worth around $5 million at the time. While the company acted quickly, the loss highlights how big a target these crypto exchanges are.

Today, Bitstamp has multiple lines of defense to mitigate the risk of loss in the future. First, it has higher levels of encryption. All users are required to use multi-factor authentication when accessing their accounts. 

Additionally, Bitstamp stores 98% of user assets in cold storage, which is largely impermeable to hacking attempts.

Crypto Safety Tip: Here’s is why we recommend cold wallets:

Cold storage cryptocurrency wallets refer to stripped down computers that never touch the internet. They hold private keys and have a button (or two) that allow users to buy and sell crypto on the blockchain. Because cold storage wallets aren’t vulnerable to internet-based attacks, they’re considered the most secure crypto wallets.

Personal information on the Bitstamp website or in the app is encrypted to decrease the likelihood that it falls into the wrong hands. All assets held at Bitstamp are fully insured against theft or hacking through one of two policies. This includes assets held in online storage or that are part of a transaction. This is an unusually high degree of insurance.

Overall, assets and information at Bitstamp are well protected. As long as the exchange continues to operate, users are unlikely to lose their assets or their personal information. Of course, there is no way to guarantee that the exchange won’t be hacked. All crypto investors must be prepared for this risk no matter what exchange they use.

How Do I Contact Bitstamp?

Bitstamp has its worldwide headquarters in the United Kingdom, but it currently operates in more than 100 countries. 

Investors based in the United States can contact Bitstamp by calling 800-712-5702 or by emailing support@bitstamp.net.

Is It Worth It?

Much like Coinbase, Bitstamp is a great choice for the beginner crypto investor. Since it focuses on ease of use, buying and selling crypto is simple. And the fees on the platform are reasonable, so it’s nice to know that newbies aren’t going to get ripped off by the Bitstamp platform.

Users can also grow into the full Bitstamp platform. You don’t have to pay for detailed chart views or API access which makes it a great long-term choice. However, Bitstamp’s staking program is lackluster and unavailable to U.S. residents. This could be a reason to skip the exchange and choose an alternative.

Bitstamp Features

  • Up to 5% APY on Algorand
  • Up to 4.41% APR on Ethereum 2.0

Varies by cryptocurrency type

24/7 Service on the phone or email

Customer Service Number (U.S.)

  • info@bitstamp.net
  • support@bitstamp.net
  • complaints@bitstamp.net

Web/Desktop Account Access

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