Bitstamp.net

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Overall Rating
Bitstamp.net Overall rating: 1.6 out of 5 based on 6 reviews.
Type Trader Exchanger
Since2013
LocationLuxembourg
WebsiteBitstamp.net
Social Links
FeaturesTwo order types – Instant (for beginners) and Limit (for pros)
DerivativesNo
Margin TradingNo
Deposit FeesNo
Trading Fees0,25% - 0,1%
Withdrawal FeesNo
Tradeable Coins Bitcoin (BTC) Ripple (XRP)

Advantages

  • Flawless reputation
  • Partnership with Pantera Capital, Ribbit Capital, and Fortress Investment Group
  • High trading volume and liquidity
  • Fast and simple website

Disadvantages

  • Fiat trading is available with BTC only
  • High fees for trading with small amounts of coins

Bitstamp: Is It Secure, Profitable and Convenient to Exchange Cryptos Here?

The history of Bitstamp started in 2011, when two Slovenian 20-year-old guys, Damijan Merlak (bitcoin miner and software developer) and Nejc Kodrič (computer salesman), decided to invest in bitcoin. The lack of exchange services motivated them to launch their platform and today it has a great success on the cryptocurrency market. At that time, only Japanese exchange Mt. Gox was available. Thus, the process took days and the risks to lose money were too high.

In 2014, Mt. Gox collapsed and Bitstamp received popularity on the international market. Today, it is one of the most influential platforms in the industry.

How it works?

As any other cryptocurrency exchange, Bitstamp requires registration. The next step is account verification which is required for large traders, who operate with big amounts of money (10.000 USD and more). The problem is that the list of questions you have to answer is extensive and some of them are invading your personal information. Of course, you should provide your real personal data, including name, location and ID – this is natural for most similar services. However, we have detected a number of questions that seem to request information on competitor usage or even compromise banking privacy. For instance, they ask if you have an account with other exchange websites and requires providing your recent bank statements. Mind that not all users have to provide these answers.

As for the user experience, the resource is really convenient and simple. There are large buttons “buy”, “sell”, “deposit”, “withdraw”, that’s why beginners appreciate this platform so much. Comparing to other competitors, this interface looks really straightforward. Professional traders will find all necessary trading tools and graphs here, too.

There are three types of fees here – on withdrawals/deposits, for additional services, and for trading. Withdrawing and depositing cryptos is free, as well as SEPA deposits (thus, withdrawal requires 0.90 EUR fee). Wire transfers are available here and they cost 0.05% with the minimum  set at 7.5$.

As for the credit cards, your fees depend on the volumes involved. The amount less than 500$ costs 8%; 500$-1000$ – 7%; 1000$-$5000 – 6%, and 5% for orders above 5000$.

Trading pairs fees depend on the volume, too. They range from 0.10%-0.25%. The bigger the amount you trade with, the less fee you have to pay.

 Bitstamp also has a lot of operational and service fees. You will have to pay 0.55$ for declined withdrawals, 5$ dormancy fee, and 1.95$ account fee.

As for the security issues, Bitstamp protects users’ accounts with 2-factor authentication. After you create an account, you receive your personal ID and password via email. You have to sign up for the first time using this data, but make sure to change it as fast as possible. Moreover, despite the fact that a platform protects your wallet and account, we recommend you to remove your ownings to an independent personal wallet to ensure that they are safe and controlled. Bring your money to a platform’s account only when you are ready to trade and never store them for a long time there.

Pros

  • Beginners will love the simplicity of trading interface, while professionals will advantage from graphs and schemes.
  • Bitstamp allows large sales, purchases and exchange due to significant trading volumes.
  • Credit and debit cards are supported.
  • The website has never experienced long trading shutdowns.

Cons

  • To verify an account, you have to wait for three days.
  • Also, if you want to make large transactions (10.000 USD and more), you have to share some invasive amount of personal data.
  • There are only five types of cryptocurrencies available here: Bitcoin, Bitcoin Cash, Ethereum, Ripple, and Litecoin.
  • Despite the fact that withdrawal, trading and deposit fees are relatively low, there are some unusual fees applied to customers’ accounts, like dormancy, account and declined withdrawal fee.

Conclusion

Bitstamp is the sixth largest exchange available today. It is secure and functional, so chances are that you will have good time using this site. However, remember that high trading volumes require additional verification and there are some unusual fees for clients here. Make sure that you are aware of all trading aspects before you make an order with Bitstamp.


Client Reviews

★☆☆☆☆
1 5 1
The most horrendous thing that has ever happened to me. First of all, the withdrawals are even slower than wit poloniex (which i never thought was possible). Their support deserves a separate review. Ignoring tickets isn't even the worst part of it. Would not recommend bitstamp to anyone.

★★☆☆☆
2 5 1
I have read a lot of negative feedback about bitsamp online and still I decided to try this service myself I made a deposit (luckily, this was a small test-deposit) and my account was closed almost immediately. Don’t know why. The rumors proved to be truth Hope they didn’t steal my money and these are just technical problems but my first impression is negative.

★★☆☆☆
2 5 1
I’ve tried using bitstamp once and my transaction failed. Unfortunately, my money disappeared, too. I contacted support and I urged them every single day for a month (!!!). finally, I have received a refund, but I’ll never use it again

★★☆☆☆
2 5 1
Bitstamp is not a scam but they disappointed me deeply – my account was closed for no clear reasons and I believe this is unfair. I didn’t get any full explanation but seems that website administration suspected me to be a fraud very sad

★★☆☆☆
2 5 1
I am confused – I sent them documents for verification (id card and other + selfie photo)…it was month ago! I worried if they accept me and when can I sell or buy?

★☆☆☆☆
1 5 1
Bitsamp steals customers’ money, so beware!

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