Bitstamp is one of the oldest cryptocurrencies that has its origins in Europe. In 2011, the idea of developing this cryptocurrency was pitched by two Slovenian college dropouts, Nejc Kodric and Damijan Merlak, as an alternative for Bitcoin users from Slovenia and other surrounding countries.
European traders find Bitstamp as an effective way to exchange their Euros for cryptocurrency. It has also been considered a credible crypto-fiat gateway for many years now, making it one of the most popular forms of crypto exchanges.
Bitstamp accounts can be funded by Wire and Swift accounts, card payments, and cryptocurrencies, amongst many more options. Bitstamp offers a limited range of coins that users can buy. They offer trading for Litecoin, Bitcoin, Bitcoin Cash, Ripple, and Ethirium.
Keeping in mind that Bitstamp requires KYC ( Know Your Customer), it is crucial for the users to fully identify themselves if they wish to buy and sell cryptocurrencies using the Bitstamp platform.
Although Bitstamp has suffered major hacks in its initial days and also went utterly bankrupt in 2014, it has managed to recover its losses and make itself one of the most reliable platforms for cryptocurrency exchanges.
Since they have upped their games by several notches, they have successfully increased their user base after procuring a national license. They have partnered and collaborated with many financial institutions such as Chicago Mercantile Exchange and many more.
Bitstamp Review: Pros and Cons
A brief Bitstamp review is essential. Suppose you are ready to begin your trading journey with Bitstamp. Here are a few advantages and disadvantages the Bitstamp platform poses that you must be aware of:
- Bitstamp has been on the receiving end of several hacks and breaches. However, this has never severely affected the traders. The security has been since beefed up, ensuring the safety and security of the client’s details.
- The advanced security technologies have assured that the traders do not suffer any significant losses when it comes to trading practices. They have a set and an authentic number of essential security procedures such as secure cold storage and encryption key management that protect the clients from unwarranted issues.
- The trading fees for Bitcoin are considered reasonable and vary according to the volume of trading clients undergo in 30 days.
- Bitstamp uses the advanced Tradeview interface that is used for charting and has several features to it. This interface, along with the company’s homepage interface, can be used to place market orders, limit orders, instant orders, and stop orders.
- One of the most impressive and fascinating facets of Bitstamp is its customer support options. Bitstamp offers a wide range of customer support options and is also one of the first few platforms to provide phone support to its clients.
- If you are a newbie, you’ll be disappointed to find out that Bitstamp offers no free credits, an option worth considering if they wish to attract more traders and increase their user base.
- After the transactions reach a certain threshold, users must share an extensive list of personal information.
- Although the fees are significantly cheaper than many other cryptocurrency platforms in the market, you will find yourself paying fees for a list of different things.
- New users are advised to invest the money they can afford to lose as it may be subject to many instances of price fluctuations.
Over the years, Bitstamp has managed to build itself, comply with all the proper rules, regulations, and procedures, and offer numerous benefits that users can avail of. Bitstamp is an intuitive platform, and even if you are a first-timer, you’ll manage to get the hang of it and will find your way around it.
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