Bitsamp is one of the oldest crypto exchanges on the market as we can see today in our Bitstamp review, and we will find many other things related to this platform. Bitstamp reviews show that the platform offers a user-friendly interface and reasonable trading fees with over 70 cryptos to choose from. However, more experienced traders are probably not satisfied with this choice but there are some other order types as well.
Bitstamp is based in Luxembourg and is licensed to operate in 27 EU countries but also has permission to operate in the US and China. Bitstamp also has the highest 24-hour trading volume and this is probably due to the fact that it is one of the oldest trading platforms in the market.
As Bitstamp app reviews show, users have access to 15 digital assets and 56 crypto trading pairs. One of the positive aspects of this platform is that it provides a decent user experience for traders. This allows them to buy crypto using fiat currencies such as British pounds, Chinese yuan and US dollars.
Users can simply deposit money into their account via credit, debit card, or bank transfer. Bitstamp reviews also show that the exchange is considered the first licensed EU crypto platform regulated by the Luxembourg Financial Industry Supervisory Commission.
Users can buy BTC, Bitcoin Cash, ETH, and other crypto assets through bank cards. It also offers a convenient app where it works on Android devices as well as iOs devices, making it easy for traders to buy and sell crypto.
What’s great about it is that the platform has an app that can be downloaded from the Google Play Store and the Apple App Store that allows users to access it through their mobile devices and make the trading experience faster and more accessible. Also, it provides an API that allows users to control access to their accounts but is only allowed to go through 600 requests per 10 minutes.
Bitstamp has two types of accounts, personal and corporate and they both have different fees. Individual trading fees are based on 30-day USD trading volume and decrease as trading volume increases. Fees are based on the payment method that merchants use but crypto deposits and withdrawals are free. Large traders who are market makers can request maker fees if they contact support.
One of the most important features is probably the security measures for users’ funds as the platform offers offline cold wallets to store assets as well as a hot wallet to offer enhanced stable liquidity with multi-sig technology.
There are three ways to earn money through fees on Bitstamp.
Traders are charged three types of fees: deposit, trading fees, and withdrawal fees.
- Business fees
For trading, users have to pay up to 0.25% so for example if someone were to trade $1000 worth of crypto, they would have to pay $20.50. If professional traders trade more than $20 million in a month, the fee goes up to 0.10% which makes the fee very high compared to other competitors.
- Deposit Fee
To deposit via debit card, Bitstamp will charge you $10 which is also a fixed fee and for deposits above $10,000, the deposit fee is 2%. Deposits made through credit cards are charged 5% of the deposited amount but there are additional fees charged by the credit card provider.
Also, for SEPA transfers, there are no fees. For wire transfers, there is a 0.05% fee and for crypto deposits, there is no fee.
- Withdrawal fee
A SEPA EU bank withdrawal fee will cost 0.90 EUR while the wire transfer fee for withdrawals is 0.09% for a minimum of 15 EUR.
Bitstamp review on the downside of the exchange
This platform lacks some of the usual advanced trading features. There is also no margin trading available and there is no rewards card that can often be found on other exchanges as an easy way to use crypto without having to cash out.
Furthermore, Bitstamp does not have a good rating on CER.live. The site gives a score of BB while the highest rating is AAA which means, according to Bitstamp review, it does not rank among the top-rated 50 crypto exchanges.
Safety and security
Bitstamp was hacked back in 2015 in a phishing scheme that resulted in the loss of approximately 19,000 BTC worth $5 million. The exchange was able to reimburse users for their losses but users no longer felt so secure.
Bitstamp decided to up its security game and now keeps most of its digital assets in offline cold storage and all assets are insured against hacks and other types of attacks. However, despite all this, Bitstamp is on the lower side in terms of security features according to many online Bitstamp reviews.
It offers two-factor authentication and the password used must be changed once in 90 days. After hacks in both 2014 and 2015, Bitstamp now aims to solve the security problem by implementing email verification with two-factor authentication and multi-sig wallets every day. In their hot wallets, they store a small portion of the assets while most of the funds are kept in offline cold storage.
Bitstamp is initially an exchange but it offers web wallets to its customers if they have an account within the platform. It is always advisable to transfer money from an exchange to a wallet.
Is Bitstamp legit?
Online Bitstamp reviews suggest that Bitstamp is legitimate but after suffering hack attacks, many users have lost their faith in this platform.
Is Bitstamp regulated in the US?
Bitcoin was licensed to operate in the United States by the New York Department of Financial Services in 2019.
Does Bitstamp accept debit or credit cards?
Yes it does. It accepts Visa, Maestro, and MasterCard.