EXPERIENCES & Bitstamp review
Bitstamp is a cryptoexchange on which it is possible to buy, sell and trade 5 different crypto currencies, in 14 different trading pairs. Bitstamp was one of the first bitcoin exchanges to play a very important role in making it possible to trade bitcoin in Europe.
The Bitstamp Exchange generally works the same as all other crypto exchanges in the crypto sector. After opening an account and putting a value on it you’ll get the option to buy and sell cryptocurrency on the Bitstamp Exchange.
The Bitstamp Exchange, can be seen as a platform which brings two parties together. When you buy crypto on the Bitstamp Exchange you won’t buy directly from the Bitstamp Exchange. Instead, you buy coins from another party Bitstamp facilitates.
Register Bitstamp account and Bitstamp verification
Before you want to start trading crypto on Bitstamp you need to register an account and put value on your account. We will explain to you step by step how to do this.
- On the Bitstamp homepage you have to click on the button ‘Register’ at the top of the screen. Then you need to fill in some personal information. For example, your full name, email address and nationality.
- After filling this in, you will receive an email from Bitstamp, this email will contain an activation link to verify your email. You need to click on this link before you will be redirected to your unique account ID. Make sure you write down the unique account ID somewhere, as you will need it to login to your Bitstamp account.
- The third step, after opening a Bitstamp account, is to set the security on your account. This can be done by using the 2FA authenticator. You will need to download the 2FA authenticator and follow the steps below.
- The last step of registering an account is to verify your identity. Although this is only necessary when you want to deposit money that does not originate from the digital world to your Bitstamp account, like euro’s for example.
- To do this you need to click on ‘Verifiy’ on your Bitstamp account and select ‘Personal Verifiy’. Then you continue with completing the steps shown. After doing this, it will take about 24 hours for your account verification to be completed.
Depositing money to your Bitstamp account
After completing the account registration, you will need to deposit money to your Bitstamp account. The nice thing about this is that Bitstamp supports IDEAL, which makes this process a bit easier.
To make a deposit, click on ‘Deposit’ and all possible payment methods will be shown. Here you can choose your preferred payment method and the amount you want to deposit and click on ‘Confirm’ to confirm.
The nice thing about Bitstamp IDEAL payment is that the amount you deposited is added to your account.
Buy and sell Bitstamp crypto
Once you have followed the steps explained above, you should have successfully created an account and deposited money into your Bitstamp account. After doing this successfully, it’s now time to start buying crypto on Bitstamp.
To do this you need to click on the buy/sell button at the top of the screen. Here you’ll be able to choose the cryptocurrency trading pair which you’d like to buy or which you’d like to sell.
Once you’ve arrived at the trading page of the cryptocurrency which you wish to buy, simply fill in the quantity of the cryptocurrency which you wish to buy and click on the green ‘Buy’ button. For crypto selling this works vice versa, but you’ll have to click on the red ‘Sell’ button.
For the service provided by Bitstamp to bring both buying and selling parties together, costs are charged per transaction that is made. These costs are called the Bitstamp fees.
For the trading fees, you’ll have to pay 0,25% fee per trade you make. So that means that you’ll have to pay $2,50 for a trade with a value of $1,000.
In case of depositing money on Bitstamp with IDEAL, no further costs are being charged. For withdrawing money to your bank account there will be variable costs per withdrawal.
Bitstamp is an easily accessible trading platform for the Dutch market, because it can make use of the well-known and simple IDEAL payment method. Bitstamp also has an app on which trading is possible, which is an ideal solution to enable trading wherever you are.
The only disadvantage of Bitstamp is that a very limited number of different cryptocurrencies can be purchased. There are only 5 different cryptocurrencies, which is very few compared to, for example, Bitvavo, where more than 50 different cryptocurrencies can be purchased.
Is Bitstamp trustworthy?
Safety is a very important aspect at Bitstamp. Bitstamp makes sure that this is well taken care of at all times. To start with, Bitstamp uses an SSL certificate. This form of security ensures that data that is sent is extra secured. You can think of for example bank details, but also the sending of the coin itself.
Bitstamp also uses the 2FA security. By using this security, besides a standard password, a unique code is requested before you can log in to an account.
For questions you can contact the Bitstamp contact centre. Frequently asked questions are dealt with here. But you can also contact one of Bitstamp’s employees by phone.
The Bitstamp contact centre can be found here: https://www.bitstamp.net/faq/.
Interested in trading crypto currency? Take a look at our extensive eToro review or our extensive OKEX review.
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|Free Account||Yes, register here|
|Country of residence||Luxembourg|
|Buy with creditcard||Possible|
|Buy with iDeal||Possible|
|Cash out to bank||Possible|
What is Bitstamp
Bitstamp is one of the most popular cryptocurrency exchanges with a very large daily trading volume and is based in Luxembourg. Within the European Union this is probably one of the best choices for trading Bitcoin, Ethereum, Ripple, Litecoin or Bitcoin Cash.
Bitstamp charges relatively low fees per transcription.
Bitstamp is available for all countries to make use of.
Bitstamp offers the possibility to settle transactions via many different payment methods. Also among Dutch people the so well known IDEAL.
A good customer service which is available 7 days a week.
Frequently asked questions
Is registering an account on Bitstamp a difficult process?
No, registering an account on Bitstamp is very easy and can be done in just a few minutes.
Does Bitstamp offer the possibility to trade different crypto currencies?
Yes, although the quantity is rather limited. at Bitstamp you can buy 5 different kinds of crypto currency.
Is Bitstamp reliable to use?
Yes, Bitstamp is a very reliable platform to use and has the safety of users very important.
Does Bitstamp have a customer service?
Yes, Bitstamp has a Bitstamp Support Center, where you can contact us with any questions you may have.