Bitstamp.com review (2022) Review
Bitstamp is a cryptocurrency exchange, which started in 2011. It was one of the first places to buy and exchange Bitcoin. It’s a good choice for beginner and casual cryptocurrency investors with an easy-to-use platform. It also has a simplified fee structure, which makes it a good start for newbies. But then, more advanced users may want access to more coins or lower trading fees.
Bitstamp currently supports a list of cryptocurrencies for spot trading.
- Stellar Lumens
- USD Coin
- Bitcoin Cash
You can also deposit and hold U.S. dollars and euros. It does not support more sophisticated investing options (like margin trading), it focuses on offering basic services. Their app is web or mobile phone-based. There are also four different order types that may appeal to more advanced traders looking to take advantage of short-term price fluctuations.
Security and regulations
It’s important to use vigorous security practices, including a unique password and multi-factor authentication, ideally using a third-party authenticator app. with crypto transactions. Bitstamp uses strong security practices, cold storage and when you are signing up for a new account, the platform requires you to set up and use multi-factor authentication for added security.
Using a demo trading account means that you don’t need to worry about losing money, you can learn and gain skills before you go live with trading. It’s a good educational tool for beginners. In other words, demo accounts are an invaluable tool for new traders. I looked through other reviews and the Bitstamp website and I found nothing about them offering a demo account.
Broker fees can vary and change, there may be additional fees that are not mentioned in this review. Fees at Bitstamp start at 0.50% for regular trades for all pairs. Fees at Bitstamp are not the cheapest, but not the most expensive either. Also, fees decrease if you trade more than $10,000 in volume over the prior 30-day period. If you use Bitstamp for staking, it takes 15% of your earnings but doesn’t charge any other fees.
The top pane offers you a menu and also the “Login” and “Get Started” buttons. A short fully digital form pops up immediately. They ask for your First name, last name, email address and date of birth. I`m not sure why they need that at the first register, but O.K.
Then it’s the country of residency they need and click to agree to the terms and conditions. The next step is to check your inbox.
By clicking on the attached link, I should be up and going. I typed in a new password and the next step you need to do is to get verified. I`m not going to do that, because I want to check out a demo account. I`m a beginner and I don’t really want to go live, without checking out the functions, look and so on. From what I have seen, the platform looks simple, clean and functional.
The website is fast and functional. the main page had all the important information you could be looking for. No extra marketing blabber, no flashing text and nothing extremely colorful. Very decent and calming. As I have already mentioned, the main menu is in the top pane of the page as well as the sign in or get started button. The menu consists of:
- Pro Traders
- Mobile App
- Bitstamp Earn
Every section gives you more information about the given thing of interest. Bitstamp Earn gives you a bit more. It shows you how to start and what to do.
Markets option shows the up to date information.
The Blog articles are mainly Bitstamp news and marketing. But you can go through to articles you`re interested in. Like:
- Market Insights
- Company News
- Press Releases
What I haven`t found is extra educational support, videos, seminars, How-To articles and a Chatbot. This could be a downside for newbies, although the platform is said to be simple.
Bitstamp has several accounts. Twitter, Facebook, Linked in and Instagram. On Facebook, they have around 34 thousand followers and the last activity was about 20 hours ago. They post mainly Bitstamp news, overall crypto news and events. Twitter is a bit more active with over 470 thousand followers. The posts seem the same. as with Facebook.
Advantages and disadvantages
Bitstamps platform is simple, user-friendly and that makes it easy to buy and sell cryptocurrency. Fees start at 0.50% and go down with higher trading volumes, and another pro can be their long history. But then, Bitstamp only supports 45 currencies, and from that, only two currencies are available for staking. Bitstamp does not offer margin trading or lending features. There is no live chatbot waiting for your question, but you may ask in the support center, filling in a form. You may find an address and several contact numbers in their footer and for those, looking to educate a bit, they offer some articles in their blog, but no extra support for newbies.
- Phone customer support
- Easy-to-use platform
- Competitive fees
- Strong security practices
- No demo
- No live chat
- Limited list of supported currencies
- No margin trading