What is Bitstamp.com? In today’s review, we shall be looking at Bitstamp, with the objective of finding out whether it is one that is reliable, or it is one that you should totally avoid. Here are the main elements of the review that will help us cover the most details about Bitstamp:
- What is Bitstamp.com?
- Which services does it offer?
- The services offered by Bitstamp.com
- The payment methods allowed on Bitstamp.com
- The fees charged on Bitstamp
- How is the customer support experience on Bitstamp.com?
- The countries allowed on this platform
- Is Bitstamp legit?
- Pros and cons
Name of the platform: Bitstamp
Official Website URL: https://www.bitstamp.net/
Overall Rating: (2.2 / 5)
What is Bitstamp.com?
Bitstamp.com is one of the well-known cryptocurrency exchange platforms. This is mainly because it has been around for quite some time. It was launched in 2011 and has not been shut down ever since, apart from the occasions in which it was hacked in the period lasting between 2014 and 2015. During this period, no trading was allowed on Bitstamp.com. When the creators of this platform were taking to the market, they were trying to see to it that they delivered a platform that would enable clients to go execute high-quality trades with a limited number of coins.
The only other option would have to introduce a platform that enabled clients to exchange a wide variety of cryptos, but this would possibly compromise on the quality of the services on the overall. The founders of this platform were Nejc Kodric and Damijan Merlak. They launched Bitstampcom in Slovenia but moved it to several nations over the years. It was moved to :
- UK- 2013
- Luxembourg- 2016
- Belgium- 2018
This platform was acquired by NXMH, which is Belgium-based in 2018, though from the look of things, it still has its UK business lines still operational.
The one thing that most people probably heard about Bitstamp is about the 2014 and 2015 hacks, where Bitcoin worth $5 million was stolen.
The services offered by Bitstamp.com
Bitstamp mainly offers a trading platform in which customers can trade BTC and several other cryptocurrencies. The fact that Bitstamp offers few cryptos for exchange is quite significant. As already highlighted, this makes it possible for it to focus on a few quality trades as opposed to trying to fulfill many trades that would maybe end up going wrong. This platform actually only allows very few order types to begin with. They include market, limit, stop, and instant. This limits the chances of you getting any complications, and if it arises anyway, they can easily fix it within no time.
The payment methods allowed on Bitstamp.com
As of now, the two main fiat currencies that are allowed on Bitstamp are Euros and the US. If you, therefore, have your European Bank account, you can utilize SEPA to transfer funds to your Bitstamp.com account. SEPA-Bitstamp transactions are usually processed impressively quickly. The other alternative you have is to do a regular wire transfer. It will serve you equally well.
You also have the option to use your credit card to buy BTC to fund your Bitstamp account. If you use this option, not that the daily limit possible is$1500. The applicable fees here are quite high, and you can end up incurring up to 8% in fees, depending on the amount of money you are transferring.
AstroPay is also a viable alternative.
The fees charged on Bitstamp
Bitstamp.com has managed to make deposits and withdrawals quite cheap by making sure that the fees charged are significantly lower than other cryptocurrency exchanges. For those who would like to carry out a wire transfer, you will only have to part with 0.05% of the amount you are transferring, which in my opinion is quite low.
The trading fees on this platform actually vary a great deal, though it is mostly dependent on the volume of the buy and sell orders that you place. The highest fees you can possibly pay on this platform are 0.25% of the amounts of money transferred that are less than $20,000. The lowest fees are, on the other hand, as low as 0.10% of any amount that is higher than $20,000,000. Effectively speaking, it seems that the lower the volume of your trade, the higher the fees rates you can expect to be charged. The converse is true.
If you actually decide that you want to create a Bitstamp account today, kindly avoid using your credit card to deposit funds. The fee rates will simply be an unnecessary expense. The most effective approach is to make a deposit in cryptos. This method will cost you nothing (note that some wallets will charge some network fees).
How is the customer support experience on Bitstamp.com?
Bitstamp.com has a ticketing system through which you can communicate with the support staff. With this approach, you can expect to get a response to your query within 1-3 days. The speed at which you get a response varies, with the main deciding factor being the nature of your question. If your matter is very urgent and deserves immediate attention, you can always request for help through the UK business telephone numbers highlighted on Bitstamp’s official website.
There is also a detailed FAQ section on this platform’s official website. It is very detailed to the extent that you are most likely to find all the answers to the questions that you might have, with regard to your issues.
The countries allowed on this platform
Bitstamp is not available in all nations in the world. It is, however, available in a significant number of nations including the UK and USA (served by Bitstamp USA, a subsidiary of Bitstamp). The people living in 28 European Union nations can access Bitstamp.com. You can also access Bitstamp if you live in the following nations:
The Dominican Republic, Åland Islands, Saudi Arabia, Moldova, Gibraltar, Iceland, Greenland, Peru, Madagascar, Mozambique, Faroe Islands, Chile, San Marino, Hong Kong, China, Singapore, Taiwan, Liechtenstein, Isle of Man, Montenegro, Serbia, Cayman Islands, Qatar, Kuwait, Switzerland, French Polynesia, Ecuador, Trinidad and Tobago, Barbados, Réunion, Jamaica, Paraguay India, Lebanon, Puerto RicoTurkey, Japan, Argentina, Brazil, Israel, South Africa, Curaçao, Dominica, Jordan, the Bahamas, Bahrain, Guadeloupe, Martinique and Sint Maarten, New Zealand, Andorra, Brunei, New Caledonia, Norway, Monaco, South Korea, Australia.
Is Bitstamp legit?
In my opinion, yes, it is a genuine platform. This does not mean that I agree with its impressiveness in terms of customer service. A look at how it is doing in terms of delivering services to customers reveals that Bitstamp.com still has a long way to go. It has a poor rating on Trustpilot (2.2/5 stars) and is yet to fully satisfy some concerned people about its security following the previous successful hacks. For me, I’d rather deal with a platform that has a clean score sheet, just to avoid feeling like a played myself later, when things go south.
Pros and cons
- Low fees
- Quality exchanges offered
- Has been around for quite some time.
- Can’t be sure if it is very safe.
- Poor customer ratings.
Final words and verdict:
Overall rating : (2.2 / 5)
Bitstamp.com is a platform that has been around since 2011. It has, however, faced some significant bumps that have affected its reputation and trust levels. It has been trying to reinstate the previous trust accorded by its customers but I still think it has some more work to do with that. On that note, I’d simply recommend my number one alternative to it, as we wait for Bitstamp.com to clean their name for good.
Thank you for sticking through to the end of my review about what Bitstamp.com is about. I hope you will be in a position to move forward more informed about it, and that you will make the right decision about where you will trade your cryptos.
Eric. Bitcoin investor and blogger at StartMakeStopWaste.