This will review the Bistamp exchange, an exchange with a score exchange value of 7.1. It is based on exchange web traffic, average liquidity, and volume. From the Wikipedia page, Bitstamp is an exchange based in Luxenburg, having locations also in New York City and Slovenia.
Current average liquidity 605, weekly web traffic 428,669. 24-hour volume at the time of writing was down 52% at $132,392,190. This position shifted to the downside after Binance US had a 24-hour volume of $266,271,287.
Bitstamp company Overview
Bitstamp is a cryptocurrency exchange that allows users to trade flat currencies with cryptocurrencies including Bitcoin, XRP (Ripple), Litecoin, Ethereum, ALGO, Bitcoin Cash, XLM, Link, OMG Network, USD Coin, PAX.
The company caters to institutional customers and pro traders on its platform. Market support that provides a wide range of tradable crypto-assets. Bitstamp supports trading crypto coins including project categories from Defi, NFT, gaming, stablecoins, and layer 1/ layer 2 coins.
The Bitstamp exchange has three key people playing a role in the company, the names being Julian Sawyer (CEO), Nejc Kodrič (Board member and co-founder), and Damian Merlak (co-founder).
In the history of its founding, Bitstamp was intended as an alternative exchange at the time the dominant Mt Gox exchange, which was the exchange that had experienced the largest cryptocurrency hack. Nejc Kodric and Damian Merlak are two Slovenes who later founded Bitstamp, with the hope of becoming a platform that customers can trust.
Bitstamp has grown into an exchange that has expanded to include the UK, United States, Singapore, and Luxembourg. In the USA, Bitstamp is based in New York.
When did Bitstamp launch?
Bitstamp was founded in 2011, as an alternative to the hacked Mx Gox exchange. Historically this exchange was native to Slovenia.
But then moved the registration to the UK 2013 in April. And in 2016 moved to Luxemburg. Here Bistamp was granted a license that is fully regulated as a payment institution in Europe. It is possible to do business with all 28 EU member states.
The journey of the Bistamp exchange was not entirely smooth, in 2015 the exchange suffered a hack with over 19 thousand Bitcoins stolen. As a result, Bitstamp temporarily suspended its services in January 2015.
How Bitstamp works
Bitstamp is a cryptocurrency exchange, how it works is similar to other cryptocurrency exchanges. This is a place for traders, buyers, whether companies or individual traders to transact crypto with crypto, a crypto with flat money, or commodities that are the scope of the company’s services.
Bitstamp operates as an exchange that will place an order book where it acts to match the order with the order book then executes a transaction.
Here, traders can use market order transactions and limit orders. If the trader uses a market order, then the exchange will find in the order book at the appropriate price at that time. While a limit order is a trader placing an order at a certain price, so the exchange will execute the order if the limit order requirements are met.
To carry out its duties, the exchange will usually charge a fee for each transaction made.
Which Countries support Bitstamp?
The Bitstamp exchange supports customers in all member states of Europe, and also in the US is available in all states provided that some states require additional identity verification.
Although Bitstamp does not all countries support the coverage of its services, currently Bistamp services are available in more than 49 countries. For complete details on the countries that are covered by Bistamp services, you can read on the FAQ page.
What cryptocurrency support Bitstamp?
The Bitstamp exchange supports major cryptocurrencies including Ethereum, Bitcoin, USDT, and so on. However, the cryptocurrency market support on Bitstamp is still below 100 types of cryptocurrencies.
From the Bistamp market page, there are BTC, ETH, USDT, USDC, XRP, ADA, AVAX, WBTC, MATIC, DAI, LTC, LINK, UNI, BCH, FTT, ALGO, XLM, HBAR, SAND, FTM, AXS, AAVE, MKR, GRT, GALA, ENGINE, BAT, CHZ, AMP, CRV, PAX, CEL, COMP, YFI, SXP, OMG, AUDIO, SNX, KNC, UMA, ZRX, STORJ, SUSHI, SKL, GUSD, DYDX, PERP, FET, RGT, ALPHA, SLP, ETH2, SGB, EURT.
The list also includes SHIB and ETH2R but there is no trade button option for transactions. While the flat currency, Bistamp supports EUR, USD, and GBP.
Bitstamp product and feature
The main product of Bistamp is as an exchange, where users can trade their crypto assets to profit purposes or withdrawals on other crypto wallets.
For Ethereum 2.0 users it offers a 4.82% APR reward, and for Algorand it offers 5% APY.
Bitstamp Earn is a program that offers passive income for cryptocurrency holders, but Bitstamp Earn products are not available for US clients.
Platform trading on Bitstamp
Bitstamp exchange offers a web-based trading platform and is also available on a mobile platform for android and IoS that users can download applications on Google Play Store and App Store.
For a web-based platform, Bitstamp uses the platform from Tradingview, it is a trading platform that is widely used by traders of various commodities, forex, stocks, cryptocurrencies.
Users can add indicators for analytical tools, with the choice of background mode that can be set dark and light. To go to the Bitstamp platform simply click on Tradeview which is in the upper right corner of the main menu of the website, it will go to the platform page where the user must log in to access the account and make trades.
By default when visiting the platform page it uses a dark background, but you can adjust the light theme in the settings marked with 3 dots in the upper right corner.
For those of you who like to analyze with full-screen charts, you can also adjust by clicking full screen on the Tradingview platform and to return easily using the ESC key on your computer.
The Bitstamp mobile platform on android as of the time of writing has reached more than 500 thousand downloads with a pretty good score with a rating of 4.2 out of all reviews on this platform.
While applications for iOS on the App store of this platform scored 4.8 fewer users than users for the Android platform.
Does Bitstamp require KYC?
Doing account verification on Bitstamp will probably help speed up the withdrawal process from the exchange.
Although users can use the platform without verification, it is more advisable to immediately carry out the verification process by sending the required documents and according to the requirements.
Only high-quality photos on valid account verification documents and proof residency documents will be accepted. For validity documents, you can use a passport, driver’s license, ID card, and proof of residence, for example with a utility bill, bank account statement.
Does Bitstamp have a wallet?
Bitstamp exchange is not a company that provides cryptocurrency wallets, but it strives to provide a cryptocurrency trading platform in a secure environment.
For storing cryptocurrency securely it is recommended to use a hardware wallet that is placed offline.
However, the Bitstamp environment is secure by placing crypto assets offline. Despite the history of this exchange being hacked, it is advisable to place crypto assets on the exchange according to the amount used for trading purposes.
In his explanation, Bitstamp uses Multi-Sig technology in their wallet, and only places a small portion in the Bitstamp environment and is mostly stored in cold wallets.
For account deposits, Bitstamp can use a bank transfer with the name of the bank account holder and the Bitstamp account must be the same to speed up the deposit process.
Different bank account names and Bitstamp account names require additional information to be able to process deposits. Deposits with a payment processor also require additional information and allow Bitstamp to return unilaterally without any specific reason.
Credit card users can also make deposits using a credit card. At the time of deposit, there will be an option for payment by credit card. And the user must fill in the credit card number in detail to confirm.
Certain countries also support Instant SEPA which offers a faster process. Other support with XRP IOU deposit (BTC, USD) to address rvYAfWj5gh67oV6fW32ZzP3Aw4Eubs59B.
Bitstamp uses a trading fee schedule with a multilevel model. The higher the trading volume in one month, the lower the trading fees. Even for transactions above $20,000,000,000, there are no fees or zero fees.
Trading fee under $10k 0.50%, > $20k trading fee 0.25%, > $100k trading fee 0.24%. Below $200k trading fee 0.22%. Below $400k trading fee 0.20%. > $600k trading fee 0.15%. > $1M trading fee 0.14%.> $2M, trading fee 0.13%. > $4M trading fee 0.12%, > $20M trading fee 0.11%. > $50M trading fee 0.10%. > $100M trading fee 0.07%. > $500M trading fee 0.05%.> $2 Billion trading fee 0.03%. > $6bn trading fee 0.01%.
Can you trust Bitstamp?
Although from an internal source offering Bitstamp is a secure exchange. It is using a 2FA security layer and places the majority of crypto assets in offline wallets. But reading user reviews might give you another idea about Bitstamp.
Bitstampt on TrustPilot is a verified company. But from about 560 user reviews, Bitstamp gets a rating of 2.2. This is of low value in building customer trust.
From the details of the assessment, 24% of the vote was for the Excellent vote. Great 6%, Average 2%, Poor 5% and bad 63%.
Bitstamp Pros and Cons
- Platform trading Tradingview full analytic tool.
- Competitive trading fee.
- Support mobile app platform.
- Earn reward staking.
- Lesser supported crypto asset.
- The exchange ever hacked in 2015.
- Not available for all countries.
BitStamp is still a fairly popular exchange today for cryptocurrency trading.
With an average daily volume of over $150M. It is making this exchange is one of the top hundred on the exchange rankings on Coinmarketcap.
However Bitstamp is not perfect, it was hacked once and it was a big blow for the company. Events can happen again because hackers will always try to find ways to steal.
Note: This article is for informational purposes only and does not constitute advice, or a solicitation of investment. Crypto, Forex, CFD are risky. Each investor is responsible for their investment.
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