By Nathan Ferguson
Bitstamp Review
Established in Slovenia, Bitstamp is one of the first to compete with Mt.Gox. This exchange has very hard to earn a name synonymous with reliability. The co-founders believed that traders were looking for an exchange that they could trust. In addition, they were the pioneers of getting themselves licensed. Further ado, today, we will be going through an in-depth Bitstamp review.
Bitstamp is best known to qualified enthusiasts for cryptocurrency and is a method of buying more established crypto with fiats. Bitstamp has low fees and is an excellent way to trade large quantities of digital currencies.
Bitstamp used to be one of the top crypto-monetary exchanges with a daily trading volume of up to 700 million dollars, but since then, it has fallen as new exchanges flood the market.
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User Safety
Of course, the risk of user profiles becoming hacked always exists. Bitstamp, therefore, offers several features that protect users and reduce a hacker’s chances of ever compromising their accounts.
Two-factor authentication is certainly the most important of these. This is nowadays quite standard for trade, and it is an additional safety layer. These are not needed as a Bitstamp default, so it is advised that you do.
In addition, Bitstamp needs confirmation by email as an additional security feature when you ever send the funds out of your online wallets.
Despite all these safeguards, you always want to apply the best safety practices and never store many coins on the exchange. “If you do not have the keys, you don’t have the coins”, as the saying usually goes.
Various Types of charges
The low and transparent fee structure of this exchange is appreciated by many traders. Three types of charges are charged to traders. Deposit, trade costs, and cancellation fees These are (network fees)
You are charged a percentage fee for the amount you traded if you already have funds. The volume you traded in the past thirty days is linked to and is based on a sliding scale. Although many traders would be in the above category, bigger institutional traders could apply for maker fees if they contact support.
You will not pay any fees if you send your money via a SEPA transfer in Euros. If you submit a request from Bitstamp, you only must pay a retiring charge of 0,90 EUR. But you will pay a 0,05% deposit fee (at least $7,5) if your EU bank account is not available and you want to pay by international wire transfer. You should pay a 0.09 percent fee with a minimum fee of $15 if you withdraw through a wire.
Currency Support
Bitstamp is often regarded as a “Fiat Gateway” rather than a big exchange to buy several smaller Altcoins. Therefore, Bitstamp continues to focus its attention on the most popular cryptocurrencies and offers Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple pairs. This corresponds to the currencies of USD and EUR fiat.
While trade volumes have decreased, Bitstamp still provides the cryptocurrencies it offers with a high level of liquidity. This applies to all your Euro pairs. You might consider Kraken, a California-based exchange if you were looking for another Fiat gateway, which had more altcoins you could buy.
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Trading Platform
The high functionality and advanced tools offered by their trading platform are very impressive. It’s well laid out from the user experience with order books, and easily visible buy/sell walls. You also have a list of the latest businesses that have just hit the market on the right side of the platform, where you want an audio option.
This is also the perfect platform for crypto traders and technicians. This is due to the range of available technical studies and indicators. If you only want to use the chart, you can also expand the chart to a full-screen function.
Final Thoughts
Bitstamp is generally a good choice for those who want to purchase and trade the most important cryptocurrencies, particularly in Europe. You can be sure of a trusted squad as one of the oldest cryptocurrency exchanges.