Bitstamp is one of the many cryptocurrency trading platforms that spring up on the Internet in these advanced times. First founded by Damijan Merlak and Nejc Kodric in the scenic lands of Slovenia, their main target was Europeans interested in trading cryptocurrency. The company grew at exceptional speed and by 2013, the company had bases in the UK and in 2016, offices in Luxembourg. This trading site is known for its low-fee structure and outstanding trading platform services.
Pros and Cons
- Top-notch security
- Extensive trading graph tools
- Swift registration
- Economical trading fees
- User-friendly platform
- Mobile access available
- No beginner’s resource
- No access to demo accounts
Registration and set-up
Registration on the site is open for both individual traders and corporations. However, the process is extensive for both options. All new users are required to undergo multiple verification steps to ensure that each sign-up is legitimate. You’ll be required to upload verifying documents, either a passport or an ID card. If you’re signing up for a corporate entity, you’ll be requested to proffer company registration and other supporting documents. Individual signups also require to complete face and voice recognition steps as added security measures.
The platform is easy-to-use, even beginners can get the hang of it. Features essential to cryptocurrency trade, such as trading graphs, the latest market prices, and buy and sell options are all present. Additionally, there are news sections that outline the latest in financial trade, which may indicate trends for future trade patterns. Graphs can be adjusted by a variety of factors and the graph axes can be plotted using different sets of data related to the currencies. You can also zoom in on days to get a clearer picture of a day’s worth of trade.
Bitstamp trading options
The platform engages in trades for several cryptocurrencies. A few of them include Litecoin, Bitcoin, Ethereum, Ripple, Ether, Bitcoin Cash, Paxos, Stellar Lumens, and more. These cryptocurrencies can be traded and converted into other digital currency options. You can also choose to convert them into local or international currency, depending on which is more lucrative. If you have yet to own crypto assets, you can convert local currency into a cryptocurrency of choice.
Aside from cryptocurrency, you can also trade certain profitable currency pairs. The biggest trading pair on Bitstamp is the GBP and USD pair. There are also the GBP/EUR pair, as well as USD/EUR pair. The USD/EUR is the second biggest currency trading pair on the site. Currency exchange on Bitstamp is treated mostly as a means of increasing rolling capital for crypto trade. However, if you’re keen on focusing solely on this method of trade, you’ll find that it’s quite a profitable venture here.
When writing a Bitstamp review, it’s a no-brainer to take a look at the security measures on the website, as well as on its trading platform. All data that you enter onto the site is protected by the latest SSL encryption technology. PCI scanning methods are also implemented to actively scan servers to protect from vulnerabilities. The site also requires you to verify your contact details, personal particulars, and conduct a face and voice recognition before trading can commence. All these security details make this platform a secure area of cryptocurrency trade transactions.
Tools and features
The trading graphs can be adjusted to provide the most accurate details. They can be adjusted by period, trade type, graph type, and indicator choice. This gives you the best view of the current trade lines in a fashion that’s most comfortable to you. The only downside is that different currency pair graphs can’t be viewed in separate tabs. This makes comparisons a little bit more tedious. Otherwise, the trading graphs are highly informative and accurate.
Buying and selling
The platform layout is highly organized and designed for trade efficiency. The main trading graphs are flanked by the latest trade prices, which are updated every 3-5 minutes. On the far right, there’s a myriad of trading options. You can choose to immediately trade a cryptocurrency at real-time prices or you can invest or sell at the market average. You can also specify the limits for buying or selling and when the system should stop buying or selling. This way, you can automate your trades and make money even when asleep.
Unlike its counterparts, Bitstamp is severely lacking an area where new traders can gain new knowledge on trading, as well as the workings of the platform. A learning area with essential information about how a trading platform functions and its features would be an addition that all users, especially new ones, would appreciate. This could include information, such as types of indicators on graphs, how to interpret charts, tips and tricks on how to trade successfully, and more.
Another feature that this site needs is access to demo accounts. Demo accounts serve as a training ground for beginners, where they can practice projecting trade patterns and have a go at the actual buy and sell process. More often than not, those who start on demo accounts do better at real-time trading. However, that’s not an option at this site for now.
Bitstamp mobile trading
If you’re a trader that’s constantly on the move, you’ll be delighted at the idea of having Bitstamp in the palm of your hand at all times. Mobile app versions are available for both Android and iOS operating systems. They can be downloaded directly from Google Play or App Store. If you’ve already signed up for an account on desktop, the same credentials can be used for mobile trading.
Fees and charges
As with every other trading platform, there’s a small fee for each trade made on the site. However, Bitstamp trading platform is known for its economic charges on crypto trade. The complete set of tariffs for active trading pairs on this platform can be found in the Fee Schedule section. For crypto trades within the same currency, no charges are imposed. Card transactions are charged 5% of the total trade value, with possible fees from the credit card issuer. International wire transactions for deposit purposes have a levy of 0.05% while withdrawals are levied 0.1%.
Help and support
You can reach the support team at Bitstamp via email at firstname.lastname@example.org. For complaints, emails can be redirected to email@example.com. A direct phone line is available for three countries, the United States, the United Kingdom, and Luxembourg. The contact numbers are +1 646 568 9784, +44 20 3868 9628, and +352 20 88 10 96, respectively. The only noticeable downside is the lack of immediate chat support. As a trader, you may have many questions at the beginning of your journey with a new platform. And it helps to have a live chat agent to clear up queries on the fly as you’re trading.
Bitstamp is an amazing platform, especially for those new to crypto and forex trading. Despite having great trading tools and detailed charts, there are some crucial features that this site has yet to add. The trading rates are kept as close as possible to real-time values and fees are one of the lowest in the scene. In terms of security, this trading site earns a gold star. Can’t wait to earn some crypto coin? Sign up for a Bitstamp account today and earn big.