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Bitstamp Review – 5 Things to Know Before you Use the Exchange

Flora Harvey

A Bitstamp review can help highlight some of the most prominent aspects of an exchange, which can make quite the difference for potential users. As a novice crypto enthusiast you need to find the right crypto exchange.

The right or best crypto exchange can be identified as the one that ticks all the right boxes for you in terms of the features and services it offers to the users. This can be determined more thoroughly if you take your time and do a research regarding the available features of the platform you want to choose.

Similarly, if you are interested in using the Bitstamp exchange then you need to know some of the major features of the exchange. This also includes the answer to “is Bitstamp safe?” which is a frequently asked and essential question.

Therefore, if you want to use Bitstamp for buying crypto, here are five major things you need to be familiar with.

Bitstamp Review – Intro of the Exchange

Before you dive into other details of the crypto exchange it is important that you take a look at what the exchange is all about. This exchange is one of the oldest ones in the world and was established in 2011. It is based in Europe, in Slovenia to be specific and aims to offer some of the best services to all interested parties around the world.

It has an impressive daily trading volume, even though it is lower than that of other major cryptocurrency exchanges such as Kraken and Binance.

However, all other aspects of the platform are quite remarkable and are also why a vast audience is inclined towards using the exchange.

Safety Offered by the Exchange

As mentioned above, knowing is Bitstamp safe is one of the most important details for every crypto investor, especially those who are new to the crypto space. This is an aspect that you should explore for every crypto exchange to make sure the platform you opt for will help minimize the safety risks and make crypto investing easier and less stressful for you.

Therefore, this Bitstamp review addresses the fact that it is one of the safest platforms in the market that takes the security of the users very seriously. The services it offers and the accounts and funds of the users have never been compromised.

It also makes use of top-of-the-line security protocols to keep the security offered intact. Some of the security systems used by Bitstamp are:

  • Annual account auditing
  • Cold storage wallets
  • Email confirmations
  • Google Authenticator Login
  • KYC (know your customer) verification process
  • Two-factor authentication (2FA)

First Regulated Exchange

Another prominent aspect of the exchange that further validates the security offered by the exchange is the fact that it is the world’s first regulated cryptocurrency exchange. As the platform grew it received a lot of support and recognition from all over the crypto community.

The exchange was moved to Luxembourg and was licensed. It is not only the first regulated crypto exchange in the world but its license is also valid in 28 countries in Europe.

Fee Structure of the Exchange

The fee charged by an exchange is one of the topmost features that needs to be considered before the crypto investors or traders choose any platform. Every exchange charges a fee and as a user of the exchange you will be required to pay that fee.

While the type of fee may be similar on each exchange, more or less, the amount and transparency can greatly vary.

Therefore, before you opt for this exchange, this Bitstamp review will specify the different types and amount of fee you will be required to pay if you opt for this exchange.

The trading fee charged by the Bitstamp exchange does not rely on the traditional maker and taker fee model. Instead:

  • You will have to pay a flat trading fee of 0.25% for trades that are under $20,000
  • If the monthly trading volume exceeds $20 million the trading fee can be as low as 0.10%

The deposit and withdrawal fee depends on the payment method that you opt for. According to various payment methods the deposit and withdrawal fee you will have to pay are mentioned below.

Card Purchases:

  • Deposit: 5% + bank fee
  • Withdraw: 5% + bank fee

Faster Payments UK:

  • Deposit: Free
  • Withdrawal: 2.00 GBP

International Wire Transfers:

  • Deposit: 0.05%
  • Withdraw: 0.1%

SEPA Withdrawals Fees:

  • Deposit: Free
  • Withdrawal: 3 EUR

Fiat Trading Pairs

One of the most unique features of the exchange mentioned in this brief Bitstamp review is that this exchange offers support to fiat trading pairs. As a user of the exchange you can purchase digital assets with fiat assets.

The fiat currencies supported by the crypto exchange are:

  • Euro
  • U.S. Dollar

Conclusion!

There are several aspects you need to know about a platform before you opt for it and start buying or trading cryptocurrencies. This is why a Bitstamp review can be helpful for you. Therefore, if you want to opt for this exchange you need to have the details mentioned above.