Bitstamp Review – Are They Safe or a Scam?

Bitstamp is a crypto exchange platform that was established back in 2011 and is located in Luxemburg. The platform caters mainly to European clients but has expanded significantly in recent times, so people from across the globe can benefit from their platform and services now.

The crypto exchange platform aims to make crypto trading as easy and convenient as it has ever been. Users get access to five different cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and Ripple (XRP). Plus, users can deposit and withdraw funds using standard payment methods such as debit/credit cards or bank transfer.

According to the company’s records, its daily average trading volume is up to $40 Million. Though this isn’t as high as other major crypto platforms, it’s still a good market standing. When it comes to offers provided by the crypto brand, users can expect to receive percentage-based discounts, free cryptocurrency with a purchase, and a sign-up bonus, along with a few additional promotional offers.

During our Bitstamp review, we noticed that Bitstamp’s platform is easy to navigate, and accessibility didn’t seem to be a problem at all. However, we did feel that the trading area was slightly complex and would be overwhelming for a beginner. Hence, we suggest that users practice crypto trading on a demo account beforehand. Here at CryptoParrot ,we offer users the best demo account feature, you can hop on to our website and sign up now to get the whole trading experience.

The application performed exceptionally well as most features and tools were only a click away. As soon as you log in, you’re able to view several options that are just a click away. These options include Buy and Sell, Deposit, Home, Account, Withdrawal, and Tradeview.

Each of the clickable options are pretty self-explanatory. If you want to deposit your money, you can simply select a deposit, and if you want to buy or sell crypto, you can go to the buy and sell option. Everything onwards is just as simple. In case you do stumble along the way, the crypto exchange platform offers access to an active customer support team that is keenly waiting to resolve any issues or concerns you might have.

So, the bottom line is that the platform is pretty user-friendly, and it should be easy to find your way around it if you’ve even the slightest knowledge and experience of crypto trading. If you’re interested in other user-friendly crypto platforms, hop on to our Degiro review.

During our Bitstamp review, we came to know that the exchange offers two main account types; a personal account or a corporate account. As the name suggests, personal accounts are designed for users who trade for personal use or interests. In contrast, corporate accounts are designed to suit businesses or corporate entities.

The verification process for both accounts varies. The company has a thorough verification process in place to ensure utmost security. For a personal account, you can select sign-up by choosing the personal account option, and a form will appear. You’ll have to fill in relevant details that include your name, address, phone number, and email ID. Furthermore, the crypto exchange also asks for proof of identification to avoid identity theft of any sort.

Once the details have been provided, the company gets back to you shortly. They try their best to verify pending accounts at the earliest possible. The company also offers a sub-account feature, where traders can make custom-named sub-accounts to simplify their portfolio overview.

The process of creating a sub-account shouldn’t take more than a few minutes, and users can make multiple sub-accounts according to their preference. Once the sub-accounts are created, you can transfer funds from your main account, and you’re free to use whichever account you want and whenever you want through an account selection tab available on top of the screen. Plus, each sub-account can be accessed and controlled through API for further convenience.

Bitstamp offers users a well-designed, user-friendly platform. However, being one of the longest-running crypto exchange platforms out there, the trading platform does feel slightly clunky. According to other Bitstamp reviews, users don’t have any complaints, but you realise the difference when you compare the platform with newer crypto exchange platforms. On Bitstamp, accessing different cryptocurrencies and trade types requires you to go to separate pages. Whereas on newer exchange platforms, you get everything on the same page.

Though, for someone new to the market, the division of the platform into separate pages might help the user understand each feature better. After all, each page is laid out clearly, and all actions are quick and easy to access.

The platform also offers an application for both Android and iOS devices. The application is quite similar to the platform, so it’s safe to say the applications’ user-friendly and neatly designed with simple interfaces to provide accessibility and a simple trading experience.

The platform offers users two interfaces. To place simplified instant orders and Limit, Market, Stop orders and execute Credit Card purchases, you can click on the Buy / Sell tab. For advanced traders, the TradeView option is a selling point. You can visit Bitstamp’s TradeView to view full order books and TradingView charts, to place advanced orders, and to review your order execution history.

If you’re interested in other trading platforms, you can visit our website and read our Kraken review.

During our Bitstamp review, we noticed that the platform’s withdrawal and deposit fees are quite cheap compared to other crypto platforms out there. However, understanding their trading fees is slightly more complicated.

Depositing cryptocurrencies onto the platform is entirely free, whereas the fee on withdrawal varies based on the crypto you’re withdrawing. If traders use BitGo instant to withdraw Bitcoin, they’re subject to a fee of 0.1% of the amount transacted. Similarly, withdrawing Ripple IOUs costs 0.2% of the amount transferred. The currency withdrawal fee on the platform is:

• Bitcoin: 0.0005 BTC
• Ethereum: 0.001 ETH
• Litecoin: 0.001 LTC
• Ripple: 0.02 XRP
• Bitcoin Cash: 0.0001 BCH

When it comes to fiat currencies, traders are subject to a deposit and withdrawal fee depending on where they’re located and what currency they’re transferring. While international wire transfers have a fixed deposit fee of 0.05% and a withdrawal fee of 0.1%, European customers that rely on SEPA to make bank transfers can make free deposits. Withdrawals, on the other hand, will still cost them 3 euros.

There are several payment options available on the platform, including:

1. Bank wire transfer, which takes between 2-5 days to complete.
2. SEPA bank transfer, which is available to European traders and takes 1-3 days to complete.
3. Credit/debit card deposits, which are instant.

While international wire transfers are costly, transferring through SEPA is generally free. For international users, it’s best to explore the most reasonable deposit and withdrawal options by getting in touch with the customer support team. However, if you’re more concerned about the efficiency of the transaction, stick to debit/credit cards.

The customer service available on the platform is quite exceptional. They are one of the few crypto exchange platforms that offer 24/7 phone support throughout the year. You can ring the phone if any concerns arise, and the customer support team will help resolve the issue quite promptly.

The second option available for customer support is Email support, which is also pretty effective. Getting a response through email doesn’t take over 24 hours in most cases, and the responses are quite relevant.

The only drawback we noticed was that the platform didn’t have a live chat option, which is often helpful for instant support. However, we also noticed that the website has an elaborative FAQs section that answers most queries or concerns that may arise in an easy-to-understand manner.

We’d suggest that the first thing you do when you require support is that you visit the platform and skim through the FAQs. If your matter is urgent and your query hasn’t been resolved yet, then resort to phone support. However, if the issue is less urgent and can wait, you should resort to email support.

It’s no secret that the first sign of a low-risk or secure platform is proper regulation and license to practice under a renowned financial authority. During our Bistamp review, we looked up whether or not the platform is regulated and were glad to see that it is. Plus, the platform goes the extra mile to ensure its clients’ funds are safe through many security features in place.

Bitstamp is fully regulated under the Luxembourgish government, which granted the crypto exchange a complete license to act as a regulated payment institution in all EU states. This ensures traders that the platform is secure because regulators require platforms to adhere to strict guidelines and policies, ensuring the protection of client funds.

Bitstamp stores 98% of all its digital assets offline and protected under BitGo’s insurance policy to provide users with an additional layer of protection. Even if an asset is in transit, it’s protected under the insurance policy in place. So whether our deposited funds come across an unprecedented event of theft, or you incur huge losses, Bitstamp has got your back thanks to its insurance policy.

Users can trade currency pairs on the platform just as simply and easily as any other asset is traded. There are several currency pairs offered, including crypto-to-crypto pairs as well as crypto-to-fiat pairs.

One of the best things about Bitstamp is that its platform is constantly evolving through updated features. In recent times the platform added Price screens, depth charts, private mode – hide/show balances, easier switching between subaccounts, and enabled attachments in support forms. They also Display multiple indicators in Tradeview and keep your settings, New page for unavailable assets, Notifications for open orders, BTC added as a total balance conversion currency, and fixed bugs and known issues.

Overall we felt that the best feature offered on the platform is sub-accounts. It really makes handling your portfolio simpler, allowing users to have more control over how they trade and when they trade each type of asset.