Bitstamp Review: A Venture Capital Funded EU Based Cryptocurrency Exchange

Currently managed by CEO Nejc Kodrič, Bitstamp is an EU based cryptocurrency exchange founded in 2011. Bitstamp offers 11 trading pairs with three crypto to crypto pairs. It is usable in, among others, any EU country and in the United States. And has offices in the United Kingdom, the United States, and France.

Bitstamp is decently liquid in its trading pairs, though there are not that many of them. Traders that are not looking for a large number of trading pairs but are looking for larger trades will find Bitstamp to be a decent home for their practice. Programmatic trading is also possible by way of a JSON based API.

Bitstamp
bitstamp crypto

URL: bitstamp.net
Total Trading Pairs: 11
Deposit Fees: No
Withdrawal Fees: No
Trading Fees: Yes, 0.25% to 0.1%
Margin Trading: No
Verification: Yes, one level

Registration

Registration on Bitstamp’s site is simple and allows you to view the current trades on all pairs. You are required to verify your account to deposit and therefore trade. You are emailed a customer ID and a password once you submit your registration. While you are immediately asked to change that password, it’s still a questionable practice to send passwords over email.

Verification

Verification is a single step process where you are required to submit a large amount of personal information, namely:

  • First and last names as they appear on your identity document
  • Full address
  • Date of birth
  • Photo government ID and its date of issue, date of expiry and number
  • Proof of residence no older than three months. Which cannot be an already submitted identity document

There are reports that verification can take from a single week to multiple months. Bitstamp does not publish any estimated times for registration.

Interface

Bitstamp’s interface is a dark grey background with light grey text. Nice for late night trading sessions where bright backgrounds can cause eye strain. The interface provides a decent amount of information but feels cluttered, with no definite borders around anything. There is a large price indicator that constantly updates, making it rather difficult to get a definite figure at a glance during periods of high activity. Displayed at the top is your current balance that is relevant to the selected trading pair. And you can submit orders on the right.

Security

Bitstamp offers login protection in the form of two-factor authentication via Google Authenticator and Duo. Though their instruction link for using Google Authenticator points to a nonexistent page.

A PGP key is offered for email security, though there does not seem to be any facility for uploading your own, meaning secure email can only occur from customers to Bitstamp.

Fees

Bitstamp has flat fees for both makers and takers, the fee you are charged is based on the total trading you have done in the last 30 days. And you can see your current fee on the account page. The lowest fee tier is 0.25% for any traders at less than $20,000 USD, and the highest tier is 0.10% for traders at or above $20,000,00 USD. There are no fees for almost all cryptocurrency deposit and withdrawals, with the exception of Bitcoin withdrawals via BitGo Instant transfers.

Bitstamp also has a minimum trade amount. Specifically, 5 units of whatever fiat currency the trading pair is denominated in or 0.001 BTC for the pairs denominated in Bitcoin.

Armin Davis

Armin is a cryptocurrency mining and computer security enthusiast. Writing is fun too.

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