What is Bitstamp? Overview of Bitstamp exchange from A-Z
- 1. What is Bitstamp exchange?
- 2. History of establishment and development of Bitstamp exchange
- 3. Outstanding features of Bitstamp exchange
- 4. Review of Bitstamp exchange
- 4.1 Advantages
- 4.1.1 Transacted in Fiat currency
- 4.1.2 Flexible payment method
- 4.1.3 Low Costs
- 4.1.4 High level of security
- 4.1.5 Continuous Customer Support
- 4.1.6 Widespread
- 4.2 Cons
- 4.2.1 Mobile
- 4.2.2 User-friendliness
- 5. Some ways to make money from Bitstamp exchange
- 5.1 Cryptocurrency trading
- 5.2 Joining the Bitstamp Pro
- 6. Bitstamp exchange
- 6.1 Credit Card
- 6.2 Withdrawal by debit card (Debit Card)
- 6.3 International wire transfers
- 6.4 SEPA Fees
- 6.5 Transaction Fees
- 6.6 Cryptocurrencies
- 7. How to register an account on Bitstamp exchange
- 7.1 What to prepare before registering an account at Bitstamp?
- 7.2 Instructions for registering an account on the Bitstamp exchange
- 7.3 Account Verification Instructions
- 8. Bitstamp exchange platform
- 9. Basic orders supported by Bitstamp exchange
- 10. Bitstamp exchange trading method
- 11. Currencies supported at Bitstamp exchange
- 12. Instructions for withdrawing and depositing money on Bitstamp exchange
- 12.1 How to deposit to Bitstamp
- 12.1.1 Method 1: For depositing in USD or Euro
- 12.1.2 Method 2: For deposit with Coin
- 12.2 How to withdraw money to Bitstamp Exchange
- 13. How is the customer service quality of Bitstamp exchange?
- 14. Is Bitstamp good security?
What is Bitstamp? With the explosive development of the Crypto market today, to find an exchange that meets the needs of investors, Bitstamp must be mentioned. So what features does this exchange have? Why do they have such a high reputation? In the article below, BHO Network will help you get an overview from AZ about the platform. Check out the details now!
1. What is Bitstamp exchange?
Bitstamp is the oldest and most prestigious cryptocurrency exchange on the Crypto market, founded in 2011 in Slovenia. Nejc Kodric and Damijan Merlak founded Bitstamp, licensed to trade Bitcoin in Luxembourg with a global list of investors. The world's first crypto-custodial and crypto-custodial trading platform to create a safe, sound investment market for its clients' finances.
2. History of establishment and development of Bitstamp exchange
Bitstamp exchange was founded by Nejc Kodrič and Damijan Merlak in 2011 in Slovenia. By 2013, this Crypto exchange was registered in the UK. However, in 2016, Bitstamp moved its headquarters to Luxembourg.
During the UK consolidation process, the Bitstamp exchange host company contacted the financial regulator for specific instructions. But then, developers only received feedback that Bitcoin was not a legal currency. Therefore, Bitstamp must temporarily relocate.
In addition, this exchange also adjusted a few conditions in its operation to prevent money laundering. Since September 2013, Bitstamp has started to apply the identity verification process to all customers who register for an account.
In April 2016, the government of Luxembourg officially issued a business license through which Bitstamp was qualified to operate in 28 countries of the European Union. About 2 years later, Bitstamp was acquired by Belgium-based company NXMH.
3. Outstanding features of Bitstamp exchange
Whenever players want to find an exchange to invest in with peace of mind, this critical part cannot be missed, which is the outstanding feature of Bitstamp. The content below will help you learn more details!
Licensed in Luxembourg: Bitstamp claims to be the first licensed bitcoin exchange in the EU.
No Hidden Fees: Bitstamp provides a transparent, reputable, and quantified exchange with no hidden fees.
Instant execution: Instant execution of all major credit cards.
Safe and transparent: In offline mode, Bitstamp keeps 98% of funds audited quarterly by one of the world's top four international auditing firms today (Big Four).
Support for mobile devices: Bitstamp apps are available for iOS and Android.
Web browser: All Bitstamp features are accessible via a web browser on any device.
API Support: Bitstamp's application programming interface (API) allows account access and control with custom software. Bitstamp's API support includes HTTP API, Websocket API, and FIX. The only limitation with the API is that you cannot make more than 600 requests at a time in 10 minutes.
4. Review of Bitstamp exchange
Bitstamp is one of the oldest and most reputable cryptocurrency exchanges. What strengths and weaknesses will it have? Below BHO Network will review the Bitstamp exchange for everyone to understand this trading platform better.
Bitstamp possesses many outstanding advantages that attract investors to participate in trading on this platform. Specifically, the benefits of the project can be mentioned as follows:
4.1.1 Transacted in Fiat currency
Fiat currency is the official currency of countries around the world. Unlike other major exchanges, Bitstamp allows users to buy cryptocurrencies without accessing any previous platform. Fiat currencies tradable on Bitstamp are USD and Euro. You can also use Francs and British Pounds. However, these two foreign currencies must be converted before making a transaction.
4.1.2 Flexible payment method
Investors can deposit money directly into the account by account or bank transfer. Bitstamp's selection of payment types makes trading even more straightforward. Deposits via Ripple and Astropay are entirely accepted.
4.1.3 Low Costs
Bitstamp has lower fees compared to most international cryptocurrency exchanges and electric deposits. The system accrues a 0.05% fee with a minimum of 7.50 USD/EUR. Specifically as follows:
International withdrawals accrue a 0.09% fee, and the minimum amount you can withdraw via this method is 50 USD/EUR.
Transaction costs are 25% for monthly volumes under $20,000, which drops to 10% for a monthly amount of $20 million.
4.1.4 High level of security
The system operates at a high level of security and remains fully compliant with all digital asset regulations and consumer protection laws. The exchange places all digital assets in cold storage, while the online purchases are stored on Amazon Web Services. Besides, USD accounts are insured by FDIC.
4.1.5 Continuous Customer Support
Specific user requests are handled by email, and the support team responds to customer inquiries within hours. In an emergency, a member can also call the nearest office of the exchange.
Bitstamp is not only widely used throughout the United States and the European Union, but it is present in more than 60 countries. With the advantage of being a popular, professional, and reliable trading platform, the exchange is affiliated with financial institutions worldwide, has a full license, and is audited by a Big Accounting firm. Four, Ernst & Young.
Contrary to the advantages listed above, the Bitstamp exchange also has a few disadvantages. Specifically, the weaknesses of the platform will be covered in more detail shortly.
The exchange's mobile application is not of the same quality as the Web. The information on the application is slow to update and does not provide the same features as the leading web, making it difficult for players to trade.
Bitstamp is an exchange that is a bit difficult to use for players new to cryptocurrencies. The reason is that the platform's platform has many professional features, which are difficult for most users to use.
5. Some ways to make money from Bitstamp exchange
Players have many ways to increase their income from Bitstamp exchange. For example, invest in cryptocurrency, join the Bitstamp Pro platform... Here are some ways to make money from the exchange, readers can refer to it:
5.1 Cryptocurrency trading
The Bitstamp exchange has supported and assisted customers in transacting with multiple cryptocurrencies. Thanks to the simple way of placing orders, it will not be difficult for Traders to make a profit when doing scalping or Hold Coin trades.
Bitstamp also allows traders to use the constitution to buy some popular cryptocurrencies. The exchange's fiat currency includes USD, EUR, and GBP.
5.2 Joining the Bitstamp Pro
The Bitstamp Pro Platform is designed specifically for corporate investors wishing to trade in large volumes. The advantage of the Pro platform lies in the current API application system that supports efficient and stable access to the cryptocurrency market. In particular, Bitstamp Pro features high security, BitGo provides memory. Along with that is a customer care team ready to serve customers 24/7.
6. Bitstamp exchange
Each cryptocurrency exchange will have its fee. Investors who want to participate in the transaction need to understand this issue. Specifically, on the Bitstamp exchange, there are the following transaction fees:
6.1 Credit Card
The exchange will charge about 5% for each transaction. A credit card will pay this fee.
6.2 Withdrawal by debit card (Debit Card)
The debit card withdrawal fee will be at least 10 USD charged for debit card withdrawal.
6.3 International wire transfers
A 0.05% fee is charged for deposits made by international bank transfer (the minimum you will pay is 7.5 USD, and the maximum is 300 USD). A 0.09% fee is charged for withdrawals using an international bank transfer (you will spend at least 15 USD, and other bank fees may be charged).
6.4 SEPA Fees
Players will be charged a SEPA (Euro payment) fee if they live in the European Union and use Euros. Deposits in SEPA are free, and withdrawals will be charged 90 EUR.
6.5 Transaction Fees
All transactions under $20,000 are charged a 25% fee. For larger transactions, fees are reduced. Example: Transactions greater than 20,000,000 USD are charged only 0.1% fee.
Players make deposits and withdrawals using the cryptocurrencies Bitstamp offers free of charge.
7. How to register an account on Bitstamp exchange
Here, readers will be guided on how to use Bitstamp. So before creating an account on the system, you must prepare what? The following content will help players understand better.
7.1 What to prepare before registering an account at Bitstamp?
For the registration & KYC process to be quick, players should prepare the following factors:
The phone number for registration.
Identity card or Passport or driver's license.
Utility bills such as Gas, electricity or water, or bank statement (Duration not more than 6 months).
7.2 Instructions for registering an account on the Bitstamp exchange
How to register an account on the Bitstamp trading platform is done as follows:
Step 1: If you do not have an account, players can access the main website of Bitstamp https: //www.bitstamp.net/ and select the Register section to fill in personal information.
Step 2: Next, the player will check the Email to get the verification code to complete the registration after completing the information.
After logging in, Bitstamp will also provide the option to set up two-factor authentication (2 Factor Authentication). This is a crucial step to secure your account, don't forget to do this step!
As you can see, Bitstamp has its PDF instructions for authentication, so you should take this security step.
7.3 Account Verification Instructions
There are two stages to account verification, and it will take quite a while to complete these two steps. However, you should complete both locations to use all the platform's features.
Step 1: To complete the first step, select Settings -> Verify Account -> Identity Verification. Select Personal Account Verification.
At this point, you need to provide personal information, a picture of your driver's license or passport, proof of address, gas bill.
Step 2: The second verification stage involves getting a code sent to the phone number. To do this, select Settings -> Verify Account and Phone Number Verification. Verification will usually take 1 to 2 days. In some cases, the player may take longer. After completing the above two steps, your account will be fully verified, and you can start trading.
8. Bitstamp exchange platform
Bitstamp's exchange is web-based. This is the standard platform with most cryptocurrency exchanges. Overall, Bitstamp's trading platform looks very secure, for sure.
In addition, the impression from the charts shows a beautiful interface. In general, Bitstamp is quite similar to Traders, although the exchange lacks a lot of functions. Many technical indicators and tools are available, but most forex trading platforms offer more options.
9. Basic orders supported by Bitstamp exchange
According to information about Bitstamp exchange, the exchange does not support customers with complex investment forms such as margins. Instead, the platform focuses on providing essential services. Currently, the system allows users to use 5 main types of commands. Including:
Instant orders – Instant orders: Customers in the US can use instant orders when they need to perform clearing transactions. The money from the client's account will be deducted when executing the order.
Limit orders: This order allows users to buy or sell cryptocurrencies at a specific price.
Market orders: An order to help customers buy and sell cryptocurrencies at the best market price, the price is usually better than the price set at the instant order.
Stop orders - Stop orders: An order to stop buying or selling at a specific price to minimize the risk of market fluctuations.
It was trailing stop orders: An order type that allows the transaction to place orders at the ideal entry or exit price, optimizing profits.
10. Bitstamp exchange trading method
Deposits made on the platform usually take 1 to 3 days, but in reality, the process will be faster. When funds are available in your account, you can make purchases by clicking the Buy/Sell button, selecting your preferred trading pair, and placing a market or limit order. The easiest way to make a transaction is to use a credit card. All you need to do is select the Buy/Sell icon, then select Credit Card Purchases.
The example below shows a $50 worth of Bitcoin credit card purchases.
You will be asked to enter the details.
After making the payment, the cryptocurrency will be sent to the account.
11. Currencies supported at Bitstamp exchange
Bitstamp is currently only providing access to established cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) ) and Ripple (XRP). Currently, 15 Coin pairs are being traded on the website related to 3 main currencies, Euro (EUR), US Dollar (USD), and Bitcoin (BTC). Currently, the system has a high level of liquidity and is processing more than 700 million USD in crypto transactions in just one day.
12. Instructions for withdrawing and depositing money on Bitstamp exchange
Next, to buy coins on the Bitstamp exchange, players must know how to deposit and withdraw money. There are many different ways on this platform. You can refer to one of the ways below:
12.1 How to deposit to Bitstamp
There are many ways to deposit money into your Bitstamp account. To ensure fast and safe, you can refer to two popular ways as follows:
12.1.1 Method 1: For depositing in USD or Euro
For deposit method 1 in USD or Euro, there are 3 steps. Following are the main steps:
Step 1: You access the link: Bitstamp, then select the bank you want to make the transaction with. At this point, players should fill in the necessary information such as name, phone number, and Email as required by the system.
Step 2: The system sends you the link. Proceed to enter the 4-digit code sent to the phone number and enter the currency, quantity, and money transfer content.
Step 3: Click “Agree” to complete the deposit into your account.
12.1.2 Method 2: For deposit with Coin
To do this, you must send Coin to the wallet address on Bitstamp exchange.
12.2 How to withdraw money to Bitstamp Exchange
Withdrawing money at Bitstamp is not too difficult customers have many choices. However, you can choose to remove Coin which will be easy, fast time and much cheaper cost example, to withdraw money in Ethereum, users need to perform the following steps:
Step 1: Select Withdrawal on the Menu bar and select “Ethereum (ETH)”.
Step 2: Enter the Ethereum wallet address that you need to withdraw money to and the Destination Tag.
Step 3: Enter the exact amount you need to withdraw. Click “Withdraw” to continue.
13. How is the customer service quality of Bitstamp exchange?
Bitstamp's North America and Europe customer service support is available 24/7. Besides, customers in these areas can also contact the exchange directly through the hotline. Very few exchanges advise customers instantly via phone lines like Bitstamp.
14. Is Bitstamp good security?
Bitstamp is a cryptocurrency exchange that initiates the application of the identity verification process in account registrants. The 2-factor authentication process ensures that each customer is difficult to identify their individual, and there is no confusion when making transactions.
On the other hand, Bitstamp exchange keeps 98% of customers' escrow assets in an offline cold storage system, completely separate from the internet environment. The back-arching mechanism ensures hackers can't get in, and the user account policy is kept at Bitstamp. In particular, all properties are insured. If a client's escrow is hacked, Bitstamp is responsible for compensating for any damages.
Specifically, in 2015, Bitstamp was hacked and lost 19,000 Bitcoins, equivalent to 5.2 million USD. After this serious incident, the exchange reviewed and fully compensated the damaged players. At the same time, the business strengthens its security barrier to prevent future attacks.
With all the information about the Bitstamp exchange mentioned above, readers have an overview of “what is Bitstamp?”. Hopefully, the article will help investors looking to choose a reputable cryptocurrency exchange. Don't forget to follow BHO Network to stay up-to-date with the latest news, crypto market fluctuations, and other helpful knowledge!
Published on May 08, 2022
What is Multi-chain? Trend of Multi-chain and Cross-chain
What is Multi-chain? What is the relationship between Multi-chain and Cross-chain projects? This article of BHO Network will answer this question for you!
September 02, 2021
What is ICO, IEO, IDO? How are these 3 different?
What is ICO, IEO, IDO? Let's learn the familiar terms in this crypto world with BHO Network.
September 05, 2021
BHO MAINNET FUNCTIONS SERIES: MNEMONIC PHRASES
What you need to know about the 12-word mnemonic phrase
January 05, 2022
BHO MAINNET FUNCTION SERIES: WHAT IS "CROSS-CHAIN"?
What you need to know about BHO Mainnet's "Cross-chain" function
January 08, 2022
Hot Wallets vs Cold Wallets, What Is The Better Choice?
Hot wallets vs Cold wallets, Where is the safest place to store tokens? Let's explore the details of these two wallets with BHO Network.
January 12, 2022
TYPES OF CRYPTO WALLETS - PART II: 𝘊𝘌𝘕𝘛𝘙𝘈𝘓𝘐𝘡𝘌𝘋 𝘷𝘴 𝘋𝘌𝘊𝘌𝘕𝘛𝘙𝘈𝘓𝘐𝘡𝘌𝘋?
Know the difference between centralized and decentralized wallets!
January 13, 2022
BHO MAINNET FUNCTION SERIES: WALLET MANAGEMENT
Learn how to manage your wallet on BHO Mainnet!
January 16, 2022
ANNUAL SUMMARY: DEFI HIGHLIGHTS
Everything DeFi in the last year!
January 19, 2022