Bitstamp Review
Bitstamp is a cryptocurrency exchange with options for both retail and institutional traders. But is it the right platform for you? Keep reading to find out.
Overall Score | 3.7 | ||
Cryptocurrency Trading | 4.0 | ||
Mobile App | 5.0 | ||
Commissions and Fees | 4.0 | ||
Ease of Use | 4.0 | ||
Research | 4.0 | ||
Safety | 4.0 | ||
Pros and Cons
- Expert Trading Platform
- High Liquidity
- Reasonable Fees
- Not Beginner-Friendly
- Somewhat Limited Range of Coins
Bottom Line
Moderately-sized crypto exchange with reasonable fees and oriented toward expert traders
Bitstamp is a longstanding crypto trading platform that caters to experienced traders.
With low fees, high liquidity, and decent coin selection, Bitstamp is popular with high-volume traders.
But is Bitstamp the right exchange for you? Read this detailed review to decide. Plus, see how it compares to popular exchanges like Coinbase.
What is Bitstamp?
Founded in 2011 by Nejc Kodrič and Damijan Merlak, Bitstamp is a cryptocurrency exchange based in Luxembourg, with locations in the UK, U.S., and Slovenia.
They have a relatively long history in the world of crypto. In fact, they were considered an early European competitor to the unfortunate Mt. Gox.
Bitstamp was acquired by Belgium-based company NXMH in 2018.
The platform offers trading for a range of cryptocurrencies, catering to traders of all levels, with an emphasis on pros and institutions through their proprietary API. They offer a desktop site and a mobile app.
What Cryptocurrencies do They Support?
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Bitstamp supports trading the following 32 cryptocurrencies and stablecoins:
- Bitcoin, Ethereum, Tether, Ripple, USD Coin, Uniswap, Bitcoin Cash, Litecoin, Chainlink, Stellar Lumens, Dai, AAVE, The Graph, Maker, Compound, Sushiswap, yearn.finance, Synthetix, Basic Attention Token, Paxos Standard, 0x, Curve, OMG Network, UMA, Kyber Network, Gemini Dollar, Audius, Ethereum 2.0, Ethereum 2.0 Rewards, Euro Tether
Trades can be made in USD, GBP, and EUR. Deposits can be made in the following currencies, but may incur an exchange fee: AUD, CAD, CHF, DKK, HRK, JPY, NOK, and SEK.
In addition to fiat purchases, they have trading pairs for the following coins:
- Bitcoin, USD Coin, Ethereum, Tether, Pax
Where are They Available?
Bitstamp supports instant credit and debit card purchases in all EU member states, in most states in the U.S., and the following countries:[1]
- UK, Switzerland, Norway, Monaco, Montenegro, Serbia, Turkey, Andorra, Moldova, Gibraltar, Iceland, Greenland, Liechtenstein, Isle of Man, Faroe Islands, Åland Islands, San Marino, Hong Kong, China, Singapore, Taiwan, South Korea, Australia, New Zealand, Japan, Argentina, Brazil (post-Liveness only), Israel, South Africa, Chile, Kuwait, Cayman Islands, Qatar, Saudi Arabia, India, Puerto Rico, Peru, Madagascar, Mozambique, Dominican Republic, Curaçao, Dominica, Jordan, the Bahamas, Bahrain, French Polynesia, Trinidad and Tobago, Barbados, Réunion, Jamaica, Paraguay, Brunei, New Caledonia, Guadeloupe, Martinique, and Sint Maarten
Trading
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Bitstamp is a dedicated trading platform. However, they do not offer some of the frills users now expect from exchanges.
They support a moderate number of cryptocurrencies compared to other exchanges. For example, at time of writing, Coinbase offered over 65 and Binance over 250.
They fall within the top 20 exchanges worldwide by volume according to Coingecko[2], meaning they can offer a fair degree of liquidity to support larger trades.
As far as their interface goes, it's better suited for experienced traders, with a range of potentially useful market data and charting features that may intimidate or overwhelm novice investors.
They recommend that beginners take advantage of the instant buy feature, which is the simplest way to buy cryptocurrency at the current price.
They support four order types, including the following:
- Instant
- Market
- Limit
- Stop
The most common way to fund Bitstamp accounts is via bank transfer. UK users are able to make instant deposits via ACH transfer.
Bitstamp is a custodial exchange, meaning you can either leave your coins on the platform or transfer them off into a wallet of your choosing.
As far as institutional traders go, they offer support for:
- Brokers
- Neo Banks
- Fintechs
- Banks
- Hedge Funds
- Prop Traders
- Family Offices
- Aggregators
Fees to Look Out for
Bitstamp operates a tiered fee schedule based on 30-day trading volume, as you can see in the chart below.
| Fee (%) | 30-Day Trading Volume in USD |
|---|---|
| 0.50% | < $10,000 |
| 0.25% | < $20,000 |
| 0.24% | < $100,000 |
| 0.22% | < $200,000 |
| 0.20% | < $400,000 |
| 0.15% | < $600,000 |
| 0.14% | < $1,000,000 |
| 0.13% | < $2,000,000 |
| 0.12% | < $4,000,000 |
| 0.11% | < $20,000,000 |
| 0.10% | < $50,000,000 |
| 0.07% | < $100,000,000 |
| 0.05% | < $500,000,000 |
| 0.03% | < $2,000,000,000 |
| 0.01% | < $6,000,000,000 |
| 0.005% | < $20,000,000,000 |
| 0.0% | > $20,000,000,000 |
Other fees to keep in mind are:
- Variable spread is an undisclosed amount
- SEPA withdrawals are 3.00 EUR (deposits are free)
ACH deposits and withdrawals are free - In the UK, Faster Payments withdrawals are 2.00 GBP (deposits are free)
- Card Purchases incur a 5% instant service fee
- International wire deposits incur a 0.05% fee, no less than 7.5 EUR/USD or 5 GBP, not exceeding 300 EUR/USD or 250 GBP.
- International wire withdrawals incur a 0.1% fee, no less than 725 EUR/USD/GBP.
- Crypto deposits are free of charge
- Crypto withdrawals incur a fee that varies by coin. You can find the full list of rates here.
- In the UK, Faster Payments withdrawals are 2.00 GBP (deposits are free)
They have minimum trade requirements of:
- 20 EUR/GBP/PAX/USD/USDC/USDT in EUR/GBP/PAX/USD/USDC/USDT-dominated trading pairs
- For Bitcoin-dominated trading pairs, the minimum is 0.0002 BTC
- For Ethereum-dominated pairs, the minimum is 0.005 ETH
Security
Bitstamp employs a range of security features to keep your coins and your data safe.
- Two-Factor Authentication
- KYC and AML - Bitstamp complies with KYC (know your customer) and AML (anti-money laundering) regulations
- Multi-signature Protection - On hot wallets
- Cold Storage - Majority of crypto stored offline
- Crime Insurance - To cover loss of stolen funds
Yes, Bitstamp was victim of a hack in 2015, in which roughly 19,000 Bitcoins were stolen. That's the bad news. The good news is that they haven't been hacked in the years since, suggesting that they may have made some valuable improvements to their security.
How Do They Compare?
Bitstamp vs Coinbase
Coinbase is one of the most popular exchanges with beginners, and for good reason. Compared to Bitstamp, their interface is easily accessible, quick to understand, and makes trading easy to execute.
They offer a range of educational options, including some that will pay users to learn more about crypto.
Coinbase offers a wider range of cryptocurrencies than Bitstamp as well. The only advantage Bitstamp has to offer over Coinbase are its lower fees.
However, Coinbase Pro, its expert-oriented platform, charges rates similar to Bitstamp's, with a similar interface, but with all of the other perks that Coinbase has to offer.
Bitstamp | Coinbase | |
|---|---|---|
Earn $5 in bitcoin on your first trade on Coinbase - | ||
Benefits and Features | ||
| Stock Trading | ||
| Options Trading | ||
| Cryptocurrencies Supported | BTC, ETH, USDT, XRP, USDC, UNI, BCH, LINK, LTC, XLM, FTT, DAI, AAVE, GRT, MKR, COMP, CHZ, SUSHI, ENJ, YFI, SNX, BAT, OMG, PAX, AUDIO, ZRX, CRV, UMA, ALPHA, KNC, GUSD, ETH2, ETH2R, EURT | |
| Countries Supported | ||
| Fiat Currencies Supported | USD, GBP, EUR, AUD, CAD, CHF, DKK, HRK, JPY, NOK, SEK | |
| Digital Wallet | ||
| Transaction Fee | Greater of Minimum Flat Fees or Variable Fees (1.49%+) by Location and Payment Method. Minimum Flat Fees:
| |
| Copy Trading | ||
| Limit Orders | ||
| Margin Trading | ||
| Spread | ||
| Crypto Loans | ||
| Bank Account Purchase Fee | ||
| Mobile App | ||
| ACH Transfer Fee | ||
| Wire Transfer Fee | SEPA Withdrawals 3.00 GBP; International wire withdrawals incur a 0.1% fee | |
| Crypto Conversion Fee | ||
| Other Fees | Card Purchases incur a 5% instant service fee | Instant Card Withdrawal: up to 1.5% + minimum fee of $0.55 |
| Address Allowlisting | ||
| Anonymity | ||
| Biometric Login | ||
| Cold Storage | ||
| Maximum Trading Amount | ||
| Two-Factor Authentication | ||
| Withdrawal Limit | ||
Bitstamp: Pricing information from published website as of 09/08/2021. Coinbase: Pricing information from published website as of 04/13/2021. | ||
Bitstamp vs Kraken
Cryptocurrency exchange Kraken has a lot to offer to expert traders, with nearly twice as many coins to trade as Bitstamp has and appealingly low fees.
While their interface is not particularly beginner-friendly, it does not pose a significant increase in difficulty from Bitstamp's own trading platform, and they offer a slightly wider range of options including futures and margin trading.
The biggest challenge facing potential Kraken users is the difficulty involved in funding one's account, which typically requires a wire transfer and may take as many as 5 business days to complete.
There are free, near-instant options available, but only for holders of their Business Pro memberships.
Bitstamp | Kraken | |
|---|---|---|
Buy and Sell Cryptocurrencies - | ||
Benefits and Features | ||
| Stock Trading | ||
| Options Trading | ||
| Cryptocurrencies Supported | BTC, ETH, USDT, XRP, USDC, UNI, BCH, LINK, LTC, XLM, FTT, DAI, AAVE, GRT, MKR, COMP, CHZ, SUSHI, ENJ, YFI, SNX, BAT, OMG, PAX, AUDIO, ZRX, CRV, UMA, ALPHA, KNC, GUSD, ETH2, ETH2R, EURT | |
| Countries Supported | ||
| Fiat Currencies Supported | USD, GBP, EUR, AUD, CAD, CHF, DKK, HRK, JPY, NOK, SEK | USD, EUR, CAD, AUD, GBP, CHF, JPY |
| Digital Wallet | ||
| Transaction Fee | ||
| Copy Trading | ||
| Limit Orders | ||
| Margin Trading | ||
| Crypto Loans | ||
| Bank Account Purchase Fee | ||
| Mobile App | ||
| Wire Transfer Fee | SEPA Withdrawals 3.00 GBP; International wire withdrawals incur a 0.1% fee | |
| Crypto Conversion Fee | ||
| Other Fees | Card Purchases incur a 5% instant service fee | 1-time address setup fees for first-time deposits of many cryptocurrencies, varies by currency |
| Address Allowlisting | ||
| Anonymity | ||
| Biometric Login | ||
| Cold Storage | ||
| Two-Factor Authentication | Google Authenticator or Yubikey | |
| Withdrawal Limit | Depends on verification level. Cryptocurrencies - Beginner: $5,000 / day; Intermediate: $500,000 / day; Pro: $10,000,000 / day; Fiat Currencies - Express: $9,000 / day; Intermediate: $100,000 / day; Pro: $10,000,000 / day | |
Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details. Bitstamp: Pricing information from published website as of 09/08/2021. Kraken: Pricing information from published website as of 04/13/2021. | ||
Bitstamp vs Binance
Bitstamp | Binance | |
|---|---|---|
Buy and Sell Cryptocurrency - | ||
Benefits and Features | ||
| Stock Trading | ||
| Options Trading | ||
| Cryptocurrencies Supported | BTC, ETH, USDT, XRP, USDC, UNI, BCH, LINK, LTC, XLM, FTT, DAI, AAVE, GRT, MKR, COMP, CHZ, SUSHI, ENJ, YFI, SNX, BAT, OMG, PAX, AUDIO, ZRX, CRV, UMA, ALPHA, KNC, GUSD, ETH2, ETH2R, EURT | |
| Countries Supported | ||
| Fiat Currencies Supported | USD, GBP, EUR, AUD, CAD, CHF, DKK, HRK, JPY, NOK, SEK | AED, AUD, AZN, BGN, CAD, CHF, CLP, COP, CZK, DKK, EUR, GBP, HKD, HRK, HUF, IDR, ILS, ISK, JPY, KES, KRW, KZT, MXN, NGN, NOK, NZD, PEN, PHP, PLN, RON, RUB, SAR, SEK, THB, TRY, TWD, UAH, UGX, USD, UYU, VND, ZAR |
| Digital Wallet | ||
| Transaction Fee | ||
| Copy Trading | ||
| Limit Orders | ||
| Margin Trading | ||
| Spread | 0.01% - 0.92% depending on cryptocurrency | |
| Crypto Loans | ||
| Mobile App | ||
| ACH Transfer Fee | ||
| Wire Transfer Fee | SEPA Withdrawals 3.00 GBP; International wire withdrawals incur a 0.1% fee | Free via SWIFT from USD to BUSD |
| Crypto Conversion Fee | ||
| Other Fees | Card Purchases incur a 5% instant service fee | 25% fee discount for holding BNB; tiered discounts based on 30 day trade volume |
| Address Allowlisting | ||
| Anonymity | ||
| Biometric Login | ||
| Cold Storage | ||
| Maximum Trading Amount | Maximum order amount varies by currency | |
| Two-Factor Authentication | ||
| Withdrawal Limit | 2BTC / day for unverified accounts; 100BTC / day for verified accounts; Wire Transfer: $7,500,000 / day | |
Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details. Bitstamp: Pricing information from published website as of 09/08/2021. Binance: Pricing information from published website as of 04/13/2021. | ||
Bottom Line
Bitstamp is a dedicated trading platform that focuses specifically on catering to intermediate and advanced traders, to the potential detriment of the entry-level audience.
If you're already comfortable trading on a platform that won't be holding your hand, then you may do fine with Bitstamp, but beginners may prefer easier-to-use platforms like Coinbase or Gemini.
References
- ^ "Bitstamp FAQ": Bitstamp, 2021.
- ^ "Bitstamp": CoinGecko, 2021.
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Jeremy Harshman is a creative assistant at CreditDonkey, a crypto comparison and reviews website. Write to Jeremy Harshman at jeremy.harshman@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
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