Bitstamp exchange review
Cryptocurrencies:
Fees:
Security system:
Deposit methods:
Cryptocurrencies
Bitstamp offers over 80 cryptos, including some of the biggest ones on the market such as Bitcoin, Ethereum and Polkadot.
| Bitcoin (BTC) | Available |
| Bitcoin Cash (BCH) | Available |
| Ethereum (ETH) | Available |
| Ripple (XRP) | Available |
| Solana (SOL) | Available |
| Dogecoin (DOGE) | Available |
| Polkadot (DOT) | Available |
| Polygon (MATIC) | Available |
| Cardano (ADA) | Available |
| Litecoin (LTC) | Available |
| Tether (USDT) | Available |
In contrast, Coinbase has over 200 cryptos on its platform, while Uphold lists more than 250. However, compared to its competitors, Bitstamp has a low minimum deposit of $20 required to begin trading.
Payment methods
You can deposit and withdraw in CAD. Bitstamp is a unique exchange in the sense that there’s no withdrawal limits, except that you can only withdraw up to $50,000 in a single transaction for bank transfers.
Daily deposit limits (FIAT)
| Payment method | Limits |
|---|---|
| VISA | $2,500 requires KYC verification and ID check |
| MasterCard | $2,500 requires KYC verification and ID check |
| Bank transfer | $10,000 requires KYC verification and ID check |
| GooglePay | $2,500 requires KYC verification and ID check |
| ApplePay | $2,500 requires KYC verification and ID check |
Monthly deposit limits (FIAT)
| Payment method | Limits |
|---|---|
| VISA monthly limit (buying in FIAT) | $20,000 requires KYC verification and ID check |
| MasterCard monthly limit (buying in FIAT) | $20,000 requires KYC verification and ID check |
| Bank transfer monthly limit buying in FIAT) | $25,000 requires KYC verification and ID check |
| Google Pay monthly limit (buying in FIAT) | $20,000 requires KYC verification and ID check |
| Apple Pay monthly limit (buying in FIAT) | $20,000 requires KYC verification and ID check |
Withdrawal limits
| Payment method | Limits |
|---|---|
| VISA | No limits |
| MasterCard | No limits |
| Bank transfer | $50,000 in a single transaction |
| Google Pay | No limits |
| Apple Pay | No limits |
On the other hand, Gemini requires KYC checks to buy, sell and trade cryptos and the company asks you for a selfie, proof of identity, which can be a drivers licence, government-issued ID or passport and proof of residential address, which can be a utility bill, correspondence from a government department or bank account statement. In addition, Canadians need to provide a social insurance number.
Uphold requires KYC checks to buy, sell or exchange cryptos, FIAT currencies, equities and precious metals, regardless of the amount you wish to buy. The company asks you for a selfie, proof of identity, which can be a drivers licence, government-issued ID or passport, as well as proof of address, which can be a utility bill, correspondence from a government department or bank account statement.
CashtoCode eVoucher
You can’t fund your account with a CashtoCode eVoucher as this isn’t offered at Bitstamp.
Trading fees
Bitstamp charges low trading fees whenever you buy, sell or exchange cryptos and differing rates of withdrawal fees for over 80 listed cryptos. For example, Bitcoin has a 0.0005 withdrawal fee and it’s 0.006 for Ethereum. The trading fees are based on a maker/taker structure and they differ based on the amount you’re trading within a 30-day timeframe.
| 30-day trading volume | Maker fee | Taker fee |
|---|---|---|
| Up to $1,000 | 0.3% | 0.4% |
| $1,000-$10,000 | 0.2% | 0.3% |
| $10,000-$100,000 | 0.1% | 0.2% |
| $100,000-$500,000 | 0.08% | 0.18% |
| $500,000-$1,500,000 | 0.06% | 0.16% |
| $1,500,000-$5,000,000 | 0.03% | 0.12% |
| $5,000,000-$20,000,000 | 0.02% | 0.1% |
| $20,000,000-$50,000,000 | 0.01% | 0.08% |
| $50,000,000-$100,000,000 | 0% | 0.06% |
| $100,000,000-$250,000,000 | 0% | 0.05% |
| $250,000,000-$1,000,000,000 | 0% | 0.03% |
Staking
Bitstamp offers a program that allows users to stake 10 cryptos. In comparison, Uphold offers a staking program with 32 eligible cryptos and annual percentage yields (APYs) of up to 4.4%.
| Cryptocurrency | APY |
|---|---|
| Ethereum | 2.5% |
| Bitcoin | 2% |
| Ripple | 1.5% |
| Apecoin | 4% |
| Bitcoin Cash | 4% |
| Chainlink | 2% |
| Litecoin | 2% |
| Algorand | 1.6% |
| USD Coin | 4.4% |
| Tether | 4.4% |
Is Bitstamp exchange safe?
As a regulated Over-the-Counter (OTC) exchange, Bitstamp has been in operation since 2011 and amassed over four million users across the world. The company has advanced security measures in place that offer a high level of security for users, from annual third-party audits to holding customers funds 1:1 in custody.
A low percentage of users (26%) rate Bitstamp with five stars on Trustpilot, which is a low indicator of safety. In addition, the company faced controversy in January 2015 for a large-scale hack that led to the loss of $5 million worth of Bitcoin that Bitstamp held in its own reserves.
| Trustpilot | 2 star |
The most common issues raised are related to account, deposit and withdrawal concerns. However, people praise them for their Tradeview feature.
Security
Bitstamp has a range of advanced security measures in place such as holding 95% of crypto in securely stored offline in bank-grade Class III vaults, custodians holding insurance for client assets in cold wallets, a Bitstamp Board Risk and Audit Committee and 50 licences globally, including a Money Service Business (MSB) licence from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), a Virtual Asset Service Provider (VASP) licence from De Nederlandsche Bank (DNB) and a MSB licence from the Financial Crimes Enforcement Network (FinCEN).
| Safe coins storage | 95% deposits are stored offline in bank-grade Class III vaults. |
| Two-factor authentication | Two-factor authentication via SMS verification is required at Bitstamp. |
| Information security | End-to-end data encryption for user information such as credit/debit card details. |
| Platform security | Over 180 of their staff members perform compliance, legal and security functions. Specialised enterprise software that monitors all transactions on the platform. |
| Network security | Annual third party audits. |
In contrast, Gemini has a range of advanced security measures in place such as annual third-party penetration tests, running a private bug bounty program, a coordinated disclosure program related to hacking research and a digital multi-signature scheme. The company is secured by PCI DSS, has SOC 1, SOC 2 and ISO 27001 certifications and is regulated by the NY Department of Financial Services, Monetary Authority of Singapore (MAS) and Financial Conduct Authority (FCA). In addition, Gemini maintains $100 million insurance coverage for the digital assets it holds on behalf of customers.
BitPay has advanced security measures in place such as multi-signature wallets and a bug bounty program to secure its web network. The company passed its security and compliance audit known as the Service Organization Control 2 (SOC 2), which is a renowned criteria developed by the American Institute of CPAs. In addition, BitPay is regulated by the De Nederlandsche Bank as a payment service provider, pursuant to Section 23b (1) of the Money Laundering and Terrorist Financing Prevention Act.
How to start trading at Bitstamp exchange?
Registration
You need to create an account in order to register with Bitstamp and this can be done by:
- Visiting the homepage and inputting your full name, email address and date of birth so you can create a password and start the process.
- You then need to verify your email address.
- After verifying your email address, you need to enter your place of birth and tax residency.
- You then have to enter your phone number to receive an SMS verification text message.
- After verifying your phone number, you have to complete KYC verification.
- Upon successful registration and passing verification, access to all functions of the site including higher limits are available to you.
KYC
After filling in your account details, you need to go through multi-step KYC verification. This process is required for anyone who wants to buy, sell or exchange cryptos on the platform. Passing KYC checks also unlocks functionalities such as price charts via Tradeview or the ability to earn rewards on your crypto balance through a staking program. You must provide a clear and visible picture of the front and back side of your documents such as proof of address and passport and you need to submit a selfie. In addition, Bitstamp updated its KYC policy in April 2022 and requires additional information such as country of birth, tax residency as well as a Proof of Funds (POF) document such as annual income statement.
Customer support
Bitstamp offers phone support, a Help Center displaying FAQs, email address but no live chat.
| Live chat | No live chat |
| Phone support | Available |
| support@bitstamp.net | |
| FAQs | Available |
Unlike most other crypto exchanges, Bitstamp doesn’t use a ticketing system where users can fill in an online form with a subject, description and optional attachment in order to contact the company. For users who are dealing with emergency account issues, you can contact customer service on the phone.
Conclusion
Bitstamp is recommended to users who are looking for a low-fee, regulated exchange that upholds advanced security measures and also offers a staking program. However, there are limited payment method options and a low number of cryptos available to trade compared to most other exchanges, making the service less appealing for traders who are looking for non-mainstream cryptos like Waves or Idex.
But if you don’t mind this, Bitstamp can still be a great option if you’re looking for free price charting tools and technical indicators like Exponential Moving Averages (EMAs) via the Tradeview interface, which is a major differentiating factor and unique selling point (USP) for the platform. The platform could improve its service by increasing the available range of payment methods and cryptos.
Alternatives of Bitstamp
- Coinbase Advanced Trade service with a plethora of features
- FDIC-insured balance protection of up to $250,000
- Low minimum deposit required to begin trading
- Coinbase Learn site with educational content for traders
- Top-rated mobile app
- High transaction fees
- Low number of cryptos available for staking
- No customer service live chat function
- Modern trading platform
- Zero trading, deposit or withdrawal fees
- Rewards debit card
- Ability to stake 32 different cryptos
- Cross-asset trading
- Limited customer support
- Relatively high service fees and a price protection fee
- Low trading fees
- One-click copy trade function
- Numerous licences with global regulators
- Mobile app for iOS and Android users
- Low number of cryptos available to stake
- No educational resources for traders
- Limited customer service options
Coinbase has advanced security measures in place such as balances of up to $250,000 being secured by FDIC insurance, passwords stored on databases that are hashed using the Bcrypt algorithm, DKIM cryptography for email domains and a Coinbase Vault that can prevent stored crypto from being withdrawn in order to mitigate the risk of money laundering or financial crime. You can stake nine cryptos with APYs up to 6.12% and there’s over 200 cryptos available to trade.
Uphold has an extensive range of security and technical measures in place such as annual audits for its web network, third-party financial and compliance audits, as well as Anti-Money Laundering (AML) controls. The company is also registered as a Money Service Business with FinCEN and adheres to Office of Foreign Assets Control (OFAC) standards. You can stake 32 cryptos with APYs up to 13% and there’s over 250 cryptos available to trade.
Bitget has advanced security measures in place such as multi-signature wallets, bank-level SS data encryption, built-in DPI active systems, an auditable Bitget Protection Fund containing $300 million for users to be reimbursed in the event of a platform hack, a Bitget Fund Custody service that enables users holding assets over 100,000 USDT to receive a separate custodial wallet, as well as MSB registrations with the FinCEN, Australian Transaction Reports and Analysis Centre (AUSTRAC) and FINTRAC. You can stake eight cryptos with high APYs up to 45% and there’s over 100 cryptos available to trade.
FAQs
Yes, because Bitstamp has been in operation since 2011, amassing over four million users across the world and has advanced platform and network security measures in place.
No, but you must utilise your transaction history report to fulfil local crypto tax obligations.
Yes, Bitstamp allows the creation of accounts for commercial purposes and such accounts come with higher transaction limits.
Bitstamp doesn’t charge deposit fees but you need to pay trading fees that are based on a tiered maker/taker pricing structure and differing rates of withdrawal fees for over 80 listed cryptos.
No, margin trading isn’t available at Bitstamp.
The platform offers commissions of 1.5%-4.4% depending on the crypto being staked and there are 10 available within the staking program.
Specification: Bitstamp exchange review
| Bezahlmethoden | ||||||
|---|---|---|---|---|---|---|
|
||||||
| Specification | ||||||
|
||||||
