Bitstamp Experience 2021: The Crypto Exchange Test
10 Stars
The crypto exchange Bitstamp is based in Luxembourg, has been firmly established on the market for some time and is one of the best-known crypto providers. The crypto exchange is now a major player on the market.
But what are Bitstamp users' experiences with the trading platform and are they satisfied with the offer?
We have examined the broker's offering in detail as part of an independently conducted Bitstamp test.
In this Bitstamp review, you can read whether the provider can convince in terms of security, reliability, offer and customer service and how the broker performed in comparison to our test winner eToro.
Whether registering with Bitstamp is worthwhile or whether there is even Bitstamp fraud to fear, how high the Bitstamp fees are and exactly what Bitstamp experiences you can make, we will now explain.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
Bitstamp advantages and disadvantages
Bitstamp Experience - The Offer
With regard to the Bitstamp rating, the broker's offer naturally plays a major role, as this point, in addition to the security aspects, decides whether traders open a user account with the provider or prefer to turn to a Bitstamp alternative.
The platform of the provider, which has been active on the market since 2011, is very simple and can be understood within a short time. Deposits can be made with a fiat currency or a cryptocurrency as soon as a trading account has been created.
The platform has a simplified view, which can be accessed via the "Buy/Sell" button.
Alternatively, you can select the "Trading View", which offers an extended view that will appeal to experienced traders in particular, as it provides more in-depth information.
In both views, the crypto/currency pair is selected, then the desired amount is entered and the order type is selected.
The coins are credited to the account after the purchase and order execution. Afterwards, the coins can be transferred to an external wallet or another crypto exchange.
CFD or direct trading?
Bitstamp allows its customers to trade directly with five different cryptocurrencies. Those who would like to have access to a larger selection of coins should take a look at other crypto providers, such as our test winner.
Unlike Bitstamp, this provider offers CFDs for cryptos. In CFD trading, investors invest in cryptocurrencies whose prices are derived from an underlying asset.
You don't buy the cryptocurrency directly and are therefore not in full possession of the coins. Instead, you speculate on the price development of the respective cryptocurrency.
The possibility of trading cryptocurrencies in the form of CFDs is particularly practical, as you do not have to worry about storing and securing the coins.
The risks involved in CFD crypto trading are also somewhat lower than in direct trading, as you can also profit from a digital currency only in the short term or spontaneously enter another cryptocurrency even if prices are currently going downhill.
Bitstamp cryptocurrencies
In addition to trading Bitcoin, other currencies such as Ethereum, Ripple, Bitcoin Cash and Litecoin are also available. The offer covers all important and the largest digital currencies by market capitalisation.
The Bitstamp broker not only offers Bitstamp crypto trading against euros and US dollars, but altcoins can also be traded.
There is also a Bitstamp Exchange offer that enables the exchange of euros for USD. Traders thus enjoy the choice between several options.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
Bitstamp Fees & Charges
The Bitstamp broker's pricing model is simple and clearly structured, as our Bitstamp test shows. Traders are always charged a fixed commission for the creation of orders. The fact that an order fee is incurred is also the rule with other crypto exchanges and generally with trading in financial instruments.
It is clearly communicated on the platform that a basic fee of 0.25 per cent of the order amount is incurred, which covers all costs.
There are no hidden costs to worry about, so Bitstamp fraud can be ruled out.
For example, if you process a transaction for 10,000 euros, Bitstamp charges 25 euros.
Those who trade particularly frequently can benefit from a discount, which, however, is not so easy to achieve.
If you turn over at least 20,000 euros a month, you only pay a fee of 24 percent. If one achieves a turnover of 20 million euros per month, the Bitstamp fees are reduced to 10 percent.
Fee type | costs |
|---|---|
Transaction fees | 0.25% of the trading volume |
Bitstamp payment methods
Before the first exchange can take place, the user must make a deposit. There is no minimum amount for this.
However, you should only deposit as much as you need for trading, as despite the high security standards in place, hacker attacks and Bitstamp fraud cannot be ruled out 100 percent.
It is therefore recommended to store your coins in your own wallet.
This is the best way to protect yourself from foreign access, even if the majority of Bitstamp crypto assets are in cold wallets that are not connected to the internet.
Only when one has gone through a full verification process does one gain complete access to the trading platform with its functions and can make deposits and withdrawals in order to trade.
To make deposits, clients can choose credit card payment and SEPA transfer in addition to five tradable digital currencies.
Note: A fee of 5 per cent of the deposited balance is charged for credit card payments.
By the way: Our test winner eToro offers a pleasant Bitstamp alternative to direct crypto trading and allows funds to be topped up with various user-friendly payment service providers as part of CFD trading, including via PayPal and eWallets such as Skrill and Neteller.
Payment method | yes/no |
|---|---|
Credit cards | yes |
Paypal | no |
Instant bank transfer | no |
Skrill | no |
Neteller | no |
Paysafecard | no |
Bank Transfer | yes |
Cryptocurrencies | yes |
Register and buy with Bitstamp
In order to be able to trade cryptocurrencies at Bitstamp Broker, you first have to create a trading account.
The registration process is done quickly, so that you can already start daily trading after a short time. In the following, this Bitstamp review explains step by step how the Bitstamp registration process works.
Step 1: Registration
To register with the Bitstamp broker, click on the menu item "Register" on the top right-hand side of the website. A window opens that requires the entry of personal data and an email address.
In addition, you have to select the country in which you live and accept the general terms and conditions and data protection regulations for a Bitstamp registration.
Afterwards, you will receive an email with your personal Bitstamp login data and the automatically created password.
This password must be changed after the first Bitstamp login.
If you have changed your password, you have to log in again with your new Bitstamp password and you will also receive an e-mail informing you that your password has been changed.
It is recommended that you verify your identity after logging in to Bitstamp. By using two-factor authentication (2FA), you can increase the security of your Bitstamp user account.
The 2FA is offered with the Google Authenticator or with DUO. It is best to write down the authentication key separately.
Step 2: Verification
After the Bitstamp registration and before the first deposit, a verification is required. Verification helps to prevent money laundering and is also necessary because of the know-your-customer rule.
To access the user account verification, click on the menu item "Verify Account".
In the window that opens, you have to specify whether you are acting as a private person or as a company.
Furthermore, you enter your personal data, upload the front and back of your photo ID and also enter the ID data manually.
To complete the verification process, proof of residence (e.g. an electricity bill) is required to confirm the address.
The verification of the data by Bitstamp Support can take 24 to 48 hours.
Step 3: Deposit
Now you can deposit money into your user account in order to make a purchase.
To do this, click on the menu item "Deposit" and select the desired payment method.
Deposits can be made either via SEPA transfer, credit card payment or with a cryptocurrency.
The Bitstamp experience shows that it can take one to three days until the money is credited to Bitstamp.
Step 4: Buy
Once the deposited amount has been credited, you can buy Bitcoin and Co. at Bitstamp.
To do this, select the Euro-Bitcoin pair, if you have deposited in Euros. Several purchase options are available via the menu item "Buy/Sell". Once you have bought the desired currency, it is advisable to deposit it in your wallet.
Crypto exchanges have already fallen victim to hacker attacks in the past, including Bitstamp. Unfortunately, 100% security against a Bitstamp scam is never guaranteed, which is why you should definitely take safekeeping of your coins seriously.
Cryptocurrencies can be withdrawn by clicking on the menu item "Withdrawal".
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
The Bitstamp App
The broker has its own Bitstamp app, which is available for iOS and Android devices. The Bitstamp test shows that the Bitstamp app proves to be very practical and enables great Bitstamp experiences, as you remain flexible with the application and are not tied to your desktop at home, but can also trade crypto on the go.
This was a positive point in our Bitstamp evaluation.
The download and use of the Bitstamp app is also completely free.
The mobile offer is easy to use and offers a pleasant Bitstamp alternative to the desktop version.
However, the app does not provide access to advanced functionalities such as detailed charts.
However, the core functions are covered, so it is also possible to trade cryptos on the go.
Bitstamp licence and security
Anyone who wants to invest in cryptocurrencies and is looking for the right provider should only turn to the most experienced brokers on the market who operate with a valid licence.
Bitstamp has an official licence from the British authorities and can thus prove its serious operation.
However, the customer verification process is also an important indication of correct operation and offers users a secure environment and protects them from attacks.
Bitstamp works with two-factor authentication, which requires another security key in addition to the Bitstamp login.
Traders are also secured with SSL encryption. In addition, over 98 percent of Bitstamp's crypto assets are stored in cold wallets so that hackers cannot gain access.
At this point, however, it must be mentioned that in 2015 Bitstamp became the victim of a hacker attack, with around 19,000 Bitcoins being taken away.
This incident caused damage to the image of the Bitstamp broker and a slump in the Bitcoin price.
Anyone who trades in crypto should be aware that crypto trading platforms are repeatedly exposed to such attacks.
Those who do not want to bother with additional security measures and fear for their coins should pay a visit to our test winner and Bitstamp alternative eToro.
The crypto CFD provider simplifies the crypto trading process through social trading, which benefits inexperienced traders in particular.
eToro enables traders to share in the success of other successful traders by copying their portfolios and strategies. In addition, eToro offers various training opportunities.
You do not have to worry about safekeeping your coins when trading CFDs, as you do not own the coins directly.
Bitstamp customer service, contact and support
If questions and uncertainties arise when using a crypto broker, it is particularly important that the provider is easy to reach and provides competent help.
Bitstamp support is an important feature that testifies to the quality of the provider and for this reason represents an important aspect in this Bitstamp review.
Bitstamp support can be reached via email and by phone (weekdays from 8 to 9 a.m. and Saturdays from 8 to 11 a.m.). Bitstamp experiences show that you will receive an answer within a few hours if you contact the staff via email.
An important
note at this point: If you want to contact Bitstamp support by phone, you should be prepared for Bitstamp fees, which may be incurred due to the broker's international location.
Since the broker is based in the UK, Bitstamp support staff only speak English, which is not particularly practical if you do not speak English.
The FAQ section, on the other hand, is very well set up, explains general questions about the platform and thus offers quick help.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
Bitstamp customer service, contact and support
If questions and uncertainties arise when using a crypto broker, it is particularly important that the provider is easy to reach and provides competent help.
Bitstamp support is an important feature that testifies to the quality of the provider and for this reason represents an important aspect in this Bitstamp review.
Bitstamp support can be reached via email and by phone (weekdays from 8 to 9 a.m. and Saturdays from 8 to 11 a.m.). Bitstamp experiences show that you will receive an answer within a few hours if you contact the staff via email.
An important
note at this point: If you want to contact Bitstamp support by phone, you should be prepared for Bitstamp fees, which may be incurred due to the broker's international location.
Since the broker is based in the UK, Bitstamp support staff only speak English, which is not particularly practical if you do not speak English.
The FAQ section, on the other hand, is very well set up, explains general questions about the platform and thus offers quick help.
Contact way | yes/no |
|---|---|
phone | +44 20 3868 9628 |
Live chat | no |
contact form | yes |
FAQs | yes |
Conclusion - Bitstamp rating
The conclusion to our Bitstamp test is as follows: Bitstamp is an established brand in the crypto market and allows trading in 5 different cryptocurrencies and enables its users to have positive Bitstamp experiences.
The provider also acts as a Bitstamp Exchange and enables the exchange of Euros for USD.
Even though the selection of cryptos is not the largest, the provider can score points with a transparent fee model and low Bitstamp fees.
Unfortunately, the Bitstamp app does not offer access to advanced functionalities such as detailed charts, so the mobile offer is only suitable for basic things.
So if you mainly want to trade on the go, you should rather turn to another provider.
There is also a small point deduction in the Bitstamp review regarding the contact channels of the Bitstamp support, as there is no live chat that enables a quick answer to questions.
Instead, you have to resort to email contact or the international hotline for questions, which may incur costs. In addition, the employees only speak English, which should also be noted in the Bitstamp review.
Like many other crypto exchanges, Bitstamp has not been spared hacker attacks in the past, which is why Bitstamp fraud can never be 100 percent ruled out despite strong security precautions.
It is advisable to store your coins in a separate wallet.
If this is too much effort for you, you can use our test winner as a Bitstamp alternative.
This is a renowned provider for crypto CFDs and allows investors to trade with crypto without actually having to own the coins. Instead, you only speculate on the price trend of the cryptocurrency. Consequently, you do not need an additional wallet here.
Our recommendation: Buy cryptos with eToro
Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades
FAQ
The provider is a crypto exchange where cryptocurrencies can be bought and sold.
Bitstamp was convincing in our test. The diverse trading options and the good customer support attract many customers, most of whom are very satisfied with the provider.
The amount of your own investment should depend on your own liquidity, the chosen cryptocurrency and your own risk tolerance. In general, you should never invest money that you actually need elsewhere, as profits can never be guaranteed.
Here, too, the platform is convincing. Withdrawals are processed very quickly and, depending on the selected withdrawal method, are in your account within a few minutes to 2 working days.
You should always know what you are investing in. Cryptocurrencies are highly volatile, so you should first get to know the selected coin in detail. If you have the necessary know-how, as well as the occasional bit of luck, then nothing stands in the way of early profits.
