If you’re looking for simplicity, you have come to the right place. One of the things which really defined this Bitstamp review is that this is an exchange which values quality over quantity.
Plenty of people will prefer this because of its improved simplicity, however, if you’re looking for something more leftfield, you may not find it here. Other options which utilise more of a free-for-all approach may be a better choice. We don’t think there’s a right or wrong answer: it’s more a matter of personal needs and preference.
The options at the time of writing include five of the heaviest hitters in the cryptocurrency game. Bitstamp markets include bitcoin, Ethereum, Litecoin, Ripple, SEPA and Bitcoin Cash. This means you can be sure that for Bitstamp safe options are a serious priority.
In terms of recommended options, there really isn’t one that’s clearly better than another. For those who are using the site because of its ease of use and mainstream appeal, bitcoin is the obvious answer. We don’t generally like to be predictable in our Bitstamp review, but sometimes that obvious answer is so for a reason.
On a more positive note in our Bitcoin exchange review, the deposit fees are very competitive, being 0.05% for wire transfer, which is amongst the lowest you’re likely to find.
Transfer fees vary a great deal, with Bitstamp trading fees going down the higher your volume. It begins at 0.50% for $10,000 or less, going to 0% when you hit $10,000,000,000. Obviously, that latter example is only for the upper echelon of traders, but the gradual benefits between these two examples can save plenty of people money.
You can find the entire list on their fee schedule, as there’s a whole lot of options here so we can’t include them all. We can say though that their reputation for fairness and value for fees is something that’s consistently backed up.
Unlike before in our Bitstamp review where we had trouble finding information, there were no such issues here. We’re hoping for more of the same.
Bitstamp is available in all countries across the EU. This provides it with a huge amount of scope. However, you could argue that some other countries need cryptocurrencies even more because of restrictive gambling laws – not that European citizens don’t have plenty of great reasons to utilise these kinds of services, from security and anonymity to choice and opportunity.
Nonetheless, it’s an extra bonus for US citizens that this exchange is available through Bitstamp USA, as it allows them to buy bitcoin which can then be used to navigate around convoluted restrictions. If this doesn’t appear alongside the rest, don’t worry, that’s simply because it’s under the subsidiary of Bitstamp USA.
In addition, there are 28 countries outside the EU and the USA which can also use these services. Do note that not all services are available to all countries. Unfortunately, this isn’t clearly laid out so we can’t give you full details, but there are guides for how to use the site and that should give you a good overview. It would be a perfect score were it a touch more transparent.
In this part of our Bitstamp exchange review, we’ll be taking you through how to actually get going with the platform with a Bitstamp how to trade guide.
1. Register an account
The first step is nice and simple: hit that ‘Register’ button and fill in the appropriate information. This includes your name, email and country. Keep in mind that all this information will be verified, so don’t be tempted to use inaccurate details. A customer ID and password will then be sent to your email and you can use this to login.
2. Verify your identity
After this, you’ll have to prove your identity using a valid government issued ID, like a passport or driver’s license, alongside some proof of residence. You’ll also need to verify your phone number via text message. Note that we’re not aware of any Bitstamp referral code, so as far as we can tell, that’s not part of this process.
3. Make a deposit and start trading
Once done, you can begin your Bitstamp deposit. You can view all deposit options via a link at the top of the page and can choose whether to deposit through SEPA, international wire or any of the available cryptocurrencies.
Actually trading is simple enough too: head over to the Buy/Sell page found at the top and look at tradeview. Pick what you would like to trade, how much, the Bitstamp price and the order type. If this is all accepted, your account will be credited to this account. Keep in mind that it’s never recommended for you to keep your money in an exchange, so an external wallet is a good idea.
Although there’s a great deal more depth to it, that’s all you need to know to understand the basics. You can always learn about more advanced ordering like placing a limit order without too much trouble, and placing a stop order to reduce your level of risk through creating an automatic stop when certain conditions are met.
While we wouldn’t say someone without any technical experience would find it a breeze, you also don’t need to be an expert thanks to its straightforward system and excellent design. Not only that, Bitstamp displays its range here too, thanks to its excellent use of charts and technical indicators.
We hope that through this part of our Bitstamp exchange review, you can see that there’s nothing overly difficult or confusing here. We’d also like to conclude by saying we were very impressed by the process.