Bitstamp is a cryptocurrency trading platform created in 2011 by Neitz Codrich and Damian Merlak. The company initially settled in Slovenia, before moving to the UK in 2016. It is currently based in Luxembourg. However, the company retained its London office and opened another one in New York.
The co-founders of the exchange intended to offer European customers an alternative to Mt Gox. This bet was successful as the exchange established itself as the largest exchange after the hack and fall of Mt Gox.
Bitstamp is a European Union marketplace that brings together buyers and sellers of Bitcoin and other digital assets. Bitstamp, as one of the most trusted names in the cryptocurrency market, allows traders to safely buy and sell Bitcoin.
Bitstamp is also one of the "big four" exchanges that determine the CoinDesk Bitcoin Price Index (CBPI), which is based on certain criteria. Currently, the four exchanges representing CBPI include Bitstamp, Coinbase, itBit, and OKCoin.
It is the first fully licensed crypto exchange in the world. Today, Bitstamp has high liquidity and a truly global customer base, and is available worldwide, with offices in Luxembourg, the United Kingdom, and the United States.
Bitstamp allows users to add funds via cryptocurrencies and fiat currencies such as US dollars, Euros, Pounds Sterling, and Swiss francs. The platform allows you to trade the following cryptocurrencies:
- Bitcoin (BTC / USD, BTC / EUR)
- Ripple (XRP / USD, XRP / EUR, XRP / BTC)
- Litecoin (LTC / USD, LTC / EUR, LTC / BTC)
- Ethereum (ETH / USD, ETH / EUR, ETH / BTC) and others.
This means that you have the ability to trade between cryptocurrency and fiat currency, as well as between cryptocurrencies themselves.
Bitstamp's fee structure is quite complex compared to its competitors. However, fees for deposits and withdrawals remains inexpensive compared to many competitors.
Deposits and withdrawals of cryptocurrency are free from charge. The only exceptions to this rule are when customers withdraw Bitcoin using BitGo Instant, which costs 0.1% of the transfer amount, or when withdrawals from Ripples are made using Ripple debt receipts, where the commission is 0.2%.
When using fiat currencies, customers are usually charged for deposits and withdrawals. Fees for international bank transfers is 0.05% for deposits and 0.09% for withdrawals. The minimum international withdrawal amount is $ 50.
As for deposits, a bank transfer usually takes two to five days, and a SEPA transfer takes one to three business days to get into your account.
Deposits in cryptocurrency depend on how long it takes the blockchain network to confirm the transaction. The confirmation period is usually one hour.
As for withdrawals, transfers in the SEPA zone usually take two to three days. Customers outside the SEPA region usually wait five business days to receive their funds.
Bitstamp is considered one of the most secure platforms for buying and selling cryptocurrency. The principles of two-factor authentication and anti-money laundering significantly improve the security of Bitstamp.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.