If you are wondering what Bitstamp is, or if you are looking for a comprehensive Bitstamp review for you to get started with Bitstamp, then you have come to the right place.

Today at BlockchainBiome, we provide you with a detailed Bitstamp review, discuss how to use Bitstamp, review Bitstamp and its features, and talk about everything there is to Bitstamp.

Furthermore, this Review of Bitstamp covers all trading aspects of it.

What is Bitstamp?

Bitstamp is a cryptocurrency exchange that was created initially to trade Bitcoin and Ethereum. Based in Luxembourg, it is one of the most popular and reliable exchanges for cryptocurrencies in the world. It is also one of the oldest digital currency exchanges in the world.

Must Read: Best Bitcoin Exchanges of 2019 – The Ultimate Guide

Currencies Available on Bitstamp

This Bitstamp review will be incomplete without a discussion of the cryptocurrencies and fiat currencies available for trade on Bitstamp.

Bitstamp allows deposit, withdrawal, and trading of the following cryptocurrencies:

  • Bitcoin
Bitstamp Review

Bitcoin is the very first cryptocurrency that came into existence. It was created to reduce the influence of trusted third parties and middlemen in transactions. Created by Satoshi Nakamoto, Bitcoin promotes the concept of decentralization. Currently, it is the highest valued cryptocurrency.

Must Read – Satoshi Nakamoto: The Mysterious Entity Behind Bitcoin!

  • Ethereum
Bitstamp Review

Ethereum is a blockchain network that consists of the token called ‘Ether’. Ethereum is the next best-valued cryptocurrency in the world, after Bitcoin. Smart contracts and decentralized applications run on top of Ethereum. Started by Vitalik Buterin, Ethereum promotes the development of blockchain applications.

What I love about it is you can also buy Ethereum with Paypal, that really makes it easy.

  • Litecoin
Bitstamp Review

Litecoin is a payment network that is fully decentralized. The processing of each block in the Litecoin network happens four times faster than in Bitcoin. Litecoin aims to enable faster transactions.

If you want to know more about Litecoin then you can check out our mining Litecoin complete guide.

  • Bitcoin Cash
Bitstamp Review

Bitcoin Cash is electronic cash that was forked from the main Bitcoin network. Bitcoin Cash aims to extend Bitcoin’s vision of bringing safe money to the world. Bitcoin Cash has increased the block size and allows for more transactions.

  • Ripple
Bitstamp Review

Ripple is a cryptocurrency aimed at becoming the medium of exchange for businesses all around the globe. Banks and payment providers can use Ripple to decrease their costs. Ripple is an extremely popular cryptocurrency.

Must Read: Best Ripple Wallets of 2019 [Updated List].

Bitstamp provides support to the following fiat currencies:

  • USD

USD is the United States Dollar and is the medium of exchange and transaction in the United States.

  • EUR

EUR is the Euro, which, is the official currency of 19 out of the 28 members of the European Union.

Registering on Bitstamp

The registration process on Bitstamp is rather simple. The registration can be carried out hassle free and through the website.

To register for an account on Bitstamp:

  1. Open  https://www.bitstamp.net/ on your browser.
  2. Click on the green button at the top right corner of the page that says ‘Register’.
  3. Choose whether you want a Personal Account or a Corporate Account. In this Bitstamp review, we will go with a Personal Account.
  4. Fill in your details, such as, First Name, Last Name, e-mail address, country and check the box that says you agree with Bitstamp’s terms of use and privacy policy.
  5. Next, click on ‘Open Account’.
  6. Look for the mail from Bitstamp to confirm your account.
  7. Open the mail and click on the link that says, ‘Click here to activate your Bitstamp account’.
  8. Once you click on the link, you will be asked to set your password. Set the password and make sure you choose a strong password.
  9. You will then be assigned a User ID. This is the ID you will use to log in to the account.
  10. Once you log in, the next step is the Verification. Choose the nationality, the ID type that you want to upload and upload the document in high quality.
  11. Next, confirm your residential details. Fill in the fields for the address, city, and, the ZIP code.
  12. Upload a document that verifies your residence. You could upload a bank account statement, a utility bill such as the electricity, water or internet bill, or, a government-issued document such as, the tax statement.
  13. Answer a few questions on whether you are a US citizen or resident and click on ‘Get Verified’.

Setting up 2-Factor Authentication

2 Factor Authentication secures your account and makes it harder for malicious users to access your account and steal your information and funds. Setting up 2 Factor Authentication improves the security of your account. To set this up, you will need an authenticator application on the mobile phone, such as Google Authenticator or Duo Mobile app.

To set up 2-Factor Authentication:

  1. Download Google Authenticator or Duo Mobile application on your mobile phone.
  2. You will be asked to set up 2-Factor Authentication when you first log in. You can also go to ‘Account’ and click on ‘Enable 2FA’ to start setting up 2FA.
  3. You will then receive an Authentication Key, which, is 16 characters long. Save this carefully.
  4. Generate a code on your authenticator application and enter the 6 digits and click on ‘Enable two-factor authentication’.
  5. That is all you would need to do. 2FA will be enabled, thereby, providing an additional layer of security.

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Depositing funds on Bitstamp

You can deposit funds into Bitstamp in three different ways. To deposit funds, you can carry out SEPA transfer, International Wire transfer or make a purchase through your credit card.

SEPA Transfer

SEPA deposits are totally free of cost on Bitstamp while SEPA withdrawals incur a fee of €0.90. SEPA is short for Single Euro Payments Area. SEPA deposits take around 1-3 days to be credited on Bitstamp.

To carry out SEPA transfer on Bitstamp:

  1. Visit www.bitstamp.net
  2. Click on ‘Log In’ on the top right-hand corner of the website. Enter the login details to access your account.
  3. Next, go to the ‘Deposit’ section.
  4. You will then have to choose the ‘EU Bank (SEPA)’.
  5. Select either USD or EUR to be credited. Choose the amount that you want to credit into the account.
  6. Click on ‘Deposit’.
  7. The bank details for carrying out transfer will be then displayed by Bitstamp.
  8. Create a SEPA Order from your bank and transfer the amount you wish to transfer. The personal message number must be included.

International Wire Transfer

To carry out international wire transfer on Bitstamp:

  1. Visit www.bitstamp.net/
  2. Click on ‘Log In’ on the top right-hand corner of the website. Enter the login details to access your account.
  3. Next, go to the ‘Deposit’ section.
  4. Here, you will have to choose the option, ‘International Bank’.
  5. Select the currency that you wish to deposit. This could be Canadian Dollar, Australian Dollar, Euro, British Pound, Japanese Yen, US Dollar, etc.
  6. Choose ‘Deposit’.
  7. The bank details will be provided by Bitstamp.
  8. Transfer the amount you choose to transfer. The personal message number should be included.
  9. ‘Investment’ must be chosen as the reason for the transfer.

Credit Card Purchase

To make a credit card purchase on Bitstamp:

  1. Visit https://www.bitstamp.net/
  2. Click on ‘Log In’ on the top right-hand corner of the website. Enter the log in details to access your account.
  3. Next, go to the ‘Deposit’ section.
  4. Choose the cryptocurrency that you want to buy.
  5. Choose either USD or EUR for making the purchase.
  6. Enter the amount of cryptocurrency that you wish to buy.
  7. Next, enter the credit card details.
  8. Click ‘Submit’.

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Withdrawing cryptocurrency or funds from Bitstamp

Funds can be withdrawn to your bank through Bitstamp. Cryptocurrency can be withdrawn to your wallet address too.

To withdraw cryptocurrency:

  1. On the main menu, select ‘Withdrawal’ on the top of the page.
  2. On the left-hand side menu, choose the cryptocurrency.
  3. Next, enter the withdrawal address. This is generally the public address of your cryptocurrency wallet.
  4. Click on the ‘Withdrawal’ option once you enter the amount you wish to withdraw.

Trading on Bitstamp

One of the essential aspects of a cryptocurrency platform like Bitstamp is the ability to carry out trade. Trading on Bitstamp is fairly straightforward.

  1. Open www.bitstamp.net/ on your web browser.
  2. Once you have registered for the account, log in to the created account by clicking on the ‘Login’ option at the top right corner of the screen.
  3. Enter your User ID and Password and login to the account.
  4. If no funds are deposited, go to the ‘Deposits’ section and deposit the funds based on the steps mentioned above in this Bitstamp review.
  5. Select the desired market on the upper left corner of the page.
  6. Select the type of order.
  7. Enter the amount of cryptocurrency that you choose to buy.
  8. Go to the ‘Buy/Sell’ section of the account and place your order.

Types of Order

Instant Order

An instant order executes immediately and is based on the current market value of the cryptocurrency that you are buying or selling.

Limit Order

Limit Order allows the trader to set the price at which he/she wishes to buy/sell cryptocurrency. Once this limit is reached, the order is executed.

Market Order

Market Order allows the trader to buy or sell at the best available market price. You can express the amount of cryptocurrency that you want to buy using this type of order.

Stop Order

This type of order is used to limit the losses. The trader sets an entry/exit point. When this point is reached, the order turns into an instant order and gets executed immediately.

Bitstamp Review Reddit

Bitstamp review Reddit- On Reddit, Bitstamp has fairly positive reviews.  There is a subreddit dedicated for Bitstamp on Reddit. This can be accessed using the following link: https://reddit.com/r/Bitstamp

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Is Bitstamp safe?

This Bitstamp exchange review would be unfinished without a discussion on the safety of Bitstamp. Bitstamp is safe to use and there has been a decent amount of emphasis on the security on the website. Most of the crypto assets are stored offline in cold storage. This means that these assets cannot be stolen by online hackers since the assets are disconnected from the internet.

Bitstamp Mobile Application

Bitstamp has come up with a mobile application that can be downloaded from the Google Playstore and the App Store. This provides the users the convenience of being able to access their account with their mobile phones.

Wrapping up Bitstamp Exchange Review

Bitstamp is a traditional cryptocurrency exchange that has been one of the leaders in the cryptocurrency trading market. Bitstamp is free to use and does not charge the users unnecessary fee on transactions. It is simple to use and can be accessed through a web browser or a mobile application. It has several desirable features, which, makes it a top choice for many cryptocurrency enthusiasts.

The above Bitstamp exchange review covers details pertaining to everything you need to know about Bitstamp. This Bitstamp review provides a comprehensive account of how to create an account on Bitstamp, how to deposit funds on the site, how to carry out withdrawals from the site, how to carry out trade on Bitstamp and whether Bitstamp is safe to use. The comprehensive guide should allow you to get started with Bitstamp.

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