The world of cryptocurrency does not stand still, and new offers for exchanging/trading virtual money appear regularly. There are many special resources where you can buy coins for fiat money or exchange them for another type of crypt.
Today we will be discussing one of the largest platforms in this segment – Bitstamp. It is a UK-based stock exchange licensed in Luxembourg, which began operations in 2011.
We will tell you about the registration and trading process, the level of security, as well as the advantages and disadvantages of this service.
How does it work?
To start trading on the Bitstamp exchange, you need to create an account. The registration form is pretty standard and asks for the following information:
- First Name Last Name
- Country of Residence
After filling out the form, you will receive an email containing your password and user ID. Do not forget to set your password immediately after the first login to your account. Also, be sure to connect two-factor authentication through your account. This will protect your account from hacking.
You can fund your Bitstamp account with fiat money using international bank transfers, VISA / MasterCard or SEPA, or cryptocurrency (Bitcoin, Litecoin, Ripple). However, remember that to fund your account, you will have to go through the second stage of creating an account – verification. Otherwise, you can only use your account on the site to view tables and graphs.
The trading process on Bitstamp is very convenient. Go to the “Tradingview” section, where you will find the chart, order book, and order window. The chart is multifunctional and allows you to overlay your indicators.
Trading commissions on the exchange range from 0.1 to 0.25%. The fee depends on the trading volume that you accumulate over 30 days. Accordingly, the more you trade, the less you pay commission and vice versa.
Pros
Bitstamp is in the top 5 of the largest exchanges and the trading volume here is impressive, so here you can always buy or sell cryptocurrency easily and quickly.
The platform has a license, so you should not be afraid of the influence of special services or the sudden closure of the exchange by law enforcement agencies
The fact that the site supports the ability to replenish the wallet using SEPA bank transfers greatly simplifies the work with the exchange.
Cons
Unfortunately, the site does not yet support many popular payment systems such as PayPal, QIWI, or WebMoney.
There are only nine pairs available on the exchange for purchase/exchange. For some reason, such well-known coins as Dash, Ethereum, Ethereum Classic, Zcash, etc. are missing.
Without verification, you will not be able to use the platform in any way, except to view the charts on your page. You can enter or withdraw currency only after passing additional verification and specifying more personal data.
Outcome
Bitstamp is a safe and highly demanded exchange for trading virtual money. Its main disadvantage is the need for complex account verification, which is why the service receives a lot of dissatisfied reviews on the network.
However, many clients of the service write on the forums that Bitstamp is faster than any other resource they know. Although depositing and withdrawing funds require additional verification, they are made almost instantly.
If you are looking for an opportunity to buy crypto quickly and easily, then Bitstamp is the option for you.
