Bitstamp Review & User Rating 2020

Bitstamp is a bitcoin exchange based in Luxembourg. It allows trading between USD currency and bitcoin cryptocurrency. It allows USD, EUR, bitcoin, XRP, ethereum, litecoin, or bitcoin cash deposits and withdrawals. The company was founded as a European-focused alternative to then-dominant bitcoin exchange Mt. Gox.

  • Web address: Bitstamp
  • Main location: United States
  • Mobile app available: Yes
  • Is decentralized: No
  • Parent Company: NXC Corp.
  • Transfer types: Bank Transfer, Credit Card, Debit Card, Crypto Transfer
  • Supported pairs: 14
  • Fees: Low

Fees

Bitstamp’s fee structure is fairly complicated compared to other exchanges, yet its deposit and withdrawal charges nonetheless remain cheap compared to many rivals.

Cryptocurrency deposits and withdrawals are free. The only exception to this is when customers withdraw bitcoin using BitGo Instant – which costs 0.1% of the amount being transferred – and when they withdraw Ripple IOUs, which costs 0.2% of the transferred amount.

With fiat currencies, customers are generally charged for deposits and withdrawals. International bank transfers have a deposit fee of 0.05% (minimum of €7.50) and a withdrawal fee of 0.09% (minimum of €15).

Security

Bitstamp has come a long way since its relatively high-profile hack in 2015, with the exchange using a variety of measures to ensure that accounts remain safe. Users are able and encouraged to turn on two-factor authentication, which works using Google Authenticator. Added to this, email confirmation for all withdrawals is required, while password changes also require two-factor authentication. The exchange also uses pretty good privacy (PGP) for encrypting the files users need to send in verifying their accounts.

Funding

  • Bank wire transfer (2-5 days to complete)
  • SEPA bank transfer (Eurozone only, 1-3 days to complete)
  • Credit/debit card deposits and withdrawals
  • Cryptocurrency wallet deposits and withdrawals

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