Bitstamp Review

Bitstamp Review

Bitstamp

Bitstamp is one of the many leading cryptocurrency exchanges happening in Luxembourg. Initially, it focused only on European clients, currently serving clients all over the world.

This exchange allows users to sell and buy various cryptos. Merchants can deposit funds or withdraw their funds using payment methods such as a bank account, debit, or credit card.

Bitstamp has started operating in the UK and this cryptocurrency exchange has enabled millions of merchants to trade cryptocurrencies through its Bitstamp trading software.

Offers its users a wide variety of educational resources, useful business tools, and dedicated customer support; It also offers multiple accounts to its merchants. Countries supported by

Bitstamp has its network along with the United Kingdom, Serbia, Switzerland, Iceland, Norway, Greenland, Hong Kong, Singapore, Taiwan, Australia, New Zealand, South Korea, Argentina, etc.

Who should use Bitstamp?

Bitstamp has an easy-to-understand fee setting and also the ability to buy cryptocurrencies with fiat currency directly from a bank account, credit card, or debit card. Bitstamp can be a great option for those just entering the world of cryptocurrencies and the people who are interested in the desire to have large coins or even more popular altcoins.

Advanced traders are mostly frustrated by the relatively small amount of crypto available, the lack of margin trading, and the comparatively high trading fees. Those who want to earn rewards for their crypto through staking should look elsewhere right now: Bitstamp’s recently launched Ethereum staking program, where users borrow their ether holdings so others can use it to review on-chain transactions of ETH blocks, this is not yet available in the US

In spite of what is your level of experience (or even which crypto platform you choose), you need to be careful when investing in crypto. Cryptocurrencies are not only subject to sudden price changes, but they are also vulnerable to hackers.

Bitstamp experienced one such attack in 2015 when a phishing scheme resulted in the theft of nearly 19,000 Bitcoin, valued at around $ 5.2 million at the time. Bitstamp reimbursed users for all losses and appears to have used the incident as an opportunity to improve their security.

However, it is important to understand all the risks associated with investing in cryptocurrencies: you don’t just risk price fluctuations; you can also risk your entire investment yourself if the exchange or wallet in which you hold your crypto is hacked. For this reason, some crypto investors like to withdraw their cryptocurrencies from exchanges and keep them in so-called cold wallets, which are separate from the internet.

Bitstamp Features

Quality Core Services

While Bitstamp does not support more sophisticated investment options (such as margin trading), it focuses on providing core services that are well done on its website and app. This includes an easy-to-use Buy-It-Now platform and four different order types that can appeal to more advanced traders who want to profit from short-term price fluctuations.

  • Instant Orders – In the US, you can use automated clearing house (ACH) transactions to instantly deposit funds from your Bitstamp bank account and start trading immediately. You can even use a credit or debit card in most states. Although because of this you might have to pay higher fees from Bitstamp and your card issuer.
  • Limit Orders – Set a price at which you want to buy or sell a specific cryptocurrency.
  • Market Orders-Buy or sell cryptocurrencies at the best available market price, which can sometimes be a better price than what is available through instant orders.
  • Stop Orders – Set an entry or exit price for your trades to limit potential losses due to sudden price fluctuations.
  • Trailing Stop Orders – Set an entry or exit price point for your trades based on a set floor that can be adjusted upward if the price rises above its current value. This ensures that you always keep the same spread between your stop price and the current price, and helps you make potential profits that you would not otherwise get with a simple stop order.

Cryptocurrencies on Bitstamp

Right now, Bitstamp supports the following cryptocurrencies:

  • Bitcoin (BTC)
  • Ether (ETH)
  • Tether (USDT)
  • USD Coin (USDC)
  • XRP (XRP)
  • Uniswap (UNI)
  • Bitcoin Cash (BCH)
  • Litecoin (LTC)
  • Chainlink (LINK)
  • DAI (DAI)
  • Stellar Lumens (XLM)
  • AAVE (AAVE)
  • Algorand (ALGO)
  • Maker (MKR)
  • Compound (COMP)
  • The Graph (GRT)
  • finance (YFI)
  • Synthetix (SNX)
  • Paxos Standard (PAX)
  • Basic Attention Token (BAT)
  • Curve (CRV)
  • UMA (UMA)
  • 0x (ZRX)
  • OMG Network (OMG)
  • Kyber Network (KNC)
  • Gemini Dollar (GUSD)
  • Audius (AUDIO)
  • Ethereum 2.0 (ETH2)
  • Ethereum 2.0 Rewards (ETH2R)

Bitstamp Pros

  • There is no minimum to set up an account; a very low minimum amount to start trading
  • Many trading pairs; The platform accepts exchanges from Fiattocrypto
  • Pro platform for advanced traders
  • 24/7 customer support

 Bitstamp cons

  • A relatively small selection of cryptocurrencies and high card deposit fees
  • The rewards for gambling alone are available for Ethereum; Gambling is not currently available to US traders
  • Limited educational resources for beginners
  • No products such as crypto-backed loans or margin trading

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