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.

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.

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
    • Read more

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