Bitstamp Review 2024 – Forbes Advisor

Founded in 2011, Bitstamp is one of the oldest active crypto exchanges around. Here are some of its main features.

Like most cryptocurrency exchanges, Bitstamp charges different maker fees (for trades that create liquidity on the exchange) and taker fees (for trades that reduce liquidity on the exchange). However, the fee structure is relatively competitive—the platform charges no fees for trades valued at less than $1,000.

The trade among most trading pairs needs to be at least $10 in value. Withdrawal fees also apply. For instance, there is a 0.0005 BTC fee (which is about $8.50) for withdrawing Bitcoin.

Bitstamp’s fee structure is as follows:

In addition to these fees, you may encounter other fees, depending on how you use the platform.

You can expect to pay a 5% surcharge on any credit card or debit card purchases. This fee is separate from any fees charged by your bank or credit card provider.

Finally, while all crypto deposits and ACH deposits from U.S. banks can be made free of charge, each cryptocurrency is subject to a withdrawal fee.

Regardless of your experience level or your crypto platform of choice, you should be cautious when investing in crypto.

Bitstamp experienced a hack in 2015 when a phishing scheme led to the theft of nearly 19,000 Bitcoin (BTC), worth around $5 million at the time. Bitstamp reimbursed users for any losses and appears to have improved its security.

As part of improved security, Bitstamp reports that it keeps most of its digital assets offline in cold storage and all assets are insured against many crime-related cases.

That said, Bitstamp still ranks on the lower side of crypto exchanges in our review regarding security as determined by crypto exchange security evaluator CER.

Opening a Bitstamp account is quite simple. First, the user needs to register their account. Registering an account requires a user’s name, email and date of birth.

Once the user registers their account with Bitstamp, the site requires them to verify the account. To verify, the user needs a valid government-issued ID and proof of residency document, such as a utility bill or bank statement.

Once the customer verifies their account, it’s suggested they complete Bitstamp’s know your customer (KYC) verification. This helps process deposits and withdrawals faster.

As soon as the customer completes the above steps, they’re ready to start buying and selling cryptocurrencies.

Bitstamp currently supports the following cryptocurrencies:

A full list of Bitstamp coin offerings can be found here.