Bitstamp Review UK

Who are Bitstamp?

Founded just two years after the launch of Bitcoin, Bitstamp is one of the first crypto exchanges, established with the primary ambition of offering a low-cost digital marketplace for professional investors and large institutions. Based in Luxembourg, today Bitstamp offers all crypto enthusiasts a well established and reliable platform from where to buy, sell and store over 50 currencies.

Who owns Bitstamp?

Bitstamp was founded in 2011 by Nejc Kodrič, and Damijan Merlak however there has been some controversy with regards to ownership since then accumulating in a court battle which ruled that Nejc Kodrič must sell his remaining 9.8% stake in the company to Bitstamp Holdings NV, a holding company owned by NXMH, the firm that acquired Bitstamp back in 2018.

Bitstamp product range overview

At Bitstamp, investors have access to a range of cryptocurrency pairs, which means you can use fiat currencies, as well as crypto to crypto pairs. However, unlike many competitor exchanges, Bitstamp also offers fiat to fiat pairs such as GBP/USD and GBP/EUR. In addition Bitstamp offer over 54 cryptocurrencies that include:

• Bitcoin
• XRP (Ripple)
• Litecoin
• Ethereum
• ALGO
• Bitcoin Cash
• XLM
• Link
• OMG Network
• USD Coin
• PAX

Bitstamp app

The Bitstamp mobile app will provide access to all the tradable assets and features found on their web-based trading platform including buying, selling, and storing cryptocurrency. Some of the trading tools include the charting package and order book.

The app is available on Google Play and Apple Store for iOS and comes complete with 2-factor authentication which is now a standard for all investors performing key account functions. Bitstamp have scored a very respectable 4.7 out of 5 from 2.4k ratings on the app store which is no mean feat with many of the positive reviews citing the ease of use but many negative reviews talking of the high transfer fees.

‘Best place to trade crypto – the new app is a game-changer

Lots of display settings, easy to trade, intuitive interface. Deposits and withdrawals are quick and easy. High security. Advanced order capabilities such as ‘trailing stops’.

Just please introduce app notifications soon (ie. when a currency hits a set price, when a trade has been executed, etc)’

Bitstamp wallet

Unlike many of the competition, Bitstamp does not provide their customers with a dedicated wallet; however, customers of Bitstamp are able to store their cryptocurrency in Bitstamp’s offline cold wallets. Whilst this is not a personal digital wallet, it does provide the means for keeping your coins safe and even within the exchange’s web wallet, funds are stored offline and are therefore kept safe.

Bitstamp ProTrader

For professional traders and institutions, Bitstamp have created their ProTrader interface. This certainly doesn’t feel like an afterthought with a plethora of tools and technical indicators to help effectively manage a portfolio. The software is that of TradingView, and therefore utilises all the customisable features including instant, market, limit and stop orders. However, it is missing some of the more advanced features like stop-limit loss and take profit limit.

Although the interface on ProTrader benefits from excellent design and the real-time market data is considered one of the fastest around, there are some fairly high trading fees to contend with and you will find more advanced features at a platform like Kraken such as future and margin trading.

Bitstamp tools and features

Whilst the number of tools and features are not as comprehensive as some of the other exchanges available, there are still a decent number of features that should suffice for an average investor. However, for advanced traders who are looking for more complex tools to aid their strategy, Bitstamp have an advanced trading version of the cryptocurrency exchange (Tradeview).

Depth Chart and Level 2 Order Book

This function can assist day traders identify small price fluctuations in the market. The order book provides information on the number of bids, ask orders and the price currently being offered which is an excellent indicator of future movements in price in addition to liquidity.

In addition, Bitstamp users can access the Depth Chart, providing an illustration of all orders for any particular asset.

Bitstamp Lightning Network

Many of the reviews on Bitstamp mention the speeds at which purchases are executed at Bitstamp. This is largely due to the Lightning Network, an additional layer of blockchain technology that can improve speeds, help to reduce fees and result in instant payments.

This technology literally enables Bitstamp to execute millions of transactions per second, outperforming more traditional payment systems.

Bitstamp Earn

This is a way for investors to earn a passive income from their crypto holdings. Bitstamp claim that their rewards are above average however, there are only two options, Ethereum 2.0 and Algorand currently available for rewards although this is likely to change in the future.

Bitstamp fees

Trading fees at Bitstamp are on a sliding scale, whereby greater volumes of trading, attract lower trading fees. Regardless, they are considered low cost, although to achieve 0% you would have to trade a turnover volume of over $20,000,000,000 which is unachievable for most traders. Volumes of less than $10,000 in 30 days will be charged 0.50%. You are not required to use the advanced trading platform in order to access the platforms lowest fees.

In addition to trading fees, there are deposit and withdrawal fees to be aware of which vary according to the method you use:

Should you choose the deposit money using a credit/debit card the fee is very high, however, you will be able to withdraw funds back to the bank account associated with the credit card.

This is a very straightforward pricing schedule, which, whilst it may not represent the most cost-effective solution available, is still regarded as good value.

Bitstamp FAQs