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Site Score

8.7

Good: Great Website, Popular

Bad: Some Hidden Transaction Fees

User Score

6.7

(38 votes)

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Rating: 6.7/10 (38 votes cast)

What is Bitstamp

Bitcoin exchanges are an important part of the Bitcoin electronic currency system. They make it possible for Bitcoin users to buy and sell t liquidity for those who want to use Bitcoin as a way to buy ordinary products.

Bitstamp is an exchange marketplace for the Bitcoin electronic currency. The company is located in Slovenia. Bitstamp company has the mission to provide access to an efficient Bitcoin exchange solution to investors, merchants, and individuals. They offer easy deposit and withdrawal of Bitcoins exchanged for traditional currencies, and robust Bitcoin trading services.

Today, Bitstamp is one of the largest Bitcoin exchanges available on the market. Since the company was founded several years ago, it has continuously growing. Today they reach a trade volume of more than two million dollars per month. Bitstamp exchange caters particularly to the European market, but also has many US customers. The company was founded by Nejc Kodric

• Bitstamp provides the highest real volume of all exchanges
• They are a reputable company with good AML / KYC work and quick withdrawal time
• Bitstamp works with Coinbase, which is granting legitimacy.

Buy and Sell

Bitstamp provide Bitcoin/US dollar exchange services. The company acts like an exchange marketplace where users can buy and sell Bitcoin currency between themselves. Today Bitstamp is the second largest Bitcoin exchange in the world, next after MtGox. The fees for Bitcoin exchanges on Bitstamp are maintained relatively low, at 0.20-0.50 percent. The deposits on Bitstamp are usually processed within a 24 hours period and the main deposit method used is bank transfer.

The main exchange trades practiced on Bitstamp are between USD and BTC, even if the primary target of the company is European users. This is for the liquidity reasons. The conversion rates practiced on Bitstamp are quite favorable. In order to further increase the exchange’s efficiency, Bitstamp also features multi-currency support, allowing its users to hold funds in EUR, GBP, and CHF.

Link Bank Account

On Bitstamp US customers can deposit and withdraw dollars by using wire transfers. EU customers have the possibility to link their bank accounts to Bitstamp in order to directly move dollars between their financial institutions and Bitstamp. The deposits and withdraws each time they buy and sell Bitcoins become automatic once the link to the bank account is done.

The most popular deposit mechanism on Bitstamp for European customers are SEPA bank deposits. The process of buying BTC through SEPA with Bitstamp is a quite simple.

For international users, there is a two to five day waiting period and a minimum deposit fee of $15 per transfer.

Instant Orders

Once the customers deposit funds in their setup accounts with Bitstamp they have the possibility buy and sell Bitcoins by using Instant Orders. With an Instant Order when customers enter their buy and sell orders these orders are immediately executed at the best price available at that time.

Limit Orders

Customers of Bitstamp can use Limit Orders for buying and selling at specific prices indicated by them. On Bitstamp the Limit Orders stay open until they are either executed in the market or cancelled by the client.

Order Book

Order Books in list format are used to publish on Bitstamp all the bid and ask orders with the price and volume information. They have the role to inform all buyers and sellers on the market’s situation.

Holds Bitcoins

Bitstamp customers can hold and store Bitcoins, check their account activities and their balances.

Holds Dollars

Bitstamp customers can also hold, deposit, store, and withdraw US dollars in their accounts.

Other Currencies

Bitstamp also provides support for deposit and withdraws for Swiss francs, Euro, and British pounds.

Security

Bitstamp exchange operates safely and provides a high security for the users’ accounts. The exchange is invulnerable to hacks because more than 90 percent of client funds are stored in offline cold storage. CentOS, a secure operation system that is also used by the US military.

Final Thoughts

Bitstamp exchange has a number of useful features that make it one of the most prominent and reputable Bitcoin exchange on the market today. With a large Bitcoin trade volume that places them on the second place worldwide, Bitstamp is a fast growing company. They have a bright future ahead as the Bitcoin European market continues to grow. Clients can use Bitstamp exchange services with confidence and peace of mind. The company provides a high level of security for its users’ accounts and the funds are safely stored on offline cold storage. The exchange fees practiced by Bitstamp are relatively low, at only 0.20-0.50 percent.