Since the inception of Cryptocurrency trading, more and more people every day is getting involved in this business due to its high rate of success globally. Thousands of users and traders are investing in order to obtain great returns proving the trade to be one of the most unique protocols that the world has ever seen. According to the data obtained from various sources, there are more than thousands of such portals who deal in cryptocurrency trading and one of them is Bitstamp.
Today we are going to dig deep into the portal of Bitstamp and try to throw a light on the journey of this esteemed company to date.
Looking back at its history
The company of Bitstamp came into existence in the year 2011. The founder Nejc Kodrič and Damijan Merlak had a broad vision in their mind to make the company stand as one of the best cryptocurrency traders in the European region. Thus they made every effort to fulfill their dream, but due to some unfortunate legal issues this Slovenian base company opened its office in the United Kingdom in the year 2013.
Furthermore, in the year 2016, Bitstamp expanded its branches in Luxembourg and to the United States of America to circulate their business on a global platform. This cryptocurrency business house mainly tried to serve the three categories of traders through a single platform which consists of the beginner, the intermediate and the advance traders/users.
As time passed by, the company gained much appreciation from users around the globe and thus, as a result, today it stands as a cryptocurrency company amounting around 700 million in total with opportunity for trading in Euros, US dollars for Bitcoin, Litecoin, Ripple and Ethereum, and other well-known variants.
Now we try to look at the different key features that make Bitstamp one of the best crypto trading platforms from the rest of the others.
Unique features offered by Bitstamp
Signing up for Bitstamp is a very easy process altogether. With just a few clicks you can be an active member of this cryptocurrency site. First, you need to go to the company’s official website and enter your personal details along with your desired password to access the portal.
After clicking the register button accepting all the terms and condition, an email will be sent to your registered email id for further verification. The email will contain unique client ID and the password that you will need to access the site. This auto-generated password can be changed afterward if you require. Now after all these processes are over, you can easily access Bitstamp’s trading portal.
You need to verify your account in order to access different facilities from the company like bank transfers and other features. Now the company provides both personal and corporate accounts to its users and thus in order to avail the facility you need to provide a valid identification of yours.
It can be a passport, driving license or a valid citizenship card. For the proof of residence, you can give your bank statement, utility bill or any other government-issued documents that legally verify your place of residence.
The company runs on a unique user-friendly platform of its own serving thousands of its valuable traders on a daily basis without any issues. It is transparent in nature and safe as it could get. It has a unique effective policy and style of giving constant updates regarding different balances that are in the form of chart to keep the customers updated every minute.
This does simply come very handy for different types of users around the globe actively participating in trading. The company has rightly launched its mobile application keeping in mind the needs of its customers that can run both on iOS and Android devices.
Availability of Cryptocurrencies
Bitstamp has got different variants of cryptocurrencies with which you can trade easily according to your personal liking. The list includes that of Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP) and Litecoin (LTC). On a whole, there are 12 different available pairs with which you can easily trade through their platform and you can use Euros and US dollars for doing the transaction. Bitcoin for a transaction is also available.
According to the latest and the current report obtained regarding the company’s trading exchange per day, it worth around 700 million US dollars on a regular basis. Bitstamp also does transactions on pairs of Euro worth of around €100 million and $400 million of US dollars regularly.
Buying of cryptocurrencies is easily supported by Fiat currencies as stated above which includes Russian Ruble, Chinese Yuan, US Dollars, and Euros. If you are trying to use Pounds or Swiss Francs, then the company will simply convert them to EUR or USD before you can access them for your trading purposes.
The company of Bitstamp has a most unique and important feature of charging very less from its customers/users. If you want to trade via this platform, you need to pay a fee of 0.05% for an individual or single international wire deposit. This facility is also available for a minimum amount as small as $7.50 US dollars or €7.50 Euros as well. The withdrawal cost sums to around 0.9% fee for a minimum withdrawal of $50 US or €50 Euros.
The trading fees often fluctuate according to the currency used by the trader/user while trading. On an overall view, the fee structure is quite low and descent for traders to get encouraged and start trading from this platform. Traders can use both debit and credit cards for a transaction in this portal along with payment methods like SEPA, International Wire transfer, and crypto exchanges as well.
The customer support line of Bitstamp is one of the best in the cryptocurrency business has its own uniqueness. The company offers around the clock customer support service to its users. For any type of queries or issues, you can directly contact their customer support staff via e-mail or by directly calling them up to resolve them. For further clarification, there is FAQ given in the official website of Bitstamp which also can act as a guide and clears up any major doubts with regards to does and don’ts of trading.
Bitstamp as a company has gained an overall global acceptance long back. The company over the time has proved itself as one of the leading cryptocurrency trading platforms and thus has managed to cross boundaries to bring the crypto-traders under its roof to create a huge customer base. Currently, users from 60 countries do actively trading in the Bitstamp platform which includes South Korea, Australia, India, Brazil, Singapore, Japan, Hong Kong, New Zealand, and others.
Now we try to look at the different pros and cons of this Cryptocurrency portal in a nutshell.
Pros and Cons of the Bitstamp
- The company does provide a low fee structure unlike its rival business house and this is considered to be one of the most primary causes of its gaining popularity and success amongst its users globally.
- The trading platform is quite unique with a simple interface which helps both the advance and beginner users to trade easily. The process is very much transparent and does not have any hidden protocols.
- The company of Bitstamp offers high volume and liquidity for its users.
- The company does offer a layered security system for the safety of the funds with regular monitoring.
- Bitstamp does have a well-known customer support system with quick turnaround time.
- Bitstamp does have a bad repute of providing limited variants of cryptocurrency coins to its users which is one of the major drawbacks that the company is suffering with. Most of the advanced users who like to trade with different altcoins do often complain about this issue.
- The portal of Bitstamp does charge high fees when it comes to depositing via credit cards. This is another of its drawback that needs rectification.
- The portal does not support margin trading for its users.
- It has often complained that during the busiest hours of business customer support tends to slow down causing enough concerns to its users.
Is Bitstamp Safe for the crypto transaction?
This question is very much evident as back in the year 2014-2015 the company suffered a major hacking where around 19,000 Bitcoins were stolen by the hackers. This incident simply provided a major setback to the growth of Bitstamp and many questions were raised regarding the safety and security measures of the company.
Since then the company had taken appropriate measures like an offline cold storage facility, two-factor authentication and mandatory confirmation of personal details, emails, SMS and others measures to regain its creditability.
Thus today, Bitstamp stands as one of the best cryptocurrency trading sites around the globe serving thousands and thousands of happy customers each and every day with success.