Bitstamp is a Luxembourg-based cryptocurrency exchange that was launched back in 2011 by Neich Codrichei and Damian Merlak. With just 1,000 euros invested in the startup, they managed to turn Bitstamp into the leading cryptocurrency exchange in Europe.
In October 2022, a majority stake in Bitstamp was purchased by Belgian investment company NXMH. According to Bitstamp's statement, the sale of the exchange did not in any way affect the management and overall concept of the platform.
Today, Bitstamp has offices in London, Luxembourg and New York, and continues to focus on the European market. Customers from the European Union, as well as a large list of other countries, can purchase Bitcoin on the platform using a debit or credit card.
The exchange has a mobile application for Android and iOS, but it (like any other similar application) has a rather limited set of trading tools. Bitstamp is integrated with TradingView, which includes a wide range of technical indicators and tools needed for effective cryptocurrency trading.
Although more spot exchanges are adding margin trading options, Bitstamp does not offer margin or derivatives trading.
History of the exchange
The exchange appeared in 2011, when the cryptocurrency industry was just beginning to develop. The project attracted public attention as the first one was able to obtain an official European license in 2016. BitStamp is regulated by the Commission de Surveillance du Secteur Financier de Luxembourg (CSSF).
Also in April 2022, BitStamp received a BitLicense, a license to provide services in the State of New York.
The project organizers report to official government authorities, and at the same time have the title of “payment authority”. Thanks to this status, the exchange has the right to provide its services to all users living in EU countries.
The company has 3 offices located in different countries:
- London;
- Luxembourg;
- NY.
The exchange has partners in the person of such large organizations as:
- Swissquote;
- Ripple;
- Caseis.
Creation history and team
Bitstamp Team
As already mentioned, the Bitstamp exchange is a relatively early bird in the cryptocurrency market. It was founded back in August 2011 by Nejc Kodrić and Damizan Merlak, who are both from Slovenia. The trading platform was originally registered there.
Later, in 2013 and 2016, Bitstamp moved its jurisdiction first to the UK and then to Luxembourg, where the exchange is based today. Both location changes are associated with the lack of adequate legal opportunities for the site. By the way, despite the fact that the Bitstamp exchange is currently registered in Luxembourg, the other two offices are located in London and New York.
In October 2022, the site also underwent adjustments in the composition of the owners. NXMH acquired Bitstamp. The amount of the deal was not disclosed, but according to CoinDesk, Nejc Kodrić (the creator) retained his share. The Bitstamp blog commented on this purchase by NXMH and that despite the new management, the Bitstamp exchange will remain true to its policy and will continue to develop in the same direction.
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In addition to the fact that this crypto exchange is one of the first in the world, Bitstamp is also the first trading platform to receive a license in 28 countries of the European Union.
This significantly increases user confidence, since most cryptocurrency exchanges do not have licenses at all, much less those issued in Europe.
Main characteristics
| Official site | https://bitstamp.net |
| Mirror | https://ru.bitstamp.net |
| Social media | |
| Location | Luxembourg |
| Founder | Nejc Kodrič |
| Year of foundation | 2011 |
| Deposit/withdrawal method | Cryptocurrency, fiat money |
| Available cryptocurrencies and tokens | Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP) |
| Number of trading pairs | 15 |
| Own token | No |
| Commissions | from 0.1% to 0.25% when trading, 0.05% when replenishing (but not less than 7.5 USD) |
| Languages | |
| Verification | Mandatory |
| Referral program | Absent |
| Mobile app | IOS, Android |
Withdraw money
To withdraw money from the exchange, you need to select the “Withdrawal” tab and the mode corresponding to your region:
- EU bank (SEPA);
- International wire transfer;
- Bitcoin;
- Ripple;
- Litecoin;
- Ethereum;
- Bitcoin cash;
- Debit Card.
Don't forget that all cryptocurrency transactions are irreversible. Carefully check the address you provide to withdraw your funds. Cryptocurrency withdrawal is free, for fiat transfers there is a commission:
- SEPA withdrawals come with a flat fee of €0.90. The minimum withdrawal amount is $10.00.
- International payments made in US dollars are subject to a 0.09% fee, up to a minimum of $15.00.
- Withdrawing to a debit card costs $10 or 2%.
Registration process on the Bitstamp exchange
The main site https://bitstamp.net is blocked in Russia, so you can use the mirror at https://ru.bitstamp.net.
To create an account on the platform you need:
- On the home page, click "Get Started" in the middle of the screen or "Register" in the top right corner.
- Next, you should select the “Personal Account” option, enter personal information (first name, last name, E-mail address and country), after which, having confirmed the site’s privacy policy, you need to click on the blue “Register” button.
- In the email you receive, you need to click on the link to confirm your account.
- On the page that opens, you need to set a password for your account and confirm it in the second field.
- After this, the system will generate a login for you, which will be automatically inserted into the field and will also be sent in a separate email.
- Enter your password again to log into the site.
- A verification page will open—we’ll look at it in the next section.
The site has a “Sub Account” function, which allows users to create another account linked to the main one. This function was created for more convenient management of your assets. By creating such a subaccount, you can try different strategies or trade small amounts without fear for all your financial savings.
To create an additional account, you need to go to the “Sub Account” section and click on “New Sub Account”. This feature is free and completely optional.
If the need for a subaccount disappears, then closing it will not be difficult. To do this, go to the “Sub Account” section again and find all active “Active Sub Accounts”. Select the one that is no longer required and click on “Close This Sub Account”.
It is important to note that all orders will be closed, even if they were not executed.
Platform Features
In 2022, Swissquote, a famous bank and broker in Switzerland, signed an agreement with Bitstamp. This allowed the bank's clients to trade Bitcoin.
It was planned to integrate the MetaTrader4 (MT4) platform for trading.
The exchange allows cryptocurrency trading in pairs with dollars and euros. However, there are not many types of digital currencies. Among them are Bitcoin, Ripple, Litecoin, Ethereum and Bitcoin Cash.
If users are interested in working with other cryptocurrencies, then this platform can be used to transfer fiat savings into the currency provided on the exchange, and then use it on another platform.
It is also worth noting that the Bitstamp platform does not offer margin trading.
The Bitstamp trading platform has a fairly convenient browser interface, which has many necessary tools and functions. According to this indicator, the exchange is a leader among its competitors.
And, of course, the main advantage of this service is the ability to replenish your wallet not only with cryptocurrencies, but also with fiats from bank cards.
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Account verification
Verification on the platform is a prerequisite for using the exchange services. You can also top up your account only after verification has been completed. To verify your account you should:
- Click the Start Your Verification button.
- Select the country and click Continue.
- Select the type of document: passport, ID card or driver's license.
- Next, you need to upload a scan or photo of the document (you can use a phone camera, but the image must be color, clear and with all the necessary information in the frame).
- We indicate the address, city and postal code.
- Upload photo proof of registration (bank statement, utility bill or other documents).
- Next, you need to check “NO” everywhere if you are not a citizen of the United States.
- Then you will need to go through the 2FA (two-factor authentication) procedure by installing the Google authenticator application (Google, iOS) on your smartphone and scanning the QR code that appears on the site. A code will appear in the application, which must be entered into the field on the website.
After checking all the data by the support service, you will receive a letter with approval or refusal (if something was filled out incorrectly or the photos are of poor quality):
Bitstamp reviews
Bitstamp Reviews
As with any major trading platform, Bitstamp has mixed reviews.
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The most common criticism is that payments are processed slowly and the verification process is too long, sometimes lasting more than a month!
Due to KYC checks, some clients completely lose their cryptocurrencies because they find it difficult to provide information about the source of income. Therefore, they can be understood when they call the exchange an “absolute scam.”
Reviews that Bitstamp is a scam
There are also many complaints about the support service, which does not always respond to customer requests. Although, on the other hand, the exchange website has a good section of frequently asked questions where you can find the answer you need.
A serious problem is the insufficient functionality of the mobile application. But working on it is much more convenient for users, especially since it is possible on both iOS and Android devices.
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So, if you prefer to conduct business from your smartphone, Bitstamp is definitely not for you.
Positively
users rate the company's concern for security and privacy. So, in addition to two-factor authentication and a password that must be changed every 90 days, the platform stores 98% of all assets in insured cold storage, and only 2% is held on the exchange in real time. Another strong point, according to customers, is that Bitstamp supports debit and prepaid cards
Positive reviews about Bitstamp
According to a Uk.Trustpilot survey, 54% of respondents rated the exchange’s performance as poor, and 31% as excellent. Alternatives.co had similar assessments: 38% had a positive assessment, while 53% had a negative assessment.
Bitstamp rating
So, the company has something to think about if it intends to continue to maintain its market position.
Replenishment and withdrawal of funds
In order to top up your personal account you need:
- Enter the “Deposit” section.
- Select the appropriate method of depositing funds (cryptocurrency, AstroPay, bank transfer) on the left side.
- Next, the address where the transfer will be made will be automatically generated. It is displayed in the “Exchange” column.
- After copying the address, you need to transfer the necessary funds to it.
For output you will need:
- Enter the “Withdrawal” section.
- Select the currency you want to withdraw.
- Indicate the path where the payment will be made.
Advantages and disadvantages
So, among the advantages of this exchange, the first thing worth noting is its regulation by a serious financial institution - CSSF, which provides certain guarantees of the quality of the site’s work.
The next plus is the method of storing funds on the exchange - about 98% of exchange savings are stored in cold wallets and only 2% on the site itself.
For the work of several people linked to one account, there is a function for opening sub-accounts. Sometimes it can be useful.
For experienced traders who like to always be aware of the latest events, the exchange has an SMS newsletter with changes in cryptocurrency quotes.
Bitstamp is one of the few exchanges that supports deposits and withdrawals of fiat funds using currency bank cards or accounts.
Among the disadvantages, first of all, is the lack of a large selection of altcoins that are available on other exchanges. In addition, to register you must undergo verification, which can cause difficulties.
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Deposit and withdrawal fees
There are no commissions when replenishing your account with cryptocurrency. However, when depositing funds by bank transfer, the commission will be 0.05%, and it will be at least 7.5 dollars. Commissions for transfers from international bank deposits are 5% for all types of transactions.
Fiat withdrawals are subject to the following fees:
- SEPA (Europe) - 3 EUR;
- International bank transfer - 0.1% (25 USD/EUR).
Previously, the commission for withdrawing cryptocurrencies was 0%, which was very rare among exchanges. From August 20, 2022 the commissions are as follows:
| Cryptocurrency | Withdrawal fee |
| Bitcoin | 0.0005 BTC |
| Ethereum | 0.001 ETH |
| XRP | 0.02 XRP |
| Bitcoin Cash | 0.0001 BCH |
| Litecoin | 0.001 LTC |
More details: https://ru.bitstamp.net/article/upcoming-changes-fee-schedule/
Commission section: https://ru.bitstamp.net/fee-schedule/
Platform support and reviews
Among all the reviews about the Bitstamp exchange, you can find some complaints about the complexity of the user verification process.
Many of them are related to the fact that the service does not require a scanned version of the passport (both regular and international passports are used for verification), but a photo taken on a smartphone or camera. At the same time, in the photo you must keep your passport unfolded so that you can clearly see the information and photo. the phrase “data for Bitstamp limited only” must be written in pen . But that's not all. The main difficulty is to combine all of the above in one photo along with a photo of the user’s face. And this is not an easy task.
It is also possible to verify your identity if you have a driver's license.
There are reviews from users who are clearly not satisfied with the requirement to indicate their personal data, given that Bitstamp is a cryptocurrency exchange.
Yes, many are accustomed to anonymity, however, this is an official platform registered in Europe, for which such a mechanism is mandatory.
Among the positive reviews, one can highlight that for those who have successfully passed verification and have not yet lost the desire to use the services of this exchange, there are no problems with depositing and withdrawing money.
Also, some users write that among exchanges of this scale, Bitstamp is one of the best in terms of ease of trading, depositing and withdrawing not only cryptocurrencies, but also fiat money, and responsive technical support.
As for the efficiency of technical support of the service, it does not always respond quickly. This is due to the fact that the management was not prepared for a serious influx of clients at first, however, the team is doing everything possible to make the exchange users feel comfortable.
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Trading commissions
Trading commissions depend on the volume of transactions. The larger the volumes, the lower the commission and vice versa:
| Trading volume for 30 days, $ | Commission |
| 0.50% | |
| 0.25% | |
| 0.24% | |
| 0.22% | |
| 0.20% | |
| 0.15% | |
| 0.14% | |
| 0.13% | |
| 0.12% | |
| 0.11% | |
| 0.10% | |
| 0.07% | |
| 0.05% | |
| 0.03% | |
| 0.01% | |
| 0.005% | |
| > $10,000,000,000 | 0.0% |
Interest rates may vary depending on the platform's internal policies.
How to use the exchange?
In the Russian Federation, you cannot access the official website of the exchange without using a VPN or other special services. But this limitation can be easily circumvented. The site interface itself is quite simple and understandable, but you won’t be able to select the Russian language.
Registration and verification in the system
To create an account on the Bitstamp exchange, click on the “Create account” or “Register” button.
We fill out a simple registration form: the user of the official website must indicate in Latin their first name, last name, country, email, captcha and check the boxes next to the confirmation. Then you need to accept the terms and click on the “Register” button.
After the registration procedure to the specified email address from the official website of the Bitstamp
An information letter will be sent. One of the features: you will not receive any confirmation code. The information letter contains information that registration took place using your contact information, and if you did this, then you can use the specified login and password for authorization.
The client ID and password are generated automatically (you can view them in the email sent). To change your password, you need to reset the old one and come up with a new one. This can be done in literally two clicks, following the instructions given in the information letter. If you have any questions, you can always contact the technical support service at:
We recommend that you enable two-step authentication to protect your own funds, because any assets, especially digital ones, must be kept under reliable protection. Relevant information calls will constantly appear in your personal account. Don't ignore them!
Immediately after authorization in your personal account, the system will prompt you to verify your account. There are 2 types of verification to choose from:
- personal – suitable for private investors;
- corporate – for those who are representatives of the company.
The verification procedure itself is quite complicated. It not only requires you to enter more detailed information about yourself (date of birth, residential address), but also asks you to attach supporting documents (passport), photo.
Basics of exchange crypto trading or how to trade on the Bitstamb platform
All traders, both beginners and those continuing to conquer the waves of the cryptocurrency sea, are given the opportunity to trade exclusively in 15 currency pairs. Basic combinations with coins Bitcoin, Litecoin, Ripple, Ethereum and world currencies USD, EUR.
It is impossible to start trading without passing verification - the system will require you to attach documents. And when you try to switch to any of the presented order types, a note about the impossibility of action will pop up on the screen.
The interface of the official website of the Bitstamp exchange presents all available combinations.
Please note that one of the advantages of this exchange, in our opinion, is the “Tradingview” section. By the way, this section is rightfully one of the advantages of the official Bitstamp
. Any novice investor can look at charts of cryptocurrency pairs and evaluate market dynamics. Any analytics is always valuable!
Use the section when planning to invest or compiling your reviews. Everything is extremely clear, clear and simple.
Simplicity in minimalism
As we said earlier in this review, one of the advantages of the Bitstamp exchange is minimalism and simplicity. It is on this principle that the functions of your personal account are built. All sections are conveniently located on the left side. The main window always displays the balance of available wallets, the total trading volume for cryptocurrencies in the current context and the total trading volume for 30 calendar days.
Let us remind you once again that in your Bitstamp personal account you must pay attention to
sections “Verification” and “Security”.
Finances under supervision: replenishment
To replenish your account, you need to go to the Deposit section. It is located at the top of the site. One of the advantages is the ability to fund your account through banks with fiat. Of course, cryptocurrency assets are also accepted for enrollment through various popular and reliable resources.
Without going through the verification procedure, working with finances is impossible. Without it, your personal account can only be used as a resource for viewing cryptocurrency charts.
How to trade on the Bitstamp exchange
To go to the trading section, you need to click on the “Tradingview” button. Clicking on it will take you to a page with graphs. On the left side there is a book of orders, in the middle there is a chart on which indicators can be superimposed if desired. These indicators will appear below.
In general, the Bitstamp chart is very convenient and multifunctional. On the right side of the page there is an order window. This is where you can carry out purchase and sale transactions of digital assets and select order types.
Bitstamp Commission
You can find out more information about trading fees on the Bitstamp exchange on their website. To keep things simple, let's say it ranges from 0.1 to 0.25%.
The higher the trading volume, the lower the commission, and, accordingly, the lower the trading volume, the higher the commission. The size of the commission does not depend on the type of operation.
How to trade on the stock exchange
The exchange does not have such an abundance of trading pairs as its competitors. There is also no margin trading here.
However, this does not stop people from bidding for huge amounts. The main focus of the exchange is on Bitcoin.
In order to start working on the trading platform, you need to click on the “Tradeview” button in the upper right corner. After which the bidding window will open.
Interface, menu, features
The interface is not much different from other exchanges; the platform has:
- “Trader’s tools”, trading tools that allow you to operate on the chart.
- Price chart.
- A table with trading information, it also has information displayed on the chart.
- Price glass.
- 4 orders for buying or selling – Stop, Limit, Market, Instant.
Placing orders
Once you have topped up your account, you can start trading. The placement of orders will vary depending on the operation that will be performed.
In the first line you need to indicate the volume of desired coins for purchase/sale, and in the second line their cost. Next, click on buy/sell, and then place an order. As soon as there is a client willing to buy at the offered price, the order will be automatically closed. To purchase, there is a price glass on the right, where you can select an existing price or set your own.
Advantages and disadvantages
pros
- Bitstamp crypto exchange has been around since 2011 and is one of the most reliable and well-known exchanges in the cryptosphere.
- Operates in accordance with the law, has licenses, and is guaranteed to keep user funds safe.
- Very large trading volumes, which ensures high liquidity. It is not difficult to make any necessary purchase or sale on this site.
- Fiat supported. There are several ways to deposit and withdraw money, including credit/debit cards.
- Simple and extremely clear user interface.
Minuses
- Bitstamp cannot be used anonymously. Each user is required to confirm their identity using the KYC system.
- Small selection of currency pairs. The exchange supports only the top cryptocurrencies, ignoring most altcoins and promising coins.
- There is no Russian version of the site (and indeed none at all, except for the English one). However, even this way it’s not difficult to understand the functionality, especially for those who have already dealt with crypto exchanges.
Safety
Given the scale of the platform, the creators carefully monitor the safety of their clients. Two-factor authentication is one of the benchmarks for system security, and it is present on BitStamp.
However, in 2015, the platform was hacked, and scammers managed to steal about 19 thousand Bitcoins. This greatly undermined the authority and management of the exchange. As a result, verification has been tightened and 98% of all currencies are stored in cold storage, and the remaining 2% are left for trading.
To date, there are no complaints about the security system. Due to increased control against hacking and theft, registration and verification processes have become more difficult, which has alienated some users.
Scandals
Bitstamp Scandals
Unlike Bitfinex or YoBit, the Bitstamp exchange was not distinguished by a large number of unexplained facts and cases when the crypto community vigorously discussed any events or problems associated with the trading platform. There are only a couple of these.
One of the first high-profile cases was the termination of the withdrawal of funds in February 2014. This was due to an attack on Bitstamp servers. The hackers demanded 75 bitcoins to stop the attack. It is noteworthy that the management of the exchange behaved unshakably and refused to cooperate, fully complying with its policy, which was against negotiating with attackers. A few days later, Bitstamp's normal operation was restored and its reputation was preserved.
In January 2015, the exchange no longer managed to get out of the water. As a result of the hack, almost 19,000 bitcoins were stolen from Bitstamp wallets by unknown persons. At that time, this amounted to almost $5 million and, by those standards, was a significant amount and a threat to the trading platform.
The hack occurred due to the carelessness of the Bitstamp system administrator, to whom the attacker sent a file via Skype, disguised as a representative of the organization. Suspecting nothing, the system administrator downloaded a virus, which subsequently gave the attacker access to his computer data.
Such attempts at phishing attacks on the management of the exchange continued for quite a long time, starting from the second half of 2014. It took the hacker almost six months to achieve his goal. After this incident, Bitstamp did not work for a whole week, and during this time the media already managed to accuse it, bury it, and more.
Hack Bitstam
A lot of gossip circulated throughout the crypto community until July 2015, when finally a Bitstamp lawyer published a report on Reddit about the hack and the results of the investigation by the FBI, the secret services and the Stroz Friedberg agency.
The report describes in detail how the attacker managed to steal the bitcoins, and also points to the fact that the suspect has been identified, but it is not possible to “take” him, because. it is beyond the reach of the jurisdictional authorities. Nothing more was known about the further fate of the hacker.
But it is interesting that the theft of USDT tokens worth $31 million through the hacking of one of the ]Tether[/anchor] wallets, which occurred in November 2022, is associated by many experts with the hacking of the Bitstamp exchange. According to the results of their analysis, these two cases may be associated with the same persons, since matches were found in the records in the blockchain. However, whether this is true or not has not been proven either.
The last incident undoubtedly damaged Bitstamp’s reputation, and the exchange’s management took a long time to “launder” after it. But conclusions were drawn, the security system was significantly improved, services such as BitGo (multi-signature transactions), Xapo (secure bitcoin storage) and others were used. Similar cases of hacking have never happened again in the history of Bitstamp.
What does SMARTGUIDE recommend?
On the one hand, the Bitstamp exchange is not suitable for novice traders. Because with a small deposit you won’t earn much here. On the other hand, it is not very reliable for large capital (more than $1 million). In addition, there is a very limited range of tools. At least they all have sufficient liquidity. SMARTGUIDE insists: you can top up your account on bitstamp.net only after you have completely completed the verification process. You can also find a convenient rating of cryptocurrency exchanges on our website.
