Bitstamp.net Review – Scam or not?

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Bistamp is one of the most reliable Bitcoin exchanges nowadays. The platform was founded as a European alternative to then-dominant cryptocurrency exchange Mt. Gox and provides secure and reliable service to their customers since 2011. The company was founded by Damijan Merlak and Nejc Kodrič in their native Slovenia, but in April of 2013 moved to the UK, then to Luxembourg in 2016.

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This cryptocurrency exchange is well-connected in the industry. They work together with Coinbase, one of the most popular BTC exchanges. The company has also attracted significant investment from Pantera Capital, one of the biggest Bitcoin-specific venture capital investors, owned partly by Benchmark, Ribbit Capital, and Fortress Investment Group.

Verification at Bitstamp

Verification process usually takes about 2 hours, if you have all the necessary documents. You can verify identity by submitting scanned image of your passport, national ID or driver’s license together with the proof of residency. All you need to know is explained in this short video:

The verification itself doesn’t affect the amount of money you can trade, but deposits and withdrawals are not possible with an unverified account.

Bitstamp currently accepts just two fiat currencies – US dollars and European Euro. When it comes to cryptocurrencies, they support BTC and Ripple, but Ripple trading is something that we would not recommend due to extremely high fees. Bitcoin trading is the main feature of Bitstamp, and it works as a user-to-user trade, while Ripple trading is conducted directly, user-to-Bitstamp with an unfavorable exchange rate.

Fees at Bitstamp.com

The trading platform supports wire transfers and the following fees apply:

International Wire deposits carry 0.05 percent Bitstamp fee with a minimum of 7.5 USD/EUR and it takes 2-5 business days to be completed.
International Wire withdrawals carry 0.09 percent Bitstamp fee with a minimum of 15.00 USD/EUR. The minimum amount for international wire withdrawals is 50.00 USD/EUR, and it takes 2-5 business days to be completed.

When it comes to Bitcoin trading fees, Bitstamp starts a bit high with 0.25 percent for a monthly volume lower than $20.000. The percentage drops as the volume increases; all the way to 0.10 percent for a monthly volume over $20 million.

USD/EUR trades have a flat fee of 0.20 percent. You can see the detailed fee schedule here – https://www.bitstamp.net/fee_schedule/

The minimum trading amount is currently $5. Previously the minimum trading amount was $0.86, but the exchange had to increase the limit due to customer complaints. Customers complained that they are paying five times higher fees on the smaller trading amounts due to the Bitstamp’s rounding policy.

Bitstamp.com Trading

Bitstamp allows users to execute instant orders at the best bid currently available, to ask price as well as to place limit orders.

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Instant Order on Bitstamp

Buying of Bitcoins is available to businesses and individuals 24/7 through the Tradeview interface and a well-documented API. The API gives users complete access to their accounts, as well as a quick way to analyze the public book and ticket information.

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Limit order on Bitstamp

The company also has mobile apps for both Android and iOS, which allow easy trading on the go.

The exchange does not support trading of derivate and futures. Altcoins and margin trading services are not supported too.

Ease of Use

The website’s interface looks simple and clean. It’s very easy to find your way around even if you are the first-time visitor. Bitstamp also has one of the best live trading view interfaces and a great Fiat/BTC graphs. You can learn how to use the Tradeview interface here.

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Bitstamp Tradeview

Customer Support at Bitstamp.com

Bitstamp’s customer support typically responds within an hour and they are ready to go an extra mile to help resolve user’s issues. They have earned the respect of many users by giving honest replies to support tickets and working overtime as well as hiring additional staff to handle the workload in times of need. More than decent support – everyone loves them, including us.

There are no scam reports on the Web found but in our comment section below there are a couple of negative reviews in the recent past.

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Bitstamp Graph

Bitstamp´s Security

The trading platform keeps the security pretty basic. It offers two-factor authentication that connects a user’s account to a mobile device, and a password, which needs to be changed every 90 days.

When it comes to privacy, the cryptocurrency exchange is very good at guarding it. They are transparent about the information collected, how the website uses that information and how they use cookies.

Bitstamp is very committed to money laundering prevention too. Since the governments have not regulated the BTC exchanges, Bitstamp has created a set of their own rules which they follow in order to prevent any shady financial practices on their platform.

The exchange was last time hacked in January of 2015, and the crooks have stolen up to 19,000BTC. More info can be found in this Reddit discussion.

After the hack, company decided to rebuild the platform entirely in order to restore the trust of the clients. The exchange guaranteed the safety of the funds before the hack and stated the following:

“This breach represents a small fraction of Bitstamp’s total bitcoin reserves, the overwhelming majority of which are held in secure offline cold storage systems. We would like to reassure all Bitstamp customers that their balances held prior to our temporary suspension of services will not be affected and will be honored in full.“

Bitstamp stores 98 percent of all coins in cold wallets, keeping the customer’s funds offline in secure vaults. The remaining 2 percent are held for a live trading on the exchange.

The interesting fact is that the Bitstamp was the first major trading platform to incorporate the best security practices in the industry such as a fully insured cold-storage, two-factor authentication and mandatory confirmation emails in order to increase the security of the users.

The company has email and SMS alerts, and they use PGP (Pretty-Good-Privacy) data encryption for authentication of the uploaded files and privacy protection.

Bitstamp Review Conclusion:

Bitstamp is one of the most reliable cryptocurrency exchanges out there, with a high daily volume and excellent connections in the industry.

Pros

  • Good reputation
  • High volume and liquidity
  • Connections in the industry grant it additional legitimacy
  • Easy to use and quick

Cons

  • Supports only BTC/FIAT trades
  • Slightly higher fees if you are trading lower volumes

If you are based in Europe, this definitely an exchange you should consider using. Having questions? Feel free to post them in the comments.

We would love to hear from you.

 

Go to bitstamp.com
Write a Review about Bitstamp.com:

21 User-Reviews for Bitstamp.com
  1. Michael, 5. June 2017

    Here are some facts about bitstamp. Nice guide, easy to use, not too expensive. These are the good things. The bad things is the verification process. It take time. But the truly catastrophically is how they manage the company. No support. Forget about any support. Any problem with you account will take months to get help. Yes months. Not weeks months. You have problem that require some correspondence two three four mails it will take an average of 2- 3 week per mail if you are lucky. So no support. The number bitstamp has given on their homepage don’t work. In fact it is disconnected. And here is the star. The address bitstamp has given I ran it through the British police and no bitstamp company is registered on that address. So I’m not convinced bitstamp is a legitimate company it looks more and more as a scam. But they have existed sometime which would would indicate that they are poorly managed. Or considering that the poor support complaints have been reported in 2012 having the same support issues after 5 years only tell me 2 thing, Because real companies usually do something about these things, bankruptcy or scam.

  2. Anthony Cregan, 13. June 2017

    I am currently in the middle of a dispute with bitstamp. I transfered Thousands of pounds to their account to invest in cryptocurrencies and the money has just vanished, contact with them was poor to begin with and has just stopped, despite many emails, support tickets and attempts to contact them by phone I have had no success. They claimed their bank (in slovenia? registered in Luxembourg?) had contacted my bank to resolve the dispute however my bank have stated that no such contact has been made. They have lied numerous times about the state of the investigation into what they have done with my money that I expect that they are in financial difficulties and are sitting on their customers money to skim the interest. My experience with Bitstamp has been the complete opposite of the above review and felt it important to give a true to life account of doing business with this ‘company’ (investigation has determined that this is a one-man band operation based in a block of flats in Luxembourg) Simply put: NOT TO BE TRUSTED

  3. Jing, 13. June 2017

    I made a wire to Bitstamp on May and have not been deposited and any attempts to contact them via tickets have been met with radio silence. Do not use them until they sort out their issues.

  4. kenny, 16. June 2017

    The support is very poor. Email not replied for weeks. The verification process is bad. All uploaded images are rejected and explanation not clear. My experience tell me to avoid this website until they iron out the issues.

  5. Sachalopolous, 19. June 2017

    No User complaints in 2 years? Clearly, this review is either ill-informed or paid for marketing material. Your own comments section and any other forum will tell you the reality. Makes me wonder if this site can be trusted for reveiws now.

  6. Monsieur, 20. June 2017

    Support is a cathasrophe. If you want to transfer money back to your bank account they ask many questions and just freeze your account. You can not even transfer btc to your wallet.

  7. Kim, 28. June 2017

    I can’t believe this report. i think this review was paid for marketing material. I paid 5000 EUR by using credit card. But, In the company’s account, I can’t find the money… Support is a cathasrophe. It’s automatically replied. How can i solve this problem… terrible site!!!

  8. David, 30. June 2017

    The support is catastrophique!
    and I don’t know how to contact them! on their website, I don’t see the live chat!

  9. Elias Vigl, 14. July 2017

    I definetly not recommend Bitstamp! Credit Card was charged, payment canceled, support answer: it takes 7 days to return the money! No thank you!

  10. naruto, 2. August 2017

    Their support is awful, and recently i think they are trying to keep the transfers as long as possible for themselves before releasing it to the customer account. I did a transfer more than 14 days back and they contacted me for KYC process, i sent everything they requested and yet there is no progress from their side and they do not reply to my inquiries. This is not the first time i do a transfer and it usually goes smoothly, this time i wanted to buy btc before the fork so i can get the bcc, they kept the transfer and the BCC for themselves :-). this is definitely the Last time i deal with them, they caused me huge looses and they are basically stealing.

  11. James, 6. August 2017

    Been using the service for a while, verified my account years ago. About a 2 weeks ago they terminated my account citing “breach of terms and conditions” and have not returned my money.

    Down approximately $5000 with no recourse. Wouldn’t go anywhere near this scam.

  12. Daniel, 16. August 2017

    This review must be paid marketing? BitStamp is shocklingly bad. It takes 1 week to get verified and on average more than a week to have a bank deposit credited. They ask a lot of questions and require ID checks, photo uploads, selfies and audits in order to get funds into the account.

    Their support is useless and over 24 hours to respond with someone unhelpful. Issues do not get resolved and just get dragged out. In some cases support questions just get ignored.

    Avoid this company at all costs!

  13. admin, 17. August 2017

    Hi Daniel,

    none of our reviews is paid. The problems you describe seem like very normal issues which are caused by the current crypto currency frenzy. Check out the reviews and comments of the other exchanges, many take way more time to get you verified or to anwer your support Ticket. So to us, bitstamp still is recommended.

  14. ali, 20. August 2017

    I have paid $23,000 to their bank account 6 days ago but they didn’t deposit my money to my account. I have asked that is there a problem? The answer was there is no problem they have my money on their account. After 6 days I am curious about why they haven’t deposit my account yet.

  15. Jessica, 23. August 2017

    transferred for them aound 100 thousand dollars, so far not credited to my account, no answer to support tickets, to complains, their phone line not working, trying to sue them in the UK they have no office there, currently arranging to travel to Slovenia and handle the matter. Like Anthony commented below i think they are in financial difficulty and holding my money to their own benefit.

  16. Rene Panama, 26. August 2017

    I deposit first time after approved account E 7000 and did some trades , easy interface app works great.
    then i wire E 43000 last Friday Aug 25 same day i receive a message that money was arrived and that i had to answer the questions know your customer KYC before they release this money.
    Same Friday i answer all their questions, today Saturday Aug 26 money was released into my account.
    Very fast !
    I fully understand that a Financial institute like this wants (and needs) to know their customers .

    If i can give advice to customers , do KYC before sending larger amounts.

    I am very satisfied with the service.

    Rene Panama Panama

  17. Daniel, 6. September 2017

    Made a SEPA transfer to Bitstamp the money is not credited to my account after week. The said I needed further verification for the transfer and to submit additional documentation. I disputed this as I have used the account before with no issue. Provided the additional information, still the funds have not been credited and no more correspondence from Bitstamp. I would not recommend them.

  18. Nover, 7. September 2017

    I have the same situation, tried to buy some bitcoins by credit card, jumped to simplex,they made the transaction, however, all deposit are failed, and they still charged me, now i lost USD 4500, simplex said not their problem, Bitstamp just ignored my email!

    ——–Do not trust them, scammer!!!!!———-

  19. Kevin White, 7. September 2017

    DO NOT USE!!! I deposited $5000 USD into my account, and it has been in the “In Process” status for weeks despite many support tickets and phone calls that never get answered. A few people I know told me after the fact that they lost thousands with BitStamp. This should tell us something, if a so called “Major Crypto Exchange” cannot afford proper customer service, do you really want to put your money in it?

    Again, no legitimate company will accept customer’s money without providing support.

    SCAM!!! SCAM!!! SCAM!!!

  20. Steve, 14. September 2017

    It has been nearly four weeks since I made my first withdrawal request, which was for an amount well within my KYC declarations. A few days later, Bitstamp suspended my trading privileges. A week after that, they notified me that they had terminated my account without providing any specific reason for their decision. Other than the termination email, they have provided no communication or response before or since. They’re holding approximately $200,000 hostage, and my only recourse is to file a complaint with Luxembourg’s CSSF. Do NOT make the mistake of doing business with these guys!

  21. David, 3. October 2017

    Easy enough to get verified but trying to deposit money is a nightmare – they use simplex a third party CC processor which is a red flag right there and who are also liars stealing money. Next tried depositing directly from my LLoyds account and they held that up and then claimed it was a thrid party and unacceptable – even after sending further proof!! They then stole money on the return of funds. Fake office in London/ Slovenian crooks. AVOID THIS EXCHANGE

19 Total Ratings with 4.00/5 possible Rating Points. Bitcoin Exchange