Bitstamp.net Review 2019 – 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
Share your Experiences about Bitstamp.com:

62 User-Reviews for Bitstamp.com
  1. Josh, 14. March 2019

    I tried cashing $1400 out of my account and have been getting the run around for over a month. Do not use bitstamp it is a scam

  2. Alex Crypto, 23. August 2018

    They refuse to sell your currency to USD. They refused to reimburse to a USA bank. They want a signed letter from your USA bank saying that they can sell crypto and convert to USD to deposit in your bank. GOOD LUCK with that hassle.

  3. Antony, 18. April 2018

    As few other reviewers, my account has been terminated without any reason or prior notice, reason claimed is some vague “internal policies”.

    The amount of fees I payed them is far well in 5-digits and my money is still with them with almost non-existent communication so far.

    Avoid this exchange if you don’t want to have similar experience.

    Even if they won’t terminate your account, you are guaranteed to get a ton of pervasive questions once you attempt to withdraw your money.

  4. Crypto2bee, 27. March 2018

    Was the reviewer paid to write about them….this company has not deposited money that belongs to hundreds of people and they fondly hope that no one will do anything. If you are like us and have uncredited BCH for BTC held by Bitstamp, go to http://www.bitstampclassaction.com.

  5. jim, 27. February 2018

    I would not recommend this one! it was ok so i thought until they decided to hit my credit card without my permission for 1000.00 dollars and you can forget about trying to get them to take care of it, had to get my bank to dispute the charge, I took all my coins out, read the other reviews before hand like i did not until now.

  6. claire, 26. January 2018

    totally screwed, unable to handle the demand, accumulate tickets for deposits held in limbo etc.

  7. NavI, 20. January 2018

    Missing AUD $40,000 not credited to account they are a PONZI have reported to Europol as fraud i encourage anyone else to do the same

    https://www.europol.europa.eu/report-a-crime/report-cybercrime-online

  8. Custard, 19. January 2018

    Support does not respond within 1 day. Typically it’s a week later, or not at all. I’ve been trying for weeks to transfer my money to my personal account with no success and almost zero customer support. No phone number. I’m starting to think Bitstamp may be in financial trouble or at worst a Ponzi scheme.

  9. Sofia S, 15. January 2018

    I sent money to them 4 weeks ago, still not credited, WTF? This company is a scan! How the hell did it get a 4 star review?

  10. David Lin, 14. January 2018

    These bitstamp assholes got my money and never heard from them again. There’s no customer service line (is some kind of Google voice). Be careful!

  11. marco, 12. January 2018

    Don’t send money to them or you will loose it.

    Bitstamp is not reliable and is acting as a scam and fraud.

    You should try to visit Google and type Bitstamp scam fraud and read how many people have problems.

  12. Tom, 10. January 2018

    I opened an account early December. The verification took about one week. I made $10k wire transfer last Friday using a company name. Two days later i got a message saying that funds can not be accepted because the name on the account is different than the name of the sender and that more documents are needed to verify. I asked them to send funds back to sender which they listed as one option. It has been there days and no answer. After reading these I might be waiting few weeks! Did anyone recover funds from them and if so, how long did it take? If I do not get my money I am planning to reach out to the media in the US and Europe and also the police to make sure they are flagged and stopped if needed.