Bitstamp: A Detailed Review of the Cryptocurrency Exchange

Bitstamp is a crypto exchange that allows users to buy, sell, hold, and trade digital assets. Founded in 2011, it is currently the world’s oldest operational crypto exchange. This headstart has enabled the Bitstamp crypto trading platform to secure multiple regulatory licenses to operate in various parts of the world. This makes the exchange a top choice for many in various countries. This Bitstamp review explains every detail users require to understand how the crypto exchange works.

Bitstamp positions itself as a top choice for users who want to invest in reputable crypto trading platforms. It also offers various services that have attracted millions globally.

What is Bitstamp?

Bitstamp is a cryptocurrency exchange that serves retail and institutional investors. Its flagship crypto products include staking, lending, and trading, all accessible through the exchange’s mobile app (iOS and Android) and desktop interface. Notably, the crypto trading platform features a user-friendly interface, making it easy to use regardless of the user’s level of expertise.

The crypto custodian securely stores users’ digital assets. Therefore, anyone registering must provide their personal credentials during the know-your-customer (KYC) procedure. To ensure accessibility across various jurisdictions, Bitstamp has secured over 50 operational licenses to operate in more than 100 countries, including the UK and the United States. The Bitstamp crypto trading platform offers over 130 cryptocurrencies to more than five million users.

One of Bitstamp’s key selling points remains its sustained operations in the crypto market for over 14 years. This is commendable, as the exchange has weathered the most brutal crypto winters, including the collapse of entities like Mt. Gox, Terra LUNA, and FTX.

To ensure the safety of its user assets, Bitstamp stores 95% of its assets offline. The remaining 5% of assets are kept for liquidity purposes. It also has security measures like two-factor authentication (2FA) to protect users.

Is Bitstamp legally operating and regulated in the UK?

Yes, Bitstamp legally operates in the United Kingdom and follows the required regulations. As of June 2023, its UK arm, Bitstamp UK Limited, is officially registered with the UK’s Financial Conduct Authority (FCA) as a crypto asset business. The registration falls under the Money Laundering, Terrorist Financing and Transfer of Funds Regulations (2017).

With this approval, Bitstamp can offer crypto custody and fiat-to-crypto transactions services. It also supports crypto-to-crypto exchanges for individual and institutional clients in the UK.

That said, Bitstamp’s FCA registration only covers anti-money laundering and counter-terrorism financing. However, it is essential to note that the FCA does not regulate cryptocurrencies. So if a dispute or issue arises, you may not have access to the Financial Ombudsman Service. This also means the Financial Services Compensation Scheme is unlikely to cover you. Therefore, it is wise to consider these risks and think about your financial situation and comfort level before diving in.

Key Services and Products offered by Bitstamp

The Bitstamp crypto trading platform offers different crypto-related products and services. Here’s a look at what you can expect:

• Cryptocurrency Trading

You can buy and sell digital currencies, including Bitcoin (BTC), Ethereum (ETH), and XRP. Bitstamp supports both crypto-to-crypto and crypto-to-fiat trading, all with competitive fees.

• Bitstamp Pro

For more experienced users, Bitstamp Pro offers advanced trading tools like real-time charts, detailed order books, and various order types. It is built on Nasdaq’s institutional-trade matching engine, offering fast and reliable execution around the clock.

• Mobile App

The Bitstamp mobile app is available for iOS and Android devices. It makes trading on the go, checking your portfolio, or managing your account easy. For extra security, you’ll find features like quick buy/sell, price alerts, and two-factor authentication.

• Payment Options

Bitstamp trusted crypto exchange supports multiple funding methods. You can top up your account using a debit or credit card, bank transfer, PayPal, Apple Pay, or Google Pay. This range of options makes it convenient and flexible for UK users.

• Learn Center

New to crypto? Bitstamp has an educational section called the Learn Center. It offers guides on how the market works, trading basics, and tips on staying safe. It’s a handy resource if you’re just getting started.

• Security Features

Security is a big deal at Bitstamp. Around 95% of user funds are stored in offline cold wallets, and they use MultiSig technology to prevent unauthorized withdrawals. There’s also strong data encryption to keep your personal and financial details safe.

• Bitstamp Staking

Bitstamp staking lets you earn rewards by locking up your crypto to support blockchain networks. The process is managed entirely by Bitstamp, so no technical setup is needed. While staked, your crypto can’t be withdrawn or traded until it is unstaked.

• Bitstamp Lending

Bitstamp lending allows you to earn interest by letting institutions borrow your crypto. These institutions pay interest, which is passed on to you through Bitstamp. The service carries some risk, as funds are not insured and returns are not guaranteed.

How does the Bitstamp mobile app work in the United Kingdom?

Bitstamp’s mobile app simplifies things by combining trading and wallet features in one easy-to-use platform. You can quickly deposit, withdraw, and trade without any hassle, all from a clean, intuitive interface.

Security is solid, too. The app supports two-factor authentication and biometric logins like fingerprint or Face ID. It also allows you to whitelist withdrawal addresses for added peace of mind. You also get fast trade execution, handy charting tools, a personalized watchlist, and a clear portfolio snapshot, all in one place.

UK users can easily download the Bitstamp app from the Apple App Store or Google Play. It is designed with a clean, friendly interface and supports key features like:

• Trading: Buy or sell various cryptocurrencies directly from the app at home or on the move.
• Account Management: You can view your balances in real time, track your portfolio performance, and update account settings.
• Funding: You can deposit or withdraw funds quickly using debit/credit cards, bank transfers, or supported digital wallets like PayPal and Apple Pay.
• Learning: The app’s Learn Center allows you to explore helpful guides, articles, and tips about the crypto market.

List of cryptocurrencies you can trade on Bitstamp

As one of the longest-standing cryptocurrency exchanges, Bitstamp offers a curated selection of over 130 cryptocurrencies. The vast offering enables investors to diversify their digital portfolios and explore various investment opportunities in the digital currency market.

Here is a curated list of the majority of cryptocurrencies available on Bitstamp:

• Bitcoin (BTC)
• Ethereum (ETH)
• Ripple (XRP)

• Litecoin (LTC)
• Bitcoin Cash (BCH)
• Cardano (ADA)
• Solana (SOL)
• Polkadot (DOT)
• Chainlink (LINK)
• Stellar Lumens (XLM)
• Polygon (MATIC)
• Uniswap (UNI)
• Algorand (ALGO)
• Dogecoin (DOGE)
• Avalanche (AVAX)
• Shiba Inu (SHIB)
• Aave (AAVE)
• Hedera (HBAR)
• The Graph (GRT)
• SushiSwap (SUSHI)
• Compound (COMP)
• Render Token (RNDR)
• Maker (MKR)
• Chiliz (CHZ)
• Enjin Coin (ENJ)
• Decentraland (MANA)
• Axie Infinity (AXS)
• Immutable X (IMX)
• Injective Protocol (INJ)
• Lido DAO (LDO)
• 1inch (1INCH)
• dYdX (DYDX)
• Loopring (LRC)
• Audius (AUDIO)
• Fetch.ai (FET)
• Kyber Network (KNC)
• Radicle (RAD)
• Rally (RLY)
• Smooth Love Potion (SLP)
• Casper (CSPR)
• OriginTrail (TRAC)
• Band Protocol (BAND)
• Cartesi (CTSI)
• Cryptex Finance (CTX)
• Floki Inu (FLOKI)
• Songbird (SGB)
• Ethereum Name Service (ENS)
• ApeCoin (APE)
• Optimism (OP)
• Pepe (PEPE)
• Bonk (BONK)
• Sui (SUI)
• Pyth Network (PYTH)
• Jupiter (JUP)
• Ondo (ONDO)
• Swarm Markets (SMT)
• Dogwifhat (WIF)
• WOO Network (WOO)
• ZetaChain (ZETA)
• Coreum (CORE)
• MEW (MEW)
• VEXT (VEXT)
• VCHF (VCHF)
• VEUR (VEUR)
• PYUSD (PYUSD)
• RLUSD (RLUSD)
• EURCV (EURCV)
• XDC Network (XDC)
• Gods Unchained (GODS)
• Official Trump (TRUMP)
• Tether (USDT)
• USD Coin (USDC)
• Dai (DAI)
• Euro Coin (EUROC)
• PayPal USD (PYUSD)
• RLUSD
• VCHF
• VEUR
• EURCV

Bitstamp Exchange Fees Explained: Trading, Deposit, Withdrawals & Others

Bitstamp charges for various services such as trading, deposits, withdrawals, and transfers. It maintains a transparent, volume-based fee model designed to benefit frequent traders.

Trading fees start at 0.40% for takers and 0.30% for makers. These rates decrease incrementally as your 30-day trading volume increases, dropping as low as 0% for ultra-high-volume institutional clients.

Depositing funds via SEPA (EU) or Faster Payments (UK) is typically free, while international wire transfers may carry a small fee of about 0.05%. Bitstamp allows crypto and fiat withdrawals. Fees for crypto withdrawals vary, and bank transfers usually incur charges of 3.00 EUR for SEPA.

Furthermore, Bitstamp applies fees to other services like staking and lending. These fees are deducted from rewards earned through Bistamp Earn. Staking fees are 15-25% based on specific cryptos, while lending fees are 15.50 – 27.27% based on particular assets.

What payment methods are available on Bitstamp in the UK?

Bitstamp offers a solid selection of payment methods for UK users, balancing accessibility, cost-efficiency, and speed. The various options are designed to make it easy to fund your account or withdraw profits in British pounds (GBP).

Bank Transfers via Faster Payments Service (FPS)

This method is popular among UK users due to its speed and low cost. There is no deposit fee, and the processing time is typically within one business day.

Note: The bank account for the transaction must be registered in your legal name as it appears on your Bitstamp account. Mismatched names may result in rejected transactions.

International Wire Transfers

UK users can enjoy SWIFT international transfers with Bitstamp. This method can be helpful for large transactions or non-GBP deposits and withdrawals. The payment processes within 2–5 business days. Also, you might incur additional fees from your bank or intermediary banks during the transfer process.

Credit and Debit Card Payments

UK users can fund their Bitstamp accounts using credit or debit cards for instant access to trading. This method typically incurs a 5% deposit fee.

Although convenient, this method is relatively expensive compared to bank transfers. Users should also check with their card issuer for any foreign transaction fees.

Cryptocurrency Transfers

Bitstamp trading platform offers UK users the option of depositing crypto directly into their wallets. This is the most flexible method for those holding assets on other platforms or wallets. Withdrawal fees vary depending on the cryptocurrency. Users who choose this method should ensure they are sending to the correct wallet address because errors can result in irreversible loss of funds.

Bitstamp vs Gemini: Which crypto exchange is better for you?

Both Bitstamp and Gemini are well-established crypto exchanges known for regulatory compliance, security, and accessibility. Yet they differ significantly in user experience, asset variety, fees, and regional strengths.

User Base:

Bitstamp boasts about four million active users, while Gemini has about 1.8 million active users.

Supported Cryptocurrencies:

Bitstamp supports over 130 digital assets, mainly major coins. Gemini, however, supports more than 100 coins, including DeFi-centric assets and non-fungible tokens (NFTs).

Security:

Bitstamp and Gemini prioritize security through measures such as robust cold storage and insured custody to ensure the safety of users’ funds. Both exchanges also require their users to enable 2FA. This is critical in adding extra layers of protection to individual accounts. Like other crypto exchanges, these two platforms require users to use strong and unique passwords and not use the same password for multiple online accounts.

However, it is worth mentioning that Bitstamp suffered a phishing attack in 2015. The ugly incident led to the loss of roughly $5 million in BTC. On the other hand, Gemini experienced two separate incidents of third-party data breaches in 2022 and 2024. On these occasions, the platform lost its users’ contact details such as email addresses, phone numbers, full names, and others.

Regulatory Focus:

Bitstamp, based in the United Kingdom, has a significant presence in Europe and is still available in over 100 countries, including the United States. Conversely, Gemini, based in New York, is available in all 50 states.

Payment Method:

Bitstamp supports various payment methods, such as FPS card and SEPA, for UK users, while Gemini supports only a limited range of payment methods.

Trading Fees:

Bitstamp’s trading fees are 0.30% maker / 0.40% taker, while Gemini offers 0.20% maker / 0.40% taker.

A General Overview of Bitstamp Based on User Reviews

Bitstamp is a trusted, secure, and beginner-friendly platform, especially for UK users. The exchange is an excellent option for those who want regulatory transparency and basic trading tools without unnecessary complexity. However, there are mixed customer reviews on Bitstamp.

While some traders appreciate its long-standing reputation and presence, some users have highlighted recurring concerns. Many have detailed frustrations about the platform’s unexplained freezes, withdrawal issues, and KYC verification process. Additionally, the exchange has been criticized for slow customer support.

FAQs

Is there a minimum deposit on Bitstamp?

There is no minimum amount when users deposit crypto from an external wallet into Bitstamp. However, the minimum deposit on Bitstamp is $10 when depositing using fiat currencies.

How reliable is Bitstamp’s customer service in the United Kingdom?

Bitstamp customer reviews show users’ mixed reactions regarding Bitstamp’s customer service. Some have applauded the crypto trading platform’s services, awarding it a five-star rating. On the other hand, some give the platform one-star and two-star ratings for poor customer support and delays with activities like the KYC verification.

How long does it take to complete a withdrawal process on Bitstamp?

This depends on the withdrawal process. For withdrawals involving on-chain trades, the transaction speed depends solely on the underlying network’s speed. On the other hand, bank withdrawals can span between 1 and 5 business days, depending on the selected payment option.

Is it obligatory to pass KYC verification to open a Bitstamp account?

Since Bitstamp is a centralized cryptocurrency exchange operating in various countries, users must complete KYC verification to open an account. Refusing to submit the required credentials restricts users’ access to most or all services on the crypto trading platform.

Conclusion

Bitstamp is a crypto exchange that has established its market presence in various countries. Its decade-old longevity in the crypto market has earned it the trust of millions of users globally. This Bitstamp review discussed multiple services that make the exchange a top choice for retail and institutional investors. Before deciding whether to invest your funds in the crypto exchange, ensure you do your due diligence first.