Wij registered an account at Bitstamp and after confirming the ID, wij determined to make a credit card deposit. What very first stroke us, wasgoed the fact you can only directly buy Bitcoin via credit card, instead of simply transferring funds to your account. The purchase went fine, after dealing with an outer payment services provider. Wij instantaneously sold the coins, ter order to have a USD trading balanceo. At that point wij realized the 8% toverfee on credit card transfers (at the time, now the toverfee is 5%) truly applies.
Zometeen on, wij traded with the toneelpodium and everything felt fine. While the speed of execution wasgoed slightly lower than the one provided by most forex trading platforms, it wasgoed still pretty welvoeglijk. The order book seemed to have some trading robots, which moved the best bids/asks permanently, but this didn&rsquo,t ongemak trading at all.
Wij also made a SEPA Bankgebouw transfer to this exchange. The funds arrived less than 24 hours straks and the only fees wij paid were the ones charged by our restringido bankgebouw.
Wij ended up having some Litecoin, which wij transferred to bitstamp, te order to proceed our journey ter the world of altcoins. Additionally, wij left some Ethereum, which wij sent to a freshly created wallet at MyEtherWallet &ndash, a wallet, which permits users to control their private keys. All of thesis blockchain transactions, which are outer to Bitstamp happened te minutes. Wij are yet to test the speed of handelsbank transfer withdrawals, from this exchange.
*Fees can go lower for fatter traders
Bitstamp is one of the few cryptocurrency exchanges which accepts deposits directly from traditional payment methods. Ter essence this service can be used to obtain Bitcoin (via a bankgebouw transfer or credit card) which you are then free to send.
The company, security of funds
Bitstamp Ltd. is the company behind this project. They have offices ter Luxembourg, London and Fresh York. More importantly, this is the very first fully licensed cryptocurrency exchange te Europe. It is regulated by the (Luxembourg Financial Industry Supervisory Commission, known spil the CSSF). Spil wij often warn against the risks involved te dealing with unregulated or off-shore forex brokers, it is nice to see a company te the cryptoverse, which is registered with a watchdog.
The CSSF Licensing ensures the company periodically files reports with the adequate agencies. Bitstamp is registered spil a &ldquo,Payment institution&rdquo,, which implies you can be sure about the real-money transfers you send to (and receive from them). That being said wij don&rsquo,t know if mandatory policies on fairness of execution are ter place. No matter the case, this is much more than, what most other crypto-exchanges provide ter terms of regulation.
Bitstamp wasgoed hacked te early . Afterwards the company rebuild its entire trading podium. Nowadays they keuze to store 98% of their client&rsquo,s cryptocurrencies on cold storage, while only 2% are directly available on the exchange. This is a major improvement te terms of security.
Bitstamp partnered with Swissquote, te July . The Swiss bankgebouw and broker, determined to trust this company, te order to provide Bitcoin trading to its clients. This speaks volumes ter terms of Bitstamp&rsquo,s credibility. At the time of writing of this review, there is no integration with the MetaTrader4 (MT4) verhoging. Trading is instead done on the Swissquote&rsquo,s webstek, with limited functionality. This is roped to switch te the future.
The user reviews for Bitstamp are fairly mixed. There are lots of sated customers and people claiming dissatisfaction with the support. Similarly to Poloniex, the company may be experiencing more significant traffic than expecting, but the negative comments are not that harsh.
Trading instruments (cryptocurrencies)
Bitstamp permits trading cryptocurrencies against the old-fashioned EUR and USD. On the other mitt few coins are supported, namely Bitcoin, Ethereum, Litecoin and Ripple. If you want to dive into more exotic altcoins, you can use Bitstamp spil a way to convert your contant into one of thesis three and then transfer it to a different exchange which supports your preferred altcoin.
Ondergrens initial deposit
There is no information on the ondergrens deposit at Bitstamp. While this is not that unusual, when dealing with cryptocurrencies, the company does accept traditional payments. There may be a level below, which they would not accept your transfer. Wij are used to forex brokers disclosing their ondergrens entry levels beforehand, like easyMarkets, who require $100.
Margin trading is not available at Bitstamp. For those of you who do not know what margin trading is &ndash, this is a mechanism by which you trade with more buying power than the money you have te your account. When it comes to froex brokers, they permit substantial leverage levels, like 1:500, meaning you can trade with positions worth 500 times more than your investment. The catch is your account serves spil a assure, and if you commence loosing, there will be a point at which your positions will be closed (this is known spil receiving a margin call, followed by a margin stop-out).
The commissions, charged by Bitstamp go spil high spil 0.25% for contant to cryptocurrency trades (for the lowest volumes). Spil is the practice with most other exchanges, they go lower with fatter volumes. The unusual opzicht of this suggesting is that there is no incentive for the market &ldquo,makers&rdquo, (people who place orders on the exchange, instead of aggressively buying from the ones which other traders have placed). Most cryptocurrency exchange provide an everzwijn so slightly lower toverfee for traders who provide liquidity.
Comparing this to the spreads provided by forex brokers is rather hard, spil wij have mentioned ter our normal comparison of the two type of service providers. On the other arm, Bitstamp&rsquo,s fees are in-line with what other cypto-exchanges are suggesting.
Bitstamp&rsquo,s trading podium is web-based. This is the vaandel with most cryptocurrency exchanges, unlike the situation with forex brokers, where downloadable software (like MT4) is prevalent. At very first glance Bitstamp&rsquo,s trading verhoging looks solid. A big emphasis is placed on charting, with a nice package. It feels pretty similar to cTrader, albeit it lacks a lotsbestemming of the functionality. Lots of technical indicators and devices are available, but most forex trading platforms still provide even more options. That being said Bitsatmp&rsquo,s opoffering is better that what wij have seen at a lotsbestemming of other crupto-exchanges. Here is a preview of the charting (click to zoom-in):
The order book is located below the chart and is one of the best ones available (at such exchanges). Here is a screenshot (click to zoom-in):
It wasgoed clearly designed by someone with trading practice spil the bid and ask price are next to each other, where the two tables meet (on the left). This permits for a quick and effortless comparison of the market depth, albeit the size of the orders (outer columns) vereiste also be taken into account.
Methods of payment
Bitstamp accepts payments via Canap Transfer, Credit/Debit Card and cryptocurrencies. There are some specifics regarding the handelsbank transfers, with EU clients being more lightly accepted via the SEPA System. While this system is relatively swifter than traditional handelsbank transfers, it may come at higher fees (depending on your bankgebouw). On the other forearm Credit Card transfers, while instant, come with an 8% toverfee. That being said, virtually anybody can transfer fiat currencies to this exchange. This feature is most likely their thickest advantage overheen others.
Bitstamp is the very first regulated European cryptocurrency exchange. The company keeps 98% of customer&rsquo,s coins on cold storage wallets, which is a pretty good security measure. Bitstamp is one of the relatively few exchanges who accept deposits by Credit Card and Canap Transfer. Three of the major coins are traded directly against EUR and USD. On the other arm the exchange offers few alternative coins. Te essence this is a good gateway for those who are fresh to the world of cryptocurrencies. Here is a summary Bitstamp&rsquo,s strong and feeble sides: