Is bitstamp safe to use
Reports suggest Bitstamp will be sold to a South Korean gamain company. Have you ever wondered just how secure is Bitstamp exchange? The following Bitstamp review will strive to show you how this young startup has flourished over its six-year existence. From consistently high trading volumes, to becoming western Europe's leading platform for trading Bitcoin and a limited selection of major cryptocurrencies - Bitstamp's fast progress has impressed observers, investors, and users alike. When two year-old Slovenian college-dropouts wanted to invest in bitcoin inthey decided to launch Bitstamp.
The only option available at the time was to wire funds to the Mt. Gox exchange in Japan. The two childhood friends decided to set up Bitstamp as an alternative to Mt. Gox and as an easy option for Bitcoin users in Slovenia and surrounding countries. Gox collapsed in earlyBitstamp started to receive more international clientele.
Is bitstamp safe to use has since grown to become a major player in the industry. Bitstamp has moved its headquarters twice.
It first moved from Slovenia to London in April in search of better financial and legal opportunities for their business. At that time, almost all governments around the world fumbled with how to handle Bitcoin and the businesses that sprung up around it.
However, Slovenia proved to be a difficult place for Damijan and Nejc to run a bitcoin exchange. While regulators in the UK had yet to develop the regulatory framework to issue a cryptocurrency-related business license, they gave the exchange the go-ahead. Bitstamp managed to self-regulate to a level on par with traditional licensed financial institutions. In Aprilthe company moved its headquarters again. This time they went to Luxembourg after the government there granted them a license to operate as a payment institution.
The regulatory recognition made Bitstamp the first fully regulated virtual currency exchange in the EU. With the new license, it is bitstamp safe to use do business in all 28 EU member states. Bitstamp maintains offices in London, Slovenia and in Berkeley, California.
Outside of Europe, Bitstamp supports services in close to 50 countries. The exchange is one of only a few that accept debit and credit cards. You have to apply to the company for your credit card to be approved for use. Be aware that your country of residence must be on the list of countries supported by Bitstamp. SEPA transfers to Bitstamp are efficient, cheap, and fast usually two days.
Until JanuaryBitstamp was exclusively a bitcoin exchange. It has since added other cryptocurrencies to its pairing options. The list of supported cryptocurrencies in addition to bitcoin includes Litecoin and Ripple.
The exchange also added ether on August 17, With only is bitstamp safe to use supported cryptocurrencies, Bitstamp accepts fewer than other global exchanges. In comparison, Coinbase supports 5 cryptocurrencies, Bitfinex 14, Kraken 14 and Poloniex Users must trust the company to secure and safeguard their digital coins.
This means users also must trust those in charge of their private keys to remain honest. Meanwhile, users access funds through is bitstamp safe to use using passwords and two-factor authentication 2FA.
The history of cryptocurrencies has shown that you should avoid entrusting third parties with your private keys. Experts always recommend bringing your holdings onto exchange platforms only when you are ready to sell.
Bitstamp presents their security features from is bitstamp safe to use moment you register an account. After you fill out the registration form, an email is sent containing a customer ID and password to your inbox. You use the ID as your username, and you should change your password immediately the first time you sign in. Before you will be allowed to trade on the platform, you must also verify the account by providing your full name, postal address and date of birth.
To authenticate this information, Bitstamp requires you to upload a government-issued ID and a no more than three-months-old utility bill to prove place of residence.
The document scans should be of high quality colour images, dpi resolution or highervisible in is bitstamp safe to use entirety and current not expired.
After you submit proof of ID, it takes three days for Bitstamp support to approve your application. In Februaryit was the target of a compromising distributed denial of service attack. The exchange suspended withdrawals for some users for two days to prevent hackers from accessing private keys and cashing out. The attackers blackmailed Bitstamp and demanded 75 bitcoins in ransom.
The company refused to pay and cited a policy of non-negotiation with criminals. The news only surfaced six months later when someone leaked an internal report about the hack.
Bitstamp declined to acknowledge is bitstamp safe to use authenticity. Instead, they successfully requested the document be taken down from the platform on which it was published.
Bitstamp operates through website and mobile applications. The bulk of its traffic comes through the web. Most user reviews of Bitstamp give the website a very good score. Users also have the option to develop their own software to access and manage their accounts. Bitstamp has made third party apps possible by offering a custom API. A rating on downdetector.
Users have also pointed to problems with logging in, especially with not receiving verification codes. The exchange offers a mobile app for both Android and Apple. Mobile users can place orders, make deposits and withdraw funds. Major issues raised by users-reviews include slow customer support, difficulty in executing orders —especially those involving Ripple —and poor trading chart experience. Personally I have stopped using Bitstamp after support made a very invasive request for personal information.
However, Bitstamp seem to is bitstamp safe to use advantage by requesting customers give out is bitstamp safe to use on competitor usage. Take a look for yourself:. I've read many users complaining on forums after receiving similar invasive requests from Bitstamp. I always give credit to exchanges that strive to make the vetting process as smooth as possible for their clients Kraken does this much better than Bitstamp.
Unfortunately, this is a big negative. Please note that most users do not receive this request. Bitstamp charges three types of fees—on deposits and withdrawals, for trading, and for various is bitstamp safe to use. Depositing and withdrawing is free for all cryptocurrencies.
However, withdrawing using BitGo Instant will cost you 0. Also transferring Ripple IOUs between accounts costs 0. It is free to deposit using SEPA, but you will be charged 0. International wire transfers cost 0. Charges for using credit cards to make purchases vary depending on the amount involved. Trading pairs cost a percentage ranging from 0.
The higher the amount traded, the lower the percentage cost you incur. Bitstamp charges for a long is bitstamp safe to use of service and operational fees. Should you like to try something different to Bitstamp, the following are the most popular alternatives:. September 14, by BestBitcoinExchange — 37 Comments. Buy Bitcoin Now Rank. Buy Now Go to eToro eToro. Have you ever used Bitstamp? Let me know in the comments below.
Read More Buy Now. Thank you for submitting your comment for moderation. Notify of new replies to this comment. I just joined the Bitstamp. It took more than a month for verification process. Now I plan to buy some ripples but saw so many comments about Bitstamp.
Recently it was on the news with the loss the customer's deposit. They are notorious for their KYC procedure, often making clients jump through multiple hoops before deposit and withdrawal is allowed.
Despite this, they are a reputable exchange however patience is advised. For a faster exchange, try the likes of Bittrex. Really bad customer service and insecure platform. I just joined bitstamp. Soon I'll uplaod my vetting docs.
I want know can I buy xrp ripple.