Using Bitstamp Invest: A Step-By-Step Guide

Bitstamp is a user-friendly cryptocurrency exchange that is well-suited for beginner investors. Founded in 2011, it is one of the oldest crypto exchanges and was one of the first places to buy and exchange Bitcoin. Bitstamp offers an easy-to-use platform with competitive trading fees, allowing users to buy and sell popular cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin. The exchange provides multiple order types, advanced security features, reliable order execution, and real-time market data streams. With a focus on transparency and reliability, Bitstamp is a safe and secure option for those looking to invest in cryptocurrencies.

How to open a Bitstamp account

To open a Bitstamp account, follow these steps:

Begin by visiting the Bitstamp website, www.bitstamp.net. On the homepage, locate and click on the "OPEN ACCOUNT" button. You will be directed to a new page where you need to enter your personal details. Provide accurate and up-to-date information as this will be crucial for the verification process later on.

Once you have submitted your details, keep an eye on the email inbox you provided during registration. Bitstamp will send you important information, including login credentials for your first login. This email typically contains a single-use password, so make sure to check your spam or junk folder if you don't see it in your inbox.

After receiving the email, go back to the Bitstamp website and select the "LOGIN" option. Enter the login credentials provided in the email to access your newly created account. Once you have successfully logged in, Bitstamp will prompt you to change your password. Choose a secure and unique password that meets their password requirements.

Now, you will be asked to log in for the second time using the new password you just created. This two-step login process enhances the security of your account. After your second login, you will need to verify your account. This typically involves verifying your bank account and mobile number. Once the verification process is complete, you will be all set to start buying and selling on Bitstamp.

Remember to review their terms and conditions, as well as any other relevant information provided by Bitstamp, to ensure you understand the platform's policies and requirements. Additionally, always enable two-factor authentication (2FA) for added security whenever it is available.

Bitstamp's fee structure

Bitstamp offers a flat trading fee of 0.50% from 1 August 2019. This is double the industry average, which is around 0.25%. However, Bitstamp offers trading fee discounts when you have a large trading volume during the preceding 30 days. Trading fees can become as low as 0% if the relevant trader has a trading volume during the preceding 30 days of more than $10 billion.

Bitstamp also charges withdrawal fees, which are usually fixed and vary from crypto-to-crypto. For example, there is a 0.0005 BTC fee (around $8.50) for withdrawing Bitcoin.

Bitstamp does not charge for deposits of euros in the SEPA (Single Euro Payments Area), but withdrawals in euros in the SEPA cost €0.90. It charges at least $7.50 for US dollar deposits. Cryptocurrency withdrawals are free, but withdrawals of less than $1,000 cost $10, and withdrawals of more than $1,000 are charged a 2% fee.

Using a credit card to buy cryptocurrency on Bitstamp will incur a 5% fee.

Bitstamp's staking program

Bitstamp Earn is the name of Bitstamp's staking program. Staking is when a user's cryptocurrency is locked up for a period of time, usually to fulfil a purpose on the blockchain, such as proof of stake validation. The user earns interest while their coins are locked up.

The APY for staking ETH is 3.42%, and for ALGO, it is 1.6%. Bitstamp takes a 15% commission on your earnings.

Bitstamp's security measures

Bitstamp is committed to keeping its customers' accounts and personal information secure. The platform offers a variety of security measures to protect its customers from fraudulent activities. Here are some of the key security measures Bitstamp has in place:

• Strong Password Requirements: Bitstamp recommends users set a unique and complex password for their accounts. This includes a mix of uppercase and lowercase letters, numerical digits, and symbols, with a minimum length of 12 characters.
• Two-Factor Authentication (2FA): Bitstamp mandates the use of 2FA, an additional security layer that requires confirmation on two separate devices for important account activities like logging in or withdrawing funds.
• Email Security: Bitstamp emphasizes the importance of securing your registered email address with a strong password and enabling 2FA. They also provide the option to receive confirmation emails for withdrawals, adding an extra layer of protection.
• Device Security: Bitstamp advises users to keep their devices updated and free of malware by using antivirus software, installing security updates, and avoiding unknown browser plug-ins.
• Whitelisting: Bitstamp offers the ability to whitelist trusted withdrawal addresses, limiting the number of destinations where crypto can be sent from your account. This feature helps prevent unauthorized access to your funds.
• Cloud Storage Protection: Users are advised to secure their cloud storage accounts, where sensitive data may be synced, with strong passwords and 2FA.
• Account Control: Bitstamp emphasizes that users should never share their passwords or login credentials with anyone and should always maintain full control of their accounts.
• Online Presence Awareness: Users are encouraged to review their online presence and limit sharing personal information that could be used for identity theft.
• Suspicious Activity Detection: Bitstamp provides guidance on identifying and reporting suspicious profiles or websites claiming to represent the company or its employees.
• Email Verification: Bitstamp has two official email domains: @bitstamp.net and @team.bitstamp.net. Users are advised to be cautious of emails from similar-looking but unofficial domains.

By implementing these security measures, Bitstamp strives to provide a safe and reliable trading environment for its users.

Bitstamp's customer support

Phone support is available for US customers on 1-800-712-5702.

Customer reviews of Bitstamp's support are mixed, with complaints focusing on slow withdrawal times and poor customer service interactions. As with most cryptocurrency exchanges, Bitstamp support is limited, and users should be prepared to handle most account needs themselves.

Bitstamp's customer service options may not be the best fit for those without experience in online trading or managing their accounts.

Frequently asked questions