The basics of crypto trading
Daily turnover of Bitstamp is more than 35 000 Bitcoins. The cryptocurrency exchange is in the top 3 by this measure. In the provided material you’ll find information about the registration on the official website and a review of the personal account’s functionality. We’ll analyze all subtleties of registration and verification of clients and consider pros and cons of trading on the Bitstamp exchange.
The official website of the Bitstamp exchange is registered in the .net domain. The site’s history dates back to 2011 which can be considered as one of the advantages and a guarantee of reliability of this exchange, concerning aspects of development and the duration of existence of the cryptocurrency market.
Although the official website has been active for a little more than 7 years, the interface of the Bitstamp exchange is provided mostly in English. One of the most unexpected flaws which is literally eye-catching is a lack of a referral program which probably makes it more difficult to engage new clients. Also you won’t be able to earn extra bonuses. Let’s hope that additional client-oriented functions will appear on the official website in the nearest future.
The company has offices in a number of locations worldwide: New York, London and Luxembourg. It’s not a surprise as the exchange has more than 3 million active users from different countries.
The presence of the Bitstamp exchange’s subsidiaries in a number of countries shows the popularity of the platform by itself. The company will hardly be able to outrun such giants as Binance anytime soon, but the future looks promising thanks to cooperation with famous organizations including Ripple, CACEIS, Swissquote. Availability of a mobile application also positively affects the volume of trading and a number of engaged users.
The cryptocurrency exchange is less popular in Russia than in English-speaking countries, among other reasons because of a lack of a Russian version. If the platform launches it in the nearest future, it may attract Russian-speaking investors.
The official website of the exchange cannot be accessed on the territory of Russia without using VPN or other specialized services. But this restriction can be easily bypassed. The interface of the platform itself is rather plain and clear, but Russian language is still unavailable.
To create an account on the Bitstamp exchange press the “Create account” or the “Register” button.
Fill in a simple registration form: a user of the official website should insert his full name and the country of residence in Latin letters, provide an e-mail address, enter a CAPTCHA and check required fields. Then press the “Register” button.
After the completion of the registration procedure an informational e-mail will be sent to the provided address from the official website of the Bitstamp exchange. It’s peculiar that there will be no confirmation code. The informational letter declares that a registration has been performed using your personal data, and if you did it, you could use the login and the password provided for authorization.
A client’s ID and a password are generated automatically (you can see them in the received letter). To change the password, you should reset it and think of a new one. It can be performed literally in two clicks by following instructions which are provided in the informational letter. In case of any questions the technical support service is always available via e-mail: support@Bitstamp.net.
We strongly recommend to enable two-step authentication in order to protect your own funds as any assets, especially digital ones, should be protected properly. Related informational messages will constantly pop-up in the personal account. Don’t ignore them!
Soon after the authorization in the personal account the system will propose to verify it. There are two ways of verification provided:
The verification procedure itself is rather complicated. It doesn’t only require provision of more detailed personal information (date of birth, residence address), but also requests to upload confirmation documents (a passport) and a photo.
All traders, both novice and advanced in conquering the waves of the cryptocurrency sea, are given the opportunity to trade 15 currency pairs exclusively. The main combinations are with Bitcoin, Litecoin, Ripple and Ethereum tokens and also with global currencies USD and EUR.
The trading process cannot be initiated without completion of the verification process – the system will require to upload documents. And any attempt to access any types of orders shown below will be followed by a pop-up message about impossibility of the action.
The interface of the Bitstamp exchange’s official website includes all available combinations.
Let’s highlight the fact that one of the main positive features of this exchange, in our opinion, is the “Tradingview” section. By the way, this section is rightly one of the advantages of the Bitstamp official website. Any novice investor can examine graphs of cryptocurrency pairs, rate the market dynamics. Any analytics is always appreciated!
Use this section when you’re planning to invest or making your reviews. Everything is extremely demonstrative, comprehensible and plain.
As we’ve mentioned earlier in this review, one of the advantages of the Bitstamp exchange is its minimalism and simplicity. This exact principle has been applied to the functions of the personal account. All sections are conveniently located in the left part of the screen. The main window always displays the balance of available wallets, a total volume of cryptocurrency trading for the moment and cumulatively for 30 calendar days.
We’d like to remind once again that the “Verification” and the “Security” sections in the Bitstamp personal account should be definitely considered.
To replenish the account, choose the “Deposit” section. It’s located at the top of the page. One of the positive features is the possibility to refill your account via banks with fiat money. Undoubtedly, cryptocurrency assets are also accepted through a number of popular and reliable resources.
Without the completion of the verification process it’s impossible to work with finances. The lack of it will turn your personal account into a mere resource for presenting cryptocurrency graphs.
In order to get to the trading section, you should press the “Tradingview” button. After pressing it you’ll get to a page with graphs. On the left side of it the market depth is presented, and in the middle – a graph which can be combined with indicators if necessary. These indicators will be shown below.
All in all, the Bitstamp graph is very convenient and has many functions. A window for orders is located in the right part of the page. Here you can conduct digital assets’ purchase/sale transactions and choose types of orders.
Detailed information about the trading fee on the Bitstamp exchange is provided on its website. To avoid bothering you, we’ll just say that it starts at 0,1 and reaches up to 0,25 %.
The higher the volume of trading, the lesser the fee and, consequently, the lesser the amount of trading, the higher the fee. Its sum doesn’t depend on the type of the operation.
The Bitstamp cryptocurrency exchange is one of the most demanded exchanges on the cryptocurrency market. It has its positive and negative sides. The advantages are:
A significant disadvantage of the exchange is a complicated verification procedure which causes many complaints in the Internet. A limited amount of pairs and a lack of a Russian version can also discourage from working on the Bitstamp platform.
On July 29, the two giants of the coin market, Bitstamp and BCB Group, have announced that they were signing a new partnership agreement that enables investors from the United Kingdom to making GBP transfers to and from their Bitstamp accounts directly.
The new agreement will give Bitstamp an opportunity to support withdrawals and deposits in pounds, which will increase service efficiency and reduce costs for their clients from the UK. The new GBP feature will be available by the end of 2019.
Remarkably, this year has been rather busy for Bitstamp. The developer has launched a new mobile application and redesigned its webpage. With all the efforts made, Bitstamp has succeeded in ramping up its presence in the US by obtaining a BitLicense and making some strategic hires.
In June 2019 it becomes known that the administration of the Bitstamp exchange started an investigation of the activities, which coincided with the fall of the Bitcoin exchange rate to $6,200.
On May 17, almost all digital assets on the cryptomarket fell in price. BTC was in the list of digital assets that suffered the biggest losses. Aggressive sales were recorded on all trading stages, but the most suspicious trading operations were carried out on the Bitstamp exchange. During several transactions, one user dropped about 5,000 bitcoins, which triggered a coin crash.
The platform in its Twitter statement has noted that a large sell order was made, which greatly influenced the entire book of orders. After this transaction, the transaction processing system found no aggressive activity and the trade process returned to normal. The same kind of behavior was detected on some other platforms as well; however, BTC drop in price was less significant there. Most of the platform users have already accused the person of trying to manipulate the market with his actions.
It is quite interesting how this situation might influence the fact that Disney might become the owner of the Bitstamp in the nearest future.