It doesn’t matter if you’re a hardcore techie, or just a curious explorer. We all agree that technologies, even if they seem too complicated or confusing at first sight, are designed to make our life easier. Innovations allow us to dedicate more time to things that make us happy, be it our family, career, education or traveling. Keeping up with the latest IT inventions is definitely worth it. And we are hoping to help you with this.
If you read our previous articles, you already know what Bitcoin is and how to obtain a digital wallet where you can store your new money.
Perhaps, there are more questions that you have been asking yourself. “Where and how can I spend my Bitcoins?” “Can Bitcoin be purchased?” “Can I exchange Bitcoins for conventional money and the other way round?”
In this and the following articles, we will review the best Bitcoin brokers and exchanges in the marketplace. Learning about their pros and cons will help you find the one that fits your needs.
General information
Today, we would like to introduce the European based Bitcoin platform Bitstamp. The broker has been around since 2011, and has earned its reputation as one of the most popular exchanges in Europe and North America.
The company has been founded in Slovenia but moved to Luxembourg in 2016. Its mission is to create an effective Bitcoin platform, providing the users with robust trading opportunities and easy ways to deposit/withdraw money. U.S. and Canada-based users are able to deposit via wire transfer. European customers have access to the bank account linking feature, which allows them to transfer money directly between their bank account and the platform.
After verifying your account, you will be able to purchase/sell Bitcoins. The platform automatically suggests the best price. Fees vary between 0.05 and 0.25%, depending on the amount you wish to trade.
Safety
Out of all brokers, Bitstamp was the first to implement the security technologies offered by the best developers in the industry. Two-factor authentication is available when linking your account to your mobile device. The password has to be changed every 90 days.
98% out of all Bitcoins are kept in a so called “cold storage”. It isn’t connected to Internet and can be compared to a bank safe. Your Bitcoins being stored offline means they can’t be accessed remotely and stolen.
Opening an account
In order to open an account, you will need to go through verification process that normally takes up to two hours. It won’t affect your trading limit, however, its a mandatory requirement for those looking to deposit/withdraw money.
The platform will ask for a scan of your passport, national ID or a driver license. To complete the process, you’ll need to confirm your residency.
Digital wallet
Bitstamp doesn’t require you to stick to a certain pre-chosen wallet. The users are able to choose any 3rd party wallet they like,and then link it to their Bitstamp account. Thanks to this feature, you won’t need to waste time getting used to a completely new wallet.
Mobile version
Both, iOS and Android users have access to a simple and easy-to-use app provided by Bitstamp. Once downloaded, the app allows you to:
- deposit and withdraw money directly
- pay using QR codes and Bitcoin addresses
- protect your app with a password
- receive real-time market updates
Support
Bitstamp support is extremely helpful and appreciated by the users. They have earned our love with their fast and honest replies, as well as working overtime and hiring additional personnel so we don’t have to wait for too long. The support truly makes u feel that your needs and concerns are important to them.
Bottom Line
Bitstamp is a popular Bitcoin platform that has earned our trust over the years of Bitcoin existence. The broker is commonly used in the U.S. and Canada, as well as in the EU. It doesn’t have an extraordinary security system, yet the platform is reliable and, thanks to “cold storages”, you won’t need to worry about your Bitcoins’ safety. High volume and liquidity make it an appealing solution for traders, and professional support will make sure using Bitstamp is always a pleasant experience.
