1 Level
10 Review
17 Karma
Review on Bitstamp by Tomek Klys
Bitstamp The popular exchange
Bitstamp is one of the most popular cryptocurrency exchanges in the industry, it is difficult to endorse them as the go-to-platform for buying and selling coins. On the one hand, the platform is super easy to use, and they do allow you to deposit funds with a debit or credit card. However, only certain countries have the option of using a payment card to deposit funds, and their respective fees are really expensive.
It is also disappointing that Bitstamp only lists a total of 5 cryptocurrencies. This is really unusual, especially when one considers the fact that the platform has been operational since 2011.
There are also some ongoing concerns regarding the safety of customer funds. Although Bitstamp has not experienced any hacks (that we know of) since 2015, the fact that hackers were able to steal more than 19,000 Bitcoin is really concerning. With a current value of $95 million, it’s unclear whether or not the exchange would be able to repay stolen funds in today’s money.
Pros
- Accepts debit/credit cards and bank transfers
- Available to all countries (if depositing with crypto)
- 24/7 phone support
- Good selection of charting tools
Cons
- Only 5 cryptocurrencies available
- Unable to go-short
- Limited number of supported countries for debit/credit card deposits
- Major hack in 2015 resulted in the theft of 19,000 Bitcoin
- Slow verification and No live chat facility
