Review on Bitstamp by Temitope Babatunde
Bitstamp Exchange, What They Are Doing To Prevent Being Hacked Again.
Bitstamp exchange is one of the oldest exchange in the market. It was established in 2011 by Nejc Kodric and Damian Merlak. Formerly it was based in Slovenia but in 2013 it was moved to UK, and in 2016 it was moved to Luxembourg, all this movement was because the team is looking for where it can operate under a regulated conditions. In 2018, Bitstamp was acquired by NXMH of Belgium.
The exchange was hacked in 2014 and 2015 but they carried the loss and do not shift it to their users and since then they have make the exchange to be more secure than ever.
Unless you are depositing fiat, there is no fee for deposit cryptocurrencies. The trading fees is between 0.25 and 0.1 percent. The exchange take the relationship with their users very serious that is why the FAQ section on their website is very detailed but if you need to contact the customer care you can submit ticket and wait for up to 72 hours.
After registration to continue using the platform you must subject yourself for verification during which you will have to submit details information about yourself, between at most 2 days you will be verified. There are lot of other security measures put in place.
Though Bitstamp has been hacked twice but it's service now is convincing that it has braced up for the challenge more than before.
Pros
- It is regulated operating under the laws that guide financial institutions in EU.
- If you have Euro bank account it is very easier to deposit fiat through SEPA.
- It support up to 28 countries, US citizens can use it under the name Bitstamp US.
- You can trade US dollar and Euro against cryptos.
- Good percentage of customers fund is in cold wallet.
- Put quality before quantity.
Cons
- Has support for only 5 cryptocurrencies.
- It required deep kyc
