As promised, we are continuing to review the best Bitcoin platforms in the marketplace. Today, we will take a look at the popular European broker Bitstamp. The platform is offering brokerage services since 2011 and has earned a reputation as one of the most popular brokers in the U.S. and in Europe. The platform accepts U.S dollar and euro as well as Pound sterling and Swiss franc.
General overview
Bitstamp has been founded in Slovenia, then the company moved to the UK and eventually ended up in Luxembourg. Company’s mission is to create an effective Bitcoin exchange solution, offering solid trading opportunities as well as easy ways to deposit/withdraw money.
EU users are able to link their bank accounts directly to their digital wallet, which guarantees easy and fast transactions. This feature makes Bitstamp especially appealing for EU-based clients. U.S. residents can deposit/withdraw money via wire transfer.
After verifying your account you will be able to purchase and sell Bitcoins instantly for the best price generated by the platform.
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Platform security
Bitstamp was the first company to implement the security solutions from the best providers in the industry. It includes two-factor authentication as well as offline “cold storages” and mandatory email confirmation
The platform offers a pretty basic yet reliable security system. Two-factor authentication is required when linking your account to the mobile app. The password is supposed to be changed every 90 days.
The platform is very open about the way it collects user information and about how their website uses cookies. A lot of effort has been put into developing its own AML policies. And Bitstamp is very serious about following them.
98% of all Bitcoins are stored offline in “cold storages”, the remaining 2% are reserved for liquid trading.
How to open an account
The verifying process normally takes up to 2 hours. Although it doesn’t affect your trading limit, you won’t be able to purchase nor sell Bitcoins until your personal information is verified. In order to confirm your identity, you will need to provide a scan of your passport, national ID or a driver license. Another thing to confirm is your residency.
Bitstamp wallets
Unlike Coinbase and Cubits, Bitstamp doesn’t offer an inbuilt digital wallet. However, the users are able to link their 3rd party wallets to the platform. A quite questionable solution, however it feels nice to be able to stick to the wallet you’re used to, or simply to the one you like the most.
Mobile users
The platform is available on Android and iOS devices. The apps look pretty simple and easy to use. As of now, users have the ability to:
- deposit/withdraw Bitcoins directly
- pay using QR codes or Bitcoin addresses
- protect their app with PIN
- receive real-time market updates
Support Team
Bitstamp support is loved by the users, and they’ve got every reason to be. The support specialists have earned extra credit for their honest and quick replies. The support is known to work overtime and the company even hires additional staff just to maintain fast response rate. A truly impressive service!
Summary
Bitstamp is a trusted and secure platform with great reputation, one of the most popular solutions amongst Bitcoin enthusiasts all over the world. It can be especially useful for EU users due to the bank account linking feature. If you’re looking to make fast and easy transactions within the EU, Bitstamp is definitely worth a try.
