In the world of cryptocurrency, centralized exchanges still play a big role. That may seem strange for decentralized forms of money, but it is the situation we find ourselves in these days. There are many different cryptocurrency exchanges out there which are worth checking out. Bitstamp is one of those platforms which has built up a solid reputation over the years. That doesn’t mean the company is without flaws, though, as there’s always room for improvement.
Bitstamp’s Report Card is Positive Overall
As is always the case with exchange reviews, your mileage may vary. We have personally used Bitstamp for quite some time now and never encountered any major issues with the platform. Signing up was pretty simple, and getting an account verified took a full day. Given the recent influx of new cryptocurrency traders, Bitstamp’s verification times may have since increased, and it is always difficult to predict how long the process will take. In our case, it was smooth and quick.
At the same time, we’ve seen some new users complain about the signup process. A temporary ID and password is seemingly the new normal when users sign up for the first time, which is a measure people will either like or hate. Issuing a random user ID consisting only of numbers is not necessarily the best approach, but Bitstamp has maintained this approach for several years now. Some users prefer the ability to create their own usernames, but you simply can’t please everyone in this day and age.
When it comes to support, we never had to get in touch with the Bitstamp team. Some users may experience longer wait times. After all, we saw tens of thousands of people register exchange accounts in 2017, and it’s doubtful things will change much in 2018. With more people creating accounts, there will be additional support tickets which will need to be resolved as well. Bitstamp is usually quick in this regard, but once again, your mileage may vary.
On the services front, Bitstamp has gradually begun adding support for additional cryptocurrencies. At the time of writing, the exchange supports Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash. There is also an EUR/USD market, which is something other exchanges do not provide. All of the supported currencies have their own USD and EUR markets, and altcoins can be traded against Bitcoin as well. It will be good to see more currencies added to this list in the future, though.
As one has come to expect in 2017, Bitstamp has mobile applications for both iOS and Android users alike. This is a smart choice, as a lot of cryptocurrency enthusiasts rely on phones and tablets to manage their portfolios these days. Moreover, the company has an API which can be integrated with third-party portfolio and trading applications such as Tabtrader and Blockfolio. The company has been working hard on the technical side of things, and it has not suffered from too many major outages in recent years. Scalability still remains an inherent problem for cryptocurrency exchanges in general, though.
Last but not least, the success of any cryptocurrency exchange hinges on the supported payment methods. In the case of Bitstamp, there is support for wires and SEPA transfers, as well as credit and debit cards. Do keep in mind that those options may heavily depend on one’s country of residence, though. All in all, Bitstamp offers something for all cryptocurrency enthusiasts. Its infrastructure is pretty solid, although support for more top cryptocurrencies and fiat currency markets would be well worth considering.