Bitstamp: The very first crypto exchange in Europe

At Bitstamp, the team strongly believes that opening up the world of finance opens up opportunities for everyone. Decentralization is the answer to this openness and the establishment of an exchange facilitates access to this decentralized finance. Bitstamp was precisely designed to provide easy access to the world of cryptography. The goal? Enabling everyone to benefit from the next generation of financing.

Bitstamp, an exchange created in 2011

The story of bit stamp begins in 2011, in Slovenia, where Damijan Merlak and Nejc Kodrič create a bitcoin (BTC) exchange platform for European users. Basically, the co-founders wanted an alternative to Mt.Gox, a Japanese bitcoin exchange launched a year earlier (Mt.Gox filed for bankruptcy in 2014). This avant-garde platform also and above all wanted to provide secure and innovative access to cryptography.

The arrival of Crypto Lending on Bitstamp

Bitstamp has always had an approach that drives innovation, evolution, and transparency. It is also a platform with a strong focus on security and trust. Thanks to which, the exchange very quickly became a platform of choice for converting euros into cryptocurrencies. It is also considered one of the most credible and reliable crypto-fiat gateways.

This solid base ensured rapid growth for the company, which opened an office in the United Kingdom in 2013. Bitstamp continues to expand. In 2016, the company moved to Luxembourg where the founders have now set up their headquarters. Later, the exchange multiplies its offices in London and is also established in New York. In its development, Bitstamp has always complied with the rules, regulations and procedures imposed by law.

A popular, easy-to-use exchange

Bitstamp has created a platform designed for a large audience to facilitate access to cryptocurrencies for everyone. The platform is aimed at both beginners and experts. One of the oldest digital currency exchanges has quickly become the largest in the EU by volume thanks to this accessibility.

Bitstamp has designed its platform with a particularly easy-to-use interface. The exchange has improved its infrastructure over the years by keeping it simple. Both retail and institutional users enjoy an intuitive and engaging environment for cryptocurrency trading and custody services. Bitstamp includes a web platform and has a mobile app (iOS, Android).

The exchange also offers Tradeview, a trading interface designed for more advanced users. It integrates analysis tools, charts, indicators or even a suite of APIs to execute strategies and effectively take advantage of market opportunities…

The ecosystem also includes Bitstamp Earn, which allows users to earn staking rewards to generate additional passive income. The exchange has a whole range of services. To find out more, discover the exclusive interview of JB Graftieaux by Tremplin.io x The Huge Letter during the PBWS 2023.

Source : Antoine Peltier during Paris Blockchain Week

How does Bitstamp work?

Bitstamps offers a simple platform where users can quickly learn how to buy and sell cryptocurrencies. The exchange is very user-friendly and its handling does not require any special expertise, from registration to negotiations.

Registration

Registration is the first step to gaining access to Bitstamp’s services and products. On the platform, simply click on “Register”, complete the form and confirm registration via email to create an account. The user then receives their automatically generated login credentials. The customer will then have to change his password by choosing a strong password.

Identity Verification

Bitstamp applies KYC (Know Your Customer) identity verification measures. This step unlocks the features of the platform. For verification, the user must confirm their identity by uploading a supporting document: a valid national identity card, driver’s license or passport.

The user must also provide proof of residence through, for example, a utility bill. Finally, Bitstamp verifies the phone number via an OTP code sent to the mobile. After which, all the features of the platform will be accessible to the user.

Deposit

To start trading, the user must obviously make a deposit in his account. On Bitstamp, the latter can be supplied with cryptocurrencies from another wallet. The user can also fund his account by bank transfer or with a credit/debit card.

Trade and fees

As soon as the funds are available in the user’s account (the transfer may take a few days), the latter can start trading operations. Bitstamp has very competitive trading fees that vary based on the volume of trades completed in 30 days. Cryptocurrency deposits and withdrawals are free of exchange fees, but are subject to network transfer fees.

Supported Cryptocurrencies

Bitstamp mainly focuses on bitcoin and top altcoins like Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), and Ripple (XRP). In total, the exchange supports around 40 cryptocurrencies and a few stablecoins like EURT, USDT, and USDC.

Bitstamp, a secure exchange

It should be noted that Bitstamp suffered hacks during its first years, especially in 2014 and 2015. These hazards prompted it to strengthen its security, making the platform one of the most reliable and secure on the market. crypto ecosystem. 98% of exchange funds are kept in secure cold (offline) storage, making them inaccessible to potential hackers. The remaining 2%, kept hot, is used for daily transactions.

Furthermore, the funds are fully covered by insurance. To strengthen users’ account, Bitstamp enforces two-factor authentication. On the data side, the exchange uses PGP (Pretty Good Privacy) encryption for authentication and privacy of all uploaded files.

Which countries are supported?

Bitstamp supports all member countries of the European Union, plus around fifty other countries outside the EU. This includes Australia, Brazil, China, South Africa, South Korea, Switzerland, Qatar, the United Kingdom, Japan and even the United States. Depending on the state, users may sometimes be required to comply with additional checks. Finally, Bitstamp is fully compliant with all digital asset regulations and consumer protection laws.

Conclusion

Bitstamp has always been able to establish itself as one of the leaders in its sector for most of its existence. Despite a limited supply in terms of the number of digital assets, the platform has always been considered a solid gateway to cryptocurrencies for new traders over the years. Bitstamp continues to be a trusted choice for beginners and intermediates looking to buy top-tier cryptocurrencies. Low fees, increased security and a good reputation end up convincing users of the quality of the exchange.

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