A Bitstamp review has great significance, especially for people who are new to the crypto space and are still looking to choose a crypto exchange. Bitstamp is one of the oldest and most popular cryptocurrency exchanges in the market.
It is based in Europe and has successfully expanded to offer its services all around the globe now. Even though it has a day trading volume lower than other major names, it does not change the fact that Bitstamp is indeed one of the best platforms out there.
This crypto exchange offers numerous other benefits to the users that are mentioned below. However, no exchange is perfect, which is why you will also get to know the drawbacks of the exchange. It is not necessary that the drawbacks are major but knowing the pros and cons of any exchange can help you decide whether the platform is what you are looking for or not.
Therefore, if you are interested in using Bitstamp then here are the pros and cons of the exchange you should know.
Bitstamp Review – Advantages of the Exchange
Bitstamp is a popular platform that is known for the high-end features and services it offers to its users. Anyone looking to use this exchange needs to know the benefits it offers and the factors that can make crypto buying and trading easier and less challenging.
Here are the benefits you can enjoy if you use this platform for crypto investing or trading.
Fiat Trading Pairs
One of the benefits of using the Bitstamp exchange is that it offers fiat trading pairs for EUR and USD.
All the cryptocurrencies available on the exchange have a separate pair for each Coinlager fiat to digital currency exchange. This is one of the best options for people who are looking to avail different trading options.
Ideal for Beginners
This Bitstamp review aims to highlight all major benefits of the exchange, which also includes the fact that this platform is one of the best ones for novice parties. Not every exchange in the market caters the needs of the new crypto investors or traders, which is why new parties should be careful while choosing an exchange.
Safety Offered
One of the questions new crypto investors or traders often ask “is Bitstamp safe?”. If you are also looking for the answer then you should know that this platform is considered to be one of the safest exchanges in the market. If an exchange is not secure there is no benefit of using that platform as all your funds and opportunities to buy or trade crypto can be jeopardized.
This Bitstamp review sheds light on the advanced security protocols used by the exchange that are:
- Annual accounts auditing
- Cold storage for majority of assets
- Email confirmations
- Google Authenticator Login
- Know your customer (KYC) verification
- Two-factor authentication
Regulated Platform
One of the unique features of the exchange is the fact that it is a regulated crypto exchange. It is also a benefit of the platform and adds to the security offered by the platform.
Variety of Payment Methods
The Bitstamp exchange is not only secure but is also versatile and offers various options to the users. This is one of several reasons why many people choose to use this exchange. This Bitstamp review addresses the fact that the platform offers support to various payment methods, makes crypto investing easier for the users.
Some of the supported payment methods include:
- Credit cards
- Debit cards
- Wire transfers
Disadvantages of the Exchange
As mentioned earlier, none of the exchanges in the market are flawless. Each platform offers benefits as well as drawbacks but the intensity of the disadvantages can vary. The purpose of you knowing about the cons is to determine if the exchange suits your needs, despite the possible drawbacks it offers.
Limited Variety of Digital Currencies
One of the drawbacks of the exchange mentioned in this Bitstamp review is that there is not a wide variety of digital assets available for the users. This exchange offers support to more than 20 cryptocurrencies, which cannot be considered a vast collection as compared to the variety offered by other crypto exchanges in the market.
Long Verification Time
Another notable drawback of the crypto exchange is its prolonged verification period. This platform prioritizes the security offered to the users as mentioned above. This is why it has a thorough verification process that takes a lot of time.
Margin Trading Not Supported
People who are looking for diverse trading options may not be so thrilled to use the exchange as this platform does not offer support to margin trading. This is one of the most popular forms of trading. Therefore, if you are interested in margin trading then you should opt for a different crypto exchange.
Final Takeaways!
A Bitstamp review is one of the best things for people who are new to the crypto space and want to use the platform. Knowing the pros and cons mentioned above can help you determine if it is a suitable exchange to use or not.
