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Bitstamp is a online Bitcoin exchange site which was founded in 2011 and based out of the United Kingdom. It was one of the first places that became mainstream to trade Bitcoin on, even before Bitcoin and cryptocurrencies became mainstream news. Bitstamp offers traders the chance to buy and sell not only Bitcoin, but also runner-up Ethereum, Cardano, Dogecoin and XRP. The wide variety of offering has differentiated Bitstamp from its competition from its early star. Although most exchanges have already caught up.
Having been in service since the start of Bitcoin trading, Bitstamp is a well respected exchange to trade on and it also have a high level of security, to avoid any money laundering or scams from occurring as well as to avoid your data being hacked and misused. You can open your account fast and acquire or sell Bitcoin within a matter of minutes, making it a fast place to start your cryptocurrency adventure. The price of the Bitcoin updates every time there is a change in the market and the prices are pretty much spot on what it should be on the market. This means that you will get full value both as a buyer and a seller when you use Bitstamp as your Bitcoin exchange site.
You will have access to graphs, charts and statistics about the bidding and asking price of the Bitcoin, so you can see its movement and plan your strategy towards buying and selling them accordingly. The price movements is also important to look at as you wouldn’t want to buy Bitcoins while the value is going down, as well as you probably don’t want to sell while the value is going up.
When you are looking to buy Bitcoin then the first step is to upload funds to your account, in order for you to make a buying order for them. Depending on where in the world you are from, there are different bank transfer methods available for you to use, as well as the option to pay with AstroPay.
What you have before you are able to start the funding process is to verify your account by sending in a proof of your identity. To do this you need to send in your photo id issued by the government as well as a scanned copy of a utility bill proving your address. The verification process takes around 24 hours.
You will then be able to choose the funding method that you prefer and enter the details of the payment method, including the amount of dollars that you wish to transfer to your account. Once the payment has been initiated, it will take between a few minutes and up to 10 banking days before the money will hit your account, depending on your payment method.
When you want to withdraw money from your account because you sold Bitcoin or simply didn’t buy Bitcoin for all the money, the process is once again very simple. You have to go to the withdrawal menu and choose the withdrawal method that you prefer to use, enter the account details and the amount you want to withdraw and as soon as it has been accepted in the system, the money will arrive in your account within 3-10 working days. You will not need to verify your account again if you already verified it when you deposited, however if you haven’t made a deposit you will need to verify your account by sending in your personal documents before you can make a withdrawal of funds.
Buying Bitcoin through Bitstamp provides you with two different ways of doing so. You can choose the instant order which is the most simple way of buying Bitcoin, where you simply enter the amount of dollars that you want to buy Bitcoin with and the system will instantly execute your order and give you Bitcoin at the market rate. This method is good for people who doesn’t care about saving a few dollars and is buying 1 Bitcoin or less, but if you are going to buy more than that, then you should take a look at the other method available.
The other method you can use to buy Bitcoin with is by placing a limit order, where you decide the buying price that you wish to pay. So instead of paying market price for the Bitcoin, you can say that you want to pay $10, $15 or even $100 less than the market value. If there is a seller on the market who is willing to sell his Bitcoin to you at that price, then you will be successful in having low-balled the price. However limit orders will usually take a lot longer to have executed than through instant orders, because you are not willing to pay the market price.
Selling your Bitcoin through Bitstamp works the same way as when you are buying, giving you the choice of placing an instant order or a limit order. If you place an instant order you will be selling the Bitcoin you want to sell at the current market rate, which can be positive and negative. The positive is that if someone is actually willing to pay the price, then you will get the most out of your Bitcoin. The negative however is that very few Bitcoin traders are paying full market price for Bitcoin, meaning that it may take a while before you can sell your Bitcoin.
If you place a sell limit order in the system then you have the possibility to decide the price that you want to sell for yourself. This makes it possible for you to make a quick sale, if you are interested in that, by lowering the price slightly compared to the market value. You can also put them out for sale at market price or slightly above if you want to do that, ensuring that as soon as the value of the Bitcoin goes up just a little you will be selling and cashing in the profits. There is no right or wrong in the method that you choose, it all depends on what you need.
If you need to transfer Bitcoin to your or from your Bitstamp wallet, then that can be done very simple and within an hour. To transfer Bitcoin to your Bitstamp wallet, either from one of your other wallets or to receive a transfer from another person, you will need to go to the deposit page and choose deposit Bitcoin. Pressing there will provide you with your unique Bitcoin wallet address, which you simply provide to the person who needs to send you the Bitcoin and the coins are on its way.
For sending Bitcoin to another wallet of yours or to another person is done by clicking on withdraw Bitcoin. Clicking there will take you to a new menu where you can insert the receiving party’s unique Bitcoin wallet address and the amount of Bitcoin to send and once submitted the coins will be there within 1 hours time.
Bitstamp offers a great service for Bitcoin traders and needs to make money to maintain their business as well as making a profit. The way they do so is by charging a fee on all the transactions that you make in Bitstamp, which doesn’t amount to a lot of money in general. The fees varies from 0.20-0.50% of the total amount you are trading, depending on the total volume you have been generating in a month. You can find the exact fee schedule on Bitstamp website.