Topic: Is Bitstamp still a good exchange for trading? (Read 225 times)

I've been signed up for them since forever. I'll never use them again. I've heard waaaay too many stories of people being asked to 'kindly' open their urethra to a couple of metres wide so they can have a look up there and hand over info most government agencies couldn't legally access.

I've run trillions of dollars through stock brokers. I've never had to provide more than address and photographic ID. Why the fuck should I give any more to a bunch of anon Slovenians?

There are better options out there.

Let me answer this question.Bitstamp has been the best exchange for fiat bank wire deposits, especially for the EU area. The campaign managers have used the average rate of preev.com but some managers use rate on major exchanges because taking the rates from top crypto exchanges will be fair for campaign participants. Bitstamp was the top exchange years ago but now it is on the top 10 crypto exchange list.

I have know bitstamp as a major exchange that signature campaigns uses for referencing bitcoin prices when trying to pay participants, mostly campaigns adhere to bitstamp in paying according to bitstamp bitcoin current price, I would like to ask "why using bitstamp always and not other exchange?" What's unique about their price since what's I'm reading above is complaints about them on their kyc and their high trading fee which I never knew of them. I will kindly appreciate who answers my question that I asked in the middle of my post.

I still use Bitstamp for swapping BTC to LTC (you can request new BTC address for each deposit) but there is only one problem with this exchange. If you can't prove the source of funds, highly advised to stay away from Bitstamp. Especially crpyot deposits from gambling platforms are suspended if the team catches this with third-party software. Some users report that the Bitstamp team froze the BTC deposits/withdrawals but the glitch is trade is open. One of the blocked users is able to convert BTC to XRP and withdraw XPR from this exchange. The liquidity is high and trading bots usually fill the limit orders, so the price reacts to every single rick on the global markets.  AFAIK, the Bitstamp charges 0.5% for traders who have a monthly turnover of less than < $10,000.  

Not complicated but rather exaggerated.Binance had stepped up on the game and thats why they've been known to be one of the best exchange at the current time.They had done things which cant really
be seen on other platforms and thats why its no doubt that they do able to take that top spot.

For Bistamp then im pretty much aware of its existence but i havent tested out on using this up.

Just adding some links for more info about Bitstamp had been sold.
https://cointelegraph.com/news/crypto-exchange-bitstamp-acquired-by-belgian-investment-firm-in-all-cash-deal

Binance presenting us with their local coin to limit the exchanging expenses, that's the nice feature indeed. I know a lot of exchange site who comes with offering ZERO fee at their initial then after that they included fee, such a bad marketing so in this point binance make the things clear where others make it complicated.

Binance has changed the game the way exchanges before used to charge the trading fees and if you happen to use their BNB coin to make the payment of trading fees then the fee is also reduced further. So this gives a good support to daily trader to pay minimum trading fees and can do many small transaction as well on exchange without much worrying about it.

ghibly79, over the years there have been some complaints about Bitstamp and their rather aggressive KYC, but this experience of yours is really weird to say the least - so there seem to be people working there who have no idea what they really should be doing. What is known is that Bitstamp was sold in 2018 to a Belgian company NXMH, and whether they are to blame for some changes or Bitstamp has always been a bit problematic in some things is perhaps best known to those who used it before the sale.

I have to admit that in the last year or two I almost didn't come across anyone mentioning this crypto exchange, which just means that their popularity is declining more and more - and with this extra high trading fee it's like they are trying to nail the last few nails into they coffin.

Just avoid this exchange, there are many more professional alternatives nowadays. Not only their kyc/aml efforts are way overboard and borderline illegal privacy crushing but their staff clearly shows undertraining and a general complete cluelessness about what they are doing and in which field they are operating.

My personal experience: I've worked as an otc exchanger for a while and stopped my activities some 4 years ago, never used my Bitstamp account since then. Suddenly out of nowhere their support contacted me asking for some impossible to get and above all totally irrelevant information from an aml point of view (as it would prove nothing anyway). I provided what I could and the issue seemed to be solved, only for them to contact me again 5 months later (account still never used meanwhile) with the same exact requests as if the previous ones didn't take place. I gave them the same answers with the information I could gather and after weeks of more time wasted for nothing (I was answering more as a matter of principle than anything at this point) the account was finally terminated. Luckyly I held no funds with them whatsoever.

More in detail, I was asked for:

- various up to date ids and bank statements: reasonable request, I complied.

- "proof" of the sources of funds I transacted with them: impossible information to gather since I was just transacting mostly p2p and I'm not some governative agency with the power to track down every individual I transacted with and compelling them to send me full documentation about their financial lives, obviously, nor I'd have the time or the will to do such a thing. Some of the funds were my personal savings I bought some btc with for personal long term investment and I didn't have such old bank statements available, also because I changed banks overtime. Also it would have proved nothing aml-wise anyway since those few personal funds in fiat I bought the crypto with back in 2013 or so could have been ill gotten with no way to tell from a bank statement. I explained them all this.

- they answered asking me to provide my bitcoin wallets WITH IBAN, ADDRESS, NAME and such clearly visible. Yes you read it well: bitcoin wallets with iban, name, address. They don't know what they are doing: my best guess is they tried to bolster their aml department picking some random ex bank employee, without educating them about the crypto field, and this is the result. I practically laughed at them, tried to clean up the intellectual mess they are in a bit and provided a few of my recently used addresses (obviously without ibans...). Provided some screens of my recent transaction on my current bank account (daily expenses for low amounts), just to give them a useless iban since they were asking for it so insistently.

As I said this whole useless, embarassing and time wasting procedure was repeated twice with a 5 month gap, and in the end the account was terminated. Now the problem is not they are trying to comply with strict regulations, I can understand that. The problem is they clearly don't know what they are doing, ask for information which not only is impossible to provide in most cases (people don't plan their financial life 10 years in advance predicting the future braindead requests of some random minor crypto business and keeping all the possible documentation accordingly, I'm sorry) but mostly doesn't even make sense (btc wallets with ibans!) or is relevant in any way for aml (bank statements documenting some prehistoric wire transfers to some likely defunct exchange for a few bucks to buy some btc valued $ 100 at the time. As if this could rule out illicit source of funds).
Aml protocols require a much more balanced (and sensible) approach or it's just useless harassment and a waste of time for both parties.

i've been warning people away from bitstamp for a long time. they are the single most infamous exchange for demanding overly invasive KYC, freezing funds, and terminating accounts without cause.

jacking their fees up recently just added insult to injury.

bitstamp is an old exchange ; 0.5 percent fees trade very high ; i advice you to use binance because is popular and safe site exchage ; also fees of trade 0.1 for maker ans 0.1 for taker . i think fees small compared with bitstamp and other sites exchange

Hi Everyone!

I recently published a review of Bitstamp, so I wanted to get your thoughts on Bitstamp.

Do you think it's still a good exchange? The trading fee on Bistamp is now 0.5%, which is one of the highest in the industry. What do you guys think, is it worth it to still trade on Bitstamp?

You can find the full Bitstamp cryptocurrency exchange review here.

Can't wait to discuss with you guys!