BitStamp, one of the most popular cryptocurrency exchanges, was launched in 2011. The main founders of the platform were Nejc Kodric and Damijan Merlak. BitStamp prioritize quality over quantity and offer trading opportunities for a limited amount of digital currencies. Bitstamp was one of the first exchanges to compete with Mt. Gox. In 2013, Bitstamp moved part of its business to London. Kodric and Merlak wanted their exchange to be at the European Banking Center, but Britain did not have the rules to manage cryptocurrencies.
They considered the lack of sufficient laws in countries to regulate cryptocurrency exchanges as major problems in digital currency trading. Therefore, they have to look for a country whose rules are in line with Bitstamp. David Marcus, former PayPal Head, proposed Luxembourg. In early 2016, the founders of BitStamp met with the Luxembourg government. In April, the BitStamp exchange became the first crypto exchange with a national license. Since then, Bitstamp has collaborated with financial institutions around the world, including Swissquote and Crédit Agricole. BitStamp is suitable for both beginners and experienced digital currency users who need to trade Bitcoin, Altcoin, and fiat currencies.
BitStamp user interface at a glance
BitStamp provides users with a safe and secure environment. The platform has millions of active users. However, it can be confusing for newcomers. Over time, users will realize that BitStamp is professionally and attractively designed with many features and providing a great experience for users. Examination of the trading panel shows that that BitStamp is not suitable for those who find trading intimidating.
BitStamp development team
As mentioned earlier, bitstamp was founded by two Slovenian friends, Nejc Kodric and Damijan Merlak. Nejc Kodrič was born on February 27, 1989, in Slovenia. Kodrič obtained a degree in Economics from Ekonomska gimnazija Kranj in 2009 and a degree in Information Science from Fakulteta za organizacijske vede in 2013. In February 2009, Kodrič co-founded GSračunalniki, computer hardware and IT consulting firm, where he also served as Marketing Director of the company for two years before co-founding his next venture. Damijan Merlak is an Entrepreneur and Cryptocurrency Enthusiast based Valletta, Malta. He is the Co-Founder and was CTO of Bitstamp. Merlak is the 6th richest person in Slovenia. He involved in software development at the age of 13 and he started to work professionally as a software developer in college.
Trading items and markets in BitStamp
Bitstamp’s main service allows users to trade Bitcoin and a limited number of other digital currencies. In other words, BitStamp prioritize quality over quantity. Bitstamp provides the following orders:
1- Market (trading at market price)
2- Limit order (order at a special price)
3- Stop Loss
Bitstamp Exchange advantages
- Fiat currency support:Bitstamp allows users to buy digital currency with fiat currency. Fiat currency is the official currency of countries. The fiat currencies supported by BitStamp are US Dollars (USD) and Euros (EUR). It is also possible to use Swiss francs and British pounds in this exchange. However, users cannot trade with them.
- Payment methods:BitStamp supports credit cards and bank transfers. Bitstamp support for various payment methods makes your first cryptocurrency transaction much easier.
- Fees:Bitstamp fees are very low compared to other exchanges on the market and are ideal for beginner traders. BitStamp fees depends on payment method and location.
- Customer services:Bitstamp tries to keep its traders satisfied. The exchange responds to all emails from users and has a helpline (in the UK) for emergencies. Users can also find answers to their questions on the Bitstamp website.
Bitstamp Exchange disadvantages
- Coin selection:Currently, the BitStamp exchange only supports 91 digital currencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum (ETH) and Ripple (XRP). This can be annoying for those who work as a professional trader.
- Lack of user-friendliness of BitStamp exchange
- BitStamp is very complex as a professional trading exchange. This makes it difficult for new users to use BitStamp. It is worth noting that the platform is well designed, but it may seem advanced and complicated to some beginners.
Bitstamp Exchange Security
Exchange security is one of the most important questions for users. In this regard, let’s review some of BitStamp’s security policies.
Wallet security: BitStamp Exchange uses best practices for cold storage of its encrypted assets. This means that assets are inaccessible to hackers because they are not connected to the Internet.
User security: There is always a potential risk of account hacking for users. Therefore, BitStamp has many features that protect users and reduce the chances of hackers endangering their accounts. One of the most important features is arguably two-factor authentication. This is fully standardized in exchanges and is an additional layer of security.
Communication security: Because BitStamp deals with sensitive information such as identity documents and account passwords, so all communications must be secured. Therefore, the most advanced AES 256 encryption standards are used to connect to the server. In addition, documents uploaded to the site are stored using PGP encryption. This means that even if a hacker breaks into the server, the information remains completely secure. All of these security features make BitStamp one of the safest exchanges.
Without a doubt, BitStamp is one of the most prominent cryptocurrency exchanges in the world, which has attracted the attention of many traders. Bitstamp provides a low-cost exchange for crypto users looking for a safe way to trade. This exchange is quite old and knows how to provide good service for a large number of transactions. This exchange is a suitable platform for anyone looking to trade in the European Union.
Official Website: www.bitstamp.net
Source: The Pipsafe Team