Who Should Use Bitstamp?
Bitstamp is a good option for those new to crypto trading. The platform provides access to major cryptocurrencies and several popular altcoins, along with an easy-to-use instant buy feature. More advanced traders may also find its variety of order types appealing for managing short-term price fluctuations.
Why Choose Bitstamp?
- Easy-to-Use for Beginners
The platform’s simple design makes it accessible to those just entering the world of cryptocurrency, with an instant buy feature for fast transactions. - Range of Order Types for Advanced Traders
Bitstamp offers several order types to suit different trading strategies:
- Instant orders: Execute immediately at the current market price.
- Limit orders: Set a preferred price for buying or selling.
- Market orders: Buy or sell at the best available price.
- Stop orders: Set specific entry or exit points to manage risk.
- Trailing stop orders: Flexible stop orders with a “trigger price.”
- Fill-or-kill orders: Buy or sell a specified amount at an exact price.
- Phone Support
One standout feature is Bitstamp’s phone support, uncommon among crypto exchanges, providing a direct way to speak with customer service.
Disadvantages of Bitstamp
- Limited Advanced Trading Features
While Bitstamp caters well to beginners, it lacks advanced tools like margin trading and does not offer features such as a rewards card, which are common on other platforms. - Customer Support Options
For those who prefer text-based support, Bitstamp may not be ideal. The platform offers no live chat, only email ticketing for customer queries. - Security Rating
Bitstamp has a lower-than-ideal security ranking, earning a BB rating from CER.live. It is not listed among the top 50 cryptocurrency exchanges on the platform’s security rankings.
Staking Options
Bitstamp allows staking for a few cryptocurrencies, including Ethereum (ETH) and Algorand (ALGO), giving users some passive earning potential, though it doesn't offer as many staking options as some competitors.