Bitstamp Review – Pros and Cons of the Exchange to Know
Learning as much as possible through this Bitstamp review can help the novice parties in determining how suitable the platform is for them to use. Every crypto exchange offers something different to the users. The quality and transparency of the features available is what sets apart one exchange from another. It can also help the novice parties in determining whether the available services are according to their needs and criteria or not.
Choosing an exchange without proper research or information can cause the novice parties to end up with a platform that is unsuitable for them and does not offer what they are looking for. It can also be risky as the crypto space is known to be volatile and poses a few risks to the users.
This further emphasizes on the fact that choosing an exchange that offers high-end security is crucial and important. Therefore, the best way to know is Bitstamp safe and suitable is to take a look at the pros and cons offered by the platform as mentioned here.
Bitstamp Review on its Advantages
The popular crypto exchanges like Bitstamp have a reputation, thanks to the high-end features and services they offer to the users. However, it is not necessary that the exchange may be the best for you as well. This can be determined properly if you know the advantages you can enjoy while using the platform.
Here are the pros of the Bitstamp exchange.
Advanced Trading Platform
Bitstamp is one of the oldest crypto exchanges in the world and is a well-reputed platform. It is based in Europe and was established in 2011. It not only allows people to invest in crypto but is a powerful and advanced crypto trading platform as well. It has a user-friendly interface, which makes it a suitable trading platform for new and experienced traders alike.
Fiat Trading Pairs
One of the most outstanding aspects mentioned in this Bitstamp review is that this exchange not only offers support to crypto trading but also to fiat trading pairs. This is one of several reasons for its popularity. The users can also purchase the supported fiat currencies which are:
- S. Dollar
Safety and Security
Choosing a secure exchange is one of the most crucial aspects that should not be overlooked. Therefore, people who want to know, “is Bitstamp safe?” should know that it is one of the safest exchanges and makes use of state-of-the-art security protocols such as:
- Annual account auditing
- Cold storage
- Email confirmations
- Google Authenticator Login
- Two-factor authentication (2FA)
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Regulated and Licensed
Another benefit that adds to the value of the exchange and strengthens the security offered to the users is the fact that it is the world’s first regulated and licensed crypto exchange.
Various Payment Methods
This Bitstamp review highlights the major benefits offered by the exchange, which are also the prominent features of the platform. Knowing these details is the best way to understand if the crypto exchange is what they are looking for or not.
Therefore, if you prioritize your convenience then you should know that the platform offers support to various payment methods. You can choose which of the payment methods is most suitable and convenient for you.
Some of the available payment methods include:
- Credit cards
- Debit cards
- Wire transfers
Disadvantages of the Exchange
It is a common concept that every exchange has some pros and cons to offer as none of the platforms are perfect. The drawbacks of an exchange may not be extreme but can also be features and services that do not match your criteria.
Therefore, it is important for every novice party to know the cons of an exchange so they can decide if they are major or minor in accordance with their requirements and criteria.
No Support for Margin Trading
This Bitstamp review aims to make it easier for people to decide how suitable this exchange is for them. People who are interested in crypto trading, specifically margin trading, should know that the platform does not offer support to this form of trading. Even though it is a popular form of crypto trading, it is not supported on the Bitstamp exchange.
Limited Variety of Digital Assets
While the exchange offers several other high-end features, supporting a wide range of cryptocurrencies is not one of them. This platform supports 20+ digital currencies from one marketplace, which is not as versatile as other exchanges.
Long Verification Period
Another drawback of the exchange is that it takes a lot of time for the users to complete the verification process. Even though it is to enhance the exchange’s security, it is quite time-consuming.
The above-mentioned pros and cons are essential for everyone looking to use the exchange. This is why, this Bitstamp review sheds light on some of the major aspects of the platform.