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Security of Bitstamp

Like most first-generation centralised exchanges, Bitstamp holds users' private keys on its platform. Users must trust the company to secure and safeguard their digital coins. This means users also must trust those in charge of their private keys to remain honest. Meanwhile, users access funds through accounts using passwords and two-factor authentication (2FA). The history of cryptocurrencies has shown that you should avoid entrusting third parties with your private keys. It is, therefore, a good idea, immediately following a purchase, to move your crypto assets to wallets that are 100% under your control. Experts always recommend bringing your holdings onto exchange platforms only when you are ready to sell. Bitstamp presents its security features from the moment you register an account. After you fill out the registration form, an email is sent containing a customer ID and password to your inbox. You use the ID as your username, and you should change your password immediately the first time you sign in. Before you will be allowed to trade on the platform, you must also verify the account by providing your full name, postal address and date of birth. To authenticate this information, Bitstamp requires you to upload a government-issued ID and a no more than three-months-old utility bill to prove the place of residence. The document scans should be of high quality (colour images, 300 dpi resolution or higher), visible in their entirety and current (not expired). After you submit proof of ID, it takes three days for Bitstamp support to approve your application.

Security breaches

Bitstamp has experienced one minor & one major security incident since its inception. In February 2014, it was the target of a compromising distributed denial of service attack. The exchange suspended withdrawals for some users for two days to prevent hackers from accessing private keys and cashing out. The attackers blackmailed Bitstamp and demanded 75 bitcoins in ransom. The company refused to pay and cited a policy of non-negotiation with criminals. A year later, in January 2015, an attacker breached the exchange's security and stole about 19,000 bitcoins. The thieves used Skype and email communications with employees to introduce malware into Bitstamps system. The malware retrieved the private keys of the company's hot wallets. The news only surfaced six months later when someone leaked an internal report about the hack. Bitstamp declined to acknowledge its authenticity. Instead, they successfully requested the document be taken down from the platform on which it was published.

Fees

Bitstamp charges three types of fees on deposits and withdrawals, for trading, and for various services. Depositing and withdrawing is free for all cryptocurrencies. However, withdrawing using BitGo Instant will cost you 0.1%. Also transferring Ripple IOUs between accounts costs 0.20% of the value involved. It is free to deposit using SEPA, but you will be charged 0.90 EUR to withdraw using the same channel. International wire transfers cost 0.05% to deposit, with the minimum fee set at $7.5. Withdrawals cost 0.09%, with the minimum set at $15. Charges for using credit cards to make purchases vary depending on the amount involved. It costs 8% for amounts less than $500, 7% for amounts between $500 and $1,000, and 6% for purchases above $1,000 but less than $5,000. It costs 5% for purchases above $5,000. Withdrawing funds from your Bitstamp account using a credit card costs a flat fee of $10 for amounts not exceeding $1,000. For transfers exceeding $1,000, you are charged a fee of 2%. Trading pairs cost a percentage ranging from 0.10% to 0.25%, depending on the volumes involved. The higher the amount traded, the lower the percentage cost you incur. Bitstamp charges for a long list of service and operational fees. The list includes declined cash withdrawals ($0.55), a monthly account fee ($1.95) and a dormancy fee ($5).