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How to Trade on Bitstamp?

How to Trade on Bitstamp?

is the world’s longest-standing cryptocurrency exchange. Ever since it opened its door in 2011, Bitstamp has provided a reliable gateway into the crypto universe for individuals and institutions worldwide. It is Europe’s biggest exchange by trading volume and offers trading of BTC, ETH, LTC, BCH and XRP paired with USD, EUR and BTC.

Beginners can purchase crypto with credit cards, while experienced traders can use a range of order types and analytical tools.

Signing Up

To get your account activated, simply navigate Bitstamp and select either “Get Started” or “Register” button on the landing page. You will then be prompted to select whether your account will be for personal or corporate use.

ID Verification

Bitstamp’s registration process is more rigorous due to the fact it abides by AML and KYC. You will be required to enter such information as your nationality, ID photo as well as document to prove your residence.

Security

You can enable “Two-Factor Authentication” by going to “Account” then select “Security” on the left-hand sidebar. Click “enable Two-Factor Authentication” and follow the instructions.

Note: Please make sure that you save your newly issued 16-digit authentication key in a secure place where only you can access it.

Depositing Funds

Once your account has been verified, all trading functions will be accessible, but funds will need to be deposited in order to do so. You may deposit your funds via SEPA (Single Euro Payments Area) or international wire transfer (International Bank).

The cryptocurrencies on offer are Bitcoin (BTC), Ripple (XRP), Litecoin (LTC), Ethereum (ETH) and Bitcoin Cash (BCH). You can, of course, deposit any of mentioned cryptocurrencies to the exchange as well.

Alternatively, Bitstamp accepts IOU (BTC, USD). If neither of the options works out for you, Bitstamp also accepts AstroPaypayment.

Placing a Trade

With Bitstamp, it allows users to trade cryptocurrencies in various ways that appeal to both users with beginner and advanced levels of trading expertise.

First, click the “Buy/Sell” tab at the top menu and you will be directed to the trading interfaces.

The user has the option to conduct different trade types as follows:

  1. Instant Order aimed towards a novice, it executes immediately under the current price and is, therefore, easier to use.
  2. Limit Order gives you the power to set a specific price at which you would like to buy or sell the desired amount of cryptocurrency.
  3. Market Order enables you to buy or sell at the best available market price. Simply enter the amount of cryptocurrency you wish to purchase/sell, and the trade will be executed at the current market price, i.e. the last traded price.
  4. Stop Order is similar to a market order, the stop order is designed to be executed at the user’s desired price when the market price reaches the desired level. The difference is that the users enter the price that they want the trade to be triggered at as well as the price they want to buy or sell order.

What is more, Bitstamp provides a more professional trading interface, the full-featured “Tradeview” interface that can be accessed through the “Tradeview” tab in the upper right corner of the page.

Five key components you should know to use the Tradeview interface:

Trade History is a history of recently executed trades that can be found on the leftmost part of the trading interface.

See Also

Depth Chart represents order book data so you can easily see what prices level contain a high or low concentration of orders.

Price Chart displays the live price action of the selected cryptocurrency.

Order Executor is where you will decide whether you want to open a limit, market or instant order with the desired amount and price if the limit or stop order was selected.

Withdrawing Funds

If you have made your trade and now wish to withdraw your funds from the exchange, you are required to go through the withdrawal process.

In order to begin, simply click the “Withdrawal” tab at the top menu of the page. Next, select the withdrawal method you would like to engage in. Bitstamp allows funds to be withdrawn to an external digital wallet and EU or International Bank.

Like the depositing process, you will be prompted to enter or confirm your banking information if withdrawing via EU or International Bank, or your destination wallet address and withdrawal amount if withdrawal via cryptocurrency is selected.

Last but not least, select “2FA & Withdraw”, enter your 2FA code, click “Confirm” and your funds will be on their way.

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