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BitStamp is a EU based exchange that allows users to convert from USD and EU fiat to cyrptocurrency. Bitstamp currently supports four cryptocurrencies, BTC, LTC, ETH and XRP.
BitStamp does comply with AML/KYC compliance requirements which makes the process of setting up an account time consuming. BitStamp is also has one of the most rigorous account set up procedures. Setting up an account and loading your banking information can take 3-6 business days depending on volume of new users. For compliance with KYA/ALM Regulations, it is recommended by us that you do the individual verification process on your computer.
To verify your information, BItStamp will require the following information.
- E-mail address
- Phone Number
- Full Name
- Birth Date
- Address of Current Residence
- Proof of Current Residency (Bank Statement not older than 3 months)
- Taxpayer Identification Number (Social Security Number)
- Government Issued Identification Photo
Once verified, you only have one way to upload funds. Below is a table with the information.
|Upload Method||Processing Times||Fee’s||Limits|
|ACH||3-5 Days||.05% of transaction or a $7.50 minimum||No limit|
BitStamp is unique in the sense that once you are verified, you have no maximum for the amount you upload, however there is a higher transaction fee than most other exchanges/brokerages.
Benefits of BitStamp
- No limit on deposits once verified
- Accepts EURO and USD
- Good Customer Service
- Allows Market Orders for buying and selling
Drawbacks of BitStamp
- Difficult setup process
- Limited access to the hundred’s of other cryptocurrencies available.
- High loading fee for USD vs. other US Exchanges or Brokerages
Additional Links for Bitstamp