Lets learn How To Use Bitstamp To Buy And Sell Bitcoins / Cryptocurrency 🙂
Step 1: Click HERE and open the Bitstamp website on your browser.
Step 2: At the top right you will find links to ‘Register‘ and ‘Log In‘. Click on ‘Register‘ to sign up for a new account.
Step 3: On the registration page you are required to enter your basic credentials like your name, email address, password, mobile number etc. Before you finish, make sure you check mark the little box adhering to the terms and conditions of the website. Once you finish that, the Register button gets activated and you can click on it.
Step 4: Post this, you will be get a verification mail consisting of a username and password- to the email id that you had provided. Once you verify your email id, the website can be accessed.
Step 5: Upon login, You will be asked to complete the 2F Authentication and update your password ( Scroll down to FAQ to learn in detail ). Wherein, you will receive an OTP which needs to be entered in.
How to buy Bitcoins on Bitstamp?
First thing you need to do is transfer some money into your Bitstamp account. In order to do this, you must be logged into your Bitstamp account, go to deposit section and select preferred method of transferring funds. You will be given a unique 11 digit reference code and your account information where your funds must go. Once the deposit is received, Bitstamp will credit your account and then you can start purchasing bitcoins right away.
Buying bitcoins is easy: You must go to trade section and place instant buy order which will automatically buy bitcoins at lowest price offered on the market. You can also place limit order, where you will need to set price on which you are willing to buy bitcoins.
- Create an account.
- Make a deposit via SEPA, wire transfer or some other deposit method.
- Once your funds arrive, go to buy/sell page and click buy bitcoins.
Once you have successfully purchased bitcoins you can withdraw them to your PC or send them to someone else.
If you own some bitcoins and would like to sell them and get money, this is what you need to do. First thing is to load your Bitstamp account with bitcoins. To do this, you must be logged into your account > click deposit button and select method as bitcoin. You will be given a unique approximately 34 digit alphanumeric characters deposit address that will serve you as an address for receiving bitcoins to your account.
Once you have your account loaded with bitcoins you will need to go to buy/sell page and place sell order. You can also easily do that by placing instant sell order which will automatically sell your bitcoins at highest price offered on the market. You can also place limit order, where you will need to set the price at which you are willing to sell your coins. Once you successfully sold your bitcoins, you can now withdraw your funds in USD or EUR currency.
- Create an account.
- Go to deposit page, choose bitcoins and send them to the address displayed on the page.
- Once your bitcoins arrive, go to buy/sell page and click sell bitcoins.
Once you have successfully sold your bitcoins you can withdraw your funds in USD or EUR currency.
How to trade?
After you successfully fund your account, it is time to trade. Click on Buy/Sell in the main menu. For starters, there are two main types of orders: Instant and Limit orders. Instant orders are very simple to use, but limit orders give you the power of setting the price you wish to pay or get for your bitcoins. It is up to you to decide which one to use. Instant orders are for people who would like to make a trade as soon as possible and limit orders to people who have experience in market trading. Other orders include- Market Order and Stop Order.
Placing An Instant Order:
Once your funds are confirmed, the simplest way to purchase Bitcoins is an instant order at the current bid/ask price. As the name suggests this usually results in your purchase going through right away.
To place an instant order, click on Buy/Sell > Instant Order. Click ‘Buy BTC’, then in the ‘I want to spend’ box enter the total amount of funds you want to use for buying Bitcoins. This amount includes Bitstamp’s fees.
Click on ‘Buy BTC’ underneath to place your order. Once your order is processed, the amount will be added to your BTC balance. Visit your Account Balance at any time to check this.
Place A Limit Order:
Bitstamp supports placing more advanced types of orders. These can be helpful if you want to get the best possible value for money.
To get started, Open Buy/Sell. Click ‘Limit Order (Advanced)’ on the left to place a limit order. In the simplest terms, this involves you placing an order to only purchase when Bitcoin reaches a certain value. Enter the number of Bitcoins you want under ‘Amount to Buy’ and under ‘Buy Price’ enter the price you wish to pay per Bitcoin. By default BitStamp will show the current market rate. Click ‘Buy BTC’ to place your order.
Placing A Stop Order:
Bitcoin is notoriously volatile in terms of its value. You can reduce the level of risk you may be exposing yourself to by placing a stop order which will execute automatically when certain conditions are met. In financial parlance, these kind of techniques are known as ‘hedging’.
To begin, go to Buy/Order and choose ‘Stop Order (Advanced)’ on the left. Place a ‘Stop Sell’ order by entering the amount to sell if the Bitcoin falls to a certain value. Set this value in ‘If Price falls to’. The ‘Trailing Stop’ option can be used to express this value as a percentage rather than a fixed amount.
You can also place a ‘Stop Buy’ order to purchase when the price rises to a certain level, again optionally with a Trailing Stop.
Understanding The Website:
The website consists of 6 major tabs on the top-right corner, which can help you during the event of your cryptocurrency transactions:
– Home: The Home page or the landing page gives you a complete overview about the platform itself. On scrolling further below, the current market rates along with other statistics are also given below.
– Account: The Account tab, is a shortcut to your personal profile. On this page you can update all your preferences, change settings etc. In this tab, a list of functions are present on the left that hold key to all your transactions on the website. The functions are-
- Sub Accounts – This tab reveals all the information with regards to the sub accounts – New, Active & Closed
- Transactions – Reveals all the transactions – (buying / selling) that you have done on the platform right from the start
- Open Orders – View all the open orders that you have created on your account.
- SMS Price Alerts – Get alerts on your phone via SMS about the rise and fall of the market.
- Redeem Coupon – Redeem / Activate coupons to avail benefits.
- Mobile Access – Configure the access of your account from your mobile phone here.
- Security – Secure your account from theft and loss of funds using the various measures mentioned here.
- Settings – This tab is related to any changes that you want to make to your account. Change your personal details, update passwords, change preferences (notifications) and also deactivate your account here.
- Support – Use this tab if in case you have any concerns. Raise a ticket and a customer support executive will contact you to resolve your query.
- Verify Account – If the verification process is still pending click on this tab to continue the process.
- Debit Card – Add/Delete – Manage the debit cards that you have uploaded on the platform.
- History – Reveals all the actions done by you right from the beginning.
- Change Log – In this tab you can view all the changes and the updates that are being made on the website.
– Buy/Sell – Buy and sell bitcoins or any other alt coins here based on your preference.
– Deposit – Clicking on the “Deposit” tab, you can select the system to deposit funds to you account.
– Withdrawal – Clicking on the “Withdrawal” tab, you can select the system to withdraw funds. This process is facilitated usually in USD.
– Tradeview – Opening the “Tradeview” tab, you can create an order to buy or sell Bitcoins.
Bitstamp Exchange Review:
Bitstamp is an online bitcoin marketplace that allows people from all around the world to safely buy and sell bitcoins. The company was incorporated in 2012 and is based in London, United Kingdom with additional offices in Luxembourg; and Berkeley, California.
With the demand for bitcoins surging, on went our research to find the best cryptocurrency trading platforms out there. And Bitstamp was one that really caught our attention. So here in this post we take a look at How To Use Bitstamp To Buy And Sell Bitcoins.
How to create an account on Bitstamp?
In order to proceed, you’ll need a scanned copy of a government issued ID (passport, national ID card, driver’s license) and some proof of address such as a utility bill (issued within the last three months). You’ll also need a phone or other mobile device to protect your account via two-factor authentication.
Step 1: Creating a Bitstamp account
Click HERE to open Bitstamp’s website on your browser. Click ‘Create Account’. A screen will appear entitled ‘Open your Free account’. Fill in the form with your name and email address. Before you finish, make sure you check mark the little box adhering to the terms and conditions of the website. Later click on ‘Register’.
A notification will pop up stating that you registration is complete and informing you that you’ll receive your user ID and password via email. Go to your email and note both the client ID and password for your account. Visit the website again, click the Options button at the top-right and choose ‘Log In’. Enter the relevant username and password details to log in.
Step 2: Secure password and begin verification
When you first log in to Bitstamp, you’ll see a notification saying your password is out of date. Click the link to change your password. On the new screen which loads, enter your current password in the field at the top. Next, put your new password into the fields below. The new password must have at least one lower and upper case character and one digit. Click ‘Change Password’ to confirm.
Start the verification process by visiting this link . You’ll first be asked to choose between a personal and corporate account. If you’re a private individual click ‘Personal Account’.
Step 3: Uploading your ID
The next verification screen will ask you to enter your name and residential address. Make sure that your name appears exactly as it’s written on your ID. Scroll down the page and enter your date of birth as it appears on your ID. You must also declare whether you’re a US Citizen or resident for tax purposes. Click no on the radio buttons here if that’s not the case, obviously.
Scroll down and click the ‘Browse’ button to upload the image of your ID. Use the fields below to enter the date the ID was issued and when it will expire.
Step 4: Submit verification request
Click the ‘Browse’ button to upload your proof of address. This must be either a bank statement, a utility bill such as a gas bill (not more than three months old), or documentation from your government such as a tax certificate. You cannot use your ID here, even if it shows your address.
Click ‘Submit Verification Request’ at the bottom of the screen. Bitstamp will review the information and documents you provided. If they are valid, your account will be verified in two to three working days. You must wait for this to happen before you can buy Bitcoins. Visit this link to check your verification status.
Step 5: Enable two-factor authentication
Enabling two-factor authentication means Bitstamp will request a special code from your mobile device when signing in or processing transactions. To use it, you’ll need a suitable app for your phone such as Google Authenticator or FreeOTP, which are free to download on the iTunes and Google Play stores (for iOS and Android respectively).
Click here to ‘Enable 2 Factor Authentication’. You will see a QR code which you can scan in using your mobile app. Make a note of the security key. Enter the six digit code generated by your app next to the ‘Auth key‘ field, then click ‘Enable Two Factor Authentication’ at the bottom of the screen.
How does Limit order work?
When you place a limit order you decide what price you wish to pay or get. Your order will then be added to the order book and will be waiting for someone to accept it.
How does Stop order work?
When you place a stop order you set an entry/exit price point. Once the price surpasses the predefined entry/exit point, the stop order becomes a market order. You can check the “Trailing stop” option if you wish to automatically track the bitcoin’s price direction and reposition the active stop order.
How long does Withdrawal usually take?
SEPA zone transfers usually take 2-3 business days. For clients outside SEPA zone it takes up to 5 business days.
What are Sub Accounts?
Sub Accounts are a feature that gives you advanced control over your trading, by allowing you to dedicate a portion of your assets to a particular trading purpose. These are optional and their use is entirely free (standard fees still apply to any trading done with Sub Accounts). They make testing different trading strategies, bots, etc. much easier.
What is the minimum trade amount on Bitstamp?
The minimum allowable trade is 5 Euro for Euro denominated trading pairs. The minimum allowable trade is 0.001 BTC for BTC denominated trading pairs. The value of minimum trades in other trading pairs will be denominated in the fiat currency of the particular trading pair and limited to 5 whole units of that currency (example: $5, £5, etc.).