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    Bitstamp

Corporate Values

Overview

Bitstamp has a consumer rating of 3.8 stars from 5 reviews indicating that most customers are generally satisfied with their purchases. Bitstamp ranks 120th among Cryptocurrency sites.

  • Service
    1
Positive reviews (last 12 months): 0%
Positive
0
Neutral
0
Negative
1
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How would you rate Bitstamp?
Top Positive Review

“A good one”

richard w.
12/19/19

This is a good one as far as cryptocurrency exchange is concerned because transactions with them are without a hidden agenda. In my experience, i lost huge funds investing in binary options and fraudulent investment scheme and although "assetstrail. Tech" was able to recover my lost funds, i tell you losing those funds in the first instance wasn't a favorable experience

See positive reviews
Top Critical Review

“Stay away, take your business elsewhere!”

Dit S.
11/4/20

I have been a customer of bitstamp for three years. This month they held back my transfer demanding additional KYC procedures. These procedures require the customer to - submit salary slips - submit annual tax revenue statements - provide data clarifying the purpose of crypto withdrawals - submit signed wallet addresses to which crypto has been withdrawn - submit information about which other exchanges are being used - include identifying information with any of the documents submitted - elaborate on the bitstamp account usage in greater detail - elaborate on the destination of crypto withdrawals to various crypto addresses supplying supporting documentation for all the statements However in bitstamp's "Terms and Conditions", no mention is made about this additional KYC. Yet bitstamp is using this as an excuse to justify its behaviour in withholding customers funds. As I am typing this in the terms and conditions they only claim to collect the following information: "A. Personal Information We Collect We collect the Personal Data which you provide directly to us or which we generate when you open a Bitstamp Account, perform any transactions on the Bitstamp Platform, or use other Bitstamp Services or our website. This may include: Contact information, such as name, home address and email address; Account information, such as username, password, Account settings and preferences; Financial information, such as bank account numbers, bank statement and trading information; Identity verification information, such as images of your government-issued ID, passport, national ID card or driving licence. Note: US residents may be asked to provide their social security numbers; Residence verification information, such as utility bill details or similar information; Information regarding the way in which you use our Services, such as when you used our Services, and the specific Services used; and Information relating to communications with us, whether through the Bitstamp website or via e-mail, over the phone or via any other medium." (See: https://www.bitstamp.net/privacy-policy/ https://www.bitstamp.net/s/documents/legal/Bitstamp_SA_terms_of_use_personal.pdf) I have screenshots to prove that today 04/11/2020 this is precisely what it says on their website. Bitstamp moved our accounts from Bitstamp Ltd (their UK office) to Bitstamp SA in Luxembourg In the beginning of August this year. As a result their compliance criteria probably changed. Yet they decided not to inform their customers knowing very well that very few customers would be happy to provide the information listed above for the "additional KYC procedure". In the email I received on the 4th of August, (An update regarding your Bitstamp account) bitstamp said: "The services we offer you will not be affected and you do not need to take any action at this time." And then: "Once this process is finished, your account will be subject to Bitstamp Europe SA's Terms of Use and our updated Privacy Policy. For more details, please review the full documents." The links to those two documents are the links I supplied above. And they contained no information about any additional KYC requirements. In addition, they said:"No action is required!" The lack of any information regarding the new KYC requirements suggest that bitstamp was purposefully misleading its customers about the change of compliance conditions resulting from moving the accounts and is now blackmailing its customers by withholding funds until the required information has been supplied. Any comment by bitstamp pointing out their terms and conditions can be easily refuted. There is nothing about the additonal KYC demands in their terms and conditions at the time I am writing this. Bitstamp conduct is not acceptable and is probably in direct contravention of the laws of most European countries. Changes in Terms and conditions need to made known. And people need to be warned to stay away from bitstamp.

See critical reviews

Reviews (5)

Rating

Timeframe

Other

marka1223
2 reviews
22 helpful votes
August 5th, 2020

How can I recover my funds on binary options or forex?
Have You Been Scammed By An Alleged Binary Options Broker
Did you know the forex market is the largest financial market in the world, with over $5 trillion traded every single day? Not only does it allow central banks and corporations to trade with each other, or holidaymakers visit new destinations, it also allows speculators to take advantage of a market that trades 24 hours a day, 5 days a week.
There has never been an easier time to access the world's forex market either. At the click of a button, you could be trading on the direction of the Euro, British pound, Japanese Yen, US dollar or even the Russian Ruble! There are hundreds of currency pairings to trade from, so you're free to find the ones that interest you most.
However, while the financial gains of trading the forex market seem lucrative, it's not considered easy. Having a sound trading education, a properly funded trading account and understanding of risk management techniques are essential. Unfortunately, there are many unscrupulous individuals who will try to scam individuals through forex trading scams.
Forex scams will be around for as long as the Forex market exists. As schemes are evolving, scammers are always somewhere nearby, trying to extort your money away. But could there be a solution to this problem?
Investment scams take many different forms. Some of the scams are even named after their creators - such as a Ponzi scheme, after the infamous scammer Charles Ponzi. Forex scammers tend to target beginners or uneducated traders. The best way to combat this, and avoid getting scammed, is by getting a good Forex trading education so you are aware of everything before you enter the markets.
Once you master the markets, you are no longer an easy target. Forex scams often use phrases like"a too-good-to-be-true investment opportunity" as a way of convincing you to part ways with your money. When you lack trading experience, swindlers will try to exploit your optimism and fears. Here's where Forex scammers step in and make you exciting offers.
How To Spot A Forex Trading Scam
The most important giveaway of a Forex scammer is the guarantee of unusually large profits with little or no financial risk. First of all: there's no such thing as a 100% guarantee. If there was, there's no way traders would share it with other market players. Some of these offers may sound very attractive, especially to beginning traders. But as the saying goes, the only free cheese is in the mousetrap. The bottom line is this: if something sounds too good to be true, it probably is.
Here a few simple rules to follow in order to avoid scammers:
Remain safe and don't run after empty promises
Be especially wary of software that claims to have found a 'ecret formula'
Do not install any programs until you are certain they won't damage your computer
Another giveaway is that scammers never register with any regulatory authority. Remember - true brokers always provide proof of their legitimacy. If you suspect that a Forex broker is lying about their regulation, you can contact a regulatory authority who may be able to provide a list of regulated companies, and a list of cases opened against regulated companies. This will help you understand which Forex brokers to avoid.
If you've been a victim of forex scam or any other scam either through bogus investment companies or through romance scam grantspace tech recovery company has been known to recover funds from this nefarious scammers and through the help of world-renowned hackers like Peter Yaworski, Frans Rosen, Jack Cable, Jobert Abma, Arne Swinnen and many more working under grantspace tech to make sure victims get the relief they need and you don't have to pay a dime till your funds have been recovered.
Contact - SmartExRecovery AT protonmail dot com

dits
3 reviews
16 helpful votes
November 4th, 2020

I have been a customer of bitstamp for three years. This month they held back my transfer demanding additional KYC procedures.

These procedures require the customer to
- submit salary slips
- submit annual tax revenue statements
- provide data clarifying the purpose of crypto withdrawals
- submit signed wallet addresses to which crypto has been withdrawn
- submit information about which other exchanges are being used
- include identifying information with any of the documents submitted
- elaborate on the bitstamp account usage in greater detail
- elaborate on the destination of crypto withdrawals to various crypto addresses supplying supporting documentation for all the statements

However in bitstamp's "Terms and Conditions", no mention is made about this additional KYC. Yet bitstamp is using this as an excuse to justify its behaviour in withholding customers funds.

As I am typing this in the terms and conditions they only claim to collect the following information:
"A. Personal Information We Collect
We collect the Personal Data which you provide directly to us or which we generate when you open a Bitstamp Account, perform any transactions on the Bitstamp Platform, or use other Bitstamp Services or our website. This may include:

Contact information, such as name, home address and email address;
Account information, such as username, password, Account settings and preferences;
Financial information, such as bank account numbers, bank statement and trading information;
Identity verification information, such as images of your government-issued ID, passport, national ID card or driving licence. Note: US residents may be asked to provide their social security numbers;
Residence verification information, such as utility bill details or similar information;
Information regarding the way in which you use our Services, such as when you used our Services, and the specific Services used; and
Information relating to communications with us, whether through the Bitstamp website or via e-mail, over the phone or via any other medium."

(See: https://www.bitstamp.net/privacy-policy/
https://www.bitstamp.net/s/documents/legal/Bitstamp_SA_terms_of_use_personal.pdf)

I have screenshots to prove that today 04/11/2020 this is precisely what it says on their website.

Bitstamp moved our accounts from Bitstamp Ltd (their UK office) to Bitstamp SA in Luxembourg
In the beginning of August this year.

As a result their compliance criteria probably changed. Yet they decided not to inform their customers knowing very well that very few customers would be happy to provide the information listed above for the "additional KYC procedure".

In the email I received on the 4th of August, (An update regarding your Bitstamp account) bitstamp said:
"The services we offer you will not be affected and you do not need to take any action at this time."
And then:
"Once this process is finished, your account will be subject to Bitstamp Europe SA's Terms of Use and our updated Privacy Policy. For more details, please review the full documents."

The links to those two documents are the links I supplied above. And they contained no information about any additional KYC requirements.

In addition, they said:"No action is required!"

The lack of any information regarding the new KYC requirements suggest that bitstamp was purposefully misleading its customers about the change of compliance conditions resulting from moving the accounts and is now blackmailing its customers by withholding funds until the required information has been supplied.

Any comment by bitstamp pointing out their terms and conditions can be easily refuted. There is nothing about the additonal KYC demands in their terms and conditions at the time I am writing this.

Bitstamp conduct is not acceptable and is probably in direct contravention of the laws of most European countries. Changes in Terms and conditions need to made known.

And people need to be warned to stay away from bitstamp.

Tip for consumers:
Stay away.

Service
richardw1041
6 reviews
35 helpful votes
December 19th, 2019

This is a good one as far as cryptocurrency exchange is concerned because transactions with them are without a hidden agenda. In my experience, i lost huge funds investing in binary options and fraudulent investment scheme and although "assetstrail. Tech" was able to recover my lost funds, i tell you losing those funds in the first instance wasn't a favorable experience

stephane5
11 reviews
22 helpful votes
September 28th, 2013

Good Bitcoin exchange where I can easily (and fast) move money in and out. I made many transactions with them and all without any problem.

1 rating was submitted through the Sitejabber Browser Extension or converted from reviews due to lack of content.

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About the business

Trade digital currencies at www.bitstamp.net We support the exchange of currencies, information, ideas and trust. Over 850,000 traders around the world use Bitstamp? ۪s best-in-class trading tools. Join them trading BTC, XRP and LTC now on the E...

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