Bitstamp is an "all-inclusive" exchange wallet, allowing you to do everything conveniently from a single place - buy Bitcoin, send it to fund your Galaxy account, and withdraw it back into your bank account.
IMPORTANT: With Bitstamp, all purchases from the USA are made with Bank Wire which can take 2-5 days. It is not possible to buy Bitcoin using a credit/debit card in the USA. If this is inconvenient for you, please consider using a different exchange such as Coinmama, Coinbase, CEX, or Paybis - all of which accept credit cards.
This guide includes steps for:
- Creating your Bitstamp Account
- Funding your Bitstamp Account
- Buying Bitcoin
- Depositing to Galaxy
- Withdrawing from Galaxy
Haven’t created an account at Bitstamp yet? No worries, we’ll walk you through it.
Just head to https://Bitstamp.net/ hit the Register button, choose Personal account and follow these steps:
- Fill out the details and hit Open account
- An email confirmation link will be sent to you
- Open the email and click the link (link expires in 2 hours)
- Next, create a password and hit Continue
- You’ll be assigned a User ID and you can now log in for the first time
The next step is to verify your identity.
- Hit the Start your verification
- You’ll be asked to confirm your nationality and ID
- Once that’s done, you can upload photos of your ID (front and back).
- Enter your home address on the next screen.
- Confirm proof of residency by uploading a photo of a bill showing your address (a credit card statement is also acceptable).
- Reply to US citizen/resident questions (include your TIN/SSN if applicable).
- Hit Get verified (NOTE: later, within the Account section of your account, you may be asked to complete some additional KYC forms for verification).
Now that you’re verified, Bitstamp will ask you to set up a 2FA (two-factor authentication) to add security to your account.
With your mobile device at hand, simply follow these steps:
- Hit the Set up 2FA tab.
- Install the Google authenticator app (for Android) or Duo Mobile app (for iOS) on your smartphone or tablet.
- On the app, hit Add an account (on Android you need to hit Skip a few times to get there). This should open the scanner screen.
- Back on Bitstamp, hit the I have the app button and then scan the QR code you see on the screen, using the scanner on your mobile app.
- Enter the 6-digit code which appears on your mobile and press Enable two-factor authentication to finish the process.
- On the next screen, hit Finish and start trading
NOTE: Once 2FA is set up, you will need to enter a 6-digit code every time you log in to Bitstamp. For security, a new code is generated every 30 seconds and you will need to get the new code by going back to your Google authenticator or Duo Mobile app you downloaded.
Before you can buy Bitcoin, first you’ll need to deposit money into your Bitstamp account via bank wire.
To do this, follow these steps:
- Select Deposit from the top menu
- Choose International Bank on the right
- Copy the Company Information
- Copy the Bank Information
- IMPORTANT! Take note of the Reference Code (the code shown on the image below is just an example. Actual codes contain letters and numbers and are unique for each user).
- Take the Bitstamp company and banking info provided on this page and use these to make a wire transfer from your personal bank account (this can be done in person at your bank, or online if your bank account allows for wires via internet).
After making the deposit, within 2-5 business days the funds will be available in your Bitstamp account.
When your Bitstamp account is funded, you are now ready to buy Bitcoin.
- Select the Buy/Sell tab from the top menu
- Enter the amount in USD you want to spend on Bitcoin
- Hit Buy BTC
Once you have Bitcoin available on your Bistamp account, you’re ready to fund your sports account.
First, you’ll want to go to the Galaxy website since that’s where you will be getting the address to send the funds to.
Just log in to your account and follow these steps:
- Open the Cashier
- Select Deposit
- Select Bitcoin
- Enter the amount to deposit (this must be the exact amount you want to deposit)
- Claim a bonus (optional)
- Hit GET ADDRESS
You will now need to copy this address. You can either highlight by dragging or copy instantly by hitting the small copy icon (like two sheets of paper) to the right side of the address. Please do NOT type the address by hand. Always use the copy-paste feature!
Next, return to Bitstamp and follow these steps:
- Hit Withdrawal on the top right of your screen.
- Choose Bitcoin BTC from the list on the left side.
- Paste the Bitcoin address into the field.
- Enter the amount in BTC you want to send.
- Hit 2FA & Withdraw
Your deposit will then be posted to the blockchain. It usually takes 10-60 minutes for your deposits to be confirmed.
You can check the status on any crypto transaction by going to the blockchain website and entering your deposit’s address: https://www.blockchain.com/explorer.
To make a withdrawal from Galaxy to Bitstamp, simply follow these steps:
- From your Bitstamp account, hit Deposit at the top of the screen.
- On the left side, select the cryptocurrency you want to withdraw (e.g., BTC Bitcoin).
- Copy your BTC receiving address.
Now, go to your Galaxy account and:
- Open the Cashier
- Select Withdraw
- Choose Bitcoin
- Enter the amount
- Paste the Bitcoin address you had copied from Bitstamp
- Hit Verify Withdraw
- Request the code to your mobile phone to confirm the payout
It normally takes only 2-3 hours for your withdrawal to be sent, but may take up to 48 hours in some rare cases.
When the Bitcoin arrives to your Bitstamp account, you can then convert it to USD to be transferred over to your bank account.
NOTE: We highly recommend converting your Bitcoin to USD as soon as you receive it. This way you can protect yourself against any possible drop in the value of Bitcoin.
To do this, simply follow these steps:
- Hit Buy/Sell at the top of the screen.
- In the Sell BTC section, enter the amount you want to convert
- Hit Sell BTC
With your funds converted back to USD, the final step is to take them out of your Bistamp wallet and move them to your personal bank account.
- Go to the Withdrawal tab at the top of the screen
- On the left side of your screen, choose your method (e.g., International Bank)
- Enter the amount and currency
- Fill out the bank information
- Hit the Withdraw button at the bottom
It should take 2-5 business days for the funds to hit your bank account. You can check the Bitstamp website for more details.