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Bitstamp introduces monthly fee for inactive accounts

 


The bear market appears to be taking more victims than previously thought. Founded in 2011, Bitstamp is one of the oldest bitcoin exchanges in the world. In addition to a fee structure for trades that is generally considered fair, the provider is also considered a reliable “Fiat ramp”. Therefore, you can easily deposit and withdraw euros or US dollars.


Bitstamp informed its customers via email that the fees will change in the future. This caused some outrage, because the exchange will charge an “inactivity fee” from August 1st, i.e. a fee that has to be paid if you don’t use your customer account regularly.


You would like to collect a whopping €10 per month for this, although the custody of cryptocurrency is generally considered to be comparatively inexpensive for exchanges and brokers. However, Bitstamp argues that the inactive accounts are a cost. The step is not well received by many customers, the lack of understanding is too great, since it was always the cost advantage that spoke for Bitcoin exchanges compared to classic stock trading.


How to avoid the fee?

Regardless of how one positions oneself on the question of whether Bitstamp should charge such a fee at all, existing and new customers have three options to avoid it:


Anyone who was active in the last 12 months does not pay. Activity means deposits and withdrawals, trades or participation staking, regardless of their specific account balance.

If you have not been active in the last 12 months but have parked more than €200 on Bitstamp, then you are also off the hook.

Last but not least, one can avoid the fee by taking action, hence depositing or withdrawing, staking or trading.

Why are you taking this step?

Although the hurdle is not particularly high, one gets the impression that the provider could be looking for a way to gradually debit accounts with residual amounts that have not been touched for years.


Smaller residual amounts in cryptocurrencies are also commonly referred to as "dust". However, whether this is actually part of business practice is pure speculation. Other providers such as HitBTC also introduced a similar fee and faced the same criticism.

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