Bitpanda Review 2021

Bitpanda is one of the biggest names when traders are looking for reliable exchanges to buy cryptocurrencies. This Bitpanda Review has all the essential points discussed in it that will help traders decide whether it meets their preferences.

Bitpanda Summary

Headquarters Vienna, Austria
Found in 2014
Native Token Yes
Listed Cryptocurrency 25
Trading Pairs N/A
Supported Fiat Currencies Euro, GBP, USD, Swiss Franc CHF
Supported Countries Worldwide
Minimum Deposit N/A
Deposit Fees Depends on Currency
Transaction Fees 1.49%
Withdrawal Fees Depends on Currency
Application Yes
Customer Support Submit a request, FAQ & Instant social media chat option

What Is Bitpanda?

Bitpanda is a cryptocurrency broker based in Vienna, Austria, founded in 2014 by three crypto enthusiasts Paul Klanschek, Eric Demuth, and Christian Trummer. The platform helps traders based in the EU (European Union) buy and sell bitcoins and other leading digital assets conveniently. In 2013 (during one of the huge Bitcoin waves), these three crypto enthusiasts witnessed the difficulties of acquiring cryptocurrencies in Europe.

This deficiency in the crypto market led them to visualize the idea of developing a cryptocurrency exchange. After long coordination and consultation with the local authorities of Vienna, they managed to form an exchange in the name of Coinimal GmbH in December 2014. Coinimal formerly operated as a fintech company that was later rebranded as Bitpand, specializing in selling and buying Bitcoins and other cryptocurrencies.

Since its inception, the exchange quickly grew up to be one of the leading retail brokers for Bitcoin, Ripple, and Ethereum in Europe. In fact, for EU residents, it is one of the cheapest ways to acquire crypto coins with SEPA transfer or credit cards. The company has over 900K active crypto users after it has expanded its services beyond crypto trading and is allowing users to invest in precious metals like gold, silver, etc.

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How Does Bitpanda Work?

Bitpanda works like any other cryptocurrency exchange by providing a trustworthy trading platform to traders to buy and sell bitcoin and other leading cryptocurrencies against a trading fee.

Features of Bitpanda

Bitpanda offers the following features to its registered clients:-

Easy User Interface

Bitpanda has one of the most accessible user interfaces of all the established and biggest crypto exchanges and brokers worldwide. Users can experience the most incredible and intuitive mobile and desktop features, making crypto trading (buying and selling digital assets) super easy for anyone, irrespective of their previous trading experiences.

Reputation

Bitpanda was founded in Coinimal in October 2014. The company bagged the prestigious “Startup Award” in October 2016 and has been a trusted company in the Bitcoin ecosystem since its launch. As of now, It serves more than 1.2 million customers across the world and has a rating of 4.6 stars and hundreds of positive reviews from customers.

Privacy & Security

Like most big cryptocurrency exchanges and brokers providing their services in the western countries, Bitpanda UK also requires its customers to comply with KYC (Know-Your-Customer) and AML (Anti-money laundering) procedures. This requires the users to provide a picture of themselves with a proper government-issued ID in hand along with other documentation verifying their identities.

Though this kind of verification process adds an extra layer of security by linking every account registered on Bitpanda with a real-life identity, the privacy of the customers’ data is often compromised because the exchange keeps every detail of their client’s data in their servers for safety. However, Bitpanda’s KYC procedures happen faster than other exchanges, so this much intrusion into the users’ data is relatively tolerable if that secures the data and money of the users.

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Limits & Liquidity

Bitpanda exchange offers different verification levels and buying and selling limits based on how much information users are willing to share.

Verified Email

With only a verified email, users cannot buy bitcoins but can sell them up to a maximum of 1,000 EUR worth of bitcoins daily and up to 7,500 EUR monthly.

Verified Phone Number

With a verified mobile number, users can buy bitcoins with any supported payment methods on the platform except with credit cards. The maximum limit of buying bitcoin is fixed up to bitcoins worth 50 EUR daily.

Verified ID

With a verified ID, users can buy bitcoins with a credit card, up to a maximum of 350 EUR daily and up to a maximum of 10,000 EUR monthly. Users can buy bitcoins up to a maximum of 5,000 EUR daily and up to 75,000 EUR monthly for other payment methods.

Speed

Credit and debit card buys and other payment methods like SOFORT, EPS, NETELLER, or OBT happen instantly, thus delivering the purchased bitcoins to the users almost immediately. However, SEPA transfers may take 24 hours to complete, which means it might take a maximum of 24 hours to credit bitcoins into the user’s Bitpanda wallet.

Buying Precious Metals

Bitpanda has expanded its operations beyond crypto trading and has entered into a new sphere of precious metals sales like Gold, Silver, and Palladium. It is always a good idea to diversify a portfolio with precious metals like gold and silver.

Bitpanda makes it even easier for traders who already have an account set up on Bitpanda for buying crypto. The precious metals purchased on the platform can also be stored, and users can also swap them out for any digital currencies on the platform at any time. It Metals also provides other lucrative features for users, like recurring buys or 0% insurance and storage premiums.

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Bitpanda Review: Pros and Cons

Pros Cons
Easy-to-use interface. Different levels of verifications are required for withdrawals.
Very high liquidity. Advanced trading platform absent.
Multiple payments and withdrawal methods. Bitpanda fees are relatively higher than the industry average.
Allows fiat currency deposits and withdrawals. Provides only a tiny variety of tradeable crypto assets.

Getting Started With Bitpanda

Getting started on the Bitpanda exchange is relatively easy and similar to any other fiat-linked crypto service. There are three steps to get started with the exchange:

Registration

For registration, users need to visit the platform’s official website and fill in the registration form with their active email address, phone (mobile) number, and other personal details like full name, date of birth, and password. After this, an auto-generated activation mail will be sent to the user registered email id, where they will be required to click on the link sent to activate their trading account on the platform.

Verification Process

Before users can buy bitcoin and other supported cryptocurrencies on Bitpanda, they must complete an identity verification process mandatory to comply with the regulatory KYC (know-your-customer) requirements. At Bitpanda, the verification process is speedy and gets completed within a few minutes.

Users need to enter their details, upload a photo with any of the government-issued IDs at hand (preferably passport, as a driving license, is not sufficient for the identity verification process), and start a short video call with any of the exchange’s (Bitpanda) verification partners like IdentityTM and IDNow. As soon as the users select the available documents on either of these two platforms, they will be automatically connected to the appropriate provider.

Dashboard

After successful verification, customers will be directed to the exchange’s dashboard. They can monitor the prices of their preferred digital assets, manage all their purchases, sales, and swaps, and get an overview of their portfolio on the platform.

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Types of Bitpanda Accounts

BitPanda offers their registered traders three types of accounts, each having different limitations and requiring different verification levels.

Starter Level

Starter level account types feature the following specifications:-

  • It requires users only to verify their email.
  • Daily buy or sell limits are 1,000 EUR.
  • Monthly buy or sell limits are 7,500 EUR.
  • Total buy or sell limits are 30,000 EUR.

Bronze Level

Bronze level account types have the following specifications:-

  • This account type requires users to verify their mobile phone number along with their email.
  • Daily buy or sell limits are 1,500 EUR.
  • Monthly buy or sell limits are 10,000 EUR.
  • Total buy or sell limits are 50,000 EUR.

Gold Level

Gold-level account types require the longest verifications. It has the following specifications:-

  • Gold level account holders require users to verify their account with any government-issued photo ID (passport or driver’s license) confirmed with IDNow or through a video via the tool verify-U.
  • Daily buy or sell limits are 15,000 EUR.
  • Monthly buy or sell limits are 300,000 EUR.
  • Total buy or sell limits are 1,500,000 EUR.

How to Buy Crypto on Bitpanda?

Here is a detailed step-by-step guide has given that will help traders to understand the crypto buying process at Bitpanda:-

Trade Selection

For selecting the trade, the users must click on the “Trade” icon in the navigation bar, which will open a popup that will display two options- buy or sell. Traders who want to purchase crypto assets will need to click on the “Buy” option and vice versa.

Asset Selection

This is the second step, where users need to choose the asset (from the supported list of holdings on the Bitpanda platform) they want to buy. It might be Bitcoin, Ripple or Ethereum, any other cryptocurrency, or index /precious metals like gold or silver.

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Choose the Amount

In this step, customers are required to choose the amount they would like to buy their preferred crypto assets. Here, there are two options available- either user enter the amount that they would like to believe in a fiat currency, like 500 Euros, or select a specific amount of the cryptocurrency they want to buy, like 0.1 BTC.

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Bitpanda Account

The Bitpanda exchange offers another option where the users can pay the trading premium with BEST. BEST is the in-house cryptocurrency of Bitpanda that lets the users pay for using the platform’s services. Users can avail themselves of a discount on their usual Bitpanda fees (trading fees) if they pay their trading premiums using the BEST cryptocurrency. After users have entered the amount for which they want to buy their preferred cryptocurrencies and decided whether or not to pay the Bitpanda fees (trading premiums) with BEST, the next step is to click on the “Go to summary” tab.

Finalize the Purchase

This is the last step, where the Bitpanda exchange displays the trader’s purchase summary. Once the trader has checked that all his transactions are correct and has accepted the terms and conditions laid down on the screen, he can finally click on the “Buy now” tab and buy digital assets without any hassles on Bitpanda.

Finalize the Purchase at BitpandaFinalize the Purchase at Bitpanda

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Bitpanda Bonuses

None of the Bitpanda reviews available online speaks of any bonus or promotional offers provided by the exchange; the platform does not offer its users any sort of bonuses or promotional offers for using the trading platform, which is a massive implication towards the caliber of the exchange to attract customers with its trading services alone.

It does not require any extra promotional offers to lure customers towards its trading platform. It gains enough attention by being one of the most accessible sources for buying and selling cryptocurrencies all across Europe.

Bitpanda Supported Cryptos and Countries

The Bitpanda exchange currently supports the following 25 crypto coins on its platform and four fiat currency wallets for USD, EUR, CHF, & GBP. Although, below are some of the cryptocurrencies that Bitpanda supports:-

  • BTC
  • LTC
  • DASH
  • XRP
  • ETH
  • BCH
  • MIOTA
  • EOS
  • KMD

Customers worldwide can register on the Bitpanda exchange, sell cryptocurrencies, and receive their payouts via SEPA, Skrill, and NETELLER. However, the buying options on the platform are only available to the European users within the SEPA (Single Euro Payments Area). SEPA consists of most EU member states and places like Norway, Iceland, Monaco, and Switzerland.

Bitpanda Accepted Payment Method

Bitpanda accepts the following payment options while depositing a trading account registered on the platform- Credit card Debit card, SEPA, EPS, Bank transfer, GiroPay, Neteller, Sofort, Skrill, Cash (Bitpanda on the go), Zimpler, and iDEAL, to name a few. However, traders should keep in mind that different fees are applied to the other payment methods incorporated on the platform.

Therefore traders should always check the payment options they intend to use before depositing Bitpanda. Typically, the chargeback methods via a payment method like credit cards and Skrill incorporate higher fees than non-chargeback options like a wire transfer.

Bitpanda App

Bitpanda allows its users to buy cryptocurrencies readily on the go with the help of the Bitpanda App, which is compatible with both iOS and Android devices. With the Bitpanda app, users can purchase Bitcoin and other leading cryptocurrencies on their desktops and trade readily on their smartphones.

Bitpanda Reviews - Bitpanda AppBitpanda Reviews – Bitpanda App

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Bitpanda Customer Support

The BitPanda exchange utilizes a support ticket system where users need to fill out an online form with their queries which is then sent to the customer support representatives through email. Support via this ticket system is relatively faster and is available 24/7. Thus the issues are generally resolved within a maximum of 24 hours.

Apart from this, traders can also get in touch with the customer support team via email. Its support also provides a dedicated help center, where traders can view their queries and their respective answers that have been pre-organized under various topics. Although to clear any doubt regarding Bitpanda services it’s suggested to check this link.

Bitpanda Review: Conclusion

Thus, according to this Bitpanda review, it appears that the exchange meets the customers’ expectations and has been given a very high rating by customers all over the world.

FAQs

Is Bitpanda Safe and Reliable?

Yes, Bitpanda is amongst the safest cryptocurrency exchanges in the world.

Are Bitpanda Fees High?

Yes, from the various Bitpanda reviews, it can be concluded that the customers are not very satisfied with the Bitpanda fees even though there are no other complaints against the exchange. The trading fees on Bitpanda are a bit higher than the global industry average. It is mainly because the exchange uses third-party payment services and credit cards, which usually charge more fees for the movement of funds. The Bitpanda fee for buying is 1.49% and for selling is 1.29%.

Is Bitpanda Wallet Safe?

Yes, Bitpanda is a safe and trustworthy trading platform certified as a payment service provider issued by the Austrian FMA (financial market authority) under European law PSD2. The company employs some of the industry’s best security practices regarding information security like SSL encryption, cold storage of digital assets, confirmation emails, session management, and 2FA (two-factor authentication). Moreover, Bitpanda is a fair exchange with star investors’ support and employs over 250 people in Vienna, Austria.

Where Is Bitpanda Based?

Bitpanda is based in Vienna, Austria.

How Do I Withdraw Money From Bitpanda?

To withdraw money from the Bitpanda external wallet, follow these steps:-

  • Visit Bitanda Pro.
  • Click on ‘Withdraw’ and select the preferred cryptocurrency.
  • Enter the amount and the address.
  • Click on “Withdraw Now”.
  • Enter the 2FA code and click on “Authorise Now”.
  • A confirmation email will be sent, confirming which will complete the withdrawal process.

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