Bitpanda Review 2023
Bitpanda was established in 2014 in Vienna, Austria, by three crypto enthusiasts, Paul Klanschek, Eric Demuth, and Christian Trummer. It didn’t take a long time for Bitpanda to rapidly rise in popularity as Europe’s top retail broker for Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and other cryptocurrencies. The company believes firmly in the revolutionary power of crypto and aims to bring fintech services ahead and accessible to everyone.
As a result, one of Bitpanda’s key characteristics is its convenience of use. Bitpanda guarantees that the user’s navigation is as straightforward as possible, from the verification process to the purchase of crypto assets, to provide a pleasant user experience.
How to Create a Bitpanda Account?
To begin the registration process, users must visit Bitpanda’s official site and fill out the registration form with their email account, phone number, and other personal information such as full name, date of birth, and password. Following that, an activation link will be sent to the user’s registered email address.
Please note that users must first complete an identity verification procedure before they can purchase cryptocurrencies on Bitpanda. This requires users to provide a photo of themselves holding a valid government-issued ID, as well as additional paperwork as proof of their identity.
The platform provides its consumers with two types of verification groups: light verification and full verification. With light verification, users may trade and swap any digital assets, plus gold and silver. With full verification, users can only deposit and withdraw fiat currency through bank transfers.
Bitcoin and Other Supported Cryptocurrencies
This Austrian platform accepts a wide range of popular cryptocurrencies. To remain relevant, they continuously monitor and test new cryptos and inform users when new cryptocurrencies are added to the site. You can find a thorough and up-to-date list on their support website, which is regularly updated. Some of the cryptocurrencies Bitpanda supports include Bitcoin (BTC), Ripple (XRP), DASH, Litecoin (LTC), EOS, IOTA (MIOTA), Bitcoin Cash (BCH), Ethereum (ETH), and Komodo (KMD) among the others.
Regarding fiat currencies, the following are available at the moment: Euro (EUR), US Dollar (USD), Swiss Franc (CHF), British Pound (GBP), and Turkish Lira (TRY).
Trading Fees
Bitpanda utilizes third-party payment providers, which results in higher-than-average fees. Since the fees are incorporated in the pricing, many users will never know what they are. For purchasing cryptocurrency, the transaction fees are 1.49% of the transaction value. The fee for selling cryptocurrency is 1.29%.
Also, when you deposit crypto into your wallet, you will be charged extra fees. The information may be found on their official website. If you deposit funds in a currency that Bitpanda doesn’t support, the processing bank will incur an additional conversion fee that varies based on the currency.
Bitpanda accepts a variety of payment methods for deposits and withdrawals. The options available may vary depending on your account’s verification status, the currency you wish to use, and whether you’re making a deposit or a withdrawal. The choice includes but is not limited to SEPA, Skrill, Giropay, bank transfers, debit or credit cards.
Holders of the exchange’s native token, Bitpanda Ecosystem Token, receive a 20% discount on trading and deposit fees, and trading premiums.
Trading Limits
Depending on how much information users are willing to provide, Bitpanda exchanges purchasing and selling limits.
Users who just have a verified email can’t purchase bitcoins, but they may sell them for up to 1,000 EUR per day and up to 7,500 EUR per month.
With a verified mobile number, customers can purchase bitcoins using whatever accepted payment option on the exchange excluding credit cards. The daily maximum limitation for purchasing Bitcoin is set at 50 EUR.
Using a confirmed ID, customers may purchase bitcoins with a credit card up to a daily limit of 350 EUR and a monthly limit of 10,000 EUR. Users can purchase bitcoins up to a daily limit of 5,000 EUR and up to a monthly limit of 75,000 EUR using different payment options.
Also, when you deposit crypto into your wallet, you will be charged extra fees. The information may be found on their official website. If you deposit funds in a currency that Bitpanda doesn’t support, the processing bank will incur an additional conversion fee that varies based on the currency.
Bitpanda accepts a variety of payment methods for deposits and withdrawals. The options available may vary depending on your account’s verification status, the currency you wish to use, and whether you’re making a deposit or a withdrawal. The choice includes but is not limited to SEPA, Skrill, Giropay, bank transfers, debit or credit cards.
Holders of the exchange’s native token, Bitpanda Ecosystem Token, receive a 20% discount on trading and deposit fees, and trading premiums.
Bitpanda Services
Bitpanda Savings
Bitpanda Savings is a solution for automating savings plans. It allows users to set aside a particular amount of funds every month in a cryptocurrency savings account. You may create numerous unique programs to meet your specific demands, so get creative and acquire crypto and digital assets the easy way. Learn how to make your first savings plan at the following link.
Bitpanda Metals
With Bitpanda Metals, users may experience the same simplicity that Bitpanda provides for cryptocurrencies. Bitpanda literally reinforces the metal tokens, which means that users can purchase tokens with the underlying value of gold, silver, palladium, or platinum. Their assets are securely kept in Switerzland by Brinks in a Swiss vault.
Bitpanda Plus
Bitpanda Plus enables the high-net-worth customer to purchase significant amounts of Bitcoin or other cryptocurrencies at a lower cost than the regular platform. Furthermore, Plus members receive unique support and have the ability to affect current and future Bitpanda initiatives with their input.
Bitpanda To Go
Bitpanda To Go provides the option to purchase crypto with cash via their service. This service enables customers to buy cash-equivalent coupon codes in post offices across Austria and then use those codes on Bitpanda to buy cryptos.
Bitpanda Wallet
Bitpanda members may safely store their digital assets in an integrated multi-currency wallet. To prevent illegal use, the wallet employs multi-signatures and two-factor authentication allowing for safe interchange as well as backups and restorations.
However, even though Bitpanda’s wallet is quite secure, we strongly advise you to utilize hardware wallets such as Trezor or Ledger to store your cryptocurrencies long-term.
Is Bitpanda Safe to Use?
Security is another crucial concern for every cryptocurrency exchange. Bitpanda, for instance, uses DDOS protection to safeguard against cyber-attacks and has complete SSL encryption to ensure communication and details provided are kept secure. All assets are kept offline in cold storage, which is the industry norm these days since it keeps them out of the hands of hackers.
It also provides two-factor authentication (2FA) to secure users’ accounts against unauthorized access. In fact, if you need to update your email account, contact information, or 2FA, the Bitpanda team may call you to confirm the changes. Bitpanda also has a PSD2 payment service provider license, which is required by European legislation to enable cross-border payments safe, simple, and safe with increased security procedures.
Bitpanda keeps track of device log-in history and will freeze an account if an unfamiliar device gets access. Simply put, Bitpanda is secure as long as its users follow the security requirements.
Finally, the exchange verifies all of its customers before granting them access to the platform’s complete range of features. This is achieved by providing documentation and going through a video verification process.
User Interface
One of Bitpanda’s best attributes lies in its simplicity, which is mirrored in the user interface. The Bitpanda trading platform is only used for buying and selling cryptocurrencies. Since there are no advanced trading features or complex analytics, Bitpanda is ideal for beginner investors. This isn’t to suggest that Bitpanda isn’t diverse; the exchange also offers Bitpanda Pro, which enables more sophisticated trading and features available.
There’s also the Bitpanda Swap feature. This is a convenient feature that allows users to instantly exchange one digital asset for another. The service is also easy, secure, and limit-free. The user interface is quick and responsive, allowing users to immediately switch any supported currency or token on the platform with another using the desktop or mobile app for iOS and Android devices.
Customer Support
Customer support is Bitpanda’s weakest link since there have been complaints about the time it takes for the customer support staff to reply.
Aside from that, the crypto exchange offers a comprehensive help desk as well as an online knowledge base. On Bitpanda, there are countless articles in the Help Section that cover most of the aspects relevant to starting up with cryptocurrency. Furthermore, the website has a FAQ section that addresses the most frequently asked questions concerning fees, limitations, withdrawals and deposits, payment methods, and ID verification.
Bitpanda also has a specialized Academy where beginners and intermediate traders may learn how to trade cryptocurrencies.
Frequently Asked Questions
What payment methods does Bitpanda support?
Bitpanda accepts a variety of payment options, including credit card or debit card, bank transfer, SEPA, Sofort, Skrill, Neteller and EPS among others. Keep in mind that various payment options have different fees, so ensure to double-check before making a deposit. Chargeback options, like credit cards and Skrill, typically impose higher fees than non-chargeback alternatives, like wire transfers.
How to purchase crypto on Bitpanda?
You must first complete an identity verification procedure before you can purchase cryptocurrencies on Bitpanda. This procedure must be completed to meet the regulatory Know Your Customer (KYC) standards. The verification procedure at Bitpanda consists of submitting your personal information like your full name, date of birth, password, and getting verified via video.
Does Bitpanda provide a mobile app?
Yes, Bitpanda provides its customers with an app that is compatible with both iOS and Android devices. Users may buy Bitcoin and other popular cryptocurrencies on their desktops and trade them easily on their cellphones. The exchange also features a contact function where users can add friends, relatives, and external wallets to make cryptocurrency trading go more smoothly.
A Few Words Before You Go...
Bitpanda is a prominent European exchange with a mission to simplify the complicated world of investing. Bitpanda allows individuals to build their financial destiny on their own terms, providing a range of digital cryptocurrencies, a user-friendly interface and a dozen of payment options.
The user interface has been created for a variety of user types from novices to experienced traders on its Bitpanda Pro platform. Bitpanda has thrived in the crypto industry by allowing users to engage in a variety of markets via a single platform, including cryptocurrency, stocks, and metals.
About The Author
Gareth Johnson
Gareth is incredibly passionate about sharing his knowledge in the crypto industry. It's important to make informed decisions in crypto and it's Crypto Wisdom's goal to make this information widely accessible.
This page was last updated on August 23, 2022
