In this article, we will review Bitpanda, a fully automated cryptocurrency exchange platform based out of Austria.
We believe that you won’t have to wander around searching for a suitable exchange platform after reading this article. We will also discuss the Pros and Cons of Bitpanda and answer some commonly asked questions.
Table of contents
What is Bitpanda?
Bitpanda is a platform where you can trade, buy, sell, and invest in cryptocurrencies, stocks, ETFs, and even metals. Eric Demuth, Paul Klanschek, and Christian Trummer founded Bitpanda in 2014. They sold out their first Initial Exchange Offering (IEO) to get their own ecosystem token BEST and successfully raised €43.6 million. In October 2016, the company won a startup award.
Bitpanda offers a wide range of payment methods, 50 supported cryptocurrencies, 4 fiat currencies, four metal tokens, and 3 crypto indices. Their goal is to make an easy-to-use, low fee exchange platform and reimagine the investment motif simultaneously. It says that it has around 2 million users and a team of more than 400 members.
Summary (TL; DR)
Bitpanda is for rookies as well as professionals of the crypto business. It facilitates effortless digital asset exchange. If you live in a euro region, Bitpanda can be one of the cheapest ways to buy crypto. You can glance through some of its features here.
- Supports 4 fiat currencies and 90+ cryptocurrencies
- Offers a Debit Card in partnership with Visa
- Buying and selling fee is 1.50%
- No trading limit
- Compulsory KYC verification
- They offer SSL encryptions and DDOS protection
- Offers convenient savings plan
- Offers Code coupons
- Offers numerous payment methods
- Offers 20% revenue shares per the affiliate program
- Operational 24/7
- Mobile app available on both android and iOS
- Offers support ticket system
We will look into all the features in detail below.
Why Choose Bitpanda?
They believe in simplicity and provide easy-to-use services. They process purchases and sales no in real-time. You won’t have to wait for opening lines since Bitpanda is operational 24/7, even on public holidays. Bitpanda offers over 100 digital assets and a broad spectrum of payment methods. Also, your assets are safe as they are stored in cold storage.
Is it For me?
It’s for everyone. If you are a beginner or even if you hold long-term experience in the crypto business, you can use this platform easily. If you are looking forward to trade and invest in cryptocurrencies, then Bitpanda won’t disappoint you.
How to get started with Bitpanda?
To get started with Bitpanda, firstly you need to create an account. The process to create an account is mentioned below.
Step 1 – Create an account on Bitpanda
The sign-up process cannot be any easier. You can sign up from either the website or the mobile app. You’ll just have to fill in your email address, mobile number and choose a strong password. You’ll soon receive a confirmation email. Click here to sign up.
Now that you are registered and have created an account, you must verify your account. Bitpanda claims that users would be required to confirm their accounts since the new EU regulation (AML5D) came into effect on the 10th of January, 2020.
Step 2 – Verify your Bitpanda account
Bitpanda asks you to have a stable internet connection, the accepted id document (most preferably your passport) with you, and an activated webcam before starting the verification process. Identification through video will take place too to ensure high security for you as a user.
After successfully verifying your account, you will have to make a Verification deposit. The limit for deposits with online payment methods is here is EUR 2,500. Bitpanda will increase the limit once you complete the verification of the deposit.
How to secure your Bitpanda account?
Though Bitpanda takes several measures to secure your account, you can yourself make sure that you activate the Two-factor Authentication (2FA) and choose a strong password to protect your account further.
Once you complete the formalities, you can connect your bank account to deposit funds. You can now quickly and securely trade digital assets 24/7.
Bitpanda Fees
Bitpanda uses third-party payment services which includes all the premiums and prices in real-time.
Bitpanda’s buying fees are 1.49%, and selling fees are 1.29%. If you pay through a payment method other than a bank transfer, an additional fee is applied. However, you can reduce the trading premiums by up to 20% if you pay with Bitpanda’s Ecosystem Token (BEST). When you send cryptocurrencies to other Bitpanda users or make any internal wallet transfer, then no fee is charged, and no limit is applied.
Bitpanda Review: Payment Methods
Bitpanda is one of the few crypto exchanges which offers a wide variety of payment methods. The payment methods which Bitpanda supports are
- Credit card (Visa, Mastercard)
- SOFORT transfer
- EPS
- Giropay
- Neteller
- Skrill
- Online Bank Transfer
- SEPA
- Bitpanda to go (innovative solution) – Supported only in EUR
Though, they differ depending upon whether it’s a deposit or withdrawal, what cryptocurrency you are using, and whether you have a verified account or not.
Bitpanda Review: Trading, Deposit, and Withdrawal Limits
There’s no trading limit on Bitpanda. You can trade how much ever you want with a verified account.
What are the buying limits for a light verified and a fully verified account on Bitpanda?
If you will consider verification status, then
- With a verified email, you will be unable to buy bitcoins but can sell bitcoin worth 1000 EUR per day.
- With a Verified phone number, you can buy up to 50 EUR per day using any payment method except a credit card.
- With a verified ID, you can use all the payment methods. Bitcoin worth 350 EUR per day with a credit card, you can buy bitcoins worth 5000 EUR per day. Using other payment methods, you can buy bitcoins worth 350 EUR per day.
Deposit and Withdrawal Limits
Bitpanda offers high limits to verified users depending on their payment methods. There are daily limits relevant within 24 hours and start when you made your last deposit or withdrawal.
To make full use of the limits, you must be fully verified and have had completed your verification deposit.
Although the limits differ depending on your payment method and verification status, we’ll tell you about the general limit layout.
The daily limits for the following methods after complete verification will be –
- EUR 10,000 FOR online payments Like Ideal, NETELLER, and Skrill.
- EUR 2,500 for credit card deposits.
- EUR 500,000 for online bank transfer deposits.
What is the minimum amount for deposits and withdrawal?
You can deposit and withdraw a minimum of EUR 25(or GBP 25, USD 25, TRY 100, CHF 25).
What is the minimum amount for buying and selling?
The minimum buying and selling amount is EUR 1.00(or GBP 1.00, TRY 10, USD 1.50, CHF 1.50).
Now that you are aware of the aims, working, and the fee of Bitpanda, we would like to familiarize you with its features.
Bitpanda Review: Features
By now, you must have reckoned that Bitpanda is not your average exchange platform and has numerous things to offer.
Do you have less money but still want to invest in a digital asset? Want to exchange cryptocurrencies instantly? Or maybe you are looking for higher limits and exclusive discounts?
Bitpanda has a solution to all of these. We’ll talk about its features in detail here:
Real-time Pricing data
Bitpanda enables you to keep a check on the price of your assets, cryptocurrency indices, stocks, ETFs, and metals in real-time.
BEST Reward
If you hold BEST in your Bitpanda wallet and trade at least once per month, then you can attain an equivalent of 0.50% of your BEST holdings a month. These rewards give you a chance to hoard up to 12.78% of additional BEST Rewards.
Depending on your total amount traded in the previous month, you can gain up to 0.35%. The more you trade and the higher your level of BEST VIP is, the more you can gain every month.
Bitpanda Referral Program
If you invite someone through your unique link, they create a verified account; make a fiat deposit of €25 and a trade of at least €25, then that means you have made a successful referral. For every success, you will attain €10.
Bitpanda Savings Plan
You won’t have to stress about figuring out the right time to invest. Due to the high volatility of assets, it can become difficult and tiresome to guess the right timing and investment. So to ease off your struggles, Bitpanda offers you a Savings Plan service.
Say you want to buy shares from a company, but those are too costly to be paid at once. With this feature, you can spread out your payments over some time. You can do cost averaging at its best and will be able to buy cryptos regularly.
How do I set up a Bitpanda Savings Plan?
- If you are a verified user, you can click on “Saving Plan.”
- Select the wallet of the digital asset you are planning to buy.
- You can decide upon a particular amount and frequency for your savings plan and click on “Go to Summary.”
After your confirmation, Bitpanda will automatically deduct the set amount from your account on a weekly or monthly basis. The investment amount isn’t a worry since you can invest as little as 25 euro per month with Bitpanda’s SEPA savings plan.
There is never a full-proof way to invest; it’s always better to invest over time than all at once. Bitpanda’s savings plan can be your best bet if you are in for the long run.
But you’ll have to keep in mind that you will have to pay a little higher fee for multiple payments. Nevertheless, this savings plan is affordable, convenient, and less stressful.
Bitpanda Pay
Bitpanda payment service provides you with a euro wallet to send money to any IBAN in the European Union and beyond. You can pay rent, shop anywhere, and can even send money to your friends using the Bitpanda Pay service.
How does Bitpanda Pay work?
- Click on “Send” from your Euro wallet and enter your password to let Bitpanda know that it is you.
- Once done, enter the recipient’s name, BIC, IBAN, and bank name.
- Next, enter the exact amount you wish to send, check your summary once, and then confirm it.
- You must use two-factor authentication to verify and complete the transaction.
You need to have a fully verified account to be able to use this complimentary service.
Bitpanda Swap
Feel like replacing an asset with another and that too instantly? Bitpanda exactly lets you do that with its Swap feature. You can now exchange a digital asset for another using your wallet. There are zero limits on the transaction size of swaps, and they have also included wallet service for all coins.
How does the Bitpanda Swap work?
Supposing you hold Bitcoin (BTC) in your Bitpanda wallet and wish to exchange it for IOTA (MIOTA).
- You select the wallet you wish to swap from and click “Swap.”
- On clicking “From,” you can select the bitcoin wallet, and on clicking “To,” you can select the IOTA wallet.
- Next, state the amount you want to convert and on “Swap now.” It’s that simple.
Bitpanda Plus
Bitpanda is a platform that provides fast and straightforward services so that every type of user can use it without having to face any trouble. But what about traders who are looking to invest heftier amounts? Can they use this platform for trading? Yes, they absolutely can, since Bitpanda has a feature by the name Bitpanda Plus.
This program provides you with higher limits and exclusive discounts. Bitpanda has made this for anyone who wishes to trade large amounts beyond the default limits. Bitpanda provides OTC services if you purchase or sell more than €1 million.
Remarkable benefits of Bitpanda Plus include:
- Special support by Key Account Managers of Bitpanda Plus
- Increased deposit and withdrawal limits
- Have a direct impact on asset listings and upcoming features
- Personalized updates on new products and features
- If requested, trading premiums and payment fees get reduced, and they also offer exclusive discounts.
- Facility to block specific payout and deposit methods
How to get access to Bitpanda Plus?
You will have to fit at least one of the following criteria to be able to gain access to this program:
- You earn a minimum of €150,000 (gross) per year. If not, then have savings worth €500,000
- You are a level 3 BEST VIP
- You promote Bitpanda actively on your website or have an affiliate business through which you have made 1,000 successful referrals.
- You are a holder of a minimum of 2,500,000 PAN tokens
- You have a minimum of one deposit worth €100,000 or equivalent
- You have been using Bitpanda since 2014
If you can fulfill even one of the mentioned requirements, you will be eligible for the program. Additionally, Bitpanda Plus users’ feedback has more significance on the Bitpanda team and their services.
Bitpanda Review: Price Alerts
Do you want to be the first one to know when a particular cryptocurrency hits the target price you had set? Bitpanda’s price alert feature makes it possible for you to achieve that. It sends a notification via email when you hit the target price.
How do I create a price alert?
You can create a price alert by following the simple steps given below:
- Login in to your account on Bitpanda
- Click on “Prices.”
- Select the particular digital asset or cryptocurrency you want to create a price alert for
- Click on the Create button under the Price alerts option
- Set the desired target price and click on Add alert
You can repeat this process as many times as you wish to create multiple-time alerts for all the listed cryptocurrencies. This is a crucial feature that makes it altogether more user-friendly.
Bitpanda Review: Supported Cryptocurrencies
Bitpanda has proved its reliability which has led to various valuable cryptos in its listings over time. In fact, in 2018, Ripple was registered for ‘trading only’ on Bitpanda for Bitpanda met the strict criteria of Ripple.
Bitpanda supports EUR, GBP, CHF, or USD in fiat currencies. At the same time, cryptocurrencies support around 50 of them. Bitcoin, Litecoin, Ethereum, Dash, Ripple, Bitcoin Cash, Komodo, IOTA, EOS, Pantos, Augur, Stellar, and Oz, to name a few.
Bitpanda Review: Supported Countries
Bitpanda is based out of Austria and is available for everyone across the globe.
Users from Europe within the SEPA and Iceland, Liechtenstein, Monaco, Norway, and Switzerland can buy cryptocurrencies. While users outside of the previously mentioned regions can store and sell cryptocurrencies. They can also sell cryptocurrencies and receive payouts.
Bitpanda Pro is now available everywhere globally except for the USA and China.
Bitpanda Review: User Interface
Bitpanda is known for its clean, intuitive, and vividly designed User Interface. Even as a beginner, you won’t face trouble trading. Bitpanda shows you daily, weekly, monthly charts of the cryptos. Its dashboard shows all the transactions you made on the account and the value of all your wallets. Note that price fluctuations heavily impact these illustrations. Also, you can set price alerts for different cryptocurrencies.
Bitpanda Review: Products
Bitpanda has many products, let’s know about them in detail.
Bitpanda Card
Bitpanda has its Debit Card, backed by Visa, which you can use everywhere where Visa is accepted. It’s one of the few crypto debit cards which converts digital assets to fiat at the point of sale. You can use it to spend cryptos, stocks, and even metals. You can open the account for free. The monthly cost and initial shipment are free too. By becoming a BEST VIP, you can get a maximum cashback of 2% in bitcoin and get 0.75% to 2.25% off the forex fees.
This is a great way to boost the use of cryptocurrency as everyday currency in real-time. Blocking and unblocking your Card is a tap away. Also, Bitpanda uses extra 3DS protection as an additional security layer. You can use the Bitpanda mobile app to track every purchase and to get notifications.
How can I be eligible to order the Bitpanda Card?
To get access to the Card, you will have to be able to meet the following criteria-
- You must be having a verified account on Bitpanda.
- Residing in a country in the euro area.
- You must be holding a total of at least €100 in any of the digital assets offered by Bitpanda on your Bitpanda account.
What are the Bitpanda card limits?
The daily ATM withdrawal limit is €350. The daily expenditure limit is €10,000. However, there are no weekly or monthly limits.
Bitpanda To Go
How pleasing it would be to acquire vouchers offline and then use them later to purchase cryptocurrencies. Bitpanda provides you with this unique feature too. The Bitpanda To Go service permits you to buy cash-equivalent coupon codes, which are available in 400 branches and around 1350 partners across Austria, which you can then use to redeem into any listed cryptocurrency within seconds. You just need to have a verified account to access the vouchers.
Pantos
Pantos is the first multi-blockchain token system. Bitpanda has developed this initiative in close collaboration with TU Wein to improve communication between developers and users for cross-chain transfers.
This initiative aims to make token projects independent of a specific blockchain. It is an e-money solution for inter-company/bank payments.
Bitpanda has successfully implemented Pantos (PAN) withdrawal and deposit features. It will allow you to withdraw and deposit PAN as an ERC20 token on the Ethereum blockchain. Pantos is a kind of project for scientific research aiming to solve a critical barrier in the crypto space, i.e., interoperability between blockchains.
BEST Token
BEST is Bitpanda’s Ecosystem Token. Bitpanda is constantly coming up with alluring and fitting products. By using BEST to pay trading premiums, you can benefit from comparatively lower fees. Other benefits include-
- 20% lower deposit fee if you use a credit card.
- For SOFORT, you will benefit from 25% lower deposit fees.
- New incentives are added regularly
- To make sure that the company has ample cash left after operating expenses, it burns 50% of BEST quarterly. This indicates that Bitpanda is able to generate positive free cash flow to enhance shareholder value.
- You will get BEST VIP votes if you have at least 5000 BEST in your Bitpanda wallet.
Bitpanda claims to incorporate and make use of BEST heavily to fuel its ecosystem.
Bitpanda APP
Bitpanda’s simple, secure and reliable mobile app is available on Android and iOS. You can send cryptos to other Bitpanda users instantly and with no applied cost.
Bitpanda provides secure offline wallets and robust API applications. You can find an outline of trade and payment history on this app. It has a very easy-to-use UI and hence is preferred by over 2 million people.
Bitpanda Pro
Bitpanda Pro is a service made for people who wish to use advanced cryptocurrency to connect APIs and trade. It also offers an entire order book. Bitpanda Pro is now available everywhere globally except for the USA and China.
Bitpanda Review: Customer Support
Bitpanda provides a supportive and empathetic helpdesk. Until now, we haven’t heard any standard or significant issues.
You can go through several FAQs on their extensive helpdesk site. It offers has efficient and practical answers to most questions on its online knowledge base. It has a dedicated email service for specific issues and uses a support ticket system. It also offers help through Telegram, where its community is operational and helpful. They have an active Twitter account, and you can contact them through their contact form too.
Bitpanda Review: Security
Bitpanda is a registered digital asset provider Austrian Financial Market Authority (FMA). Under the PACTE law, Bitpanda is registered under FM-GwG with the French Autorité des marchés financiers (AMF). Bitpanda holds a PSD2 license. Security is essential to Bitpanda, and the following measures taken by it prove so.
- The compulsion of KYC verification
- Your funds are stored in secure offline wallets.
- It uses SSL encryptions
- It offers DDOS protection
- Email confirmation on Login from a new device and on all transactions from Bitpanda to other wallets
- State-of-the-art technology
- Bitpanda offers Two-Factor Authentication
- Recaptcha to safeguard accounts from unauthorized access.
- When the user makes changes in their personal data( name, email id, number, any doc., etc) then the company contacts them personally to rectify
- You get the option to freeze your account whenever you feel the need
Bitpanda Review: Pros and Cons
Although Bitpanda had now become the leading cryptocurrency exchange platform in Europe, it has its downsides too. We have summarized all the benefits and drawbacks of Bitpanda in a table here for you.
| Pros | Cons |
|---|---|
| 5 fiat currencies supported | Takes time to revert back |
| Over 2 million users | Fees are not stated clearly(directly included in price) |
| A Wide range of payment methods offered | Not very transparent |
| Relatively low fees | Not the lowest commissions |
| Secure wallet app | No insurance |
| Savings plan | Additional for payment methods |
| No trading limit | |
| Beginner-friendly | |
| Appealing and easy-to-use UI |
Bitpanda Review: Conclusion
Bitpanda thrives on redefining the traditional way of investing as per 21st century needs on its terms. It has become the leading cryptocurrency exchange platform in Europe and expands its reach across the globe. It has its token, debit card, and even a scientific research project to help keep its user a step ahead. The enticing, appealing, and productive services offered by Bitpanda make it well competent.
If you desire an easy-to-use, well-designed and structured platform, then you should try out Bitpanda. And if you wish to make heavy trades, then Bitpanda has services for that too. Bitpanda undoubtedly has a reputation for being extremely reliable.
Although there are cheaper options available, Bitpanda has many features to offer, and that too with security. We have touched on almost every topic related to Bitpanda and given the relevant details. Now, it’s up to you to decide whether Bitpanda fulfills your demands and needs or not.
Bitpanda Review: Frequently Asked Questions
Is Bitpanda reliable?
The crypto exchange platform based out of Austria is reliable since Bitpanda is a registered digital asset provider Austrian Financial Market Authority (FMA) and holds a PSD2 license.
Is Bitpanda wallet safe?
Bitpanda stores your funds secure offline wallets using state-of-the-art technology. Additionally, Bitpanda provides Two-Factor Authentication and SSL encryption.
Can US citizens use Bitpanda?
Bitpanda is operational all across the globe with some applied limitations. For now, only EU residents can buy cryptocurrencies.
Are there any limits on Bitpanda?
You can make a single Bitpanda Pay transaction through SEPA for up to 10,000 EUR. The minimum value for a transaction with Bitpanda Pay is 10 EUR.
