Bitpanda Review [Updated 2021]
The digital era has allowed us to learn more about financials and cryptocurrencies in a much easier way. People who are interested in investing in these digital assets, trading, and other activities are actively looking for a safe place to buy and sell them.
However, there are currently hundreds of brokers out there that allow you to trade your assets efficiently. If you’re just starting to buy and sell cryptocurrencies, it may be challenging to vote on which one is the best since each broker has its particular features.
To make things easier, we’re going to provide reviews on the most popular crypto brokers so that you can vote on the best one for your needs. In this case, we’re going to go over Bitpanda, an Austria-based Bitcoin and crypto exchange platform.
Keep in mind that reviewing these high-end brokers involve diving into a significant amount of content. If you want to learn as much as possible about Bitpanda, make sure to read through the entire Bitpanda Review and its secondary labels to get all the information you need.
What is Bitpanda?
First, we need to go over what Bitpanda is and what it offers. To put it simply, Bitpanda started as a Bitcoin trading platform back in 2014, and it has evolved to become one of the most important European brokers for certain cryptocurrencies, such as Bitcoin, Litecoin, Zcash, Tether, and more.
Keep in mind that Bitpanda didn’t always go with that name; it first started as “Coinimal” but changed into Bitpanda later. Bitpanda’s main premise is to provide traders with a safe, effective, and reliable platform to buy and sell Bitcoin and other digital assets they want.
Currently, Bitpanda allows users to trade up to 46 cryptocurrencies, three Bitpanda crypto indices, and four metal tokens. Overall, you’re getting a complete trading experience that you can enjoy from any device.
Who is Bitpanda for?
While Bitpanda can be used by any type of trader regardless of their current crypto/trading knowledge, the platform was developed for newcomers who want an easy-to-understand platform with a clear label on each section to make it easier for them to identify the features.
A simple platform doesn’t mean that it isn’t powerful. Bitpanda has been proven to offer tools for businesses and expert traders to have more freedom on their trades. Recently, Bitpanda came up with a “Pro” version, which includes trading bots and more advanced trading tools.
In conclusion, Bitpanda can be used by anyone planning to buy and sell cryptocurrencies safely online. If you want to take your Bitpanda experience everywhere you go, you may use Bitpanda’s official mobile app, which allows you to buy and sell cryptocurrencies from any device.
How to Use Bitpanda
Bitpanda is one of the most user-friendly experiences you may get for buying/selling Bitcoin and other cryptocurrencies. The company does its best to explain to traders how each feature, label, and system works. In this Bitpanda Review, we’re going to provide you with a general overview of what to do to create your account, log in, and use all the features.
The process for buying and selling cryptocurrencies is similar, but since we want the content on this page to be as thorough as possible, we’re going to go over each step in detail.
Create a New Account
First, you need to go through Bitpanda’s signup process. Thankfully, the process is simple enough and can be done from any device. As of today, Bitpanda is going to request the following information from you:
- Full Name
- E-mail Address
- Country of Residence
Additionally, you may choose to sign up for Bitpanda’s newsletter if you want. Once you’re ready, click on the “Create Account” button. You’re going to receive an e-mail confirmation link; keep in mind that if you want to access Bitpanda’s full features, you must verify your account.
Verify Your Account
Aside from verifying your e-mail address, you must go through a video ID verification. If you don’t follow this step, you’re not going to be able to make trades unless you buy cash vouchers in Austria.
To complete the sign-up process, go into your Bitpanda account and click “Verify.” The company is going to request the following information:
- Full Name
- E-mail Address
- Phone Number
Finally, you need to complete a video verification process in which you need to show a national photo ID. Currently, Bitpanda doesn’t accept drivers’ licenses as valid IDs.
Fund Your Account
Before you start buying cryptocurrencies, you need to make a deposit. You may choose from several payment methods, including bank transfers, VISA/Mastercard payments, crypto wallets, and more (We’re going to dive deeper into payment methods and supported countries later into this Bitpanda Review).
Buy the Cryptocurrency You Want
Once you have money in your Bitpanda wallet, you can look into the website for the cryptocurrencies you want to buy. For example, if you want to buy Bitcoin, you must go into the Bitcoin page, check the price chart displays, and click on the “Trade” button.
You’re going to be prompted to choose between Buying, Selling, or Swapping the cryptocurrency. Since we’re buying, click on the “Buy” button, enter the amount you wish your buy, and you’re done!
To create an account to sell cryptos, you may follow the same steps mentioned above. However, in the “Trade” label, make sure to click on the “Sell” label instead of the “Buy” one. Enter the amount you wish to sell, and you’re good to go. Remember that you may only sell the money you currently have in your wallet.
Making a Withdrawal
If you want to withdraw your money, you can go into your dashboard, choose the asset you want to withdraw to your bank/wallet, and click on withdrawal. Currently, you may withdraw in any of the following currencies: USD, GBP, EUR, CHF. Additionally, you may withdraw any of Bitpanda’s accepted cryptocurrencies.
The minimum withdrawal amount for fiat currencies is EUR 25. In the case of cryptocurrencies, the minimum amount may vary, so make sure to check out that information before you make a withdrawal.
Taking a Closer Look at Bitpanda’s Extra Features
Now that you know the basics of creating an account in Bitpanda, it’s time to discover all the additional features that you can use. Keep in mind that Bitpanda is always expanding to allow you to trade your digital assets more easily.
The main Bitpanda experience involves a simple platform where you can buy or sell assets to your liking. Keep in mind that Bitpanda doesn’t connect you with other traders; instead, it provides you with the coins by itself.
In this Bitpanda Review, we’re going to go over each extra Bitpanda label so that you can vote on which one feels more appropriate for your needs.
As mentioned before in the sign-up process, you may also swap cryptocurrencies instead of buying or selling them. One of the best things about Bitpanda Swap is that the process is instant, secure, and limit-free, so you may do it as many times as you consider it appropriate.
Additionally, you’re going to get a carefree wallet service for any coin you vote for. In the case you want to use Bitpanda Swap, you need to follow this simple process:
In the “From” label, choose the wallet you want to trade from, and in the “To” label, choose the wallet you want to swap it to. For educational purposes, let’s say that you want to exchange Bitcoin for Ethereum; you would use “From: Bitcoin Wallet – To: Ethereum.”
Next, you have to choose the amount of Bitcoin you want to convert to Ethereum and click on the “Swap Now” label. If you want to know how the exchange rate works for each coin, Bitpanda’s platform has a small section where it tells you how much the coin’s value is under the new coin.
If you want to create a Bitcoin or crypto savings plan, you may do it through the Bitpanda Savings label. Here, you can set up recurring transactions over a particular period. In essence, you’re automating your trading process, meaning that you don’t have to create a new transaction every time you want to trade Bitcoin or other cryptos.
You may set up your savings plan with SEPA Direct Debit, VISA, or MasterCard. Additionally, you may choose to set up as many saving plans as you consider appropriate. To set up a savings plan, you need to provide the following parameters:
- Wallet of the assets you want to buy.
- Currency you’re going to use to pay.
- Amount and frequency of the savings plan.
Bitpanda allows you to invest in palladium, silver, gold, and platinum through the Bitpanda Metals label. A great thing about this feature is that it charges you considerably low fees in comparison to other exchanges.
To put it simply, you’re going to buy and sell metal tokens, these tokens are backed by their physical form which is stored and insured by partners of Bitpanda (GVS, philoro, and pro aurum). Generally speaking, one token is equal to one gram of the metal you decide to trade.
Many traders enjoy this feature since it doesn’t require them to physically own the metal, which saves money in transportation and storage. You can also use Bitpanda Savings to set up savings plans for metals.
Bitpanda Crypto Index
You can invest in a crypto portfolio backed up by Bitpanda’s team. Typically, this portfolio is reviewed and adjusted accordingly as the market evolves. An excellent thing about the Bitpanda Crypto Index is that it allows you to invest in a diversified portfolio without having to invest in each coin individually.
Currently, you can vote for one of the three different indexes provided by Bitpanda. To use the Bitpanda Crypto Index, you must have a verified account on Bitpanda.
Bitpanda Ecosystem Token
Bitpanda’s Ecosystem Token is called BEST, and it allows you to access Bitpanda’s exclusive rewards, fees, and other benefits. You can trade this token against Ethereum or Bitcoin through the Bitpanda Pro label.
Some of the benefits from the BEST tokens involve the following:
- Participation in each BEST VIP vote.
- VIP Customer Support.
- Access to a reward loyalty program.
- Up to 20% reduction in fees and premiums while using the token.
The Bitpanda Card can be used to spend your digital assets online, such as cryptos, Euros, or metals. You can request this card for free on Bitpanda’s website, but you need to have a minimum of 100 Euro worth of assets.
Keep in mind that the Bitpanda Card is currently available for residents in the Eurozone area. Once you acquire the Bitpanda Card, you can manage it from any device.
This feature allows you to connect your Bitpanda account to traditional payment methods. In essence, Bitpanda Pay slows you to send money to any IBAN in the European Union and use it to pay your bills.
Bitpanda To Go
Bitpanda currently has a partnership with the Austrian postal office, allowing them to create cash vouchers. If you’re currently in Austria, you can go to one of Bitpanda’s partner postal offices and get a cash voucher, which you can redeem on your Bitpanda account.
You may also get a premium reduction if you use Bitpanda To Go.
If you’re planning on doing higher volume trades, the Bitpanda Plus service may be for you. Overall, you can get higher deposit and withdrawal limits, fee and premium discounts, exclusive customer support, and other features.
However, to be able to use Bitpanda Plus, you must have a minimum annual income of 150,000 Euros and be a top-tier BEST VIP member.
In Bitpanda Affiliate, you can receive up to 20% revenue share for every customer you refer to Bitpanda. Additionally, you can earn revenue shares from users who create a Bitpanda account even weeks after they’ve used your referral link.
Finally, the Bitpanda Pro is an exclusive service that takes Bitpanda’s features up a notch. To put it simply, you’re getting more advanced trading tools, trading bots, and more. If you want a more detailed list of all the content you can get from Bitpanda Pro, keep reading!
- Access to major European crypto-to-fiat markets.
- Intuitive user interface.
- Fully EU-regulated exchange.
- Advanced trading API that allows you to optimize your crypto trading strategies, analyze market data, connect trading bots, and more.
Is Bitpanda a Safe Broker?
Bitpanda is partnered with the Austrian Financial Market Authority, and its platform is licensed as a PSD2 payment service provider, meaning that it’s an official, secure, and reliable trading platform where you can buy and sell digital assets from any device.
Additionally, the platform itself uses two-factor authentication, SSL encryption, and several other cybersecurity measures that make it a highly reliable service.
Is Bitpanda a Regulated Broker?
As mentioned before, Bitpanda has a PSD2 license, which was received by the Austrian Financial Market Authority. Overall, this license allows the company to provide buying/selling fintech services in the Eurozone.
This means that Bitpanda is regulated by all the rules and regulations established on the PSD2 license.
Bitpanda Currencies and Payment Methods
Before you use Bitpanda, it’s important that you know all the currencies and payment methods you can use. Keep reading our Bitpanda Review to have a better idea of what asset to vote for at the time of trading.
The following is a list of the permitted cryptocurrencies:
- Bitcoin (BTC)
- Ethereum and Ethereum Classic (ETH-ETC)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Ripple (XRP)
- Dash (DASH)
- Zcash (ZEC)
- IOTA (MIOTA)
- OmiseGO (OMG)
- EOS (EOS)
- Stellar (XLM)
- NEM (XEM)
- Tezos (XTZ)
- Pantos (PAN)
- Augur (REP)
- 0x (ZRX)
- Komodo (KMD)
- Cardano (ADA)
- Neo (NEO)
- Waves (WAVES)
- Lisk (LSK)
- Tron (TRN)
- Chainlink (LINK)
- Tether (USDT)
- Basic Attention Token (BAT)
- USD Coin (USDC)
Additionally, the company permits the following fiat currencies:
- United States Dollar (USD)
- Euro (EUR)
- Swiss Fran (CHF)
- British Pound (GBP)
Finally, you may use one of the following payment methods for your purchases:
- Debit or Credit Card
- Bank transfer
- Bitpanda To Go (Cash)
If you’re going to buy or sell Bitcoin or other cryptos, the fee is usually 1.49% of the total exchange’s price. It’s important to note that these fees are included in the total price, making it a bit difficult to tell the crypto’s actual value.
Flat Deposit Fees
Bitpanda offers different fees depending on if you’re depositing via Euro Wallet, US Dollar Wallet, Swiss Franc Wallet, or British Pound Sterling Wallet. You may request specific information through Bitpanda’s customer support label.
Crypto Deposit Fees
You may check all the crypto deposit fees on Bitpanda’s official website. However, these fees may vary depending on the payment/payout method, account verification status, and other factors.
As a rule of thumb, deposited currencies that are not currently supported by Bitpanda can cause your wallet to be charged a conversion fee.
Bitpanda Customer Support
When it comes to Bitpanda’s customer support, we found mostly positive reviews. The company offers a “HelpDesk” label where you can check the most frequently asked questions about the service.
Additionally, all members have access to Bitpanda’s e-mail support, where you can send your particular queries to the team. However, keep in mind that some people have complained that the company sometimes takes too long to respond to support tickets.
Bitpanda Supported Countries
While Bitpanda is available worldwide, its full features are not available for everyone. For example, if you want to buy Bitcoin or other cryptos, you must live in Bitpanda’s supported countries, which is in the European Union within the SEPA; some supported countries include Switzerland, Monaco, Iceland, Norway, and Liechtenstein.
If you don’t live in among the supported countries, you can use your Bitpanda account to store or send cryptocurrencies. However, if you have Bitpanda Pro, you may use it to trade cryptocurrencies from anywhere in the world except for China and the United States.
Once you’ve created your account, logging into your Bitpanda account is fairly easy. Simply input your e-mail address and password to get access to your dashboard.
Remember that you may have access to particular features depending on the type of Bitpanda account you have. If your Bitpanda account is unverified, you may have several restrictions, so make sure that you verify your account as soon as you log in for the first time.
Bitpanda offers an open-source wallet that is continually updated to get the latest security patches needed. If you have an unverified Bitpanda account, you may use your wallet to send and receive funds from other Bitpanda users.
However, if you want to gain full access to Bitpanda’s wallet features, you must verify your account as soon as possible.
How Safe is Bitpanda’s Wallet?
Currently, Bitpanda’s wallet uses two-factor identification and multi-signatures, meaning that it’s highly unlikely that a third party is going to use the wallet without authorization.
However, keep in mind that you need to be careful with your operations. Make sure to review all your transactions before executing them to avoid any mistakes.
Bitpanda has a mobile app that provides the basic features of the web platform, such as managing your transactions, controlling your Bitpanda card, and more.
As of today, Bitpanda’s app is available for Android and iOS devices; this is a great way to keep track of your financials at any point of the day without any issues.
Verified users have much higher funding and withdrawal limits than unverified users unless you’re planning on trading cryptocurrencies; these digital assets don’t have limitations for withdrawals and deposits.
Buying limits may vary depending on whether the user is making a deposit or a withdrawal and the payment methods used.
Overall, Bitpanda has proven to be a great broker for both beginners and advanced traders. However, it may have certain limitations if you live outside the EU.
If you want to make the most out of this Bitcoin/crypto exchange platform, make sure to review all the features available to vote on which one works best for you.