Bitpanda was launched in Vienna, Austria, in December 2014 and has grown to be a leading retail broker in Europe. The company specializes in buying and selling Bitcoins, Ethereum, Gold, and over 50 other digital assets. The broker has over a million users, and what is unique about it; users can directly buy coins at a fixed broker commission instead of trading with other users. For users around the EU, Bitpanda is probably the most efficient exchange for buying crypto.
In this Bitpanda review, we shall go through the brokerage’s major characteristics while also maximizing our understanding of Bitpanda functionalities.
Bitpanda review summary: Bitpanda is one of the biggest European brokers with over 50 digital assets. They offer cryptos like Bitcoin, Ethereum, but also precious metals like gold and silver. The Bitpanda brokers fees are relatively high (1.49%), but can be avoided by using their exchange platform (0.15% fee). They offer multiple additional services, like their own Bitpanda Card, Crypto Index and native token.
First impression of Bitpanda
Bitpanda is available via the web-based app and mobile iOS and Android app. The platforms offer up to seven languages (English, German, French, Turkish, Spanish, Italian, Polish) and shows that they are targeting a lot of countries.
The exchange is suitable for both novice and Pro traders for the following reasons:
- Novice users are helped by detailed step to step procedures to navigate the broker platform and understanding all the services provided such as Bitpanda Swap, Bitpanda Metals, Bitpanda To Go, etc.
- Pro users have a Bitpanda Pro section specially geared towards expert traders, professionals, and institutions.
Bitpanda supports 53 digital assets, among them BTC, ETH, Gold, and Silver.
The brokerage accepts various fiat currencies: EUR, CHF, GBP, USD, or TRY, via a wide range of payment and payout providers.
Key Features of Bitpanda
- Built-in wallet integration for all assets.
- State of the art security system.
- Supports a variety of digital assets, including gold and silver.
- User-friendly website and mobile applications.
- Support a lot of payment methods and different fiat currencies.
- Over-the-Counter (OTC) services for customers buying or selling amounts over 1 million pounds.
- A variety of services such as Bitpanda Swap, Savings, and Metals.
Summary
| Offer | 53 assets. |
| Fees | 1.49% fixed fee + payment costs (compare Bitcoin prices). |
| Payment methods | SEPA Bank transfer, Credit Card and many more. |
| Staking | Not possible. |
| Built-in wallets | Yes, for all cryptos. |
| Insurance | No. |
| Bonuses | No. |
| Registration | Yes, mandatory. |
| API | Yes, automatic trading is possible. |
| Support | 24/7. |
| Email address | support@bitpanda.com. |
Save up to 25% fees with Bitpanda by holding BEST
Bitpanda Pros and Cons
| Pros | Cons |
|---|---|
| 1+ million customers | Very high fees (compare BTC prices) |
| Support of 5 fiat currencies | Additional costs for payment methods |
| Variety of payments and withdrawal methods | No insurances |
| Card, Metals and more | No staking |
Bitpanda Offer
Bitpanda currently makes it possible to trade 53 digital currencies with the five fiat currencies acceptable by the exchange. The broker provides services only in the Eurozone and supports 16 trading pairs.
Bitpanda accepts a variety of payment methods, including: Debit/credit cards, Bank transfer, SEPA, iDEAL, Skrill, EPS, GiroPay, Sofort, Neteller, Zimpler, and Bitpanda To Go vouchers.
It is worth noting that the increased trading prices for Bitpanda are partly due to the transactional fees incorporated by the different payment systems.
Guide how to trade on Bitpanda
Bitpanda is a leading cryptocurrency broker, while the Bitpanda Pro is an exchange. Brokers allow users to buy and sell coins at a price set by the broker. At the same time, exchanges provide a platform where buyers and sellers interact with each other on prices affected by current market conditions.
Bitpanda and Bitpanda Pro both allow trading but the Pro version is a lot cheaper.
Save up to 25% fees with Bitpanda by holding BEST
How to deposit fiat?
A fiat wallet allows you to deposit money in your Bitpanda account and have it on standby for any purchases you might be willing to make. With credit in your fiat wallet, you can also withdraw at any moment.
Currently, Bitpanda supports five fiat wallets: Euro, USD, Turkish Lira, Swiss Franc and the British Pound. To deposit in one of these wallets:
- On the top of the page, click the Deposit button on the navigation bar.
- Specify the kind of fiat wallet you want to deposit.
- Select a payment provider.
- Select the amount you wish to deposit and click on Go To Summary.
- Analyze and verify that every detail is as you wish then click on Make Deposit.
- If prompted to verify the deposit, do so.
- After completing your payment, you will be redirected to the Bitpanda page where your wallet should have been updated.
How to deposit crypto?
Another way to deposit credit is by depositing crypto. You can skip this step if you don’t own crypto or don’t want to deposit crypto.
- Log into your account and click on Deposit.
- Choose Assets then specify the wallet you wish to deposit on.
- In the address selected you can see your deposit address and QR code.
- Use the deposit address to send money from your other wallet to your Bitpanda wallet.
How to buy crypto?
To buy crypto, you should have first deposited an amount into your fiat wallet and proceed as follows.
- On the top right of your page click Trade.
- Click on Buy.
- Select the cryptocurrency you wish to buy alongside your wallet.
- Choose the fiat wallet you will purchase the crypto with.
- Specify the amount you will pay.
- Finalize all details of your purchase then click on Buy Now to complete the order.
How to sell crypto?
To sell cryptocurrencies with Bitpanda:
- Click on Trade.
- Click on the Sell option.
- Select the cryptocurrency alongside your wallet.
- Select the fiat wallet you want to transfer your incoming funds to
- Specify the amount you wish to sell.
- Finalize on details of your sale and click on Sell Now.
- Your selected fiat wallet should be updated with the new amount.
How to do a fiat payout?
To withdraw money from your fiat wallet, follow the following steps.
- Click on the desired fiat wallet under Fiat Wallets.
- Click Withdraw.
- Specify the payout account. If you have not already created a payout account, you will need to do so for your selected payment provider.
- Enter the amount you want to withdraw, then click on Go To Summary.
- Finalize all details of the withdrawal and click Confirm.
- You will be sent a confirmation email.
- Click on the Confirm Transaction and await to be redirected to a success screen on Bitpanda.
Verification and Limits
As per the EU regulations that came into effect on Jan 2020, all Bitpanda users have to verify their accounts. If you are already verified, you need to answer the KYC questions. New customers have to both verify their accounts and take the KYC quiz.
Verification on Bitpanda is mandatory. The key aim of account verification is to help prevent money laundering and terrorism funding.
A verified user on Bitpanda is availed for all the services provided in the entire Bitpanda ecosystem. After successful verification, you will need to pay a verification deposit to be able to use the full deposit limits for SOFORT and GIROPAY
Verified users on Bitpanda enjoy the following limits:
- Fixed 24 hour limit for Netteler and Skrill at 10,000 EUR and 60,000 Eur for Papara.
- Fixed 24 hour limit for credit card and iDEAL deposits at 2,500 EUR.
- 24 hour limit for bank transfer limits at 49,999 EUR.
Save up to 25% fees with Bitpanda by holding BEST
Bitpanda fees and other costs
Bitpanda’s trading fees are relatively higher, you can compare their trading fees with other European brokers with our live Bitcoin price comparison.
- Buying Bipanda fees: 1.49% per transaction.
- Selling Bitpanda fees: 1.49% per transaction.
You pay the transaction fees based on the amount of crypto you are trading and the payment method you are using.
A weekly storage fee is required for users investing in gold, silver, platinum, or palladium.
Bitpanda Pro
Bitpanda Pro is an advanced exchange platform for Bitpanda users. It was specifically designed for use by professionals and institutions. The Pro version of Bitpanda, in addition to trading, allows integration of trading bots to respective APIs, thus enabling automatic trading.
The exchange is regulated and fully compliant with the new Anti-Money Laundering Directive (AML5). If you are verified on Bitpanda, you can easily access Bitpanda Pro without a new verification.
Trading with Bitpanda Pro saves you a lot of money, since the trading fees cannot be higher than 0.15%.
Is Bitpanda safe?
Bitpanda is considerably safe as compared to other brokers around. It uses advanced technology to secure its transactions, among them; Denial of Service protection, state of the art servers, and offline cold storages. We see this kind of security with almost all brokers and exchanges.
Please note that your funds are not insured in case of a hack or a breach. Some other brokers do have an insurance for their crypto and fiat funds.
Bitpanda is fully compliant with the AML5 directives and EU trade regulations, which guarantees its users security and responsibility.
Bitpanda is trusted by over 1 million users in Europe and founded in 2014.
Over the last 24 hours, Bitpanda’s trading volume was $11.19M. The brokerage no longer charges insurance or storage fees for the first 20g Gold or 200g Silver purchased.
Save up to 25% fees with Bitpanda by holding BEST
Bitpanda FAQ
What are the Bitpanda fees?
Bitpanda charges 1.49% for buying and selling. Each coin has a different deposit and withdrawal fee. It also charges different deposit rates for the different deposit methods
Is Bitpanda safe for use?
Bitpanda is relatively safe for use. It employs state of the art servers and cold offline storage. This company is trusted by millions of users.
What payment methods are supported by Bitpanda?
Bitpanda supports various payment methods: EPS, GiroPay, NETELLER, Skrill, SOFORT, Zimpler, iDEAL, Mastercard and VISA, and SEPA Bank Transfer.
How can I contact Bitpanda?
Bitpanda customer support can be reached by email: support@bitpanda.com. They also have a comprehensive helpdesk where they answer frequently asked questions and Do It Yourself (DIY) instructions.
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