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Austin Jacob • July 3rd, 2020

Bitpanda Exchange Review (2020)

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Buy Cryptocurrency with Bitpanda

bitpanda exchange review

Bitpanda, called by some the Coinbase of Europe, is a popular cryptocurrency brokerage and exchange.

Featuring wide amounts of cryptocurrencies, competitive fees, and a simple user interface, it’s a serious contender for the best cryptocurrency exchange.

That being said…

How does it hold up to its competitors?

Well, keep reading to find out more about Bitpanda!

Comparison

coinmama
Fees Established Countries
5.9% 2013 Nearly All
bitpanda
Fees Established Countries
~4% 2014 Europe

Supported Countries

Any user in any country can use Bitpanda, but there are region-specific limitations for certain exchange features.

Most importantly, purchasing cryptocurrency is limited to nations covered by SEPA transactions. This includes Monaco, Switzerland, Norway, Liechtenstein, Iceland, and the 27 member states of the EU.

Users subscribed to their premium service, Bitpanda Pro, can trade currencies across the world with the exception of the USA and China.

Users from any nation can send and store cryptocurrency

Compatible Currencies

Bitpanda offers transactions through four major currencies: The US Dollar (USD), the Euro (EUR), the British Pound (GBP), and the Swiss Franc (CHF).

Aside from these four major cryptocurrencies, BitPanda offers a wide variety of cryptocurrencies for purchase. Available cryptocurrencies are listed below:

Bitcoin (BTC)
Ethereum (ETH)
Ethereum Classic (ETC)
Ripple (XRP)
Bitcoin Cash (BCH)
Litecoin (LTC)

Payment and Deposit Methods

Through these four major fiat currencies, BitPanda offers a wide variety of payment methods for purchasing cryptocurrencies.

To start, there are four more traditional methods of payment for transactions: Debit card, credit card, SEPA, bank transfers, and election payment services (EPS).

Additionally, there are newer and more proprietary payment systems available: Zimpler, iDEAL, Bitpanda on the go cash transactions, Skrill, Neteller, Sofort, and Giropay.

The sheer volume of assets and purchase types available make Bitpanda a more accessible and competitive cryptocurrency exchange.

Fees and Limits

BitPanda has a relatively unique system for transaction fees. Much like European sales tax, the fee is built into the price at face value.

However, this may make the fee rate less obvious or distort the true price of the asset if you are unaware.

BitPanda customers should be aware that the transaction is 1.49%. Any asset you purchase will have this fee already added to the given price.

For depositing cryptocurrency, a fee will only be incurred if you deposit a cryptocurrency that is not supported by the exchange.

There are too many variable fees for cryptocurrency transactions to list here, but you can refer to the official fee table for more information.

As for fiat deposit fees, bank transfers are free and available for all fiat currencies except the US Dollar. Every other payment method incurs a percent fee between 1.50% and 3.60%.

Buying limits are largely dependent on your level of verification. Unverified users have relatively low buying and withdrawal limits. Verified users have unlimited access to funds and can withdraw millions of Euros at once.

Does Bitpanda have a mobile app?

Yes, Bitpanda has a mobile app for iOS and Android. The mobile app offers the same features as the desktop site.

Price charts, a wide variety of cryptocurrencies available, and the same fees and purchasing limits can be found on the mobile app.

Localization

The primary languages supported by Bitpanda are English, German and French.

The Bitpanda Team

BitPanda is headed by a small team of executive founders. Eric Demuth and Paul Klanschek both serve as CEOs, and Christian Trummer serves as CTO.

Customer Support Options

The primary method of customer support for BitPanda are articles available through their official helpdesk.

These articles are sorted into categories: New articles, getting started, my account, verification, purchasing options, wallet, security, account types, community, and miscellaneous.

BitPanda also offers legal information on their legal page for customers to refer to.

Bitpanda and Cryptocurrency Forks

In the past, Bitpanda has taken a cautious approach to support Bitcoin and other cryptocurrency forks. The exchange waits to see if the new network gains traction, and will make a choice after evaluating the state of the cryptocurrency.

Currently, the only fork supported by the exchange is Bitcoin Cash. Withdrawals, deposits, and trading of the currency are all supported. Smaller forks like Bitcoin Gold and airdrops like Bitcoin Private have not been added yet.

It is unclear if the team will in the future, but most likely will not support these coins.

What is Bitpanda ToGo?

Bitpanda To Go is a gift card/ voucher system that allows for easy purchasing of cryptocurrency.

They are sold at Post branches in Austria and are a private way of purchasing cryptocurrency.

Only an email address is required to redeem the voucher making it similar to purchasing via cash – but without the premium.

The vouchers are sold in 50 Euro, 100 Euro, and 500 Euro amounts.

You can find stores that support the vouchers on the official Bitpanda To Go page.

Bitpanda Referral Program

Bitpanda also has a referral program allowing users to earn commissions for friends they sign up for the exchange. This commission does not come out of the sign-ups purchases, but the exchange’s profit.

The commission starts at 10% and scales up depending on how much you have earned.

Bitpanda FAQs

Which currencies are allowed for bank withdrawals?

At the moment, currency withdrawals through bank transfers are only allowed using the Euro (EU).

How safe is Bitpanda?

BitPanda is a safe exchange with a good reputation that goes all the way back to 2014.

It is a safe option for customers who are just beginning with cryptocurrency or customers who already have advanced experience buying and selling cryptocurrency.

The official Bitpand site advocates using an encrypted password manager to secure access to your cryptocurrency. This allows users to generate unique and difficult passwords for storage while only needing to memorize one password to access them. In general, encrypted password managers are good practice.

Additionally, Bitpanda recommends using 2FA for access to your investments. In short, 2 factor authentication (2FA) restricts access to your cryptocurrency unless you can confirm login and transactions through two separate devices. This prevents hackers from accessing your funds after compromising only one login device.

Lastly, Bitpanda advocates the avoidance of single point of failure (SPOF) when using their services. This means that there should be no point where a single security breach can compromise your entire investment. Single points of failure can include a compromised login without 2FA, only using one device to access funds, or using the same password across multiple accounts.

How does Bitpanda Pay work?

Bitpanda Pay is Bitpanda’s electronic payment and transfer system. Bitpanda Pay allows you to transfer money to merchants and friends through funds stored in your EUR wallet on Bitpanda.

Users need a verified account, a smartphone with a valid number, and a minimum of 10 EUR to access Bitpanda Pay.

It is a relatively simple system, and it allows EUR transfers to customers that are also signed up with Bitpanda Pay. It only involves choosing “send”, entering information for the recipient account, and confirming security with two factor authentication and PIN number.

What is the Bitpanda 2.0 update?

Bitpanda 2.0 was launched in 2020 to streamline the user experience and make it easier to carry out cryptocurrency transactions.

As a result of the update, there is now only one tier for verification. Instead of multiple verification levels, simply verify once and you can access higher transaction limits and additional features.

The new update allows users to sign up and purchase cryptocurrency within minutes, and it also allows an unlimited amount of user wallets to be created.

Bitpanda 2.0 also allows users to add a list of personal contacts for transfers and account networking. Users can send cryptocurrency to other users without paying any fees.

Lastly, Bitpanda 2.0 added the feature for users to set price alerts. This means receiving an alert on your mobile or desktop device when a cryptocurrency goes above or below a specified price.

Where did Bitpanda come from?

Bitpanda was founded in 2014 in Vienna, Austria with the purpose of providing a cryptocurrency trading platform. While the company is headed by the three aforementioned executives, there are over 120 total employees working for Bitpanda.

Bitpanda aspires to be the leading platform for digital assets in Europe, and SEPA features are certainly a reflection of this. However, customers outside of Europe can still access and make use of the platform with only somewhat limited features.

How to Buy Bitcoin on Bitpanda

To start off buying Bitcoin on Bitpanda with a credit or debit card, create an account. Please note that Bitpanda is currently limtied to European countries.

Bitpanda Signup

After filling in all of the fields, you’ll need to link a payment method. As we stated above, Bitpanda has an enormous amount of payment methods available.

Once a payment method is linked, select Bitcoin or whatever cryptocurrency you plan on purchasing.

Bitpanda Coin Selection

Click BTC buy to get to the next menu.

Select Bitcoin and again and choose your payment method (credit card or debit card most likely). In this example, I’ll use my Euro balance.

Bitpanda Buy Tutorial

Next, enter the amount you want to purchase or click maximum.

Bitpanda buy

Lastly, click go to summary, and accept their purchase terms.

Bitpanda purchase Euro

Click buy now, and then you have successfully purchased Bitcoin on Bitpanda using a credit or debit card!

Conclusion: Why use Bitpanda?

Bitpanda is a quality platform that has been around for a sizable chunk of cryptocurrency history. The exchange has not been the subject of any major hacking scandals, and it is widely considered a safe and reliable place to do business.

Who should use Bitpanda? The exchange is mainly geared towards customers who are looking to buy and sell cryptocurrency in Europe. Most of the features are designed for European territories and the Euro.

Additionally, Euro transfers can be made on the platform without any cryptocurrency transactions. This makes Bitpanda unique as an electronic money transfer service beyond being just a cryptocurrency exchange.

Who should not use Bitpanda? This exchange should not be used to store cryptocurrency funds in the long term. Bitpanda is an exchange and not a hot wallet service, and if it was, cold wallets are a more secure solution for cryptocurrency storage.

The best way to use exchanges is to plan ahead, carry out your transaction, and store your funds in a bank or cold wallet. However, it does offer money transfer functions for Euro wallets.

Users outside of Europe are better off looking for a more local exchange in order to access additional features. Users in Europe will find Bitpanda to be a very streamlined experience with a plethora of features.

If you simply like the base features or design and are located outside of Europe, you are still free to use Bitpanda with limited access.

In short, Bitpanda is designed for individuals and businesses in Europe to quickly and easily access cryptocurrency transactions. The newest update presents a very intuitive and pleasant interface, a simple verification program, and quick access from registration to purchase.

The exchange also offers a large number of cryptocurrency assets, multiple stable fiat currencies for exchange, and plenty of methods for transaction.

It does not offer advanced investment instruments or advanced manual trading, but it is not designed with those customers and features in mind.

Bitpanda is designed for users from across the world to quickly and easily access cryptocurrency. Euro transfer services and a wealth of options makes it stand out from the crowd, and it has a very secure reputation.

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