Bitpanda, called by some as the Coinbase of Europe is a popular cryptocurrency brokerage. From their vast selection of coins to low transaction fees, Bitpanda is one of the best cryptocurrency exchanges for beginners.
Bitpanda Coin Selection
Bitpanda’s coin selection is extremely impressive for a fiat exchange. In addition to the coins listed below, Bitpanda also offers IOTA, Litecoin, Bcash, Komodo, EOS, Dash, OmiseGo, Augur, Stellar, 0x and NEM.
Coinbase, Bitpanda’s biggest competitor currently only offers Bitcoin, Ethereum, Litecoin, Bcash, and Ethereum Classic.
Bitpanda Payment Methods
Another fantastic feature about Bitpanda is their wide variety of payment options. The options include:
- Bank Transfers (SOFORT & SEPA)
- Credit and Debit Card
- Netteller and Skrill
Bitpanda Fees and Limits
Bitpanda has extremely low purchase fees making them a great choice for investors. On credit and debit card purchases, Bitpanda charges 3.98% fees making them slightly cheaper than Coinbase (by .01%).
If a bank transfer is used, expect to pay around 1.49% fees on buys and 1.29% on sells.
How does this compare to the competition? Well, let’s look.
|Exchange||Buy Fee (Bank)/(Card)||Sell Fee (Bank)/(Card)||Supported Countries|
|Luno||0%-.25%||0%-.25%||Europe, Nigeria & More|
|Coinbase||1.49%/3.99%||1.49%/3.99%||US, Europe, & More|
How Safe is Bitpanda?
Bitpanda is a relatively safe cryptocurrency exchange. They have had no hacks or theft and take extra precautions to keep users funds safe.
In addition to logins, Bitpanda also offers two-factor authentication adding an extra line of security for accounts that desire it. To use two-factor authentication, download popular 2FA apps Google Authenticator or Authy.
Upon login to the exchange, you will be prompted to enter a code that changes every several seconds from the authenticator app. This makes it extremely difficult for unwanted users to access your account.
Bitpanda has a custodial wallet similar to Coinbase making it easy for users to store their funds. Storing funds on an exchange is not recommended as you do not hold your private keys. Private keys are what ultimately prove ownership of cryptocurrency.
If you decide to keep your currency on Bitpanda, they support the following currency wallets:
The Bitpanda team is led by CEO’s Eric Delmuth and Paul Klanschek. You can check out the rest of the team on their official LinkedIn page.
Both of them attended Vienna University and studied Economics and Business which certainly helps when running one of the largest exchanges in Europe.
Bitpanda Customer Support
Bitpanda customer support is some of the best in the space. Due to the automation of the platform, customer support does a great job at problem-solving. Not only do they respond to issues quickly, but they are extremely helpful.
The customer support form asks for a name and email address and will respond via email.
How to Make a Bitpanda Account
To create an account on Bitpanda, enter the following fields.
Bitpanda is a primarily European exchange, so make sure your country is supported before creating an account.
If your country is not supported, then you won’t be able to purchase cryptocurrency!
The Bitpanda newsletter is optional and typically contains information about new coins and wallet upgrades as well as changes to fee structures.
After creating an account, you’ll need to verify it by entering personal information like your address, date of birth, and phone number.
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 commision does not come out of the sign-ups purchases, but the exchange’s profit.
The commision starts at 10% and scales up depending on how much you have earned.
Overall, Bitpanda is a fantastic brokerage/exchange and is extremely competitive with the other exchange giant Coinbase. Their fees are extremely low, although somewhat hidden making it appear “feeless”.
For a beginner looking to buy cryptocurrency for the first time, look no further than Bitpanda.