This ad promotes cryptocurrency within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in some EU countries and the UK., no EU consumer protection. Investments are subject to market risk, including the loss of principal.
Bitpanda is a trustworthy exchange based within the EU, which lets users buy, sell, and trade cryptocurrencies using fiat currencies and digital tokens. Originally established back in 2014, under the name of Coinimal GmbH, it was later rebranded to Bitpanda. Today, it remains based in Vienna, Austria and has become the chief cryptocurrency broker in the EU for buying or selling top cryptocurrencies like BTC, LTC, ETH.
Even though Bitpanda is not compliant with any regulatory standard or organisation, it is a reputable exchange, as it has gained the trust of almost one million users worldwide.
This Bitpanda review will analyse the main aspects of the exchange to provide you with an all-rounded and detailed overview. Although Cryptimi does its best to provide accurate and relevant information, we strongly recommend that you to visit their site, in case of any updates which might occur after the time of writing.
To provide better security for users’ digital assets, Bitpanda stores them in offline cold storage devices which are not connected to the Internet. It also offers two-factor authentication (2FA) to protect users’ accounts from unauthorized access. In fact, should you need to update your email address, phone number or 2FA, the Bitpanda team might contact you personally by phone to verify said changes. Other security measures in place include DDOS protection and SSL encryption.
Since Bitpanda is a brokerage service, it directly supplies the coins to users so you don’t need to interact with other traders to trade cryptocurrencies. Over the years, the exchange has developed substantially, and today offers a suite of services, including:
How does Bitpanda compare to the other exchanges?
Your capital is at risk
81% of retail CFD accounts lose money
72% of retail CFD accounts lose money
Bitpanda offers an integrated, multi-currency wallet for its members to securely store their digital assets. Even though it has not been involved in any kind of hacks to date, it is highly recommended to use hardware wallets like Trezor or Ledger to store a large number of cryptocurrencies. The integrated web wallet is good to store a small number of cryptocurrencies.
These are the crypto wallets we recommend you could try in combination to Bitpanda’s services:
As an individual, you can create an account on Bitpanda by providing your personal information, such as your name, email, etc. If the account is not verified, you’ll only be allowed to deposit or send cryptocurrencies to other wallets. In order to buy, sell or trade cryptocurrencies, the account must first be verified by uploading legal documents.
Follow the below steps to create an account:
You should then receive a confirmation email from Bitpanda. Click the link on that email to activate your account.
To log in, follow the below steps:
You will be redirected to your account dashboard.
To protect your account from unauthorized access, you need to enable two-factor authentication. You can set up 2FA protection for your account via Google Authenticator, Authy, or other apps. Follow the below procedure to enable 2FA protection for your account:
Screenshots are shown for illustration purposes only. Actual product may vary.
Your account is now protected with 2FA and it will not be possible to log in or process any transaction without the single-use authentication code.
To verify their identity you need to upload identification documents. Doing this will allow you to buy, sell or trade cryptocurrencies on Bitpanda. The documents required vary depending on your country of residence as per the graphic further down in this Bitpanda review. Once all documents are ready, you can choose any of the two providers (IdentityTM, IDNow) to complete a video-based identification.
Before starting, you should make sure to have the following:
Once completed successfully, you need to make a verification deposit of an amount between €25 and €2,500 using SEPA, SOFORT, GIROPAY or EPS. Then the limits will be increased based on the payment method.
Apart from the full verification option, Bitpanda lets users from a restricted number of countries sign up with a light verification alternative. The similar procedure replaces the video call with a simple document upload, however, user limits are significantly reduced.
With Bitpanda, users can deposit 4 different fiat currencies (EUR, USD, GBP & CHF) and 20+ cryptocurrencies.
The below example shows you how to deposit EUR on Bitpanda. Before following this procedure, you must have verified your account.
Once your transaction has been processed by the payment provider, the funds should be credited in your Bitpanda wallet.
Depositing cryptocurrency on Bitpanda is simple, as there is no need for users to verify their account. In this example, let’s see how to deposit BTC on Bitpanda.
Before starting to make the deposit, make sure that the deposit amount is greater than or equal to the minimum deposit amount. You also need to ensure that you have selected the right wallet to deposit coins. For example, you cannot deposit ETH on a BTC wallet.
Bitpanda allows users to buy cryptocurrencies by using a fiat currencies method, such as a credit card, eWallet or bank transfer. In order to buy digital tokens, users must first verify their account.
Follow the below steps to buy BTC from Bitpanda.
Once your transaction has been processed, the Bitcoin will be credited to your BTC wallet.
Instead of using fiat currency to purchase Bitcoin or Altcoins you can swap one cryptocurrency for another. The below steps guide you to buy ETH using BTC.
Once the transaction gets completed, ETH will be credited to the corresponding wallet.
For how to buy Ethereum Classic, repeat all the steps mentioned in the How to Buy Bitcoin section of this Bitpanda review, with the exception of selecting ETC rather than BTC in Step 2.
Just like in previous chapters of this Bitpanda review, to buy Litecoin all you need to do is follow the instructions in the How to Buy Bitcoin section, replacing BTC with LTC.
Repeat all the steps mentioned in the How to Buy Ethereum section, with the exception of selecting BCH rather than ETC in Step 3.
First, you need to sell the cryptocurrency and withdraw the equivalent fiat currency to your payment provider. These steps will help you accomplish this:
Congratulations! Your funds should have been successfully withdrawn to your payment account.
Check out our recommended crypto casinos where you can deposit and play with Bitcoin and more, once you withdraw from BitPanda:
Even though Bitpanda doesn’t list hundreds of Altcoins or all of the ERC20 tokens on its platform, it allows users to buy, sell or trade the top cryptocurrencies, including the below:
Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ethereum Classic (ETC), Tether (USDT), Dash (DASH), Ripple (XRP), Bitcoin Cash (BCH), IOTA (MIOTA), EOS (EOS), Stellar (XLM), 0x (ZRX), Tron (TRX), Zcash (ZEC).
Since Bitpanda is based in Austria, it accepts users from all the 28 countries within the EU.
Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Iceland, Italy, Ireland, Hungary, Latvia, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Sweden, Switzerland, Turkey, United Kingdom of Great Britain and Northern Ireland.
Currently, Bitpanda is not available to the residents or citizens of the US and verification from Australian citizens is also not supported.
Every cryptocurrency exchange will have its own fee structure and limits, and Bitpanda is no exception.
As the trading fee is also included in the real-time price of the cryptocurrencies, it will be invisible to users. However, based on the information given on Bitpanda’s official website, the fees to buy and sell cryptocurrencies are 1.49% and 1.29% respectively.
Bitpanda itself does not charge any fee to deposit/withdraw funds using fiat payment methods. However, your bank or card provider might deduct a transaction fee or an exchange rate fee, if the deposit is made using a currency other than EUR, GBP, USD, and CHF.
For cryptocurrencies, deposits are free, if the amount is greater than the minimum deposit amount. However, withdrawals always come with a fee, depending on the type of cryptocurrency and amount of withdrawal.
The deposit/withdrawal limits depend on two factors: Account (Light Verification/Verification) and Currency type. For fiat-based deposits/withdrawals, it offers three types of limits (Daily/Monthly/Total) which depend on the fiat currency. For more information about the exact fee and limits check out the below lists, depending on currency type:
For the Euro currency:
Similar limits exist for other fiat currencies, namely USD, GBP, and CHF. Verified accounts benefit from one of the highest limits in the industry.
Bitpanda offers a range of convenient payment methods depending on your currency. These include the following:
Even though Bitpanda doesn’t provide advanced security features, it offers basic features like 2FA. Users can protect their account by configuring 2FA via Google Authenticator, Authy or any of their desired authenticator app. Whenever a login attempt is made from a new device, it will be allowed only if the user authorizes the device by providing confirmation via email. Otherwise, the login will not be permitted.
Bitpanda exchange provides 24/7 support to its customers. For general inquiries, users may refer to the articles on the ‘Knowledge’ base section (after clicking on the ‘Help’ section). If a user experiences any issues with the account and/or transaction, they can contact the support team by clicking on the ‘Help’ button on the site’s landing page, and then creating and submitting a request, as shown in the images hereunder:
Currently, the mobile app is available only for Android and iOS users. Featuring the same tools and options of the web version, Bitpanda mobile is a convenient way to manage your cryptocurrencies on the go.
Bitpanda is tight-lipped about any upcoming features, however, you can be among the first to know of any news by visiting the Bitpanda Magazine. You should also become a fan of their social media pages, as any new features will definitely be communicated through these channels.
While both exchanges allow users to buy cryptos using fiat currencies, Bitpanda supports more fiat payment options than Coinbase. Bitpanda deducts fewer fees for withdrawal when compared to Coinbase. Regarding the security, both Bitpanda and Coinbase offers 2FA and IP pinning. Both exchanges allow users to buy, sell or trade cryptocurrencies, after verifying the account. Coinbase, on the other hand, supports users from the US and offers a compensation scheme.
Bitfinex allows users to trade cryptocurrencies without verification whereas Bitpanda requires users to submit documents. Both exchanges support fiat-based deposit/withdrawal options. Bitfinex provides advanced trading options and supports several more cryptocurrencies than Bitpanda. Both provide security features like 2FA, withdrawal protection and IP monitoring.
The best thing about Bitpanda is that it supports a wide range of payment methods using 4 different fiat currencies, to quickly buy or sell cryptocurrencies. It offers basic security features like 2FA and IP Pinning to protect the user’s account from unauthorized access. Even though it doesn’t support advanced trading methods like margin trading, it is still a good option for novice traders.
As one of the world's largest Bitcoin brokers, Coinbase has built itself quite the reputation within the cryptocurrency market. It's available in most countries worldwide, including the US & UK. Security is second to none and its reputation is a force to be reckoned with.
As a UK based broker, Indacoin is an excellent choice for a novice trader to get involved in crypto as it requires no account registration and supports crypto purchases via a credit/debit card.