Bitpanda Review
Overview
Bitpanda is part of a Austrian firm called Bitpanda GmbH and is specialized in buying and selling cryptocurrencies. The company exists since early 2014 and all the founders are crypto… more
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Broker | Bitpanda |
---|---|
Website URL | www.bitpanda.com |
Founded | 2014 |
Headquarters | Vienna, Austria |
Support Number | None |
Support Types | Email, online helpdesk |
Languages | English, German, French |
Trading Platform | Bitpanda's own trading exchange and website |
Minimum 1st Deposit | €25 |
Minimum Account Size | €1 |
Minimum Trade Amount | €25 |
Maximum Trade Amount | None |
Bonus | No Active Bonus |
Payout | Instant in the case of E-wallets. Bank Wire Transfer can take up to 3 working days |
Leverage | Bitpanda doesn't offer leveraged trading |
Spread | Bitpanda charges fixed fees and commissions depening on the cryptocurrency bought and account type |
Free Demo Account | ![]() |
Regulation | Unfortunately, Bitpanda is unregulated |
Fees | ![]() |
Fee Info | Bitpanda's fees and commissions depend on account level and asset bought/sold |
Commissions | ![]() |
Commission Info | Bitpanda's fees and commissions depend on account level and asset bought/sold |
Account Types | Bronze, Silver, Gold, Affiliate |
Deposit Methods | Verified accounts can deposit with SEPA, GIROPAY/EPS, iDEAL, SOFORT, NETELLER, Skrill, Zimpler, Visa, and Mastercard to their Euro Wallet. Bitpanda To Go vouchers can be redeemed for cryptocurrencies directly. |
Withdrawal Methods | Verified accounts can withdraw with SEPA, GIROPAY/EPS, iDEAL, SOFORT, NETELLER, Skrill, Zimpler, Visa, and Mastercard to their Euro Wallet. Bitpanda To Go vouchers can be redeemed for cryptocurrencies directly. |
Number of Assets | 30+ |
Expiry Times | Bitpanda doesn't offer (binary) options and thus has no expiry times |
Types of Assets | Over 30 different cryptocurrencies and 4 fiat currencies: USD, EUR, GBP, CHF |
Option Types | Bitpanda doesn't offer (binary) options |
Trading Currency | Over 30 different cryptocurrencies and 4 fiat currencies: USD, EUR, GBP, CHF |
Account Currency | USD, EUR, GBP, CHF |
US Traders Allowed | ![]() |
Mobile Trading | ![]() |
Tablet Trading | ![]() |
Overall Score | 8.3 |
Full Review
Bitpanda is part of a Austrian firm called Bitpanda GmbH and is specialized in buying and selling cryptocurrencies. The company exists since early 2014 and all the founders are crypto enthusiasts that wanted to create an user friendly platform for traders and investors to buy and sell cryptocurrencies. Whether they succeeded in this, you’ll find out in this Bitpanda review, updated for 2020. Also, we will include a comprehensive guide on how to buy and sell crypto using Bitpanda.
Registering an account at Bitpanda
To use Bitpanda’s services, you need to register an account. This is done very easily by just filling in your first name, last name, email address, phone number and choosing a password. After that you just click ‘get started’ or ‘sign up’. A small reCaptcha form tests if you’re a robot or not and you will receive a verification email in your mailbox. Please note that this email might arrive in your spam folder the first time. After this you can login your Bitpanda account and set up additional security measurements.
Safety Measurement: 2FA
To protect your account and keep hackers at bay, it’s wise to set up 2 Factor Authentication via the ‘security’ tab in your account. To do this, just follow the following easy steps:
– Download ‘google authenticator’ via the google store or appstore
– Scan the QR-code
– Fill in the 6 digit number that shows up on your smartphone or tablet
– Login again to finish setting up your 2 factor authentication
Please note that it’s always smart to check the url to Bitpanda. It should start with https:// . If it doesn’t start with that, doesn’t show the green padlock but a red warning sign, do not login. Your connection is not safe and it’s safer to login Bitpanda from somewhere else or a different device.
Bitpanda Review 2020 – Verification
To be able to use the Bitpanda platform at all, you will need to verify your mobile phone number. If you don’t do this, you won’t be able to deposit money and/or cryptocurrencies on your account. To verify your mobile phone number, simply fill it in in the verification form. You will receive a free SMS containing a code. Fill in the code to complete the verification process. From this moment you can deposit up to 50 Euros or cryptocurrencies.
Obviously, you want to deposit more money than just 50 Euros lifetime, so you’ll have to upload identity documents and proof of address. After this you’re silver status and you can deposit way more.
The highest possible status is gold and from that moment you can deposit up to 10.000 Euro a day and use all payment options, including credit card.
When you’re busy with a buy or sell transaction, the system shows you exactly what extra verification documents are required.
Bitpanda Review 2020 – Is Bitpanda reliable?
One of the most important aspects whilst buying and selling cryptocurrencies is the liability of the website you’re doing it at. Be sure to always check if the website has been a victim of hackers before and how they store your cryptocurrencies.
As for Bitpanda, I can only conclude that they are solid and reliable. I have bought and sold over tens of thousands of dollars in cryptocurrencies using their services. Bitpanda has several security measurements in place to protect your digital assets. One of them being that your cryptocurrencies are mostly stored in ‘cold wallets’.
Bitpanda Review 2020 – Topping up your account with fiat currencies
Whenever you want to buy cryptocurrencies using Bitpanda, there’s several different deposit methods you can use. Some of the options are Euro, Pound and Dollar wallets. You can deposit any of these currencies and use them to buy crypto or swap them for different currencies.
If you would like to choose the Euro wallet, for instance, you follow these easy steps to top up your account:
– Click on ‘my account’ in the upper right corner of your screen
– Click on ‘euro wallet’ at your left hand side of the screen
– Click under ‘balance’ on ‘deposit’
– Fill in the amount you want to deposit. The minimum deposit amount is €30.
– Choose a payment method: sofort, iDEAl, Neteller, Credit card or bank transfer. In the case of sofort and other E-wallets, a small fee is being charged. A bank transfer takes a couple days and is free.
Other deposit methods become usable after you reached a higher account level status.
Most times I bought cryptocurrencies at Bitpanda, I deposited with iDEAL. This all goes very smooth and within about 15 minutes the transactions are done and the fiat money will be visible in your Bitpanda account. From there you can use the fiat wallets to buy cryptocurrencies. These you can send to any wallet address after purchase.
Buying cryptocurrency at Bitpanda – Step by step guide
After your wallet account is filled with fiat you can buy cryptocurrencies in a split second. Bitpanda buys and sells: Bitcoin, MIOTA, Ethereum, Ripple, Dash, Bitcoin Cash, Tether, Pan, Litecoin, Link, Ethereum Classic, Cardano, Palladium, Gold, ZCash, Tron, EOS, Tezors, Augur, NEO, Stellar, Silver, ATOM, USDC, Lisk, KMD, BAT, Waves, Platinum, NEM, OX, OmiseGO and their own coin: BEST.
As you might have noticed from this list, it’s possible to invest in gold, silver and platinum using Bitpanda.
If you fancy a certain cryptocurrency, you can buy it following these steps:
– Go to ‘my account’
– Click ‘wallet’ from the left side of your screen
– Click on the desired cryptocurrency and click ‘buy’
– Now you see the coin, it’s price and payment methods available
– Choose the amount you want to spend (spend), the minimum amount is €25 for most cryptocurrencies
– Choose your desired payment method
– Click on the ‘accept terms & conditions’ button within 60 seconds
Whenever you have received your crypto, you can view the transaction in your trading history.
Bitpanda Review 2020 – Depositing and Withdrawing Cryptocurrencies
The cryptocurrencies you bought you can save in your Bitpanda or external wallets. If you want to trade crypto, you can for instance, send them to your Bitfinex or Binance account.
Vice versa is also possible. You can deposit any coin supported by Bitpanda from your exchange accounts or external wallets on Bitpanda. To do this, you simply click ‘create deposit address’ and send the coins to the url or hash that comes up.
Please note to always deposit/withdraw cryptocurrencies to the appropriate wallets. if you don’t do this, your coins will be lost and unrecoverable.
Selling your cryptocurrencies using Bitpanda
After a nice price hike you might want to sell your cryptocurrencies. To do this using Bitpanda you just follow the simple steps outlined below:
– Navigate to ‘my account’
– Click ‘wallet’ on the left side of your screen
– Click the desired crypto. Then click ‘sell’
– You will be taken to an overview page where the chosen coin is selected. Also you will see the sell price and the payment methods.
– Choose an amount you want to receive. Note, €25 is the minimum amount to transfer crypto to fiat. A quick option is the ‘sell all’ button.
– Click on your desired fiat wallet and click ‘next step’
After clicking ‘next step’ you will see the chosen withdrawal method and overview page again.
If you also want to liquidate your fiat wallet(s) by withdrawing to your bank or Neteller account, follow the simple last steps on your screen. It’s also possible to cash out in Amazon.de vouchercodes. Please allow 1-3 working days to completely cash out. Note that also for this counts a minimum of €25. You will receive a final confirmation email and after verifying that email, you have successfully withdrawn money from BitPanda.
Bitpanda Review 2020 – Conclusion
This cryptocurrency exchange is super easy to use and doesn’t charge to much in fees. Using Bitpanda, everyone can buy, sell and trade cryptocurrency. I can highly recommend Bitpanda for anyone who wants to buy, sell or trade cryptocurrency from and to fiat. For just cryptocurrency trading I suggest you sign up for an account at either Binance or Bitfinex. A good alternative to Bitpanda, is Coinmama.
Pros
- Option to buy cryptocurrencies with fiat
- Saving plans available
- Investing in silver, gold and platinum available
Cons
- Not available in USA and China
Reviews
There is no review.