Bitpanda provides you with many options when it comes to payment methods, especially if you reside in the European Union. Not only can you send, sell, buy and trade bitcoin and other crypto assets with national currency, it is also possible to trade with gold, silver and other precious metals . But this is just the beginning when it comes to European exchange services.
Now, is it really a good option to operate in the cryptocurrency market? In this analysis you will find out. We will tell you all the details of this exchange house, including what services they have for you, their commissions and rates, a little about its history and its characteristics.
What is Bitpanda?
It is a cryptocurrency exchange or brokerage that was created in 2014, and its headquarters are currently in Vienna, Austria. Its founders and directors are Eric Demuth, Paul Klanschek and Christian Trummer. Initially the company name was Coinimal GmbH.
Since then, and after a rebrand, it has become one of the leading exchanges in Europe for the purchase and sale of bitcoin, ether, XRP, dash and more than 50 digital assets, including precious metals such as gold, silver and platinum. . It even won the “Best Fintech Startup 2017” award.
What makes Bitpanda special ? They have a PSD2 payment service provider license and advanced security systems. On its platform you will find a wide range of services and alternatives to trade crypto assets quickly and without complications.
It is one more good option for trading with bitcoin, and it is designed for all types of public, both beginners and experts. In fact, 1.2 million users are already on the exchange, according to the company.
The goal of the creators of Bitpanda is for it to be a platform focused on ease of use. They want to give the user a fast and intuitive trading experience, making the process of trading crypto assets as simple and routine as ordering food at home through an app. For this reason, flexibility and speed are two of the fundamental characteristics of this exchange house.
What does this bitcoin trading exchange offer you?
Their portfolio of services is quite broad, which means that you will have many opportunities to trade bitcoin and other crypto assets on Bitpanda .
One of the main services is brokerage, where its clients can sell or buy bitcoin and cryptocurrencies through the multiple payment methods accepted by the company. Bitpanda is responsible for providing crypto assets through a platform where it interacts with other merchants.
It is designed to exchange one digital asset for another instantly . It includes a wallet service and there are no limits on the size of the transaction. In addition, its interface is simple and intuitive.
It allows you to design a personalized savings plan with bitcoin and other digital assets. You can establish this plan using SEPA, Visa and Mastercard. If you wish, the platform will automatically take a previously defined amount of money to buy crypto assets or precious metals as a form of savings. You decide how often this happens, be it daily, weekly, biweekly or monthly.
Thanks to this service, you can buy gold, silver, platinum and palladium safely. According to the company, the precious metals are physically backed and 100% insured, with duty-free storage. It is possible to exchange gold or silver for any digital currency available on the platform.
If you want to trade the market easily, Crypto Index is an option. It is a regulated product of the company that is responsible for investing in the most important cryptocurrencies , considering their liquidity and market size. You have to choose between three indices to invest. Once you do, the platform will automatically distribute your investment between each cryptocurrency belonging to the index.
Like Binance and its token, BNB, Bitpanda has its own token , BEST . In its ecosystem you get the best trading rates and other functionalities. The token is used to pay discounted trading commissions and buy or sell another digital currency.
This is one of their newer services. With the Bitpanda card you can pay with bitcoin, crypto assets and precious metals as you would with any credit or debit card. But, it is only available to residents of the Eurozone .
It is a system similar to PayPal or other payment services. With it you can send money, either national currency or bitcoin, to third parties . Connect the traditional financial world with 2.0. To access Bitpanda Pay you must have a verified account.
Bitpanda to Go
It is made to buy cryptocurrencies with “cash” . It works by purchasing coupon codes that are equivalent to cash at Austrian post offices, similar to Amazon gift cards. To acquire the crypto assets, you only have to redeem the code on the platform.
Bitpanda Plus and Pro
These are options designed for experts in bitcoin trading . In the case of Bitpanda Plus, it is a service for those who wish to trade with higher limits and offers exclusive support. With Bitpanda Pro , you can exchange digital currencies for European national currencies such as the euro, the Swiss franc or the British pound, and it is regulated by the EU.
What do you need to trade bitcoin on Bitpanda?
To get started, you need to create an account. In the registration section, data such as name, surname, email and a password are requested. After you complete the boxes and accept the terms and conditions of the company, you will receive an email to the address you indicated to complete the registration.
Users of this platform must verify their account , since Bitpanda is obliged to obtain a minimum of information from its clients due to the AML5D (5th Anti-Money Laundering Directive). Previously, two types of verification were available, partial and complete, but today there is only the complete one.
To do the complete verification you have to access your account , click on your avatar and then on “Verify now”. You must enter some personal information, confirm that the information is true and select “Save and continue.” You will receive a text message on your mobile with a PIN that you have to enter on the platform.
Then, you have to choose the type of identification (passport or identity document), citizenship and language to complete the verification process. When you submit all your details, they will automatically forward you to some of the partner verification companies, either IdentityTM or IDNow. This last phase consists of a video verification process . Make sure you have a stable Internet connection, your ID at hand and a camera on your computer or mobile device.
After completing the process, you have to make the verification deposit by bank transfer, GiroPay or Sofort. The amount must be between € 25 and € 2,500. Upon completion, you will have full access to all the exchange’s services. As for the deposit and withdrawal limits for verified users, you can check them here .
Since its founding in 2014, the exchange has had a good reputation in the market. It has a 4.3 / 5 rating on Trustpilot , where 77% of reviews rate its service as “Excellent” . The company strives to constantly improve its security systems.
They have two-factor authentication and a PSD2 payment service provider license. In addition, they work with KPMG, one of the leading financial auditing services. To keep your cryptocurrencies safe, they offer cold storage.
You can be sure that it is a reliable company, as it is regulated and complies with the laws applicable to Austria, the country where its headquarters are located. They are registered with the Austrian Financial Market Authority (FMA) under the FM-GwG and with the French Autorité Des Marchés Financiers (AMF) under the PACTE law.
The interface is one of its strengths. It’s simple and modern, so even less experienced people can trade on the platform without major inconvenience. When entering its website, there are clearly identified tabs with each of the available sections and services.
To better understand the trading data, they have TradingView charts on Bitpanda Exchange and Bitpanda Pro. They include a news section, where you can find out about everything that happens in the world of cryptocurrencies, and the Bitpanda Academy, a platform e-Learning program that teaches you about Bitcoin and blockchain in an easy and attractive way. It has lessons for beginners, intermediates and experts.
Its application is available for iOS and Android . With this app you can buy or sell cryptocurrencies from anywhere you are, and it is as safe and functional as the web version of Bitpanda . In addition, it allows you to make deposits or withdrawals with national currency, create price alerts and send any of the available digital assets to other users, either from this or from other exchanges. About its design, it is quite minimalist and intuitive, so anyone could make use of it.
Customer service and support
Customer service is standard. On their website there is a section where they clarify the most common questions. They have a contact form for requests, which they recommend using for specific questions or problems related to your account.
For the most general, they have media such as Telegram, Facebook, Twitter and YouTube. Additionally, they have chatbox and email support. These services are available 24/7.
Deposit and withdrawal methods
Something that stands out about Bitpanda is that it is one of the brokerage houses with the most options for payment methods , at least in Europe. And it is that its main objective is to facilitate the purchase or sale of crypto assets in Europe. They accept Visa, MasterCard, Giropay, Sofort, Neteller, SEPA, bank transfer, Skrill, EPS, Bitpanda to Go and Euro Wallet.
An advantage is that you can deposit in national currencies, such as the US dollar, the euro, the Swiss franc, the British pound, and the Turkish lira. And, thanks to Bitpanda Card, it is very easy to pay for different products or services just as you would with a credit or debit card.
On the platform you can trade with more than 50 cryptocurrencies , as well as metals and indices, including:
If you want to see the full list of cryptocurrencies, you can do so on the exchange’s website .
Regarding its liquidity, Bitpanda reaches a score of just over 250 out of 1000 , according to the CoinMarketCap ranking. This score is for its most traded pair, BTC / EUR , which moves about 12 million dollars a day.
Compared to other exchanges, such as Binance or Poloniex , which have markets with higher volumes and scores between 500 and 1000, Bitpanda has moderate to low liquidity , which would imply that for very large orders the price differences would force to buy or sell well above or below the desired price, respectively.
In which countries is it available
The Bitpanda platform operates in more than 30 countries belonging to the EU, including Spain . It is also available in Iceland, Liechtenstein, Norway, Switzerland, and Monaco. The purchase of cryptocurrencies only applies to these territories. Users outside the EU can access Bitpanda, but with many restrictions. They are allowed to send or store cryptocurrencies. Besides, they can sell them through Neteller.
What are the fees and commissions of the Bitpanda exchange?
The commissions for buying and selling bitcoin are 1.49% when buying and 1.29% when selling. A disadvantage is that the fees are incorporated into the price in real time when the operation is completed, so they are not visible to the user.
Regarding trading commissions, in Bitpanda the maximum of maker is 0.10% and that of taker is 0.15%. However, these commissions decrease the higher the volume of trading in 30 days. Here you can check the commissions for each level .
There are additional fees when using other payment methods. For example, for Giropay it is EUR 2. For cards it is 1.5%, and for Skrill it is 3.60% of the total amount. To find out all the transaction costs for each of Bitpanda’s digital assets, click here .
Conclusion: Is Bitpanda a good alternative for trading bitcoin?
If we compare this exchange house with others, we will be able to know if it is a suitable option. For example, OKEx has a similar trading commission of 0.10% for maker and 0.15% for taker, but it also includes a CeFi and Defi loan service.
Bit2me is a Spanish exchange house that operates in 41 countries, including 13 in Latin America. It has many payment methods with which you can exchange cryptocurrencies for euros. However, one difference is that it does not have as many cryptocurrencies as Bitpanda.
Overall, Bitpanda is an exchange that is well suited to all types of traders. Although it does not operate in Latin countries, it is useful if you live in a country belonging to the Eurozone , such as Spain. It has a wide variety of services and you can not only operate with crypto assets, but also with precious metals and national currency.
In addition, it puts at your fingertips platforms to save, make quick exchanges or exchange coupons for bitcoin and digital assets.
Besides, it has its own token (BEST), a cryptocurrency index and many other alternatives to operate in the market. It is regulated in countries such as Austria , where its headquarters are located, and France. In terms of payment methods, it provides you with a wide variety, from SEPA, Skrill and Sofort to bank transfers and credit or debit cards.
One drawback is that, to access all its services, you have to perform the KYC verification on a mandatory basis . And this verification is only allowed for EU residents for some of their services. Additionally, compared to other exchanges, the amount of cryptocurrencies to operate is reduced. In conclusion, if you are from Europe, the Bitpanda exchange may be a good choice.