Bitpanda Review 2019: Pros, Cons, Fees, Features, and Safety

Bitpanda Review 2019: Pros, Cons, Fees, Features, and Safety
5 (100%) 5 votes


Bitpanda is a reputable exchange to buy, sell and store cryptocurrencies in the Eurozone. The Vienna, Austria-based company has 900,000 users who buy coins directly from Bitpanda at a fixed broker commission rather than trade against other users on an exchange for the best bid and ask prices. In a market with many crypto brokers, how does Bitpanda stack up? We have conducted an in-depth review of the fees, features, and pros and cons of Bitpanda and concluded that the exchange provides a reliable, trusted service at a fair price.

🌟 Is Bitpanda recommended?


We do not recommend Bitpanda at this time for the beginner-intermediate crypto investor. While many new cryptocurrency investors prefer to pay higher broker fees than venture onto an exchange and face price risk, there are other options. eToro is a beginner-friendly exchange that includes the fees in the spread between the bid and ask price. Investors can invest in CFDs or directly in cryptocurrencies without worrying about price slippage (less than one pip), or choose from a wide variety of portfolios with cryptocurrency holdings by copying other traders in one click with CopyTraders™️ and CopyPortfolios™️.

Visit Our Recommended Exchange Instead

What is Bitpanda?

Since Bitpanda started out in bitcoin trading in 2014, it has grown into the leading European retail broker of Bitcoin, Ethereum, Litecoin and other cryptos. Bitpanda Web is where retail investors buy and sell cryptocurrency. Bitpanda Plus provides OTC trading starting at EUR 1 million for professional traders.

Bitpanda provides a website and app to quickly sell and buy cryptocurrency. The broker is continually adding new crypto exchange services.

Bitpanda Swap – Quickly swap virtual currencies.
Bitpanda Savings – This is a crypto-cost averaging program. Grow your crypto portfolio by buying a fixed amount of cyrpto at a fixed periodic date (daily, weekly, biweekly, monthly).
Bitpanda Plus – Trade directly over-the-counter (OTC) in amounts in excess of EUR 1 million.
Bitpanda to go – Buy a prepaid cryptocurrency card with cash at vendors in Austria and redeem it on Bitpanda for any coin.

Bitpanda is quickly adding coins. As of March, you can buy Trezor, Tether, USD Coin, Lisk, and Cardano. Why these coins? You, the customer, chose them! In the latest coin integration poll, Lisk beat out Dogecoin, Golem and the Basic Attention Token for a Bitpanda listing.

How does the Bitpanda exchange work?

The virtual currency exchange market is saturated. Bitpanda competes with Changelly, Luno and dozens of other cryptocurrency brokers. Bitpanda is proof that there is still room for differentiation. For many users, the many services offered and reliability justifies the broker’s fees. Additionally, Bitpanda offers more than 10 ways to pay for your cryptocurrency, including credit cad, debit card, SEPA, bank transfer, EPS, GiroPay, Sofort, Neteller, Skrill and cash (Bitpanda To Go).

What cryptocurrencies does Bitpanda support?

Bitpanda’s high trust rating among investors has helped it attract coins for listing. In 2018, Ripple was listed for ‘trading only’ on Bitpanda. At the time, investors could only <a href=” https://insidebitcoins.com/cryptocurrency-prices/ripple”>buy Ripple</a> on Bitstamp or Bitfinex. Bitpanda’s reliable and instant crypto exchanges met Ripple’s strict criteria.

  • BTC
  • ETH
  • XRP
  • LTC
  • BTC
  • IOTA
  • EOS
  • DASH
  • XLM
  • ZCASH
  • NEM
  • REP
  • ZRX
  • XTZ
  • OMG
  • KMD
  • PAN

🏳️Supported countries

Bitpanda is a cryptocurrency exchange located in Austria. Anyone can use the service worldwide. Unverified accounts have access to the free wallet to send and receive money with other users. Verified accounts have full access to the cyrpto broker, savings and other services.

Fees & limits

Bitpanda charges a 1.49 percent fee for buying and 1.29 percent fee for selling cryptocurrencies. Each coin has its own deposit and withdrawal fees. Here is the euro equivalent for Bitcoin, Ethereum and Ripple.

Bitcoin (BTC) Ethereum (ETH) Ripple (XRP)
Free Deposit If Greater Than 0.05000000 BTC (EUR 231.26) 0.10000000 ETH (EUR 13.79) 0.10000000 XRP (EUR 0.32)
Deposit Fee 0.00010000 BTC (EUR 0.46) 0.00050000 ETH (EUR 0.068) 0.00000000 XRP (EUR 0)
Withdraw Fee 0.00049910 BTC (EUR 2.31) 0.00138000 ETH (EUR 0.19) 0.00000000 XRP (EUR 0)

If you are in Austria, another way to buy Ethereum, Bitcoin, Ripple and other coins is to buy a prepaid cryptocurrency voucher available at 4,000 retail outlets. The fee is 2.99 percent.

Bitpanda Dashboard

Bitpanda is the most tablet-friendly service we have used. The virtual currencies scroll horizontally across the top of the screen in coloured boxes. Below is My Portfolio, your cryptocurrency wallet, and fiat wallet. Other boxes display your account activity and savings plan overview, if you have one. To view a coin, click on one of the coin boxes and the price chart will pop up. Here is the step-by-step process to buy cryptocurrency on Bitpanda.

How to Buy Cryptocurrency on Bitpanda: Step-by-Step Tutorial

Trade cryptocurrency on Bitpanda

Step 1: Register your account

Sign up by providing your email address to Bitpanda. Follow the email confirmation link. Without verification, the only way to buy and sell crypto on Bitpanda is by buying cash vouchers at 4,000 retail points in Austria. So be prepared to verify your account. Here are the steps.

Step 2: Verify your account.

Like many exchanges, Bitpanda has tightened its verification practices. Once you pass through ID verification, you can deposit fiat money and trade. There are no trading limits on verified or unverified accounts.

From the main Bitpanda Web page, click Verify. Fill out your name, address, email and phone number and click Save. Next, complete the video verification process to verify your account. You will require national photo ID (a driver’s license is not accepted).

Step 3: Fund your account

To make a deposit, click on Deposit in the top-right corner (beside the panda). Choose the fiat wallet you want to deposit into. Select your deposit method. For cryptocurrencies, choose the crypto wallet and send money to the provided wallet address.

Step 4: Buy cryptocurrency

Choose the coin you want to buy from the list scrolling across the top of the screen. In this example, we selected Bitcoin Cash. On the Bitcoin Cash page, the price chart displays.  Click Trade (beside the panda). You will have the choice to Buy, Sell or Swap. Click Buy. Enter the amount you want to buy. Click Buy Now.

Step 5: Withdraw cryptocurrency

Withdraw in any of the four major currencies (EUR, CHF, GBP, USD) accepted or cryptocurrency. The minimum fiat withdrawal is EUR 25. Minimums vary by cryptocurrency coins. From your wallet, choose the fiat or cyrpto currency you would like to withdraw in. Click Withdrawal.

Visit Bitpanda

Is Bitpanda regulated?

In April 2019, Bitpanda received a Payment Services Directive 2 (PSD2) license from the Austrian Financial Market Authority. The license allows Bitpanda to provide payment and new fintech services in the Euro zone

Is Bitpanda safe?

Bitpanda has never been hacked. The exchange conducts know your customer (KYC) and anti-money laundering (AML) verification. Digital assets are stored in cold storage. To keep your account safe, go to Settings and Security and do the following:

🔐 Set up two-factor identification (2FA)

🔐 Review your web and app account login sessions to ensure the location and browser conform with your login activity

To diversify the risk of investing in cryptocurrencies, consider investing in a portfolio of cryptocurrencies. On the regulated eToro exchange, investors can copy the portfolios of other traders, including a CryptoPortfolio (by market cap) and Crypto-Currency Portfolio (top coins) theme. The new cryptocurrency-to-cryptocurrency exchange eToroX, licensed by the Gibraltar Financial Services Commission, offers 37 crypto pairs and 8 fiat-backed stablecoins.

Is the Bitpanda wallet safe?

The Bitpanda multi-currency wallet gets top marks on security. The wallet uses multi-signatures and 2-factor identification to prevent unauthorized use. The wallet is hierarchical deterministic, which provides secure interoperability, backups and restores. As an open source wallet, it is sure to benefit from new security and services features. Unverified accounts can use the free Bitpanda wallet and send and receive funds among other Bitpanda users for free.

If you have doubts as to what the best service for storing your cryptos is, you can compare the best cryptocurrency wallets here.

Does Bitpanda have an app?

The Bitpanda app is available on Android. The mobile app provides all of the convenient features of the online site. The Fiat wallet can store EUR, USD, CHF, and GBP. The virtual currency wallet holds Bitcoin, Ethereum and dozens of alt coins. Click on the plus sign to instantly add a new alt coin wallet. So far, more than 10 payment methods are supported. With the new euro zone payment solutions license, expect new payment services this year.

Is Bitpanda customer service reliable?

If you have a question or need guidance, you can contact Bitpanda by:

Bitpanda HelpDesk – FAQs are provided on how to set up an account, deposit and withdraw, buy cryptocurrency and use the other services on Bitpanda.

Telegram – Many questions are answered through Bitpanda’s Telegram community.

Email support – Use the Contact Form to contact customer service.

Bitpanda Pros and Cons

Pros:

✅ Instantly buy cryptos from a regulated broker accepting more than 10 payment methods

✅ Fixed fees to buy and sell

✅ Additional services, including a savings plan and OTC crypto purchases (large investor)

✅ Full-featured, secure wallet app

Cons:

❌ No direct trading

❌ Full services accessible to European residents

❌ Verification may not be available in some European countries

❌ Fair but not the lowest commissions

❌ No phone or live chat support

Why We Recommend eToro Over Bitpanda

Bitpanda has become the leading crypto broker to retail investors in the Eurozone by making it quick and easy to buy and swap virtual currencies. You can also send crypto free to other Bitpanda users. With its new payments license in hand, Bitpanda plans to “tear down walls” and introduce new payment solutions. Expect more fintech services from the Bitpanda mobile app in the future.

If you want to invest in a portfolio of cryptocurrencies, alternatives exist. eToro is a trusted exchange designed for novice traders who want to trade a wide selection of the majors and alt coins. In addition to its current cryptocurrency portfolio options, the regulated broker’s new exchange eToroX is offering direct investing in cryptocurrency pairs and stablecoins.

Here is why we think eToro is the better exchange for many beginner traders.

✅ Regulated by multiple jurisdictions globally, including the UK FCA and CySec

✅ Leading social trading platform to develop trading skills

✅ Top performing traders easily copied with CopyTrader™️ and OneClick trading

✅ Top performing cryptocurrency portfolios by theme easily copied with CopyPortfolios™️

✅ Secure multi-currency wallet granted a Distributed Ledger Technology (DLT) licence from the Gibraltar Financial Services Commission (GFSC)

✅ Trading tips from social feeds

✅ Low fees

✅ Good educational resources for the beginner trader

✔️Conclusion

Bitpanda is a reputable European cryptocurrency exchange. On fees, Bitpanda provides a fair price. You could pay 0.25 percent or lower on Bitstamp or 5 percent on Coinmama. Bitpanda keeps increasing its value proposition by adding new services. New crypto payment solutions are around the corner. If you want to buy a diversified portfolio of cryptocurrencies, on eToro and the new eToroX, investors can copy the crypto portfolios and multi-asset portfolios with the highest returns. To choose among different crypto portfolios by performance ratings, read our eToro review.

  • Exchange
  • Rating
  • Properties
  • to buy
1
 
The Best Choice
  • 12+ Cryptos
  • €200 Min Deposit
  • Accepts PayPal

eToro is a multi-asset platform that offers CFD and non-CFD products. 76% of retail investor accounts lose money when trading CFDs with this provider. Your investment is at risk and you could lose your money investment.

FAQs

Should I choose a regulated cryptocurrency exchange

A trader is exposed to higher risks when trading on an unregulated exchange. If you lose money on an unregulated exchange due to fraud, it will be more difficult to seek remedy through a legal or insurance claim. On a regulated exchange, the investor has more protection against loss. If the broker you have deposited money with goes bankrupt, for example, the US FDIC or UK FCA provide deposit insurance.

Does Bitpanda have a referral program?

Yes, Bitpanda has a Tell-a-Friend program. When you invite your friends to Bitpanda, you receive EUR 10 for every referred friend who signs up. The friend also receives EUR 10.

Does Bitpanda have an affiliate program?

Yes, Bitpanda has an affiliate program. When a new customer follows your affiliate link to Bitpanda and signs up for a verified account, you receive 20 percent of the revenue generated when your referral exchanges virtual money on Bitpanda.

What’s the difference between a hot and cold wallet?

Hot wallets store your crypto assets online and face a higher risk of cyber hacking. Cold storage involves storing your crypto assets offline on a USB drive or paper wallet, for example. The following risk measures should be taken to protect your hot and cold crypto assets:

☑️ Generate and store your private keys offline
☑️ Use two-factor authentication to access your wallet
☑️ Use biometric identification

What is a decentralized exchange (DEX)?

A decentralized exchange does not use an intermediary to hold customer funds and accounts. Peers trade directly amongst each other (peer-to-peer) and funds are transferred between their cryptocurrency wallets. Trader money and ID are at lower risk of being hacked. A downside of DEXs is the current lack of liquidity.

What is a centralized exchange?

A centralized exchange accepts and holds users’ deposits. Most exchanges also conduct ID verification to comply with know your customer (KYC) and anti-money laundering (AML) rules. As a repository of client money and personal identification information, centralized exchanges have a higher risk of becoming a victim of cyber hacking and theft.

Do I need a digital wallet to exchange crypto-fiat with Bitpanda?

No, you can exchange crypto-fiat on Bitpanda Web. The free Bitpanda  mobile wallet available on Android provides a convenient way to buy and sell, swap, save and store your crypto and fiat funds.

What’s the difference between a hot and cold wallet?

Hot wallets store your crypto assets online and face a higher risk of cyber hacking. Cold storage involves storing your crypto assets offline on a USB drive or paper wallet, for example. Bitpanda’s cold storage wallet places crypto assets in a safety deposit box in a bank vault. The following risk measures should be taken.

Can I make purchases above EUR 1 million on Bitpanda?

Yes, Bitpanda Plus is a crypto exchange platform for high net worth individuals and institutions. It supports crypto exchanges above EUR 1 million and OTC trading.

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