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Bitpanda Review: Pros, Cons, Fees, Features, and Safety 2022

Founded in 2014, Bitpanda is an Austria-based cryptocurrency exchange that has more than 300,000 users.
Rating 4/5

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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
  • Competitive taker and maker fees

Cons:

  • No direct trading
  • Full services accessible to European residents only
  • Verification may not be available in some European countries
  • Fair but not the lowest commissions
  • No phone or live chat support; only email

Bitpanda is a reputable exchange to buy, sell and store cryptocurrencies in the Eurozone. The Vienna, Austria-based company has 300,000 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.

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Contents [show]

    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 Crypto Debit card – Crypto debit card linked to bitpanda ccount to help users spend their cryptos, stocks or metas as payment methods. Accepted by 54m+ Visa merchants in 200+ countries. It can be used anywhere a Visa card is accepted.
    • Bitpanda reward – It is a part of Bitpanda’s exclusive loyalty programme. Users get rewarded on the volume of their trade

    Bitpanda is quickly adding coins. As of March, you can buy from a wide range of cryptocurrencies like Bitcoin, Ethereum, Trezor, Tether, USD Coin, Lisk, Ripple, Terra, Cardano, etc. 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).

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    Rating
    5
    5
    5
    5
    4.5
    4.5
    4.5
    4.5
    4
    For Beginners
    Instant Verification
    Mobile App
    Wallet Service
    Coin Selection
    0
    0
    0
    0
    0
    0
    0
    0
    0
    Rates
    Trading fees
    Spreads
    Spreads
    0.1%
    0.1%
    0.1%
    0.1%
    0.50%
    Spreads
    0.2%
    Deposit fees
    N/A
    N/A
    N/A
    N/A
    N/A
    N/A
    N/A
    N/A
    N/A
    Withdrawal fees
    $5
    N/A
    0.0005 BTC
    N/A
    N/A
    N/A
    N/A
    N/A
    N/A
    Additional features
    Regulated
    ASIC, CySEC, FCA
    CySEC
    N/A
    N/A
    N/A
    FCA
    FCA
    CBI, MiFID
    N/A
    Min.Deposit
    $50
    100 EUR
    N/A
    N/A
    $10
    $10
    $2
    $100
    N/A
    Leverage
    N/A
    N/A
    1 - 100x
    1 - 100x
    1 - 10x
    1 - 100x
    N/A
    1 - 30x
    1-200x
    Latest prices by currency
    Bitcoin
    Ethereum
    XRP
    Tether
    Litecoin
    Bitcoin Cash
    Chainlink
    Cardano
    IOTA
    Binance Coin
    Stellar
    Bitcoin SV
    Payment methods
    Bank Transfer
    Credit Card
    Giropay
    Neteller
    Paypal
    Sepa Transfer
    Skrill
    Sofort

    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 buy Ripple 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 Bitcoin 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.

    Is Bitpanda regulated?

    In April 2019, Bitpanda received a Payment Services Directive 2 (PSD2) license from the Austrian Financial Market Authority. I also holds a license from the French Autorité des marchés financiers (AMF) under PACTE law. 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 Coinbase exchange, investors can copy the portfolios of other traders, including a CryptoPortfolio (by market cap) and Crypto-Currency Portfolio (top coins) theme. 

    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 Bitcoin 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 VS eToro

    Bitpanda certainly is a good option considering that it’s made it quick and easy to buy and swap virtual currencies, making it possible to send crypto to other Bitpanda users for free. However, eToro has much more to offer in terms of trading features, costs, and products. Moreover, it is the best suited platform for newbies. eToro offers great asset variety, including currency pairs, cryptocurrency pairs, stocks, and trading derivatives. It also offers a fast signup and verification process.  The most unique features of eToro are copy trading and copy portfolio. These features help traders to make trading decisions just by cpying successful traders on the platform with good track record. To find out more about it, visit eToro.

    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. However for safety reasons we cannot recommend it. We would recommend a regulated platform like eToro instead which is safer and where you can trade crypto with just $10.

    FAQs

    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.

    A-Z of Bitcoin Exchanges

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