Bitpanda is a cryptocurrency exchange that enables individuals and businesses to trade bitcoin and over 50 other digital assets in Europe and UAE. With Bitpanda Pay, you can also send money to friends and merchants using the funds from your Bitpanda EUR wallet.
Bitpanda crypto exchange was founded in 2014 in Austria by Eric Demuth, Paul Klanschek and Christian Trummer. Since then, it has grown to be one of the well-known regulated cryptocurrency exchanges in Europe for the buying and selling of bitcoin and other cryptos.
Advantages of Bitpanda
- Bitpanda allows you to convert between cryptocurrencies and traditional money.
- The platform provides high liquidity.
- It has an interface that is easy to use to buy, sell, and manage cryptocurrencies.
- You will find a variety of withdrawal and payment methods.
- Competitive fees and discounts for high-volume traders.
- You can earn interest via Bitpanda Savings, a feature that allows you to buy cryptocurrencies on a recurring and ongoing basis.
Disadvantages of Bitpanda
- You will need to provide verification during withdrawal.
- The tradable cryptocurrency assets are limited.
- The fees are relatively high.
- Persons having US citizenship or being located in the United States may not become Bitpanda clients due to regulatory reasons.
How Bitpanda works
In order to buy, sell, and trade cryptocurrencies, you need to deposit funds using a variety of methods, including bank transfer, credit card, and debit card.
To benefit from all services on Bitpanda, Bitpanda Pro and the whole Bitpanda ecosystem and for Bitpanda KYC requirements, you need to go through a verification process. For Bitpanda verification, go to Bitpanda login, click on user icon, click on verify now and enter your personal details, and then click on Save and continue. Enter the SMS-PIN, which was sent to your verified phone number, choose the Citizenship, your preferred language for the verification and Type of identification, then click on Continue and then on Start verification. You will be automatically forwarded to Bitpanda verification partner companies. Follow the instructions from the verification provider.
The verification process involves a video identification procedure. Accepted documents for verification are passport and national ID. Different countries have different accepted documents. A driving licence or residence permit is not sufficient for verification. Find out Bitpanda verification documents for your country.
Supported currencies on Bitpanda
As a simple exchange platform, Bitpanda works best for beginner cryptocurrency investors. The exchange offers a number of assets in cryptocurrency. Some of them are:
- Bitcoin (BTC)
- Ethereum (ETH)
- Dash (DASH)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- Ripple (XRP)
Bitpanda accepts the following fiat currencies:
- US dollar (USD)
- Euro (EUR)
- British Pound (GBP)
- Swiss franc CHF
The above cryptocurrencies can be purchased in Euro without any exchange rate charges. In case you pay with another currency, you will incur extra exchange rate charges. The trade types are simple and straightforward as you can only buy or sell cryptocurrencies at the most fair and current price. More so, you will not find any limit orders or stop losses that will hinder you from executing your trade at the rate you prefer.
Bitpanda payments methods
Funding your Bitpanda account is possible via the following payment methods: debit and credit card, bank transfer, SEPA, Zimple, EPS, Sofort, GiroPay, Neteller, Skrill, iDEAL, and Cash (via Bitpanda To Go Voucher).
Bitpanda account types
The platform consists of three types of accounts. These accounts have different levels of requirements for verification and limitations, as explained below.
You are only required to verify your email address in this account. Limits for daily buy/sell are 1,000 EUR while monthly buy/sell limits are 7,500 EUR. The account allows you to make a total buy/sell of 30,000 EUR.
In addition to email verification, this account type requires you to input your mobile number as well. Limits for daily buy/sell are 1,500 EUR while monthly buy/sell limits are 10,000 EUR. The account allows you to make a total buy/sell of 50,000 EUR.
Users here provide their government ID photo which is verified via IDNow or the video verify-U. Limits for daily buy/sell are 15,000 EUR while monthly buy/sell limits are 300,000 EUR. The account allows you to make a total buy/sell of 1,500,000 EUR.
What is the difference between Bitpanda and Bitpanda Pro? Bitpanda is a crypto exchange for buying and selling digital assets while Bitpanda Pro is an exchange for professionals and businesses where they can trade and connect trading bots to Bitpanda API.
Bitpanda Crypto Index
A Crypto Index is a defined portfolio of selected cryptocurrencies that you can buy, sell or swap with just one click, instead of going through the process of buying and selling each coin individually. It helps you to easily diversify your cryptocurrency portfolio. Additionally, through a process called “rebalancing”, your portfolio gets adjusted to the most up-to-date market information on a monthly basis.
Bitpanda claims that Bitpanda Crypto Index is the world’s first real crypto index – an easy, automated way to invest in the whole crypto market. Bitpanda Crypto Index allows clients to easily invest in a defined and automated cryptocurrency portfolio, which is reviewed and adjusted to conditions on a monthly basis to reduce your portfolio’s exposure to unwanted market volatility.
The card is a Bitpanda Visa card for card holders to spend cryptocurrency, metals and other assets anywhere. The free Bitpanda debit crypto card allows you to earn bitcoin cashback with every purchase. The Bitpanda Card is currently only available to residents in the euro area. The moment you make a payment, your digital assets are traded to EUR to complete the transaction.
Bitpanda debit card incurs €9.90 cost for shipment of replacement card. ATM fee is free within your monthly BEST limits, afterwards, you pay€1.5 per withdrawal. Non-EUR transactions (POS fee) is 0.25-2.5%. Bitpanda limits for its card are €350 for daily ATM withdrawals and €10,000 for daily expenditures.
Tell-a-Friend is a Bitpand referral programme, If you invite your friends with your Bitpand referral link,€10. However, your friend needs to sign up, be verified, complete a fiat deposit of at least €25 and trade a minimum of €25.
Due to regulatory reasons, recruiting users who reside in Germany is not allowed. However, if your residence is in Germany you can still recruit users from another country. Tell-a-Friend programme is not available for users residing in Turkey.
With Bitpanda Affiliate programme, you receive up to 20% revenue share for every referred customer. The percentage depends on the total amount of net revenue all referrals you generate per month. You can promote Bitpanda on your website, social media platforms such as Facebook, Twitter and any online platform where you can reach potential referrals.
Bitpanda’s limits depend on your account verification level and the payment or withdrawal method you use. You can also find the transaction fees, as well as the minimum and maximum deposit and withdrawal amounts for all supported cryptocurrencies. Daily limits apply within a 24-hour period from your last deposit or withdrawal.
|Credit Card||Bank Transfer (SEPA)|
|Daily Limits (24h)||Monthly Limits||Total Limits||Daily Limits (24h)||Monthly Limits||Total Limits|
|Deposit (€)||Withdrawal (€)||Deposit (€)||Withdrawal (€)|
Bitpanda Crypto Limits
|Cryptocurrency||Minimum Deposit||Maximum Deposit||Minimum Withdrawal||Maximum Withdrawal|
|Bitcoin (BTC)||0.0001 BTC||100 BTC||0.0001 BTC||10 BTC|
|Ethereum (ETH)||0.001 ETH||100 ETH||0.001 ETH||10 ETH|
|Litecoin (LTC)||0.001 LTC||100 LTC||0.001 LTC||10 LTC|
|Solana (SOL)||0.001 SOL||100 SOL||0.001 SOL||10 SOL|
|Cardano (ADA)||1 ADA||100,000 ADA||1 ADA||10,000 ADA|
Bitpanda chareges fees for buying and selling cryptos. Luckily, you can reduce the trading fees by up to 20% through paying with Bitpanda token, the Bitpanda Ecosystem Token (BEST).
|Opening and maintaining a Bitpanda account||Free|
|Deposit a non-supported currency||Exchange fees may apply depending on the respective providers|
|Withdrawal fee (BTC) when you withdraw BTC||0.0008 BTC|
|Bitpanda Pro fees||0.1% for the maximum maker and the maximum taker fees are 0.15%|
Is Bitpanda safe? Is Bitpand legit?
Since its launch in 2014, the company is highly reputable. It has managed to have little to no complaints. There has never been a report of any hacks or loss of funds on the Bitpanda exchange. The exchange won an honourable award in 2016 as a successful start-up company. Bitpanda Payments, a subsidiary of Bitpanda, is a licensed payment service provider under PSD II/ZaDiG 2018 and it is supervised by the Austrian Financial Market Authority (FMA).
Bitpanda stores clients’ funds in secure offline wallets, uses SSL encryption to protect users’ data, offers DDOS protection and session management and email confirmation for all critical actions like sending cryptocurrencies from Bitpanda to other crypto wallets. Moreover, Bitpanda login security is enhanced through the use of Bitpanda 2FA (two-factor authentication) in addition to your email and password.
Bitpanda Academy: The academy is a platform to learn all about Bitcoin, blockchain and digital assets. Free, regularly updated and you get €5 in BEST for completing Bitpanda quiz.
Bitpanda supported countries
Bitpanda is available in the following countries: Albania, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, , Netherlands, Norway, Poland, Portugal, Romania, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, Ukraine, United Arab Emirates, and United Kingdom.
Bitpanda Pro is available everywhere except US and China.
Bitpanda USA: Persons having US citizenship or being located in the United States may not become a Bitpanda Client according to regulatory reasons
Bitpanda has a Trustpilot rating of 4 out of 5 stars from over 8,000 customers as of September 2023. However, most complaints on the platform are about poor customer support, withheld funds, and delayed transactions.
In other words, while Bitpanda is generally well-regarded, some users have had negative experiences with the platform, particularly in terms of its customer support and transaction processing times.
Bitpanda customer support
Customers fill out the online form available on the website to raise a concern or query. The support ticket goes directly to the support representatives via email. This method of support is fast and reliable 24/7. In addition, the website has a help centre where you can view the most frequently asked questions as a trader. These questions are well organized by topic, which makes it easy for you to find the answers you are looking for.
Here are some of the best Bitpanda alternatives:
Final thoughts on Bitpanda review
Bitpanda is a reputable cryptocurrency exchange with a good selection of cryptocurrencies and competitive fees. It is a good option for beginners and experienced investors alike. However, it is important to be aware of the potential drawbacks, such as high spreads, slow customer support, and occasional technical difficulties. If you are looking for a cryptocurrency exchange that is easy to use and has a wide range of assets available, then Bitpanda may be a good option for you.