Bitpanda, a European cryptocurrency exchange, trades stocks, ETFs and commodities. It is unfortunately not available in the United States. It is distinguished by its low fees, easy-to-use interface, and crypto index fund. To find out if Bitpanda is right for your needs, read our complete Bitpanda review.
What is Bitpanda?
Bitpanda, a cryptocurrency exchange that is based in Austria, mainly serves the European economic region. It was established in 2014 and is now one of the most popular cryptocurrency exchanges in Europe. Many people find the exchange attractive because it offers a simple and intuitive interface to buy and sell cryptocurrencies. The exchange also offers many payment options, making it simple for beginners to purchase cryptocurrencies such as Bitcoin.
How Bitpanda works
Bitpanda, a cryptocurrency broker, also sells ETFs and commodities such as gold and silver. There are many stocks and ETFs available. You can also buy fractional shares, which allows investors to purchase as little as one euro of a stock. Customers who use dollar cost averaging may also be able to set up recurring purchases. So I have a recurring purchase set up for one the index funds so that I can buy crypto at regular intervals. Bitpanda has its own token, the Bitpanda Ecosystem Token.
Bitpanda doesn’t have its own cryptocurrency wallet. It does allow users to send and receive cryptocurrency through its platform. It is different from other cryptocurrency brokers because of this. The Bitpanda apps for Android and iOS are rated at 4.8 and 3.0 respectively.
Bitpanda offers users the ability to spend crypto. Customers in countries that have adopted euro can apply for the Bitpanda Visa Card. The debit card offers crypto rewards for spending and allows you to easily spend cryptocurrency and other assets. Spending crypto or other assets may have tax consequences. Investors who prefer to keep their investments safe and not use them for daily spending can add fiat currencies to the portfolio.
Bitpanda provides a brokerage service that allows customers to trade and buy cryptocurrencies. This means Bitpanda provides you with coins directly instead of a trading platform that allows you to interact with other traders. They charge a premium over the market for their services.
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78% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Trading forex or CFDs on margin involves a high degree of risk and may not be suitable for all investors. There is a possibility that you may suffer a loss equal to or greater than your entire investment.
CFDs are complex instruments and involve a high risk of losing money quickly because of the leverage effect. 68% of retail investor accounts lose money trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
- Bitpanda To Go allows you to purchase cryptocurrency using cash via their “service”. This service allows users to buy cash-equivalent coupon codes at post offices in Austria and then redeem them on Bitpanda to purchase cryptocurrencies.
- Bitpanda Savings lets you set aside a fixed amount each month to save money by purchasing Bitcoin and other cryptocurrencies.
- Bitpanda Metals lets you diversify your portfolio by purchasing physical backed precious metals that are 100% insured. Bitpanda allows you to swap silver and gold with any digital asset.
- Bitpanda Swap lets you instantly swap between two currencies. Swaps can be made in any size you like. Bitpanda Plus is a platform that allows individuals with high net worth to purchase large amounts of Bitcoin and other cryptos at better terms than regular platforms.
- BitpandaPay allows you to connect to traditional fiat currencies, such as to pay rent or send money to friends.
- Bitpanda Pro is a trading platform that allows advanced cryptocurrency users to connect APIs and trade with it.
- Bitpanda Stocks lets users invest in traditional financial instruments such as fractional shares or exchange-traded funds. You can invest as little at EUR1 in some of the most well-known funds and companies around the globe – 24 hours a day, 7 days a semaine.
- Bitpanda Token, also known as BEST (Bitpanda Ecosystem Token), is a Bitpanda token that provides customers better trading rates and functionality on its platform. It’s similar to Binance Coin.
The Bitpanda team launched a ICO-backed project called Pantos, (PAN), which aims to open-source and open-innovation-driven scientific research projects. This project is not covered in this review. You can find more information here.
Bitpanda Trading Platforms
Bitpanda’s trading platform is extremely simple and offers very limited features and services. The platform is only available for buying and selling cryptocurrencies at current prices. The platform can only be used by traders to exchange fiat currency for crypto and vice versa. This platform cannot be used to analyze charts or market data. It is only for buying and selling cryptocurrency. The trading platform is well-designed and very easy to use. Bitpanda provides a simple interface that allows beginners to trade and buy cryptocurrencies.
Bitpanda Mobile Trading
Bitpanda doesn’t have a mobile app, however, Bitpanda is web-based and can be used on any mobile device. The entire trading platform and website can be used on mobile devices, including tablets and smartphones. The mobile version of the platform is not as intuitive and has fewer features than the desktop version.
Bitpanda Visa Card
The Bitpanda Visa Card is available to those who reside in countries that have adopted euro. The fee-free debit card provides 0.5% to 2% rewards for spending. It is possible to choose the assets that you want to use to pay, which makes it easier to spend cryptocurrency. It’s important to note that crypto spending is not a good option for long-term, buy and hold investors.
Crypto Index Fund
Bitpanda offers a good selection of cryptos, but it also has three crypto index funds. These funds contain the top five, 10 or 25 cryptos according to market cap. They make it easy for European investors to diversify their crypto portfolios and do not require them to purchase each token or coin individually. This is one of the best aspects of the platform. It’s an easy way to own top cryptos.
Bitpanda’s interface is extremely intuitive. Every aspect of Bitpanda feels well-thought out and easy to use, from the know-your customer (KYC), verification to trading. The fees information is transparent and clear. Bitpanda follows the same approach when it comes to its mobile apps.
Bitpanda Academy contains lots of valuable information that can be used by different investors. An example of this is a beginner investor might want to learn about blockchain technology and what a cryptocurrency wallet does. Intermediate articles include smart contracts and consensus models. Investors can take a quiz of 15 questions at the end to test their knowledge.
Stock and Commodity Trading
Bitpanda offers stocks, ETFs and commodities, as well as cryptocurrency. It is a great option for investors who want to manage all of their investments in one place, and ensure that crypto is part of a diversified portfolio. Customers can also easily switch between assets.
Bitpanda Supported Currencies
Bitpanda allows you to buy and sell the following cryptocurrencies:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ethereum (ETC)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- IOTA (MIOTA)
- EOS (EOS)
- Dash (DASH)
- Stellar (XLM)
- Zcash (ZEC)
- NEM (XEM)
- Augur (REP)
- 0x (ZRX)
- Tezos (XTZ)
- OmiseGO (OMG)
- Komodo (KMD)
- Pantos (PAN)
- Cardano (ADA)
- Neo (NEO)
- Chainlink (LINK)
- Waves (WAVES)
- Tether (USDT)
- USD Coin (USDC)
- Lisk (LSK)
- Tron (TRN)
- Basic Attention Token (BAT)
Bitpanda will accept the following fiat currencies
- US dollar (USD)
- Euro (EUR)
- British Pound (GBP)
- Swiss franc CHF
Bitpanda accepts these payment methods:
- Credit card
- SEPA Debit Card
- Transfer to the bank
- Cash (Bitpanda on-the-go)
Be aware that different payment methods may have different fees. Before making a deposit, double-check. Usually, chargeback methods like credit cards or Skrill have higher fees than those that are not charged.
Bitpanda Account Types
BitPanda offers three types of account to its traders, each with different restrictions and verification requirements. Below are the account types:
- Users will only need to verify their email in order to create an account.
- Daily buy/sell limits of 1,000 EUR
- Monthly buy/sell limits of 7,500 EUR
- Maximum buy/sell limit is 30,000 EUR
- Users will need to verify their mobile number and email to create this account.
- Daily buy/sell limits of 1,500 EUR
- Monthly buy/sell limits of 10,000 EUR
- Maximum buy/sell limit is 50,000 EUR
- Users must verify this account by submitting a government-issued photo ID. This ID can be verified with IDNow, or via video using verifyU.
- Daily buy/sell limits of 15,000 EUR
- Monthly buy/sell limits of 300,000 EUR
- Maximum buy/sell limit is 1,500,000 EUR
Bitpanda offers trading platforms for both basic and pro users. Basic trading platforms are more costly, but easier to use for beginners. The price you see includes a fee for 1.49%. You’d need to pay 2.98 euros for a transaction to buy Bitcoin (BTC), worth 200 euros on the basic platform.
Trading fees can be reduced by experienced traders using Bitpanda Pro. The maximum maker/taker fee here is 0.1% to 0.155%. To buy 200 EUR worth of Bitcoins on the Pro platform, it would only cost 0.30 euro. Higher trading volumes result in lower Pro fees. Pro users trade at market prices while the basic platform offers a guarantee of 60 seconds. This is why the fees are different.
Bitpanda allows you to deposit fiat money using bank transfer, credit card or debit card. The interface is simple and clear. The minimum fiat deposit required to access the site is approximately 25 euros, depending on which currency you choose.
|Transfer to the bank||No cost|
|Credit/debit card (Visa or Mastercard)||1.5% – 1.8%|
|Skrill and Neteller are two other payment processors.||Set fee plus 3.6%|
Deposit and withdrawal fees
Bitpanda charges fees for crypto deposits, which is quite unusual. This service is offered by most exchanges for no charge. It is usually around $5. It’s not too expensive, but it is worth considering the additional cost of removing it from its original location.
Crypto deposit fees are waived for deposits greater than a certain amount. Although the minimum deposit varies from one crypto to another, most cases are around $150. Avalanche (AVAX) has a minimum fee of less than $10 and Bitcoin, which has a minimum fee of around $2,000.
Bitpanda’s withdrawal fees can also vary depending on whether you are using crypto or not. Different crypto networks have different transaction fees. Bitpanda can charge anywhere from less than $1 to $50 for crypto withdrawals.
Bitpanda has very low limits for unregistered users, as it follows standard AML policies. Verified users, however, have very high limits depending upon their payment method. Verified users have the ability to withdraw more than EUR5 million per day through a SEPA transfer. There are limits for both withdrawal and deposit. Unverified users cannot make fiat deposits. The withdrawal and deposit options for cryptocurrencies can be unlimited.
Bitpanda Customer Support
Bitpanda’s customer support is average. It is not exceptional or below average when compared to other cryptocurrency exchanges. Bitpanda does have a comprehensive help desk with many categories that can address almost all customer issues.
There is no live chat or phone support. Bitpanda has a contact form that you can use to send a message, but it will take up to 6 hours before you get a reply. You can reach out to Reddit, Twitter, or Telegram if you require a quick answer.
Pros and Cons
|Crypto index fund||Fees are not stated in writing|
|User friendly||Open source not|
|Bitpanda Visa Card||No interest-earning feature|
|Multiple payment options||Crypto deposit fees|
|There are no security breaches in the past|
Bitpanda vs. Coinama
Coinmama, a similar service to Bitpanda, is available. Coinmama has the advantage of being available to all countries, unlike Bitpanda which is only available in the EU. Coinmama is more expensive than Bitpanda, however. How much more costly? It’s a lot. The processing fee for Bitpanda is 5.9%, which is nearly 4 times Bitpanda. If you have the option to use Bitpanda, it is better.
Bitpanda vs. Kraken
Comparing Bitpanda and Kraken is like comparing apples to oranges. Bitpanda, a brokerage service, aims to make buying easier by selling cryptocurrency directly to users. Kraken is a trading platform that targets more experienced traders. Kraken’s price will be significantly lower than Bitpanda because they don’t charge a premium for brokerage services. Bitpanda charges 1.49%, while Kraken charges a maximum fee of 0.26%. Kraken’s fees list shows that Kraken has a maximum fee of 0.26%. Bitpanda Pro has been introduced so you can trade at a lower rate of 0.10% to 0.15%. Bitpanda Pro is more affordable for experienced traders. The simplicity of Bitpanda’s broker service could be worth the extra cost if you are just starting out.
Bitpanda vs. Bitstamp
Bitstamp offers a brokerage service as well as a trading platform, like Kraken. Bitpanda’s brokerage service is 5%, which is more than three times the cost of Bitstamp’s. Bitstamp is accessible almost anywhere in the world. If Bitpanda is in your country, you’ll get a better deal with Bitpanda than Bitstamp.
Bitpanda is an excellent platform for both beginners and veterans in cryptocurrency. Bitpanda offers many services beyond just buying and selling digital assets. It also has a reasonable fee structure and is trusted for its security. The Pro platform has competitive trading fees, and offers innovative services such as Bitpanda Pay or Bitpanda Savings.