Bitpanda is one of the biggest names in the crypto space. They believe that “today’s financial system is complex, exclusive and expensive— making it hard for the typical person to start investing.”
Because of this, they have made Bitpanda extremely easy to use so that investors of every level can participate in the crypto markets.
In this article we will be talking about some of the things we believe every person should know when considering using an exchange:
- Customer Support
- Fee Structure
- Purchase/Withdrawal Methods
- Supported currencies (Fiat and Crypto)
Once you know this about a crypto exchange, you will be able to determine if it is the right fit for you. In this Bitpanda review, we will be taking a look at these aspects of the exchange to determine if you should use it to buy crypto.
Bitpanda is an exchange founded back in 2014 in Vienna, Austria. The mission behind the company was simple: Make investing, not only crypto, accessible to everyone… No matter the geographical location or trading experience.
Over the past 7 years, the startup has expanded its team to more than 500 members. With over 3 million users, the exchange has rapidly become one of the most important fintech companies in Europe.
Unlike other exchanges we have reviewed, Bitpanda is not limited to the crypto space. When using the platform, users can invest in crypto, metals, and stocks.
When it comes to crypto, Bitpanda supports 67 cryptocurrencies at this time, including the most popular. The exchange also supports multiple fiat currencies and payment methods, making it a great option around the globe.
The exchange is also regulated by the Austrian Financial Market Authority (FMA) and the French Autorité des marchés financiers (AMF). While many crypto enthusiasts are against regulation, the fact is that it provides an extra layer of security.
Bitpanda has implemented multiple mechanisms to ensure the security of its users’ cryptocurrency and other assets. In addition to complying with local regulations, the exchange follows some of the best practices in the industry.
Like many other cryptocurrency exchanges, Bitpanda has chosen to implement the use of cold storage to protect assets. The exchange uses offline wallets that are distributed geographically while keeping enough liquidity available. This approach ensures that if the platform was to be hacked, most assets would remain secure.
In addition to cold storage, the exchange also uses SSL encryption, session management, and email confirmation to protect critical operations. This means that when withdrawing, transferring, or doing similar operations, your security is protected.
To ensure that the exchange is available without disruptions, Bitpanda has also implemented DDOS protection. DDOS attacks occur when hackers saturate a platform’s capabilities, preventing users from connecting. The protections designed by Bitpanda ensures such attacks don’t disrupt the interaction of legitimate users with the exchange.
However, while Bitpanda and other exchanges do as much as possible to ensure security, there is only so much they can do. Loss of funds occurs most of the time as the result of bad security practices by its owners.
As such, Bitpanda offers a Two-Factor-authentication (2FA) feature in addition to your password. This can’t be said enough: use 2FA whenever possible as it will protect you if your password is compromised!
In terms of security, Bitpanda remains one of the most secure exchanges you will find. Since being founded in 2014, Bitpanda has kept an impressive record when it comes to the security of its platform. Until today, they have not been the victim of an attack. When considering that major exchanges like Binance have failed to protect their infrastructure, this shows you just how good Bitpanda is with security.
If you have read our Coinmama review, you will find Bitpanda to be pretty similar when it comes to buying and selling crypto. This is because Bitpanda doesn’t have a market but sells, buys, and swaps the assets directly. However, if you are looking for a crypto market, Bitpanda offers Bitpanda Pro to advanced users.
The services offered by Bitpanda are:
- Bitpanda Invest: This service allows you to invest in crypto, crypto indices, stocks, ETFs, and metals. This includes buying, selling, or trading.
- Bitpanda BEST Rewards: Bitpanda has its own cryptocurrency: Bitpanda Ecosystem Token (BEST). If you are an eligible user, you will receive BEST depending on your VIP level. This loyalty level is determined by how much you trade.
- Bitpanda Card: A debit card that allows you to make payments using your crypto, metals, or stocks. The card is powered by visa and can be used with Google Pay, Samsung Pay, or anywhere where Visa cards are accepted. A great feature of this card is that users receive cashback per transaction and free ATM withdrawals.
- Bit Panda To Go: Users in Austria can buy physical cards with redeemable codes for many cryptocurrencies. This service makes it possible to buy crypto with cash, a feature that although limited to Austria, is pretty innovative.
- Mobile App: Bitpanda offers its user a mobile app that is available for iOS and Android, providing a convenient way to invest on the go.
- Bitpanda Pay: A service for residents in the EU to easily pay for goods and services by sending money to any IBAN in the region.
- Bitpanda Savings: With this service, you can schedule the purchase of crypto every month to create a savings plan. We have talked about dollar-cost averaging in this article, which is a great investment strategy for anyone to follow.
- Bitpanda Plus: If you are a high-net-worth individual, you can gain access to higher limits and get personalized assistance with this service.
- Bitpanda Pro: A cryptocurrency market for advanced traders to trade cryptocurrency.
Unfortunately, Bitpanda doesn’t offer any form of live customer support. If you are ever in need to contact them, you will have to submit a support ticket.
This being said, Bitpanda has some of the best customer support in the crypto space. Not only is their response time incredibly fast but their team is always great at helping its users. This sentiment is shared by many users who have given 4.5 stars to the exchange on TrustPilot. With over 6.3k reviews, this is a pretty hard achievement to get in the crypto space.
In addition to exceptional customer support, Bitpanda also offers great deals of articles and guides. These resources are not limited to their own features and services, but also to all things related to investing. When combined with the simplicity of the platform and its reliability, it is highly unlikely you will need to contact them… And if you ever do, they got your back.
Bitpanda is a for-profit exchange that charges fees to cover its operating costs and generate profit. As such, there are many fees you will need to consider when using its services.
For example, when buying or selling cryptocurrencies, you will be charged a “premium” of 1.49%. This price is already included in the price you are given in real-time, which makes the process simpler. If you own BEST tokens, you can pay the fee using them to save 20% in fees.
When using the crypto swap feature, the fee will depend on the two coins you are swapping. However, this fee will already be included in the offered prices and updated in real-time. While this is efficient and simple, it means you really don’t know the fee being charged at any given time.
Bitpanda doesn’t charge any fees for depositing fiat. However, if you are not depositing in one of the supported fiat currencies, you might be charged a conversion fee by your bank.
When depositing crypto, you will not pay fees if depositing over a certain minimum which varies depending on the coin. If you deposit less than this minimum, you will have to pay a variable fee depending on the coin. You can see the deposit fees for all coins here.
If you live in Austria or have access to a Bitpanda To Go code, you will be charged a 2.99% fee on the value of the card.
Bitpanda supports several cryptocurrencies, including the most popular. This is great as it will allow you not only to have a diversified portfolio but also to invest in small gems. At this time, these are the coin supported by the exchange:
|Bitcoin (BTC)||Litecoin (LTC)||Ethereum (ETH)|
|Dash (DASH)||Ripple (XRP)||Bitcoin Cash (BCH)|
|Komodo (KMD)||IOTA (MIOTA)||EOS (EOS)|
|Pantos (PAN)||OMG Network (OMG)||Augur (REP)|
|Stellar (XLM)||0x (ZRX)||NEM (XEM)|
|Zcash (ZEC)||Tezos (XTZ)||Cardano (ADA)|
|NEO (NEO)||Chainlink (LINK)||Waves (WAVES)|
|Lisk (LSK)||Tether (USDT)||USD Coin (USDC)|
|Cosmos (ATOM)||Tron (TRX)||Basic Attention Token (BAT)|
|Bitpanda Ecosystem Token (BEST)||Chiliz (CHZ)||Dogecoin (DOGE)|
|Ontology (ONT)||Uniswap (UNI)||yearn.finance (YFI)|
|Polkadot (DOT)||Synthetix Network Token (SNX)||Compound (COMP)|
|Maker (MKR)||UMA (UMA)||Aave (AAVE)|
|Ren (REN)||Kyber Network (KNC)||Band Protocol (BAND)|
|Ocean Protocol (OCEAN)||1inch (1INCH)|
It is important to keep in mind that while all of these coins are supported when using the “Buy” and “Sell” Features. However, the following currencies are only supported when using the “buy feature”:
|Ethereum Classic (ETC)||Qtum (QTUM)||VeChain (VET)|
|Filecoin (FIL)||Aragon (ANT)||DigiByte (DGB)|
|BitTorrent (BTT)||Avalanche (AVAX)||Algorand (ALGO)|
|IOST (IOST)||Solana (SOL)||Internet Computer (ICP)|
|Elrond (EGLD)||Binance Coin (BNB)||Theta Network (THETA)|
|Terra (LUNA)||Polygon (Matic)||The Graph (GRT)|
|PancakeSwap (CAKE)||Klaytn (KLAY)||Kusama (KSM)|
|Decentraland (MANA)||SushiSwap (SUSHI)|
Finally, we have the fiat currencies. While not as varied as the cryptos (or FIAT accepted by other exchanges), there is still plenty of flexibility. It is important to remember that you can buy using other cryptocurrencies, but conversion will take place when doing so. The following Fiat currencies are supported “natively”:
- US dollar (USD)
- Euro (EUR)
- British Pound Sterling (GBP)
- Swiss franc (CHF)
- Turkish Lira (TRY)
If you are new to the world of crypto or are looking for simplicity at the time of investing in it, Bitpanda might be the right fit for you. Its ease of use, listed coins, supported payment methods, and other features, make it more than enough for most traders.
While you will not be getting crypto loans, pool mining, or staking features here, Bitpanda is all about simplicity. This makes it unlikely that complex features will be added any time soon. However, the Bitpanda Pro platform can offer you an advanced trading experience but that is a topic for another guide.
We consider Bitpanda to be one of the most user-friendly crypto exchanges out there. Its simplicity, variety, security, and excellent customer support make sure of that. The fact that its fees are some of the lowest when it comes to similar platforms also helps!
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