Bitpanda is a trustworthy cryptocurrency exchanges in the EU and it allows users to buy, sell and trade cryptos using fiat currencies. Originally founded in 2014 in Vienna, Austria under the name of Coinimal GmbH, it was later rebranded to Bitpanda becoming the chief broker in the EU to buy/sell top cryptocurrencies like BTC, LTC, ETH.
Even though Bitpanda is not compliant with any regulatory standard or organization, it is a reputable exchange, as it has gained the trust of almost one million users worldwide.
This review will analyse several aspects to provide you with an all-rounded and detailed overview of the exchange and its services. Although Cryptimi does its best to provide accurate and relevant information, we strongly recommend for you to visit their site, in case of any updates which might occur after the time of writing.
To provide better security for users’ digital assets, Bitpanda stores them on offline cold storage which is not connected to the internet. It also offers two-factor authentication to protect users’ accounts from unauthorized access. It provides DDOS protection and SSL encryption. If a user would like to update their email address, phone number or 2FA, then the Bitpanda team might contact the user personally by phone to verify said changes.
Since Bitpanda is a brokerage service, it directly supplies the coins to users so they needn’t interact with other traders to exchange cryptocurrencies. For residents of Austria, it offers a special feature called “Bitpanda go to service” where users can buy coupon codes from post offices. Later, the coupon codes can be redeemed on the exchange to buy any of the listed cryptocurrencies.
Bitpanda exchange offers an integrated wallet for its members to securely store their digital assets. Even though the exchange has not been involved in any kind of hacks to date, it is highly recommended to use hardware wallets like Trezor or Ledger to store a large number of cryptocurrencies. The integrated web wallet is good to store a small number of cryptocurrencies.
Any individual can create an account on Bitpanda by providing their personal information like name, email, etc. If the account is not verified, then the user can only deposit or send cryptos to other wallets. In order to buy, sell or trade cryptocurrencies, the account must be verified by uploading legal documents.
Follow the below steps to create an account:
You should then receive a confirmation email from Bitpanda. Click the link on that email to activate your account.
Congratulations! You have successfully created your account on the Bitpanda exchange.
To log in, follow the below steps:
Now, you will be redirected to your account Dashboard.
To protect your account from unauthorized access, you need to enable two-factor authentication. You can set up 2FA protection for your account via Google Authenticator, Authy, or other apps. Follow the below procedure to enable 2FA protection for your account:
Great, your account is now protected with 2FA and it will not be possible to log in or process any transaction without said authentication code.
Users must verify their identity by uploading relevant documents to buy/sell/trade cryptocurrencies. The documents required to verify the identity vary, depending on the user’s jurisdiction. While all countries accept a passport, find your country in the image below to verify the required documents. Once all the documents are ready, users can choose any of the two providers (IdentityTM, IDNow) to complete their video-based identification.
Before starting, users should make sure they have the following:
Once completed successfully, users must make a verification deposit of an amount between 25 and 2500 EUR using SEPA, SOFORT, GIROPAY or EPS. Then the limits will be increased based on the payment method.
In the Bitpanda exchange, users can deposit 4 different fiat currencies (EUR, USD, GBP & CHF) and 20+ cryptocurrencies. Follow the below steps to deposit funds.
Bitpanda allows users to deposit any of the fiat currencies namely EUR, GBP, USD, and CHF. For other fiat currencies extra charges might apply. In this example, let’s see how to deposit EUR on Bitpanda. Before following this procedure, keep in mind that it is assumed the user would have already verified their account.
Once your transaction has been processed by the payment provider, the funds will be credited on your Bitpanda wallet.
Depositing cryptocurrency on Bitpanda is simple, as there is no need for users to verify their account. In this example, let’s see how to deposit BTC on Bitpanda.
Before starting to make the deposit, just make sure that the deposit amount is greater than or equal to the minimum deposit amount. Also, you should ensure you are using only the right wallet to deposit coins. For example, you cannot deposit ETH on a BTC wallet.
Bitpanda allows users to buy cryptocurrencies by using a fiat payment method like a credit card, bank transfer or exchanging other cryptocurrencies. In order to buy cryptos, users must first verify their account.
Follow the below steps to buy BTC from Bitpanda. It is assumed that the user had already deposited the fiat currency on Bitpanda.
Once your transaction has been processed, the Bitcoins will be credited to your BTC wallet.
Instead of using fiat currency, the user can also swap one cryptocurrency to another. Follow the below steps to buy ETH using BTC. It is assumed you would have already deposited BTC in your account.
Once the transaction gets completed, ETH will be credited to the corresponding wallet.
Repeat all the steps mentioned in the section How to Buy Bitcoin but select ETC rather than BTC in Step 2.
Repeat all the steps mentioned in the section How to Buy Bitcoin but select LTC rather than BTC in Step 2.
Repeat all the steps mentioned in the section How to Buy Ethereum but select BCH rather than ETC in Step 3.
First, users must sell the cryptocurrency and withdraw the equivalent fiat currency to their payment provider.
Congratulations! Your funds have been successfully withdrawn to your payment account.
Even though Bitpanda doesn’t list 100+ altcoins or all of the ERC20 tokens on its platform, it allows the users to buy/sell/trade the top cryptocurrencies which are given below:
Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ethereum Classic (ETC), Tether (USDT), Dash (DASH), Ripple (XRP), Bitcoin Cash (BCH), IOTA (MIOTA), EOS (EOS), Stellar (XLM), 0x (ZRX), Tron (TRX), Zcash (ZEC).
Since Bitpanda is based out of Austria, it accepts users from all the 28 countries of the EU.
Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Iceland, Italy, Ireland, Hungary, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, United Kingdom of Great Britain and Northern Ireland.
At the time of writing, Bitpanda is not available to the residents or citizens of the US and verification from Australian citizens is also not supported.
Every cryptocurrency exchange will have its own fee structure and limits, and Bitpanda is no exception to that.
As the trading fee is also included in the real-time price of the cryptocurrencies, it will be invisible to users. Based on the information given on Bitpanda’s official website, the fees to buy and sell cryptocurrencies is 1.49% and 1.29% respectively.
The Bitpanda website has not stated any fee to deposit/withdraw funds using fiat payment methods. However, your bank or card provider might deduct a transaction fee or an exchange rate fee, if the deposit is made using a currency other than EUR, GBP, USD, and CHF.
For cryptocurrencies, the deposit will be free, if the amount is greater than the minimum deposit amount. However, the withdrawals always come with a fee, depending on the type of the cryptocurrency and amount of withdrawal.
The deposit/withdrawal limits depend on two factors: Account (Verified/Unverified) and Currency type. For fiat-based deposits/withdrawals, it offers three types of limits (Daily/Monthly/Total) which depend on the fiat currency. For more information about the exact fee and limits check out the below lists, depending on currency type:
Bitpanda offers a range of payment methods depend on the currency in question. Said methods include the following:
To understand which payment methods apply to which currency, you scroll up to the above screenshots.
Even though Bitpanda doesn’t provide advanced security features, it offers basic features like 2FA. Users can protect their account by configuring 2FA via Google Authenticator, Authy or any of their desired authenticator app. Whenever a login attempt is made from a new device, it will be allowed only if the user authorizes the device by providing confirmation via email. Otherwise, the login will not be permitted.
Bitpanda exchange claims that it provides 24/7 support to its customers. For general inquiries, users may refer to the articles on the ‘Knowledge’ base section (after clicking on the ‘Help’ section). If a user experiences any issues with the account and/or transaction, they can contact the support team by clicking on the ‘Help’ button on the site’s landing page, and then creating and submitting a request, as shown in the images hereunder:
At the time of writing, the mobile app is available only for Android, which can be downloaded from here.
While both exchanges allow users to buy cryptos using fiat currencies, Bitpanda supports more fiat payment options than Coinbase. Bitpanda deducts less fee for withdrawal when compared with Coinbase. Regarding the security, both Bitpanda and Coinbase offers 2FA and IP pinning. Both the exchanges allow users to buy, sell or trade cryptos, after verifying the account. Coinbase, on the other hand, supports users from the US.
Bitfinex allows users to trade cryptocurrencies without verification whereas Bitpanda requires users to submit documents to buy, sell or trade cryptos. Both exchanges support fiat-based deposit/withdrawal options. Bitfinex provides advanced trading options and supports several more cryptocurrencies than Bitpanda. Both provide security features like 2FA, withdrawal protection and IP monitoring.
The good thing about Bitpanda is that it supports a wide range of payment methods using 4 different fiat currencies, to quickly buy/sell cryptocurrencies. It offers basic security features like 2FA and IP Pinning to protect the user’s account from authorized access. Even though it doesn’t support advanced trading methods like margin trading, still it is a good option for the novice traders.
As the world's largest Bitcoin broker, Coinbase has built itself quite the reputation within the cryptocurrency market. It's available in most countries worldwide including the US & UK. Security is 2nd to none and the reputation is unbeaten.
As a UK based broker, Indacoin is an excellent choice for a novice trader to get involved in crypto as it requires no account registration and supports crypto purchases via a credit/debit card.