Bitpanda Review 2021
Nov 5, 2023
What is Bitpanda?
The home of digital assets – that is the USP of the Vienna-based fintech Bitpanda. With more than 50 cryptocurrencies and digital assets, Bitpanda is one of the leading cryptocurrency exchanges in Europe.
Bitpanda was founded in 2014 in Vienna, Austria by Eric Demuth, Paul Klanschek, and Christian Trummer, who still constitute the management board of the company. The company strongly believes in the innovative power of blockchain and cryptocurrencies and has the mission of empowering personal finance and to take financial products forward into the 21st century.
Based on this, one of Bitpanda’s core attributes is ease of use. From the verification process to the purchase of digital assets, Bitpanda ensures that it is as simple as possible for the user to navigate through the platform to guarante great user experience.
To date, Bitpanda counts more than 1.2 million users and more than 250 employees. In 2020, the company received an investment of around 44.6 million Euros from Paypal co-founder and star investor Peter Thiel. The future is looking bright for Bitpanda. Presently the fintech has plans to create a new development and innovation hub in Krakow, Poland and to generate 300 new job opportunities.
How to buy crypto on Bitpanda
Here is a closer look on how to buy cryptocurrencies on Bitpanda.
Before you can buy cryptocurrencies on Bitpanda you have to complete an identity verification process. Completing this process is necessary to fulfill the regulatory “know-your-customer” requirements.
At Bitpanda, the verifivation process is fast and completed within a few minutes. All you need to do is to enter your personal details, have your passport at hand and start a short video call with one of Bitpanda’s verification partners.
After verification, you will be directed to the platform’s dashboard. From here you can monitor the prices of various digital assets, manage all your purchases and sales and swaps and get an overview of your personal portfolio.
The purchasing process – step by step
Step 1: Select your trade
First, click on “Trade” in the navigation bar. A popup will open. If you want to purchase assets click on “Buy”.
Step 2: Select asset
In the second step, choose the asset you’d like to buy. That could be Bitcoin, Ethereum or another cryptocurrency, index or precious metals asset such as gold or silver.
Step 3: Choose amount
The third step is where you choose the amount you’d like to buy. Here you’ve got two options. Either you enter the amount you’d like to buy in a fiat currency, e.g. 500 Euros, or you select a specific amount of the digital asset you want to buy, e.g. 0.1 BTC.
Another option this screen offers you is to pay the trading premium with BEST. But what does this mean? Well, BEST is Bitpanda’s in-house cryptocurrency that let’s you pay for its services. By paying trading premiums using the BEST cryptocurrency, Bitpanda gives you a discount on the usual trading fees.
After you’ve entered the amount and decided whether or not to pay fees with BEST, click “Go to summary”.
Step 4: Finalize the purchase
In the last step, Bitpanda shows you a purchase summary. Once you’ve checked if the transaction is correct, accept the terms, click “Buy now” - congratulations! You’ve bought digital assets on Bitpanda!
Bitpanda also offers its users to buy digital assets on the go. With the Bitpanda App, users can not only buy Bitcoin and other cryptocurrencies on their desktop, but can also trade on their smartphone.
Bitpanda offers a wide range of payment options for deposits and withdrawals. Depending on the verification status of your account, the currency you want to use, whether it is a deposit or a withdrawal, the available options might differ.
Bitpanda offers the following currencies:
- Euro (EUR)
- US Dollar (USD)
- Swiss Franc (CHF)
- British Pound Sterling (GBP)
- Turkish Lira (TRY)
With euro, for example, deposits via SEPA, GIROPAY/EPS, iDEAL, SOFORT, NETELLER, Skrill, Visa, and Mastercard are possible for verified accounts.
Limits and Fees
Good news: There’s no trading limit for verified accounts on Bitpanda. This means that you can trade as much as you want in any given situation.
When it comes to depositing or withdrawing funds, there are some limitations. For bank transfers, there is a maximum deposit of 500.000 EUR per day, and for withdrawals there is a limit of 5.000.000 EUR per day.
Bitpanda’s fees are generally on the lower end for easy-to-use broker services, but a little higher than on exchanges for professional traders. If you’re buying through the Bitpanda Platform, you will typically pay 1.49% trading fee, plus additional payment fees if you choose to pay through another payment method than bank transfer. The payment fees for credit cards, Skrill and the like are quite competitive, nevertheless.
Additionally, there are fees for depositing or withdrawing cryptocurrencies. A full list of all fees can be found here.
BEST is Bitpanda’s Ecosystem Token. Users who pay their trading premiums with BEST benefit from lower fees. You also benefit from 20% lower deposit fees when using credit cards and 25% lower deposit fees for SOFORT. How great is that?
Is Bitpanda trustworthy?
Bitpanda is a professional trading platform certified with a payment service provider license issued by the Austrian financial market authority (FMA) in accordance with European law (PSD2). The company employs many industry best-practices in terms of information security such as SSL encryption, confirmation emails, session management, cold storage of cryptocurrencies and two-factor-authentication (2FA). Bitpanda is a legitimate business with the backing of star investors and employs more than 250 people in Vienna, Austria.
Now that you’ve learned about Bitpanda, its background and history, and the purchasing process including payment options, fees and limitations, you are ready to start. Bitpanda is a user-friendly platform for beginners and users with intermediate skills alike. In particular people who value a well-designed, intuitive user interface will enjoy trading on Bitpanda. Try it out yourself and don’t forget to leave a review for Bitpanda on Cryptoradar.