Regardless of the region, even if it is Europe or Asia, the number of cryptocurrency exchanges and services is constantly increasing. Among the reliable and proven crypto exchanges, traders may also encounter a dishonest and fake trading platform. As a rule, such crypto services deceive people by manipulating their minds and getting their money. Most investors and traders try to find a successful and reliable bitcoin trading service.
When searching for the most reputable crypto exchange, the Bitpanda trading platform appears in the search engine. By the way, Bitpanda has become a popular online cryptocurrency platform in Europe, as most European traders use its services and tools. In this article, you will learn about the advantages and disadvantages of this crypto service (Bitpanda) and the reliability and security of the services provided. Carefully read the content of the article and follow the reviews.
Trading platform, Bitpanda review
Before you get acquainted with the features of this cryptocurrency exchange and a detailed Bitpanda review, you need to understand the history of the appearance of this crypto service and its development.
Bitpanda is a digital assets investment service launched in 2014 by Eric Demuth, Paul Klanscheck, and Christian Trummer. Bitpanda is a universal retail broker registered in Austria with its head office in Vienna. This trading exchange specializes in buying and selling bitcoins and other altcoins in the Euro area. Within the EU, a customer can buy or sell bitcoin via a credit card or bank transfer SEPA.
Bitpanda developers have supported the cryptocurrency since its creation, although it leads to risk. The Bitpanda team convinced the Austrian government to develop its national cryptocurrency platform. This service helps users to buy and sell cryptocurrencies and not fear the safety of their digital assets. Thus, Bitpanda is a product that is directly supported by the Austrian authorities.
Below is detailed content, thanks to which traders can review Bitpanda, learn more about the company’s policy and its features:
- Bitpanda digital assets
- Bitpanda services and features
- Bitpanda experience
- Payment methods and cryptocurrencies
- Bitpanda trading fees
- Additional limits
- Distribution of cryptocurrencies
- Customer support and reviews
- Comparison of crypto exchanges
- Final words
Bitpanda digital assets
Bitpanda is a multifunctional crypto exchange that helps users buy and sell cryptocurrencies. This trading service has developed rapidly and opened offices in Europe, becoming the leading trading platform. Currently, the trading service supports more than 30 digital assets, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Komodo, NEO, and much more. By the way, to improve its services, the company has expanded its activities and allows users to invest money in gold and silver. This category is referred to as precious metals or Bitpanda metals.
Below is a complete list of cryptocurrencies:
- Bitcoin (BTC), Ethereum (ETH), Ripple
- Pantos, Bitcoin Cash, Litecoin
- Komodo, Dash, OmiseGO
- Augur, Stellar, NEM
- Tezos, Cardano, NEO
- Lisk, Tether, USD Coin
- Cosmos, Basic Attention Token, Chiliz
However, the disadvantage of such a trading platform is its limitations. Users from the United States of America will not open an account, pass verification and use the services. The exchange does not hide information about the license and the team, so many people trust it. Every day, more than a million people visit the official website.
Bitpanda services and features
Features and profitable deals are the foundation that users primarily consider. As for Bitpanda, it is a convenient crypto platform for trading. It fully complies with its slogan: customer satisfaction is the top priority. Bitpanda offers a wide range of services for any trader, and that is why a customer can buy, sell cryptocurrencies. This option is aimed at customers who can directly trade on the exchange. As a rule, Bitpanda company makes price alerts and also charges a premium above the market price for its services. Besides, the service has fast account registration and a user-friendly and intuitive interface.
- Among the most profitable services of Bitpanda are the following: Bitpanda To Go and Bitpanda Savings. The first option allows the trader to buy cryptocurrencies for cash. Thanks to this Bitpanda service, you may purchase coupon codes at the post office throughout Austria. These coupons are necessary for the purchase and sale of cryptocurrencies. As for the second option, you may fix the amount of money every month. You may create a savings account and a plan for buying and selling cryptocurrencies.
- Another publicly available feature on the Bitpanda trading platform is Bitpanda Metals. This service allows users to buy shares of gold, silver, platinum, and other precious metals. All these metals have 100% insurance and protection. By the way, the precious metals are in Swiss storage. The customer can also exchange any metal for other digital assets. As part of Bitpanda, Bitpanda Swap functions, allowing users to exchange cryptocurrencies from one to another. At the same time, there are no limits on transactions, but this happens between registered wallets (your account must pass verification).
- Bitpanda Plus is another public Bitpanda service for any account. In general, thanks to this Bitpanda Plus, wealthy people can buy large amounts of cryptocurrencies on more favorable terms. Within Bitpanda Plus, the amount of money can be equivalent to a million euros or more. Moreover, Bitpanda supports Bitpanda Pay, which allows the customer to connect the account to the fiat world, including payment of rent or bank transfers. You can exchange euros for digital currency via an international bank account number. The user registers and adds a cryptocurrency wallet, fills in a standard form, confirms the operation, and the funds are transferred to the recipient. Confirmation occurs with one-time passwords sent to you in the message.
- Bitpanda Pro feature, which offers an order book-style trading exchange for the advanced, does not cause any risk. Thanks to successfully developed methods, you can trade cryptocurrencies and connect APIs. The service also provides users with an affiliate program, thanks to which they get the opportunity to attract new customers to the system and earn money. As one part of Bitpanda, the Bitpanda Token (BEST) service operates, which has become the most popular among others. It is a token of the Bitpanda ecosystem, providing the best trading rates. A similar scheme works within Binance Coin. It is a kind of loyalty program where users can receive compensation for participating in trading.
- Finally, another great feature of the Bitpanda product is an ICO project called Pantos (PAN). This program, according to the authors, should become an open-source research project and an investment. More information you may find here. Thus, the so-called portfolio of the Bitpanda system is formed for all users.
Any experience of using the cryptocurrency platform is the foundation for understanding all the processes. I have been a Bitpanda client for about two years, and I have a background in this area. Since I don’t live in the EU, I don’t have the option to verify my account. However, through the Bitpanda tools, I could deposit money, exchange cryptocurrency, and send it to other wallets. Bitpanda is one of the trading platforms with an attractive user interface and simple functionality. The company provides super-fast services, and the bank transfer is instant. Next, the next block of confirmations is performed.
By the way, one of the advantages is round-the-clock customer support, where specialists answer all questions. Any adult user may buy digital assets on Bitpanda, except for residents of the USA and China. In most cases, you will have to wait for the verification results to use the service. In general, this company has a positive business context.
Payment methods and cryptocurrencies
As already mentioned, Bitpanda supports more than 30 different crypto coins:
- Bitcoin (BTC), Ethereum, Ripple
- Pantos, Bitcoin Cash, Litecoin
- Komodo, Dash, OmiseGO
- Augur, Stellar, NEM
- Tezos, Cardano, Stellar
- Lisk, Tether, Ox
- Cosmos, Basic Attention Token, Chiliz
By the way, one advantage is the support of fiat currencies, such as the US dollar, euro, Swiss franc, and British pound. To make transactions, you need to have a debit card and register.
The Bitpanda trading platform offers a choice of several payment methods. Among the payment options, you can use the following: credit card, debit cards, SEPA, EPS, GiroPay, Sofort, Neteller, Skrill, and others. The most commonly used payment method is a credit card. However, don’t forget that the various payment methods include fees. Therefore, check several times before making a deposit. Usually, refund methods (credit cards and Skrill) have high fees.
The crypto service is concerned about the security of its customers and payment options. Therefore, it has implemented a two-factor authentication system and constantly monitors the activity of crypto investors. To prevent hackers from getting to the cryptocurrency, Bitpanda stores funds in cold storage (offline).
Bitpanda trading fees
The exchange’s trading fee works based on the type of currency and the amount of the transaction. Deposit and withdrawal fees depending on your order depend on your confirmation status and the payment or payout method. The different types of fees are below, so read them carefully.
1) Transaction fees
As a share of Bitpanda’s fees, the fee for buying and selling cryptocurrency is about 1.49 percent. However, such charges are invisible to traders since they are already included in the price. On the other hand, such fees sometimes distort the value of coins.
2) Crypto deposit fees
If you want to deposit money in a currency that does not correlate with Bitpanda, you will pay the bank’s conversion fees for processing. For more information about the charges, see here.
3) Fiat fees
Also, on the Bitpanda website, every trader can find information about fiat fees. It allows you to save time and money, as well as avoid the risk of losing funds.
The main priority of Bitpanda is security and customer care. For this reason, the developers of Bitpanda have created minimum limits for unverified people. However, regular customers have high limits depending on the payment method. For instance, fiat deposits can not work at all for unverified individuals. To get acquainted with it, click on the review.
Distribution of cryptocurrencies
Bitpanda crypto exchange has spread its services to different regions and is open to all people. However, the purchase of crypto assets is only possible for EU residents under the SEPA. As for other registered accounts, they can store funds, send cryptography, and sell cryptocurrency. Traders from the United States of America will not be able to open an account. Perhaps it is one of the most unpleasant features of Bitpanda.
Customer support and reviews
Despite the many advantages of Bitpanda, the platform does not have a real-time chat with the support service. All communication takes place through a form. You may write a message, and you will get an email. On average, you will have to wait for a response within 24 hours, but it all depends on the workload. You can also follow Bitpanda on Twitter and Facebook to ask your question in private messages. All news and updates are published on these channels, so you can always stay up to date with Bitpanda. This service also offers an online knowledge base for the most common questions. Therefore, do not miss this opportunity when difficulties arise.
In comparison with other platforms, Bitpanda has a good rating of four points on TrustPilot. Among the key complaints about the company are the following:
- Waiting for a response from the support service
- Check duration
- Lack of funds
In excellent news, Bitpanda won the startup award in 2016, which guarantees the security of this platform. Taking into account all this aspect, we can say that Bitpanda is not a scam.
Comparison of crypto exchanges
The increase in the number of crypto exchanges on the market leads to the need to compare them. Below is a comparison of Bitpanda with other online platforms.
1) Bitpanda and Coinbase
These platforms (Bitpanda and Coinbase) are obvious: the services are identical. Both platforms charge 1.49 percent per transaction. In general, there is no difference between prices either. Therefore, in this case, it is better to focus on the exchange that supports your country. Plus, choose according to your preferences and trust.
2) Bitpanda and Kraken
Comparing Bitpanda to Kraken, there is a significant difference. Bitpanda is a brokerage intermediary that provides services and simplifies the process of buying cryptocurrencies. Kraken is a trading platform designed directly for experienced traders. Prices on Kraken are much lower, as there is no fee for brokerage services. In numbers, it looks like this: Kraken at 0.26 percent, while Bitpanda is at 1.49 percent. However, thanks to the new features, you may trade at lower prices on Bitpanda. To sum up, Bitpanda is still better in terms of the interface and the policy.
3) Bitpanda and Bitstamp
Bitstamp is a trading exchange that also provides brokerage services. However, unlike Bitpanda, this platform charges three times more (about five percent). But this is not an indicator of poor service or distrust. Bitstamp is available almost anywhere in the world, which is not the case with Bitpanda. There is no risk that you will lose all your money on this platform.
4) Bitpanda and Coinmama
This platform Coinmama has identical features to Bitpanda. The main advantage of Coinmama is the service of most countries of the world without restrictions. But, as a rule, the functions here are more expensive, and the payment for data processing is almost 6 percent. Plus, people constantly have difficulties with compensation issues. Therefore, it is better to use Bitpanda.
Bipanda offers favorable terms of cooperation:
- Low commission
- Support for four currencies
- Support almost 30 digital assets
There is also a wide range of programs, a system of rewards. The team has built an unwavering reputation as a reliable service with positive reviews. Any user feels protected, as all assets are stored offline (without any risk). However, the platform also has drawbacks. Without verification, it is impossible to use any of the exchange’s functions, and there is no support for most countries. To sum up, this platform is suitable for both experienced traders and beginners.
Is Bitpanda reliable?
Bitpanda is a security company for crypto trading. It is registered in the EU and complies with the legal directive. There are also two-factor verification and codes for all operations. All the client’s assets are placed in cold storage from fraudsters.
Is Bitpanda wallet safe?
Yes, the wallet is secure. The company provides overprotection of its customers ‘ funds, so fraudsters will not be able to use your account.
Can US citizens use Bitpanda?
In practice, the exchange focuses mainly on residents of the European Union countries. People from the United States of America will not be able to open an account, pass verification and use the functions.
Where is Bitpanda located?
Bitpanda is registered in Austria with its head office in Vienna. However, within the EU, any trader can use the programs of this exchange. The purchase of cryptocurrency is available only for residents of the European Union, so not everyone can take advantage of all its advantages.