Bitpanda Review 2024: The best Crypto Exchange for you?
TLDR
This Bitpanda review will help identify whether the platform suits your needs and expectations. Bitpanda stands out as a comprehensive broker, surpassing the usual offerings in the crypto industry.
No matter your expertise level, they cater to everyone. Moreover, the convenience of using both platforms with a single account allows for seamless progression in trading without the need for additional account setup.
With their strong focus on security, you can confidently send your funds without concerns. Plus, their detailed explanations ensure you stay well-informed about everything you desire to know.
Introduction
Bitpanda, founded in 2014 in Vienna, Austria, aimed to democratize investing. Originally known as Coinimal, they rebranded to Bitpanda in 2016 to expand their features. Co-CEOs Eric Demuth, Paul Klanschek, and CTO Christian Trummer form the core team.
Bitpanda holds various licenses, including a PSD2 payment service provider license and a MiFID II license. It’s registered as a virtual asset service provider in multiple countries, with the highest level of crypto regulation available.
On top of that, the platform is also registered with the Austrian Financial Market Authority and the French Autorité des marchés financiers.
Who Should Use Bitpanda?
Bitpanda focuses on attracting diverse customers, but let’s explore who’s it perfect for.
For New Users
For new users or those seeking simplicity and ease of use, Bitpanda Exchange is an excellent option. Its intuitive interface enables trades with just a few clicks, minimizing the risk of confusion or unexpected actions.
The clean and organized layout reduces the chances of unintentional mistakes. Furthermore, Bitpanda conveniently displays the top movers on the screen. It allows the users to track the market beyond just the highest-ranked coins by market capitalization.
With an intuitive user interface now, Bitpanda simplifies KYC verification and trading. Transparent fee information is provided, including on its mobile apps. Plus, the Bitpanda Academy offers valuable content for different investor levels.
Some of this content is beginner explanations of blockchain and crypto wallets. You can also find intermediate articles on consensus models and smart contracts. Each section concludes with a 15-question quiz to test investors’ knowledge.
For professional traders
Bitpanda is a suitable platform for professional traders due to its advanced features and offerings. Additionally, the availability of Bitpanda Pro, the dedicated trading platform, caters to the needs of experienced traders with its diverse order types, including market orders, limit orders, and stop-limit orders.
The platform also provides lower trading fees for Pro users, making it cost-effective for high-volume trading. Integrating a robust API also allows for seamless connectivity and automated trading strategies.
These features, combined with Bitpanda’s secure infrastructure and regulatory compliance, make it an attractive option for professional traders seeking a reliable and feature-rich trading experience.
Geographical Availability
Bitpanda, an Austrian-based crypto exchange, caters primarily to European users. It offers services in European countries like France, Germany, Spain, the United Kingdom, and Switzerland.
Plus, the users of the United Arab Emirates can also register and use the platform. Unfortunately, residents of the United States cannot access this platform.
What makes Bitpanda a good choice?
Let’s explore key reasons that make Bitpanda worth your time and investments.
Crypto index fund
Not only does Bitpanda offer a decent range of cryptocurrencies, but it also goes a step further by providing three crypto index funds.
Additionally, these funds are designed to simplify diversification for European investors, including the top five, 10, or 25 cryptocurrencies based on market capitalization.
Investors can quickly expand their crypto portfolios without purchasing each coin or token individually. Moreover, the hassle-free nature of holding cryptos through Bitpanda’s index funds is undoubtedly one of the most appealing aspects. It helps in, keeping investors hooked and simplifying their crypto investment journey.
Extremely user-friendly
Bitpanda maintains a clean and visually appealing platform while ensuring essential features are intact. However, as a European broker, prices are displayed in Euros by default. So, be mindful of potential currency conversion differences. It’s not a drastic decline in asset value but rather a reflection of varying exchange rates.
Additionally, Bitpanda offers mobile apps for Android and iOS, although some desktop features may not be fully accessible on the mobile version. Nonetheless, Bitpanda is actively working on bridging this gap, aiming to provide seamless cross-platform functionality.
Trusted Partners
5.0
Fees
0.1 – 0.5%
Tradable Coins
600+
Payment Options
+ 3
4.7
Fees
0.01 – 0.10 %
Tradable Coins
100+
Payment Options
4.3
Fees
0.04% – 0.10%
Tradable Coins
145 +
Payment Options
Supports stocks and commodities
Bitpanda has many investment options, including stocks, ETFs, commodities like gold and silver, and cryptocurrencies. This makes it an attractive choice for investors seeking a unified platform to manage their diverse investment portfolio.
By incorporating cryptocurrencies, investors can effectively diversify their holdings and tap into the potential of the crypto market.
Furthermore, Bitpanda facilitates seamless asset swapping. It helps customers to transition effortlessly between different investment types and enhances their investment flexibility.
Bitpanda Review: Drawbacks
Although Bitpanda has many features that outrank its competitors, it still lacks in some departments.
The limited crypto range on the Bitpanda Pro platform
Bitpanda offers two trading platforms for novice and experienced traders. The Pro platform boasts lower fees but has a narrower range of available cryptocurrencies.
Moreover, these cryptocurrencies often have limitations, as they can only be traded with euros and not each other. Conversely, the primary platform lets customers quickly swap between cryptocurrencies, stocks, and commodities.
Crypto deposit fees
While many platforms don’t charge fees for crypto deposits, Bitpanda imposes specific fees. Although the prices are not exorbitant and can be waived for deposits above a certain threshold (which varies per cryptocurrency), it would be ideal to see these fees eliminated. This would enhance the overall user experience and convenience.
KYC requirement and no anonymity
Bitpanda adheres to AML regulations, requiring stringent customer verification and KYC procedures in compliance with the new directive. After completing the verification process, users must answer the KYC questions to access all platform services.
The Bank of Lithuania supervises Bitpanda’s account and Visa debit card. Still, it’s important to note that any Deposit Insurance System does not protect funds stored in the wallet.
How to Set Up a Bitpanda Account?
Getting started with Bitpanda is simple and quite intuitive. Here are a few steps to open an account
More details
Bitpanda, a European crypto broker, provides a range of assets like cryptocurrencies, stocks, ETFs, and commodities. It offers a user-friendly interface, low fees, and a crypto index fund to facilitate accessible investments. However, since January 2020, Bitpanda enforced KYC and restricts its services to European residents.
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Crypto index fund.
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Supports stocks and commodities trading.
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User-friendly interface.
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Low trading fees.
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Bitpanda Visa card.
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Not available in the U.S.
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Crypto deposit fees.
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Limited crypto range on Bitpanda Pro.
Step 1: Visit the website
Visit the Bitpanda website using your desktop or mobile phone. Once there, click the [Sign Up] button on the top right of the page.
Step 2: Enter details
Following that, a pop-up will appear in front of you. Fill in the details, including name, e-mail, password, and country of residence.
Step 3: Finalize the process
Once done with filling in the information, tap the [Create Account] button. You will be required to confirm your e-mail address via the mail.
Congratulations, you have successfully created an account. You can verify your account any time you want.
Bitpanda Review: Top Features & Perks
Some exceptional features make Bitpanda a safe and advanced trading platform.
Crypto index
Bitpanda offers a wide range of cryptocurrencies and three crypto index funds. These funds make diversification easier for European investors, including the top cryptocurrencies by market capitalization.
With Bitpanda’s index funds, users can quickly expand their portfolios without purchasing each cryptocurrency individually. It consists of three crypto index funds that undergo monthly rebalancing to align with the current market conditions.
- BCI5: Comprises the top five cryptos by market cap, with Ethereum and Bitcoin dominating around 70% of the fund.
- BCI10: Includes the top 10 cryptos by market cap, with Ethereum and Bitcoin accounting for about 60% of the fund.
- BCI25: The most diverse index fund with 25 cryptos, where Ethereum and Bitcoin represent approximately 35% of the total. Smaller cryptos like Sandbox (SAND), Fantom, and Chainlink (LINK) each make up less than 2%.
While crypto index funds allow for portfolio diversification, it’s important to note that investors have less control over individual holdings.
Bitpanda Pro account and trading options
Bitpanda Pro is designed to meet the needs of traders, providing a range of order types for increased flexibility and control. Market orders are executed instantly at the prevailing market price, allowing quick trades.
With limited orders, traders can specify the price they want to buy or sell, ensuring execution at their desired level. Stop-limit orders offer a progressive approach, becoming active once a predetermined stop price is reached and then transitioning into a limit order in the order book.
These diverse order types empower traders on Bitpanda Pro to execute trades according to their specific strategies and preferences.
Cryptocurrency support
At Bitpanda, you’ll find a diverse range of over 150 cryptocurrencies available for trading. Among them, you’ll discover popular coins and tokens, including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Binance Coin (BNB)
- Ripple (XRP)
- Cardano (ADA)
- Solana (SOL)
Additionally, Bitpanda supports stablecoins like Tether (USDT) and USD Coin (USDC). Interestingly, Bitpanda Pro’s advanced platform selection is more limited, with fewer trading pairs.
The available cryptocurrencies on this platform are predominantly paired with euros rather than other cryptocurrencies.
Bitpanda Visa Card
Residents living in countries that have adopted the euro as their currency can take advantage of the Bitpanda Visa card. This convenient debit card comes with no fees and offers attractive rewards ranging from 0.5% to 2% on every purchase.
Users can select their preferred assets, including cryptocurrencies, for making payments, making it a convenient option for those who want to spend their digital currencies.
While it’s suitable for everyday spending, long-term investors may prefer to hold their cryptocurrencies for potential future growth.
High-security
Bitpanda stores assets in cold storage to enhance security measures, though the offline amount is unspecified. Also, the broker maintains robust security protocols, ensuring protection against hacking attempts.
To safeguard user accounts, Bitpanda enforces e-mail verification for new device access, utilizes reCAPTCHAs, and conducts spot checks for essential data changes. DDOS protection and SSL encryption are employed.
Bitpanda is registered with the Austrian FMA and French AMF, and its Bitpanda Payments company holds a PSD2 license. Users are encouraged to select strong passwords and activate two-factor authentication for added account security.
Deposit and withdrawal fees
Unlike most cryptocurrency exchanges, Bitpanda deviates from the norm by imposing fees on crypto deposits. Although the price is typically around $5, it’s crucial to consider this additional cost, especially since withdrawals often incur fees.
However, Bitpanda does waive the deposit fee for amounts surpassing a specific threshold, which varies for each cryptocurrency.
While some cryptocurrencies, like Avalanche (AVAX), require fee-free deposits of around $10, others, like Bitcoin, require approximately $2,000. Here is the list:
- SEPA
- Neteller
- Mastercard
- Visa
- Sofort
- Giropay/EPS
- Bitpanda To Go
- Skrill
- Cryptocurrency deposits
Withdrawal fees on Bitpanda vary depending on the cryptocurrency, ranging from less than a dollar to over $50, reflecting different transaction fees across crypto networks.
Verified Bitpanda users can withdraw, with transaction speed varying based on the chosen payout method. Bank transfers generally take longer than alternatives like Neteller and Skrill.
Additionally, Bitpanda has specified minimum withdrawal amounts for each cryptocurrency, such as a minimum of 0.00057000 BTC for Bitcoin (excluding fees).
Here is a list of withdrawal and payment options now available on Bitpanda:
- Skrill
- Neteller
- Bitpanda payments
- SEPA
Bitpanda’s trading fees
Bitpanda offers trading platforms for both Pro and novice users, catering to different experience levels. Although more expensive, the basic platform is beginner-friendly, with a built-in fee of 1.49%.
For example, purchasing fiat money like 200 Euros worth of Bitcoin (BTC) incurs a transaction fee of 2.98 euros. Experienced traders can opt for the Bitpanda Pro platform, which offers lower fees ranging from 0.1% to 0.15%.
Buying 200 Euros worth of Bitcoin on the Pro platform would cost a maximum of 0.30 Euros. The fee difference stems from Pro users trading at market prices, while the basic platform provides a 60-second price guarantee.
Bitpanda’s BEST Token
The Bitpanda Ecosystem Token (BEST) is an exclusive crypto token offering advantages to Bitpanda users.
Holding BEST grants benefits such as reduced trading fees, a 12% annual percentage yield (APY) on BEST holdings, lower deposit fees, and voting rights for company decisions. Interestingly, you can buy BEST tokens on various cryptocurrency exchanges like Binance.
Additionally, Bitpanda conducts regular token burns to enhance the value of the remaining BEST supply. If you anticipate high trading volume on Bitpanda, acquiring some BEST tokens is recommended.
Customer Support
Bitpanda provides customer support through an online knowledge base and dedicated e-mail assistance for specific issues.
Unlike many other cryptocurrency exchanges, Bitpanda stands out with an excellent 4-star average rating on TrustPilot.
While some complaints mention delays in support response, verification process, and missing funds, it’s worth noting that Bitpanda’s support team actively engages with reviewers, indicating a positive customer service approach.
Bitpanda Review: Improvements
Bitpanda could improve in a few areas to enhance the user experience. Customer support needs attention, as complaints about slow response times and unsatisfactory assistance have occurred.
Another room for improvement is expanding their services to include support for US residents, which would broaden their user base.
Additionally, refining the verification process and addressing any issues related to the withdrawal process could further enhance user satisfaction and trust in the platform.
Bitpanda Review: Our Verdict
Bitpanda is a prominent crypto exchange in Europe, catering to retail and professional traders. With a diverse range of cryptocurrencies and crypto indices, it provides ample options for investors. Also, the API integration makes it fast and seamless.
Bitpanda Pro is a specialized platform for experienced traders, offering a wide selection of trading pairs, particularly with the Euro. The native tokens associated with Bitpanda incentivize users, while the platform’s fees are moderate.
However, the exclusion of US residents and occasional complaints about customer support can be drawbacks for some users. All in all, Bitpanda offers liquidity and convenience to its users.
Bitpanda can be considered trustworthy due to its compliance with AML standards. Also, the robust security measures and positive customer reviews make it a trustworthy platform.
The comparison between Bitpanda and Binance depends on individual preferences and trading needs. Binance offers a wider range of cryptocurrencies and advanced trading features. On the other hand, Bitpanda focuses on user-friendly interfaces and a curated selection of assets.
It depends on personal preferences. Coinbase is more established and offers a larger selection of cryptocurrencies. Comparatively, Bitpanda is known for its user-friendly interface and additional features like crypto indices.
Bitpanda is used by users in various countries, including Austria, Germany, France, Spain, Italy, Czech Republic, and Sweden.
