Bitpanda Review 2022: Pros, Cons, and More

As the world of cryptocurrency becomes more and more popular, new platforms and exchanges are popping up all over the place. 

BitPanda is one of the leading cryptocurrency exchanges and digital asset trading platforms in Europe. It enables users to buy and sell digital tokens easily, quickly, and securely. 

BitPanda has two operational centers: one in Vienna, Austria, and another one in Strasbourg, France. Both of these locations serve different purposes for the company’s operations. Its primary focus is on being an exchange for digital assets, but it also recently launched a retail service that offers the buying and selling of cryptocurrencies directly to customers at a fixed price.

Are you wondering if this platform is for you? This review will cover everything you need to know about Bitpanda.

Bitpanda Overview

Bitpanda was launched in 2014 in Vienna, Austria, with the goal of decentralizing access to investment. Since the beginning, its mission has been to reinvent what investing means by creating simple, user-friendly financial products for everyone.

Now 8 Years later, they are currently one of the fastest growing fintech in Europe, with more than 730 team members and 3.5 million users. They allow both beginner and experienced investors to invest in what they believe in thanks to their PSD2 payment service provider license, security, and simplified user experience.

Although their withdrawal and deposit fees vary depending on the asset, they are still reasonably low. However, they are not always clear. A single account gives you access to both a basic and professional exchange, and you can use whichever you like. Bitpanda also offers a mobile app for both Android and iOS so you can carry out your trading wherever you go.

You can invest whatever amount of money in the stocks, cryptocurrencies, and commodities you choose thanks to their user-friendly, trade-everything platform.

Bitpanda Founders

Eric Demuth, Paul Klanschek, and Christian Trummer, who founded Bitpanda, are cryptocurrency enthusiasts. They had to personally experience how challenging it was to still obtain cryptocurrency in Europe in 2013, during one of the biggest Bitcoin waves. 

After a lengthy coordination phase and consultation with the local authorities, Bitpanda was established as Coinimal GmbH in December 2014 to address these gaps in the market.

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Features of Bitpanda

• Bitpanda Plus

It is for institutional and high-volume investors, In addition to serving the ordinary trader, Bitpanda also caters to individuals who want to trade more frequently. This sort of account has its own unique set of benefits as well as prerequisites before you can open one.

• Five fiat currencies are accepted.

Since Bitpanda primarily targets Europeans, they support USD as well as the fiat currencies EUR, GBP, CHF, and TRY.

• 2 exchanges in a single account

When you sign up, you also have access to the Bitpanda Pro exchange, which allows you to place more complex sorts of orders if you feel comfortable doing so, in addition to the regular Bitpanda exchange, which only allows you to buy and sell assets.

• Easily create multiple savings plans

For each supported digital asset on Bitpanda, you can create as many savings plans as you like. For the same asset, you can even create different savings plans.

• Powerful help desk

Most problems you face are resolved in Bitpanda’s helpdesk, but even if they aren’t, their customer care team is available to assist you and will enable you to categorize your request exactly.

• Trading of stocks, metals, indices, and ETFs

Bitpanda also enables you to trade the aforementioned assets in addition to cryptocurrency. You can manage all of your investments from one location because they are all on one account and in one portfolio.

• Take advantage of the cost-average effect

To reduce market volatility, it is a good idea to continually acquire assets. By purchasing Bitcoin and other digital assets on a weekly, bimonthly, or monthly basis, you become less reliant on sudden changes in price.

• Affiliate programme

Receive a commission for every referred user while benefitting from their high conversion rates and competitive trading premiums. They also enable different payouts for different traffic sources, like CPV, CPA, Revenue Share, and Hybrid options.

How to Sign Up on Bitpanda?

The steps given below are how I created my account on Bitpanda. Follow these steps to successfully sign up on bitpanda platform:

To create a Bitpanda account on desktop:

1. Click the Sign-up button located in the top right corner of their page.
2. Along with your name and email address, enter a secure password.
3. Accept the terms and conditions and privacy statement, and choose your country of residence.
4. Click “Create Account.”
5. To finish creating your account, click the link in the confirmation email.

How To create a Bitpanda account on Android app:

1. Click “Sign up” within their app.
2. Enter a secure password, Along with your name and email address.
3. Choose your country of residence, Accept the terms and conditions and privacy statement.
4. Click Sign up.
5. Click the link in the confirmation email, to finish creating your account.

How To create a Bitpanda account on IOS app:

To create a bitpanda account on your IOS app, follow the same process above given for the Android app.

Note: It is not necessary to create a new account for the Bitpanda app if you already have an account with Bitpanda. Please log in with your existing account. Remember that you are not allowed to open a second account.

How will you fully verify after successfully signed up?

You will be able to utilize all features offered by Bitpanda, Bitpanda Pro, and the complete Bitpanda ecosystem once fully verified. Simply follow these steps to become fully verified:

For Desktop:

1. Log in to Bitpanda
2. Click on your User icon
3. Click on Verify now
4. After providing your personal information, be sure it is true, complete, and correct, then click “Save” to continue.
5. Enter the SMS-PIN that they have sent to the phone number they have verified for you.
6. Select your citizenship, preferred language for verification, and type of identification, then click Continue.
7. If you’re ready, press the Continue button. You will be routed to one of their verification partner companies automatically. Simply follow the verification provider’s instructions when prompted.

For Mobile app (both android & IOS):

1. Log in to the Bitpanda Android App.
2. Tap the Profile button.
3. Now, click Verify.
4. Enter your personal information and then click Save and continue.
5. Enter the SMS-PIN that they have sent to your verified phone number and press the Send button.
6. Choose your preferred language for verification and the type of identification, then click Continue.
7. If you’re ready, press the Continue button. You will be routed to one of their verification partner companies automatically. Simply follow the verification provider’s instructions when prompted.

Fees of Bitpanda

Bitpanda fees vary depending on whether you use the basic or pro version of the exchange.

Fees for Trading

Bitpanda offers trading platforms for both pro and basic users. The basic trading platform is more expensive to use, but it is easier to learn. It includes a 1.49 percent fee in the price you see. The transaction fee for buying 200 euros worth of Bitcoin (BTC) on the basic platform is 2.98 euros.

For basic Bitpanda, trading fees is 1.49%

For basic Bitpanda, trading fees is 0.1% – 0.15%

Fees for Fiat deposit

Bitpanda makes it simple to deposit fiat currency using bank transfers, credit cards, debit cards, and other methods. The interface is simple, and the fees are clear and simple to understand. Depending on the currency, the minimum fiat deposit is around 25 euros.

• For Bank transfer its Free
• For credit / debit card (Visa and Mastercard) fees is 1.5% – 1.8%
• For other payment processors such as Skrill and Neteller, Set fee plus is 3.6%

Fees for crypto deposit

Bitpanda is unusual in that it charges fees for cryptocurrency deposits. Most exchanges offer this service without charge. However, given that you usually have to pay to withdraw it from the original location, it’s worth considering the additional cost.

For deposits of more than a certain amount of cryptocurrency, the crypto deposit fee is waived. The minimum varies depending on the cryptocurrency, but in many cases, the fee-free threshold is around $150. Avalanche (AVAX), with a minimum of less than $10, and Bitcoin, with a minimum of about $2,000.

Fees for withdrawal

Bitpanda’s withdrawal fees vary depending on the cryptocurrency. This is due to the fact that different crypto networks charge different transaction fees. Withdrawing cryptocurrency from Bitpanda can range from less than a dollar to more than $40.

Conclusion

Bitpanda claims to take security seriously and has put in place some protections for its customers.

It also includes several user-level security measures. Two-factor authentication is one of them, as is sending confirmation emails to authorize withdrawals. 

However, additional security features such as anti-phishing and third-party insurance would be appreciated. Several major cryptocurrency exchanges have third-party insurance policies in place to cover user losses in the event of an exchange hack.

Bitpanda is an extremely secure option for both new and experienced traders. The key drawback is that they do not support enough countries.