Bitpanda is an Austrian based cryptocurrency exchange that began operating under the name Coinimal in 2014. Since then the platform has grown to over 850 000 users and is a leader in European cryptocurrency retail and trading services. Their automated purchase system allows for easy, fast and round the clock services for 20 different cryptocurrencies. Bitpanda also allows users to sell cryptocurrencies for fiat currencies worldwide as well as buy cryptocurrencies within the SEPA (Single Euro Payment Area), Iceland, Liechtenstein, Norway, Monaco, and Switzerland. After you’ve finished reading this Bitpanda review we hope to have provided you with all of the most crucial information to begin using this reputable platform.
Account Setup and Types
Bitpanda offers two account types: verified and unverified. To set up an unverified account the process is straightforward, only an email account needs to be verified.
To verify an account, an email, phone number, and personal information must be provided. Next, a valid photo ID is required for video verification which is conducted by either IdentityTM or IDNow. The type of ID required depends on the user’s country of residence (driver’s licenses are not accepted).
There are key differences between the two account types. With an unverified account, users have lower withdrawal limits and can’t use a credit card. Users can make fiat deposits to buy cryptocurrencies even without verifying their account by redeeming Bitpanda To Go vouchers. These vouchers are available in 50€, 100€ and 500€ amounts at Austrian Post shops.
Bitpanda has four different fiat wallets, EUR, GBP, USD, and CHF. If you want to use other currencies to deposit funds into these wallets you can, however, exchange fees may be charged by providers. Fiat can be deposited with a SEPA bank transfer, credit card, Bitpanda To Go vouchers or online transfers for deposits in euros. Deposit options for USD, GBP and CHF are available here.
The process is pretty simple, first, click on the Deposit button, choose a fiat wallet, choose a payment option and enter the amount you want to deposit. After clicking Go To Summary and then Make Payment, the transaction will be confirmed by SMS (doesn’t apply to bank transfers) and the transaction will continue on the service provider’s site. Once processed, the funds will be sent automatically to your Bitpanda fiat wallet. Please note that bank transfers can take 2-3 working days to be deposited and the deposit process is slightly different.
Purchasing one of the 20 cryptocurrencies available on Bitpanda is simple. First select Trade and the cryptocurrency you want, then your crypto wallet and the fiat wallet you want to use. Next choose the amount you want to buy and finally, you’ll see a summary. To accept simply click Buy Now.
To deposit cryptocurrencies into their relevant Bitpanda wallets you need the address or corresponding QR code which can be found in the relevant wallet.
Fees for Bitcoin purchases are currently 1.49% and to sell 1.29%. More fee information for each altcoin offered by Bitpanda is available here. Some users have found that fees are high, however, Bitpanda also offers fee-free transfers, no withdrawal limit or deposit minimum for internal wallet transfers or between Bitpanda users.
Privacy and Security
As we have seen in this Bitpanda review this platform is easy to use but how secure and private is it? The fact that they allow the trading and purchase of funds without needing to verify an account, albeit with limitations, is a testament to the platform’s efforts to protect user privacy. However, some users have complained that the verification process needed to access all platform functions is quite extensive and that other companies are involved with the verification process. A copy of the user data stored by Bitpanda is accessible by following these steps.
In terms of security Bitpanda highly recommends the use of the available 2 Factor Authentication (2FA) and store almost their entire cryptocurrency reserve in cold storage. The platform requires either email or phone confirmation for important changes to accounts and unusual access attempts. They also use SSL encryption and offer DDOS protection.
Online support is available via their request system and online chat function. The online helpdesk is also a good source of information and troubleshooting suggestions. The platform also has a Telegram group in both English and German where users can chat with each other or talk to Bitpanda employees. Response times for their request system is usually within 24 hours and feedback from users has been positive. Bitpanda doesn’t offer phone support services, however, users may be contacted by phone to confirm account changes.
Bitpanda Review Summary
Bitpanda is a great platform that focuses on ease of use and support, which make it great for both beginners and experienced traders. The high level of positive customer feedback, use of 2FA and the cold storage of the vast majority of reserve funds shows a commitment to providing privacy, security, and support for users. The eurocentric approach to trading on this site and higher fees may not appeal to some users, however, the many purchase methods available make the buying and selling of cryptocurrencies very practical. If after reading this Bitpanda review you are convinced this platform is right for you, then you can sign up here.
Disclaimer: Buy For Bitcoin does not provide any warranties towards the accuracy of the statements in the above Bitpanda review. Any content on this site should not be relied upon as advice or construed as providing recommendations of any kind. It is your responsibility to perform your own research of the platform. Trading and investing in cryptocurrencies involves considerable risk of loss and is not suitable for every investor.