Bitpanda Exchange Review (2020)

Bitpanda is a digital asset brokerage based in Vienna, Austria. The platform was founded in 2014 and offers a variety of different features from automatic purchases to the ability to trade precious metals. Its renowned as one of the most popular cryptocurrency exchanges in the EU with a number of features just for Europeans.

Comprehensive Bitpanda Review

Bitpanda

  • Trustworthy reputation
  • Best exchange in Europe
  • Variety of different crypto tokens available or trade

Bitpanda Pros & Cons

The Benefits PRO's
  • No history of security breaches
  • User-friendly interface for new users
  • A variety of different crypto tokens available or trade
  • #1 cryptocurrency exchange in Europe
The Downside CON's
  • Relatively low trading volumes for specific market pairs
  • Designed for beginners rather than experienced traders

Bitpanda at a Glance

Users
1+
million
Volume
2+
million
Trust rating
high
Overall rating
high

Funding Methods

Method Buy Sell Speed
Bank Account (ACH) No No n/a
Credit and Debit Card Yes No Instant
Wire Transfer Yes Yes 1-3 days

Sign-up Process

Like most other exchanges, the sign-up process at Bitpanda works in levels. Here is the information required to gain access to an initial, unverified account:

  • First name
  • Last name
  • Email address
  • Country of residence

BitPanda Exchange Sign Up Form

There are two levels of verification offered after you create your account: light and full. For light verification, you’ll need to enter your personal details and scan a copy of your government-issued ID such as a passport. Full verification is a similar process, but it is only available in specific countries.

What You Can Buy

Although Bitpanda does not offer as many digital assets for trade as some of the other altcoin exchanges, the platform does have the unique offering of precious metals. Here is a small sampling of the assets that can be purchased via Bitpanda:

Bitpanda Available Cryptocurrencies to trade

Supported Applications

Bitpanda offers a wide variation of different applications for traders. It should be noted that none of these applications allow users to hold their crypto assets in a non-custodial manner. In addition to operating on Windows, iOS, and Linux, the Bitpanda App allows users to access Bitpanda Platform from their Android devices

Is Bitpanda Safe?

Bitpanda is considered safe by most cryptocurrency experts. The site has famously never been hacked and employs a diverse portfolio of cutting-edge security measures. It’s especially impressive considering the company has been in operation since 2014.

Unlike some cryptocurrency exchanges, Bitpanda has shown a propensity to work with local authorities to make sure everything on the site is legit. The bottom line is that Bitpanda is a trustworthy exchange.

It’s always worth mentioning that it’s not a great idea to keep a large amount of cryptocurrency on an exchange. Generally, your cryptocurrency will be far more secure if you’re using a personal crypto wallet.

Fees

Bitpanda’s trading fees depend on the platform you’re using to do your trading. On Bitpanda Global Exchange, the normal maker and taker fee model is used where fees decline as a user’s trade volumes increase. A flat fee of 1.49% is used for buying on Bitpanda Platform, which is targeted at less advanced traders. Fees for precious metals start at 0.5% for buying and selling gold and rise up to 2.5% for some other precious metals. No fees are involved with the Bitpanda Swap platform, but Bitpanda is able to profit off of the differences between the buy and sell prices offered.

Fees for buying and selling crypto assets on Bitpanda’s applications can be reduced by 25% when their BEST token is used for payments.

FAQ's

About the Author

Arthur Crowson

Arthur Crowson is an award-winning writer and editor who hails from the Pacific Northwest. His career began in traditional news media but he transitioned to the online arena in the mid-2000s and has written extensively about the online poker boom and the rise of cryptocurrency.