Bitpanda Review 2021

Rating: 5/5

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What Is Bitpanda?

Bitpanda is an Austrian online investment platform and cryptocurrency exchange offering users to buy, sell, and hold their stocks, cryptocurrencies, and metals. It began in 2014 as an exchange named Coinimal, but over time, it has developed to feature more long-term investment schemes encouraging investors and users to sign up and use their services.

For European and UK citizens, Bitpanda proposes one of the cheapest and most effective options to buy coins with a credit card or SEPA transfer. The platform offers excellent customer service and a user-friendly interface.


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FAQ

Bitpanda Team

Bitpanda Team

In 2013, three cryptocurrency pioneers, Eric Demuth, Paul Klanschek, and Christian Trummer, created cryptocurrency exchange, which grew into an innovative, highly technological investment platform accessible to everyone who wanted to enter the investment world.

Over the years, the company gained more than 400 employees and 2.7 million customers. Bitpanda is now named one of the fastest-growing fintech startups in Europe.

Bitpanda Review Summary

Bitpanda is one of the most innovative, fully-automated European online brokers of the new generation. It offers 24/7 trading, low Bitpanda fees, and real-time settlement. In terms of safety, the platform has a solid secure reputation in the digital trading world. Newcomers and experienced investors can trade assets with one click.

Choosing Bitpanda, the investor will receive the possibility to:

  • Invest in stocks, crypto, and metals in one account
  • Access Bitpanda 24/7 and start with 1 Euro only
  • Trade cryptocurrencies directly with BItpanda
  • Spend digital assets anywhere with Bitpanda debit card
  • Set up an automatic individual savings scheme

Advantages and Disadvantages of Using Bitpanda

Below are the most popular pros and cons of using the Bitpanda trading platform. 

Pros

Cons

  • A wide range of services
  • Bitpanda is the newest word in the field of digital fintech
  • Friendly interface
  • Professional customer service
  • A variety of payment methods
  • Relatively low Bitpanda fees for credit card, e-wallet, and bank wire transactions
  • Fees are not as transparent as some other exchanges being included in the price
  • Bitpanda verification takes some time compared to other virtual exchange services due to an actual video call

Key Features of Bitpanda

Key Features of Bitpanda

Speaking of the popularity of Bitpanda, it became widely knowledgeable and world-respected because of its wide assortment of innovative features. Let’s see what makes this platform so attractive for users.

Support of most cryptocurrencies

Users can trade basically all known digital currencies. The exchange supports over 50 cryptocurrencies at this moment. Due to providing smooth and fast trading, Bitpanda supports deposits in fiat currencies:

  • Euro
  • US dollar
  • British pounds
  • Swiss francs
  • Turkish lira

Bitpanda To Go

Bitpanda partnered with Austrian postal service to create Bitpanda To Go vouchers. Users can redeem Bitpanda vouchers after verifying the account with the platform. The assets will be deposited into the user’s wallet immediately.

Bitpanda Savings

Bitpanda Savings is a method to set up recurring digital asset purchases without having to go through the process manually each time. It means the customer can automate the purchase of virtual assets by setting the time, date, and currency, and the platform will do the rest.

Clients can create few savings plans simultaneously with different predefined settings. For example, you can buy Ripple at Bitpanda (XRP) every Monday at 3:00 p.m. or buy Bitcoin (BTC) twice a month on an ongoing basis.

Bitpanda Swap

Bitpanda Swap

This is a standard swapping service that allows clients to exchange one cryptocurrency for another of their choice. For registered members, there are no limits on the volume they can swap.

Bitpanda Token

BEST is Bitpanda’s ecosystem token. It is based on the project team's understanding of the needs of the Bitpanda community. BEST presents significant opportunities for both existing and future Bitpanda users. Bitpanda intends to sell up to 500 million of its tokens.

Bitpanda Pay

This service helps to exchange currency for digital currency via IBAN (International Bank Account Number). The user has to register, create a currency wallet, fill out a standard application form, and confirm the transaction.

Bitpanda Metals

Bitpanda Metals

This feature allows investors to diversify the portfolio and swap out crypto coins or fiat for 100% insured precious metals such as gold, silver, palladium.

Bitpanda Pro

This is a premium membership available for advanced users who are used to trading in large volumes and connecting APIs.

Bitpanda Plus

This service allows customers to purchase large amounts of cryptocurrency with slightly better fees and terms than other members on a regular exchange.

Bitpanda Products & Services

Despite many innovative features, the main aim of the platform is the crypto exchange. Let’s have a closer look at how a user can enter the world of cryptocurrencies with the assistance of Bitpanda.

Bitpanda Exchange

Bitpanda Exchange

Bitpanda supports more than 10 options to invest the cryptocurrency, such as credit card, iDEAL, and bank transfer. The major advantage is that the company responds to various markets, including the gold and silver markets. Selling gold, silver, precious metals, and cryptocurrencies all in one place is the dream of any investor who doesn't want to go through all kinds of complicated investment procedures.

Bitpanda Index

Crypto Index is the first regulated product from the Austrian exchange. Traders and investors can invest or trade in one click the top 5, 10, or 25 cryptocurrencies. So, there are three trustworthy indices for everyone.

Crypto Staking

Crypto Staking

Staking is the process of storing coins in a cryptocurrency wallet, for which, a reward is paid. Basically, staking is available for coins whose blockchains operate on the Proof-of-Stake (PoS) consensus algorithm and its variations, but this is not required.

It is not possible to do staking on Bitpanda. Clients have to transfer funds to a wallet and control it with private API keys.

Buy Crypto Assets Using Fiat Currencies

clients can buy cryptocurrencies using fiat money. To do it, a user has to open an account and verify it with the Bitpanda customer service. When this procedure is covered, you can deposit money to the Bitpanda account by transferring it from your banking account.

Bitpanda Pay

Bitpanda Pay service aims to change the familiar world of payments. Customers can pay rent, send perk to any country within the European Union and beyond it using an IBAN number with the help of the verified Bitpanda account.

Bitpanda P2P

At the beginning of 2021, Bitpanda created its own debit card offering users a great combination of contemporary financial services. Now, clients can use the card to spend their cryptocurrencies, metals, and other assets like fiat currencies worldwide, in any country where Visa is accepted. There are p2p services available to each cardholder.

Tokenized Stocks of Bitpanda

In April 2021, this broker has launched a new innovative product Bitpanda Stocks. It gives clients the opportunity to invest tokenized fractional shares.

Using tokens to represent fractional stocks, the company enables 24/7 trading starting at €1 ($1.2), supporting an emerging market trend.

BitpandaTrading Platform

Bitpanda and Bitpanda Pro have trading features for users interested in them. The regular Bitpanda is basic, easy-to-use, and very novice-friendly, whereas the Bitpanda pro is for professionals or advanced traders and businesses. You can connect trading bots to the API, make use of candlestick charts, archives, indicators, line tools, etc.

Both services are connected; so. you only need to sign up to Bitpanda pro, move to the professional side, and use all the features included. Bitpanda is very interactive with outstanding functionality, and it will work fine on mobile, tablets, and laptops. There are dozens of pairs available on both Bitpanda and Bitpanda pro, and you should get full access after set-up.

How to Trade on Bitpanda

How to Trade on Bitpanda

The world of cryptocurrency can be complicated, especially for an inexperienced cryptocurrency buyer. Bitpanda simplifies the process from start to finish. It does this through:

  • sleek design for easy navigation
  • a help desk a.k.a. archives in which you can search for how-tos and articles
  • friendly support team that can help you if you can't figure it out yourself

After logging in, click Trade in the upper right corner of the screen. Select Buy and then select the cryptocurrency you want to purchase and your chosen paper wallet. Select the amount to purchase and click Buy Now. To sell, go to the same Trade page but click Sell. From there, select your cryptocurrency and paper wallet, the amount, and click Sell. To control transactions, a user can click on the icon of the profile and choose the History option afterward.

Margin Trading on Bitpanda

This platform does not support margin trading, which can be named as one of the disadvantages of the company.

Bitpanda Futures and Derivatives

Bitpanda Futures and Derivatives

From April 2021, investors can trade derivatives and fractional stocks using the beta version of Bitpanda Stock. Bitpanda Financial Services is an investment company controlled by the Austrian Financial Market Authority. It holds a MiFID II license. Investors have to notice that this instrument is still in beta version.

Which Countries Does Bitpanda Support?

Bitpanda supports most European countries, such as:

Country

Availability

Albania

Austria

Belgium

Bulgaria

Croatia

Cyprus

Czech Republic

Denmark

Estonia

Finland

France

Germany

Greece

Hungary

Iceland

Ireland

Italy

Latvia

Liechtenstein

Lithuania

Luxembourg

Malta

Netherlands

Norway

Poland

Portugal

Romania

Serbia

Slovakia

Slovenia

Spain

Sweden

Switzerland

Turkey

Ukraine

United Arab Emirates

United Kingdom

Users can check list of countries available for verification on the official site of Bitpanda.

Countries Not Acceptable on Bitpanda

Bitpanda Pro is now available in almost all countries except for the United States and China.

How to Start Trading with Bitpanda

So, if you decided to join the investment world, you have to create your account.

Registration Process

Newcomers can create an account by clicking on the icon in the right upper corner.

Step One

Step One

Enter your name and email address and choose a strong password

Step Two

Step Two

Select your country of residence and accept the terms and conditions and privacy policy if you agree with them.

Step Three

Step Three

Agree to Bitpanda terms and conditions, metal terms and conditions, Bitpanda group privacy policy, and sign up for their newsletters.

Verification of the Account

Every broker must verify the identity of clients. This is done by means of a scan of the front and back of your ID card, passport, or driver's license. Bitpanda checks the data, and once it is approved, you can start trading.

After verification is complete, clients can use the full assortment of features provided by Bitpanda, such as Bitpanda Pro and the rest of the services. To pass the full verification, simply follow these steps:

  • Go to the Bitpanda website
  • Choose the User icon
  • Click the Verify now button
  • Enter your personal details, confirm that the information provided is true, complete the procedure, then Save and continue
  • Enter the SMS-PIN, which will be sent to the given phone number
  • Choose the citizenship, your preferred language for the verification and Type of identification, then click on Continue
  • Click on the Start verification button. You will be automatically forwarded to one of Bitpanda verification partner firms. Simply follow the instructions for further verification.

Why Does Bitpanda Require KYC?

Why Does Bitpanda Require KYC?

European guidelines for cryptocurrency trading platforms, such as Bitpanda, have to ask new clients a number of questions about their financial situation before investing. Such legal obligations have been established since January 2020. This procedure has to prevent money laundering and terrorism financing, and it is referred to as the Know Your Customer (KYC) practice.

Account Types

There two types of accounts for investors and traders on Bitpanda.

Bitpanda Account

Bitpanda account is simple to create and easy to use for private investors. As a newbie trader, you can sell or buy digital assets with few clicks using the Bitpanda account. However, if you wish to go deeper into investing processes, you should opt for the Bitpanda Pro account.

Bitpanda Pro

Bitpanda Pro

This type of account has been created for business purposes. It is possible to trade professionally and connect different trading bots to the account.

Once the user opened and verified the Bitpanda account, one doesn’t have to repeat the procedure to step over to Bitpanda Pro. Both accounts are connected; so, customers can send fundings from the Bitpanda platform to Bitpanda Pro.

Deposit and Withdrawal Options

Bitpanda proposes several well-known options for deposits and withdrawals of funding. Depending on the verification status of your account, the currency you want to use, deposit or withdrawal, the options available may vary.

There are several currencies customers can use with Bitpanda:

  • Euro (EUR)
  • US dollar (USD)
  • Swiss franc (CHF)
  • British Pound Sterling (GBP)
  • Turkish lira (TRY)

The following transferring methods are accepted by Bitpanda:

Deposit and Withdrawal Options
  • Direct transfer. An offer for users from Europe the payment process is processed immediately so that the money is instantly available in the Bitpanda trading account. Here, a fee of 1.99% must be paid.
  • SEPA transfer. A regular bank transfer that users from Europe can use; the money will be available in the Bitpanda account after two to three business days. This deposit method is free.
  • VISA credit card. The money is also immediately available on the Bitpanda trading account there are no regional restrictions. The fee is 1.5 percent.
  • MasterCard credit card. Here, the transaction is processed immediately as well. The fee is also 1.5 percent.
  • EPS. An online bank transfer for users from Europe who have an Austrian bank account. The compensation is 0.25 Euros + 2 percent (the maximum compensation is 2 Euros).
  • Giropay. For users from Europe with a German bank account. The compensation is 0.25 Euros + 2 percent (the maximum compensation is 2 Euros).
  • Neteller. Payment processing will take place immediately. The fee is 0.90 Euros and 3.6 percent.
  • Skrill. Immediate payment processing is also the goal here. The fee: 1 euro and 3.6 percent.
  • Ideal. Anyone who has a Dutch bank account can use iDeal. The cost is 0.30 Euros.
  • Faster Payments. The method available for citizens of the UK. Using this service in partnership with ClearBank British, users can deposit and withdraw GBP fast and free of charge.

How to Buy Crypto on Bitpanda

Let’s see the process of purchasing digital assets step by step.

Step 1. Choose a Trade

Choose a Trade

Firstly, click Trade on the navigation panel. You will see a pop-up window with selected assets. If you want to proceed with the purchase, click on the Buy button.

Step 2: Choose the Assets

Choose the Assets
You will have to select the asset you’d like to purchase. This could be a cryptocurrency like Bitcoin, Ripple, or Ethereum or some precious metals like gold, silver, or platinum.

Step 3: Choose the Amount

Choose the Amount

Choose the amount of assets you’d like to buy from two options. You can enter the amount in a fiat currency, e.g., 500 Euros (429,19 GBP) or choose a specific amount of the digital asset you want to purchase, for instance, 0.1 BTC.

Step 4: Finish the Trade

In the last step, you can see the purchase summary and check all information before clicking Buy Now.

Currencies Accepted by Bitpanda

The platform has been launched as a virtual exchange for cryptocurrencies. Over time, Bitpanda started to support fiat currencies as well.

Cryptocurrencies on Bitpanda

Bitpanda offers a wide range of cryptocurrencies. Popular cryptos like Bitcoin, Ethereum, Cardano, Zcash, Ethereum Classic, Bitcoin Cash, Ripple, Litecoin, Chainlink, Polkadot, Stellar, Dogecoin, etc. are all available.

Fiat Currencies on Bitpanda

At this time, there are following currencies available for the users of this digital broker:

  • Euro (EUR)
  • US dollar (USD)
  • Swiss franc (CHF)
  • British Pound Sterling (GBP)
  • Turkish lira (TRY)

Bitpanda Fees

Bitpanda Fees

Bitpanda's fees for trading are generally charged by asking a little more than the market rate when you buy and giving a little less when you sell crypto.

Depending on your deposit method, there may also be a small deposit fee when depositing into your BitPanda account. This is highlighted in the payment method section above.

Bitpanda Trading Fees

Bitpanda has a buy fee of 1.49% and a sell fee of 1.29%. If you pay with a method other than bank transfer, an additional fee will be charged.

Bitpanda Deposit Fees

Bitpanda partners with many trustworthy financial institutions to make financial transactions as smooth and fast as possible. However, certain commissions are applicable to each method of depositing or withdrawing.

The following transferring methods are offered by Bitpanda: 

  • Direct transfer. The payment process is done immediately. A fee of 1.99% must be paid.
  • SEPA transfer. This deposit option is free.
  • VISA credit card. The fee is 1.5 percent.
  • MasterCard credit card. The fee is 1.5 percent.
  • EPS: The compensation is 0.25 Euros + 2 percent (the maximum compensation is 2 Euros).
  • Giropay.The compensation is 0.25 Euros + 2 percent (the maximum compensation is 2 Euros).
  • Neteller. The fee is 0.90 Euros and 3.6 percent.
  • Skrill. The fee is 1 Euro and 3.6 percent.
  • Ideal. The cost is 0.30 Euros.
  • Faster Payments. The way is only for citizens of the UK. British customers can deposit and withdraw GBP fast and free of charge.

Bitpanda Withdrawal and Deposit Limits

Bitpanda Withdrawal and Deposit Limits

Bitpanda limits are different depending on your checkout status and payment or payout method. Clients can find transaction costs as well as the minimum and maximum deposit and withdrawal amounts for all supported cryptocurrencies. Daily Bitpanda limits are applicable within 24 hours after the last transaction of the client.

Buying Limits

There is no trading limit on Bitpanda. You can trade as much as you want with a verified account.

Regulation and Security on Bitpanda

Bitpanda is a legit trading platform licensed as a PSD2 payment service provider by the Austrian Financial Market Authority.

The platform uses SSL encryption, two-factor authentication, and multiple signatures to enhance the security of your wallet.

Is Bitpanda Safe?

For seven years of operation, the platform has so far protected its users from any security threats or hacks. In other words, Bitpanda gets top marks in terms of security. Nevertheless, Bitpanda takes outstanding security precautions. The wallet from this exchanged can be accessed via a web browser, which is SSL encrypted. In addition, the user can enable two-step verification (2FA), which guarantees additional security and control over the online wallet.

Could Bitpanda Be a Scam?

Not at all. The Austrian company is reliable, and it has earned a great reputation on the European financial market.

Was Bitpanda Hacked?

Bitpanda never has been hacked due its superb security measures.

Bitpanda App

Bitpanda operates only on its website, which means you can still access the platform with any device that can open a web browser, such as 

  • Desktop
  • Smartphone (Android and iOS)
  • Laptop

iOS and Android App

Bitpanda app is available for iOS and Android devices. The app is available for free in the App Store or Google Play, and it can be downloaded and installed without any problems. This means that it can also be accessed on the go with a smartphone or tablet.

Customer Support and Bitpanda Reviews from Customers

Customer Support

Bitpanda has grown tremendously in recent years, and it still receives outstanding feedback from its clients. At Trustpilot, the company has 4.6 stars out of 5 based on more than 3,000 reviews. Getting in touch with Bitpanda is relatively easy through the Help Center. The only thing that can be criticized is that the platform is not available by phone.

Bitpanda Alternatives

Bitpanda is one of the best trading platforms in Europe. However, there are over 50 alternatives over the world if you wish to start cryptocurrency trading.

Bitpanda vs. Coinbase

Bitpanda has grown tremendously in recent years, and it still receives outstanding feedback from its clients. At Trustpilot, the company has 4.6 stars out of 5 based on more than 3,000 reviews. Getting in touch with Bitpanda is relatively easy through the Help Center. The only thing that can be criticized is that the platform is not available by phone. Bitpanda Alternatives  Bitpanda is one of the best trading platforms in Europe. However, there are over 50 alternatives over the world if you wish to start cryptocurrency trading. Bitpanda vs. Coinbase

Coinbase started in 2012 with a bold idea: every person in every country should have an easy and secure way to send and receive bitcoins. The company offers a reliable and user-friendly platform for accessing the wider cryptocurrency economy. .

Bitpanda is a bit younger company, and it focuses primarily on the European market. .

The fees from Coinbase are 3.99% for credit / debit card deals and 1.49% for bank transfer deals, while Austrian company remains the cheapest at this moment: 1.49% to buy and 1.29% to sell assets.

FAQ

What is Bitpanda Wallet?

The wallet from the exchange platform is a digital tool that helps to have access to your digital assets. This is a virtual storage with certain private keys to keep your funds as safe as possible.

How Do I Deposit on Bitpanda?

The user has to take the following steps to deposit fiat currency in Bitpanda account.

  • Click on User icon and proceed with Bitpanda login to enter the platform.
  • At the top of the page, choose the Deposit option.
  • Select the Wallet connecting to the currency you want to deposit, including crypto.
  • Choose the payment method.
  • Put in the amount and choose the Go to Summary button.
  • After you chose the payment option, click on the Make Deposit button. You will receive SMS-code.
  • You have to enter the SMS-Pin and proceed with the payment. The chosen amount will be transferred to your Bitpanda wallet.

How do I Create an API?

How do I Create an API?

Here are the following steps you have to take to set an API for Bitpanda platform.

  • Click on the User icon.
  • Click on API Key.
  • Make the unique name for the key.
  • You can add an expiry date, but this is optional feature.
  • Specify the use of the API key.
  • Click on the Generate new API key button.
  • Click on Copy and save the newly created API key. Remember that you won't be able to access this option again.
  • You will see your newly created API key at Active API keys option.
  • You can revoke an API key by clicking on the red Revoke button. Then, the API key will disappear under Active API keys.

Can I Withdraw Money from Bitpanda?

You can withdraw money from your Bitpanda wallet. Here are the following steps you have to complete:

  • On the dashboard,, select the wallet.
  • Choose the Withdraw option.
  • Enter the sum you want to withdraw and click on Go to Summary.
  • Check if all information is correct on the summary page and confirm the operation by clicking on it.
  • You will receive the email confirming the transaction. Click on the Confirm Transaction button in this letter.
  • Can I Buy Bitcoins on Bitpanda?

    With the assistance of the virtual exchange platform, you can easily buy or sell cryptocurrency, including Bitcoin.

    • Register on Bitpanda.
    • Confirm your identity by verifying the account.
    • Deposit funds using any preferred method.
    • Start trading on Bitpanda, for instance, by buying Bitcoin.

    How Do You Buy Bitcoins on Bitpanda?

    If you decide to invest in Bitcoin or any other cryptocurrency, you can easily do it with the Bitpanda digital platform. Just follow these few steps:

    • Create an account on Bitpanda.
    • Verify it by confirming your identity.
    • Choose the payment option and transfer the funds to your Bitpanda account.
    • Start trading with any digital asset you wish, including Bitcoin.

    Still Have Some Questions?

    If you still have some questions after reading this Bitpanda review, please contact us, and our experts will be happy to answer all your questions.

    Jack Evans


    I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments.
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