Bitpanda full review
The Bitpanda is based in Vienna, Austria and has been around since 2014. The exchange is easy to use and very attractive for beginners in the crypto space. Bitpanda offers a wide range of cryptocurrencies. It is as it is european based it is also under certain regulations.
It also have a high security level and users should feel safe with their crypto, money and data with Bitpanda.
Bitpanda offers a wide variety of payment methods for their customers.
- Credit card
- Bank transfer
For Europeans Bitpanda has all the payment methods that you would need.
Bitpanda is not a wallet service per say, it is a crypto exchange. However it does provide a wallet service. Which means that for every coin listed on Bitpanda you will have a wallet. You can make multiple wallets for most of the coins. For some coins you cannot add more wallets before you have used the previous wallet.
Bitpanda is based in Vienna in Austria and therefore certain EU regulations apply to Bitpanda. One of these regulations are the AML5 which in short means: Bitpanda need to know who their customers are, before the customers are allowed to deposit, withdraw or buy and sell crypto currencies or any other assets.
All Bitpanda users need to do a KYC which consists of verification. This should be seen as a safety for the customers as well as for Bitpanda meaning that the company and its customers are legit and they don’t do any shady business.
If you prefer full privacy Bitpanda is not the place for you.
Limits on transactions
Before you can deposit any FIAT you need to verify otherwise it is not possible. Depending on the deposit method you can deposit between 2500 - 10000 euro on a daily basis.
Deposit limits on Bitpanda
|Bank transfer (SEPA)||€49.999,00||€5.000.000,00||€100.000.000,00|
Withdraw limits on Bitpanda
|Bank transfer (SEPA)||€5.000.000,00||€5.000.000,00||€10.000.000,00|
The fees are relatively high and hidden in the platform. They will not show you the cost of a trade as it is calculated into the price of the crypto assets, this is what is called a spread.
Buying Bitcoin which is the cheapest crypto to buy in terms of cost, has a fee of around 1.5% on top. For other cryptocurrencies the fee can be higher. You also pay a fee for selling your cryptocurrencies.
Getting started on Bitpanda is very quick. When creating an account you also have to do a verification in order to deposit funds. This is a pain point for all crypto companies and Bitpanda is no different. However they have several identification providers and it goes pretty smooth.
Security on Bitpanda
Bitpanda has never been hacked and has a high level of security. They have all of the industry standard features and the CTO Christian Trummer is often speaking at conferences about security and how to have security in mind when building digital products which handle customers sensitive data and money.
Bitpanda is a well established platform that has been around for more than 5 years. It is founded by Paul Klansheck, Eric Demuth and Christian Trummer.
Because it is based in Vienna, Austria. The majority of their customers are also coming from german speaking countries Austria, Germany and Switzerland. However it is a company that has grown a lot over the past years to become one of the most successful startups in Europe.
Bitpanda has more than 30 cryptocurrencies available on their platform and they continuously add new coins.
- 0x (ZRX)
- Augur (REP)
- Basic Attention Token (BAT)
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Chainlink (LINK)
- Chiliz (CHZ)
- Compound (COMP)
- Cosmos (ATOM)
- Dash (DASH)
- Dogecoin (DOGE)
- EOS (EOS)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Komodo (KMD)
- Lisk (LISK)
- Litecoin (LTC)
- Maker (MKR)
- MIOTA (IOTA)
- Nem (XEM)
- Neo (NEO)
- OmiseGo (OMG)
- Ontology (ONT)
- Polkadot (DOT)
- Ripple (XRP)
- Synthetix Network Token (SNX)
- Stellar (XLM)
- Tether (USDT)
- Tezos (XTZ)
- Tron (TRX)
- Uniswap (UNI)
- USD Coin (USDC)
- Waves (WAVES)
- Yearn.finance (YFI)
- ZCash (ZEC)
Bitpanda Crypto Index
Bitpanda recently launched 3 new crypto indices, BCI5, BCI10, BCI25 which mimics the underlying cryptocurrencies. They are all available on the Bitpanda platform and they provide an easy entry to the crypto markets, while decreases exposure to single cryptocurrencies and thereby also lowering your risk.
Learn more about the Bitpanda Crypto Indices here.
Bitpanda’s own coins
Bitpanda EcoSystem Token (BEST)
BEST is a utility token issued by Bitpanda. BEST is the key component of the ecosystem that Bitpanda is creating around all of its products. The main point of BEST is to use it to pay trading fees. By using BEST for paying fees users of the Bitpanda products can save 25% on all their trades.
|Bitpanda EcoSystem Token BEST||1st year (2020)||2nd year (2021)||3rd year (2022)||4th year (2023)||5th year (2024)||6th year and onwards|
|Minimum BEST value for fees||€0.120||€0.132||€0.145||€0.160||€0.176||To be decided|
The fee discount will decrease every year but the minimum guaranteed value of BEST will go up. Meaning that even if the price is traded under the minimum guaranteed price it will have a value of the guaranteed price when you use it to pay trading fees.
The fee discount rate is decreasing every year but that doesn’t mean that BEST will fall in value. Because Bitpanda is taking the fees that they collect in BEST on all of their platforms, like Bitpanda Platform, Bitpanda Global Exchange, Android and iOS app and burn 25% of the BEST tokens. This means that over time there will be less and less BEST available and their buy the value could go up - Given that Bitpanda can continue to give their users an incentive to hold the token.
BEST rewards is a loyalty program that gives users the incentive to hold BEST. Based on the amount you hold and how much you traded on the platform you will be able to claim up to 1% of your BEST holdings every month - 12.78% every year. Learn more about BEST rewards.
BEST VIP levels perks
- Level 1 (5.000 BEST)
- Additional +0.05% in BEST rewards
- VIP voting rights
- Level 2 (50.000 BEST)
- Additional +0.10% in BEST rewards
- VIP voting rights
- Lower deposit fees
- Increased affiliate earning from 10% to 14%
- Level 3 (500.000 BEST)
- Additional +0.15% in BEST rewards
- VIP voting rights
- Lower deposit fees
- Increased affiliate earning from 10% to 16%
Benefits of BEST:
- 25% trading fee discounts (all BEST holders)
- Guaranteed BEST minimum value (all BEST holders)
- Claim BEST rewards up to 12.78% a year (all BEST holders)
- 20% lower deposit fees for credit card and 25% on SOFORT deposits (VIP level 2 and 3)
- Voting rights for listing of new assets (All VIP levels)
- Quarterly token burns to decrease supply of tokens
- Access to the coming Bitpanda LaunchPad
Pantos is a research project from Bitpanda which aims to create a multi blockchain system. Which means that it is bringing blockchains closer together. The idea is that you can use (TAST) Token Atomic Swap Technology to transfer between several blockchains. Pantos is seeking to allow these projects to talk to one another in a standardised way.
They have a collaboration with The Technical Universitet Wien, where researchers build prototypes on chain to demonstrate the purpose of TAST.
Besides crypto coins Bitpanda also allows you to buy metals, like gold, silver, palladium and platinum.
Very few crypto exchanges offer metals. So if you want to also be able to trade metals Bitpanda is a clear choice.
Bitpanda also offers their customers to set up a savings plan which is basically a recurring purchase of any crypto or metal offered on the platform. Savings plans can be really good if you are in doubt whether it is a good time to buy crypto right now. As a savings plan spreads your risk when purchasing at a fixed interval over and over again.
Bitpanda offers Savings plans using both credit and debit cards as well as SEPA transactions.
Learn more about Bitpanda Savings plans
Android and iOS apps
Beside having a web platform that works flawlessly on all screen sizes, Bitpanda has also built an Android and iOS app. From there you have easy access to buy cryptocurrencies when you are on the go, with added security as the apps take advantage of the native app functionalities as fingerprint and face ID.
Bitpanda does not offer staking at the moment. But for their BEST token you can now receive BEST rewards on a monthly basis, which is very similar to staking.
Bitpanda does not offer lending at this point.
Bitpanda customer support is one of the best out there. They are usually really quick to answer questions and they are really helpful and friendly.
Bitpanda vs Coinbase
On social media a lot of users describe Bitpanda as the European Coinbase. Even though it is hard to compare the two they do have a lot of similarities.
- Bitpanda and Coinbase have a great user interface, both platforms make it really easy for their customers to invest in crypto
- Recurring purchases on Coinbase and Savings plan on Bitpanda are the same thing. It allows the user to purchase any asset on a fixed interval
- Both platforms have never been hacked.
Bitpanda vs Coinbase, fees
Fees are another point where they do differentiate. Bitpanda has slightly lower fees than Coinbase. If you are located in the European Union then you can use SEPA transactions which are free. That makes it way cheaper to buy Bitcoin on Bitpanda as it eliminates the deposit costs. Buying Bitcoins at Bitpanda then only cost 1.5%, which are industry low.
Bitpanda vs Coinbase, reputation
While Coinbase has been along for a longer period of time both platforms are fairly old in the crypto industry. They are very well respected and have a great reputation.
Bitpanda vs Coinbase, country restrictions
If one would have to choose between the two, location is the key. Bitpanda is currently not supporting customers in the United State, whereas North American is Coinbase’s home turf.
Both Bitpanda and Coinbase are excellent choice for investing in Bitcoin and other cryptocurrencies. Take a look at our full review of Coinbase if you want to know more details.
Buy bitcoin via credit card on Bitpanda
The following is a step by step guide of how to buy crypto with a credit card on Bitpanda. In order to buy bitcoins with a credit card you will need to deposit from your credit card. So let’s start with that.
Buy bitcoin with credit card
1. Start with deposit
Once you are logged in to Bitpanda, start by clicking “Deposit” in the top navigation bar.
2. Choose currency
From there you click the FIAT currency you want to deposit. In this case we choose the euro.
3. Choose payment method
Next you will need to select the desired payment method Visa or Mastercard.
4. Choose the amount of money you want to deposit
Once you have selected the payment method you will go to the next screen where you specify the amounts you want to deposit. Keep in mind that depositing with a credit card is one of the most expensive ways to buy crypto. You can also consider doing a bank transfer, which is for free on the Bitpanda platform.
5. Confirm your data
In the next step you need to confirm that you are the rightful owner of the used credit card and your name is on the card.
6. Security SMS
You are almost done. As a security feature you will need to put in a pin code that is sent to you via SMS it will be sent to the number that you filled in when signing up for your Bitpanda account. Bitpanda does this to protect their customers and you.
7. Payment provider
Next you will be taken to an external online payment provider. In this case mPAY24. Here you fill in your credit card details and follow the necessary steps and if all goes well your money should be on the account instantly.
8. Succesful deposit with credit card
The deposited amount is now on your account but notice that it is a bit less than what you typed in. This is the fee that is associated with depositing via credit card.
Buy bitcoin on Bitpanda
When you have euro on your account you are ready to buy your first crypto on Bitpanda. In this example I will show you how easy it is to buy bitcoin on Bitpanda.
1. Click on the bitcoin chart
Click on the bitcoin chart at the top of the screen.
2. Bitcoin price chart
Here you will see the price development over the past days, weeks and months.
Next you click “Buy BTC” (BTC is short for Bitcoin, all crypto assets, have an short name also called a ticker name)
3. How would you like to pay for your bitcoin
On the next screen you choose what currency you would like to buy bitcoin with. In this case there is only euro to choose from. If you have deposited Swiss Francs or Pound then you will see that here instead.
4. Choose how much money you want to spend
In the next step you need to define how much money you want to spend on Bitcoin.
Note there is also an option to pay your fees with BEST. This will give you a 25% discount on all your fees that you pay.
5. Final confirmation
In the last step you need to accept the transaction and this is the final confirmation before you trade is done.
6. You have successfully bought bitcoin on Bitpanda
Done! You have now successfully completed your first bitcoin trade on Bitpanda.
You can now check your wallet and see that the purchased bitcoin is in there.
Buying any other crypto currency on Bitpanda is just as easy as buying bitcoin. It takes the exact same steps for every coin you want to buy.
Coinmama supports more than 190 countries and has operated since 2014. It is a very go alternative I you are not living in a western country.