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Bitpanda platform screenshot

Bitpanda review 2020

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.

Payment methods

Bitpanda offers a wide variety of payment methods for their customers.

  • Credit card
  • Bank transfer
  • EPS
  • GiroPay
  • Sofort
  • NETELLER
  • Skrill
  • Zimpler

For europeans Bitpanda has all the payment methods that you would need.

Savings plan

Savings plan
Bitpanda also offers their customers to set up a savings plan where they setup a recurring purchase of any crypto offered on the platform. Savings plans can be really good if you are in doubt whether it is good to buy crypto right now. As a savings plan spread your risk when purchasing on a fix time over and over again.

Privacy

Bitpanda is based in Vienna in Austria and therefore certain EU regulations applies 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 consist 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 the don’t do any shady business.
If you prefer fully 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

Deposit Daily Monthly Total
Credit card €2.500,00 €300.000,00 €5.000.000,00
Bank transfer (SEPA) €49.999,00 €5.000.000,00 €100.000.000,00
Online payments €10.000,00 €300.000,00 €10.000.000,00
Zimpler €2.500,00 €100.000,00 €100.000,00

Withdraw limits on Bitpanda

Withdraw Daily Monthly Total
Credit card €0,00 €0,00 €0,00
Bank transfer (SEPA) €5.000.000,00 €5.000.000,00 €10.000.000,00
Online payments €100.000,00 €2.000.000,00 €10.000.000,00
Zimpler €0,00 €0,00 €0,00

Fees

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.

Speed

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. The have all of the industry standard feature and the CTO Christian Trummer is often speaking at conferences about security and how to have security in mind when building digital product which handle customers sensitive data and money.

Reputation

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.

Coins available

Bitpanda has more than 30 cryptocurrencies available on their platform and they continuously add new coins.

Bitcoin (BTC)
Ethereum (ETH)
Ripple (XRP)
MIOTA (IOTA)
Tether (USDT)
Bitcoin Cash (BCH)
Litecoin (LTC)
EOS (EOS)
Tezos (XTZ)
Stellar (XLM)
Tron (TRX)
Cardano (ADA)
Cosmos (ATOM)
Chainlink (LINK)
Neo (NEO)
USD Coin (USDC)
Dash (DASH)
Ethereum Classic (ETC)
Nem (XEM)
ZCash (ZEC)
Basic Attention Token (BAT)
0x (ZRX)
Augur (REP)
OmiseGo (OMG)
Waves (WAVES)
Lisk (LISK)
Komodo (KMD)
Chiliz (CHZ)




Bitpanda’s own coins

Pantos (PAN)
Bitpanda Ecosystem Token (BEST)

Bitpanda EcoSystem Token (BEST)

Bitpanda Ecosystem Token logo
Is a utility token issued by Bitpanda. Customers of Bitpanda can use BEST to pay trading fees with which BEST and thereby get a 25% fee discount.


Benefits from holding BEST:

  • Fee discounts over the next 5 years, starting from 2019
  • Access to the coming Bitpanda LaunchPad
  • Lower deposit fees
  • More perks to be added

Bitpanda EcoSystem Token BEST 1st year (2020) 2nd year (2021) 3rd year (2022) 4th year (2023) 5th year (2024) 6th year and onwards
Discount rate 25% 20% 15% 10% 5% 0%
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.

Pantos (PAN)

Pantos logo
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.

Bitpanda metals

Bitpanda metals website
Besides crypto coins Bitpanda also allows you to buy metals, like gold, silver, palladium and platinum.
Very few crypto exchanges offers metals. So if you want to also be able to trade metals Bitpanda is a clear choice.

Android and iOS apps

Beside having a web platform that work flawless on all screen sizes, Bitpanda has also build 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 finger print and face ID.

Staking

Bitpanda does not offer staking at the moment.

Lending

Bitpanda does not offer lending at this point.

Customer support

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.




Buy bitcoin via credit card on Bitpanda

The following is a step by step guide of how to buy crypto with credit card on Bitpanda. In order to buy bitcoins with credit card you will need to deposit from your credit card. So lets start with that.

Buy bitcoin with credit card

1. Start with deposit

Bitpanda platform dashboard
Once you are logged in to Bitpanda, start by clicking “Deposit” in the top navigation bar.

2. Choose currency

Choose FIAT currency you want to deposit
From there you click the FIAT currency you want to deposit. In this case we choose euro.

3. Choose payment method

Choose payment method with which you want to deposit
Next you will need to select the desired payment method Visa or Mastercard.

4. Choose the amount of money you want to deposit

Fill in the amount you which to depoist
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 credit card is one of the most expensive ways to use for buying crypto. You can also consider doing a bank transfer, which is for free on the Bitpanda platform.

5. Confirm your data

The rightful owner of the credit card
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

Fill in the code that you receive in an SMS on your phone
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

Confirm your transaction with your 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

You now see your money in the FIAT wallet
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

Bitpanda dashboard
Click on the bitcoin chart in the top of the screen.

2. Bitcoin price chart

Bitcoin price chart
Here you will see the price development over that 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

Choose FIAT wallet
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

Choose the amount you want to buy for
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

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

Successful purchase of Bitcion


Done! You have now successfully completed your first bitcoin trade on Bitpanda.

Bitcoin wallet
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.