BITPANDA Review 2018

BITPANDAReview

BitPanda is a cryptocurrency exchange based out of Austria that primarily services the European economic area. The exchange was founded in 2014 and has since grown to be one of the most common cryptocurrency exchanges in Europe for the purchasing and selling of Bitcoin. The exchange is very attractive to many as it provides a very intuitive and easy to use interface for buying and selling cryptocurrencies. As well, the exchange offers a wide variety of payment options that make it easy for beginner cryptocurrency enthusiasts to buy cryptocurrencies like Bitcoin.

Contents

Regulations

The BitPanda cryptocurrency exchange is not regulated by any reputable regulatory authorities. However, this is nothing to worry about as most other cryptocurrency exchanges have managed to become regulated. As the cryptocurrency industry gains mainstream adoption, governments will impose regulations and many cryptocurrency exchanges like BitPanda will likely become regulated.

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Reliability

Though BitPanda is not a regulated exchange, the company is still highly reputable and has had very little to no complaints since its launch in 2014. There has never been any hacks or loss of funds incurred by the BitPanda exchange, and the majority of users have nothing but good things to say about the BitPanda cryptocurrency exchange. Also, the exchange won an award in 2016 for being a successful startup company.

Trading Platforms

The trading platform offered by BitPanda is very simplistic and limited in the services and features they provide. Basically, the platform can only be used for the buying and selling of cryptocurrencies at the current price. Traders can only use the platform for exchanging fiat currency for cryptocurrency and vice versa. The platform is not used for analyzing charts or market data, but rather for simply buying and selling cryptocurrency. That being said, the trading platform is very well designed and easy to use. BitPanda does a very good job at providing an intuitive interface for beginner cryptocurrency investors to buy and sell cryptocurrencies.

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BitPanda Mobile Trading

BitPanda does not have a downloadable mobile application, but because the trading platform is web-based, the platform and website can be used on mobile devices. The whole trading platform and website are fully optimized for mobile devices such as smartphones and tablets. However, the platform is much easier to use on the desktop version and does not even have as many features available for the mobile version.

Trade Types/Instruments

BitPanda is a very simple cryptocurrency exchange that is geared toward beginner cryptocurrency investors. Therefore, the exchange only offers a limited number of cryptocurrency assets. See the available cryptocurrencies below:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Dash (DASH)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • Ripple (XRP)

Each of the above cryptocurrencies can be purchased with Euros and Euros only. Upon payment with another currency, users will incur the current exchange rate on top of the price of the cryptocurrency. The trade types are very straightforward as traders can only buy or sell their cryptocurrency at the current price. There are no stop losses or limit orders available to execute the order at your preferred rate.

Account Types

BitPanda offers their traders three types of accounts, each with different limitations and levels of verification requirements. See the account types overviewed below:

Starter Level

  • This account only requires users to verify their email.
  • Daily buy/sell limits are 1,000 EUR
  • Monthly buy/sell limits are 7,500 EUR
  • Total buy/sell limits are 30,000 EUR

Bronze Level

  • This account requires users to verify their mobile phone number in addition to their email.
  • Daily buy/sell limits are 1,500 EUR
  • Monthly buy/sell limits are 10,000 EUR
  • Total buy/sell limits are 50,000 EUR

Gold Level

  • This account requires users to verify their account with government issued photo ID which is confirmed with IDNow or through video using verify-U.
  • Daily buy/sell limits are 15,000 EUR
  • Monthly buy/sell limits are 300,000 EUR
  • Total buy/sell limits are 1,500,000 EUR

Commissions and Spreads

BitPanda does charge fees but they are not clearly stated when you go to buy or sell the cryptocurrency. The fees are included in the price and differ depending on the payment method used. However, they average around 5% per transaction. To see exactly how much in fees you are paying, just compare BitPanda’s exchange rate with BitStamp and the difference will be the fee that’s incorporated into BitPanda’s price.

Deposits and Withdrawals Options

The BitPanda exchange provides traders with a large variety of payment and withdrawal methods. This is the one area the exchange stands out from the rest very strongly. See below a list of the available payment and withdrawal methods:

Fiat Currency (Euros)

  • Mastercard
  • Visa
  • Sofort
  • EPS
  • Giropay
  • Neteller
  • Skrill
  • SEPA transfer

Cryptocurrencies

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Dash (DASH)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • Ripple (XRP)

Bonus and Promotions

Unfortunately, BitPanda does not offer their users any sort of bonuses or promotions for using their platform. It seems as though BitPanda gains enough attention and clientele by being one of the easiest and most convenient sources for buying and selling cryptocurrencies in Europe.

Customer Support

BitPanda utilizes a support ticket system in which users fill out an online form which is sent to the support representatives through email. Support via this method is relatively fast and is available 24/7. In addition to the customer support via email, the website also has a help center where traders can view questions and their answers that have been conveniently organized under various topics.

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Pros and Cons

Pros

  • Very high liquidity
  • Easy to use interface
  • Lots of payment and withdrawal methods
  • Fiat currency deposits and withdrawals

Cons

  • Verification required for withdrawals
  • A small variety of tradeable cryptocurrency assets
  • No advanced trading platform
  • Relatively high fees compared to some other exchanges

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FAQ

  • Is BitPanda regulated?

No. BitPanda is not a regulated cryptocurrency exchange under any financial regulatory agency.

  • Where is BitPanda based?

BitPanda is based out of Austria.

  • How does BitPanda make money?

BitPanda makes its money by charging their clients trading and withdrawal fees.

  • How do I deposit in BitPanda account?

BitPanda accepts cryptocurrency deposits as well as payments in Euro through Mastercard, Visa, Sofort, EPS, Giropay, Neteller, Skrill, and SEPA transfer.

  • How do I withdraw money from BitPanda?

Withdrawals of funds from BitPanda can be made the same way as deposits.

  • How do I open an account with BitPanda?

To open an account at BitPanda, simply provide an email address and password to set up an account. You will then be required to submit identity verification information for deposits and withdrawals.

  • Is BitPanda reliable?

Yes, BitPanda is reliable and trusted by many people from all around the world.

  • Does BitPanda use MetaTrader?

No. BitPanda utilizes their very own simple trading interface.

  • What is BitPanda leverage?

The maximum leverage offered by BitPanda is 1:1 leverage.

  • Is BitPanda a scam?

No. BitPanda is not a scam even though it is not regulated.

  • How safe is BitPanda?

BitPanda is a safe cryptocurrency exchange as they use the latest encryption technology to help to secure its website from hackers and enables two-factor authentication for logins and withdrawals

BITPANDAUser Reviews

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BITPANDAFeatures

Coins Available
  • Bitcoin
  • Ethereum
  • Dash
  • Litecoin
  • Bitcoin Cash
  • Ripple
Accepted Countries
  • Albania
  • Andorra
  • Armenia
  • Austria
  • Azerbaijan
  • Belarus
  • Belgium
  • Bosnia and Herzegovina
  • Bulgaria
  • Croatia
  • Cyprus
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Georgia
  • Germany
  • Greece
  • Hungary
  • Iceland
  • Ireland
  • Italy
  • Kazakhstan
  • Latvia
  • Liechtenstein
  • Lithuania
  • Luxembourg
  • Macedonia
  • Malta
  • Moldova
  • Monaco
  • Montenegro
  • Netherlands
  • Moldova
  • Malta
  • Norway
  • Poland
  • Portugal
  • Romania
  • Russian Federation
  • San Marino
  • Serbia
  • Slovakia
  • Slovenia
  • Spain
  • Sweden
  • Switzerland
  • Turkey
  • Ukraine
  • United Kingdom
  • Vatican City

Payment Method

Deposit Options
Skrill, Credit Card, Wire Transfer, Neteller
Withdrawal Options
Skrill, Credit Card, Wire Transfer, Neteller
Company Information
Exchange DetailsInfo
Headquarters CountryAustria
Foundation Year2014
Trading AllowedYes
Contact Information

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