Our Bitpanda exchange review found that the platform’s strength lies in its simplicity. It provides little more than a streamlined way to buy and sell cryptos, which we noted as being predominantly geared towards the more casual investor who has no need for advanced trading options. This, of course, means the cryptocurrencies supported by the exchange formed a significant factor in our Bitpanda review.
Bitpanda supports a good selection of the most well-known cryptos, including Bitcoin, Litecoin, Ethereum, Dash, Ripple (XRP) and Bitcoin Cash. In addition, the platform also supports a further twenty-five lesser-known coins, including Komodo, Pantos, OmiseGO, Augur, Stellar and Tezos. An exhaustive list of supported coins is available on the platform’s website. It has been known for Bitpanda to review its list of supporter coins, so it’s worth checking for the latest updates.
Whilst Bitpanda is geared towards the novice trader, or at least those who prefer simplicity, it is worth pointing out that the platform also offers a professional trading interface via its premium Bitpanda Pro suite. Here expert traders will find more tools on offer and have options to trade on crypto or crypto/fiat pairs and Bitpanda futures.
For many new traders, trading costs will be the most significant point of interest when considering signing up to a new exchange. Bitpanda trading fees are fairly average, being higher than some competitors but lower than others. The fee for buying cryptocurrencies is 1.49%. For selling it’s 1.29%. However, these fees are usually incorporated into the price, so users often don’t notice them. Therefore, traders using should review each transaction carefully to ensure they have an accurate price for the currency, minus the fee.
When it comes to depositing funds, our Bitpanda review found that the platform supports a good number of currencies but the fees can vary depending on which method you use. This is due to the third-party services having their own service fees. However, both Mastercard and Visa charge 1.50%, whichever currency you use. Bank transfers are also free regardless. Depositing or withdrawing in Crypto will have small fees associated with the network used, which will be different for each coin. There are no Bitpanda withdrawal fees charged by the exchange itself.
Another key consideration for any exchange review is which countries the platform operates in. Whilst Bitpanda is considered a global exchange, it is predominantly intended for use inside the EU and those using it from other nations may find some operations are limited.
Buying cryptocurrencies is currently only available for EU residents that are within the SEPA. This means most of the EU members plus Iceland, Liechtenstein, Norway, Switzerland and Monaco.
Users outside the EU can use their account to store and send crypto, plus receive payouts on Bitpanda via SEPA, NETELLER or Skrill.
Currently, the platform is not supported in the US due to American trading regulations. Whilst many US traders still use Bitpanda in some capacity, it is our opinion that there are likely better options on the market – especially given the simplicity of the exchange.
Once again, it is likely that Bitpanda will expand its global offering wherever possible regularly and jurisdictions may be subject to change.
If your interest has been piqued by our Bitpanda exchange review so far then you might be wondering exactly how to trade on the platform.
The first step, unsurprisingly, is to register for an account. Clicking on the “Get Started” button will take you to the account creation form, where you are asked to provide a few details such as your name, email address and country of residence. Once this stage has been complete, Bitpanda will send you a link to complete the verification process. This will require you to input the details of a valid identity document – usually a passport or ID card. Bitpanda doesn’t review the documents in-house, but instead redirects you to a third-party verification service, where you will also be asked to complete a video identification process, which will involve you holding your photo ID next to your face for a few moments. It may sound long-winded but our Bitpanda exchange review found the whole can be completed in a few minutes.
Once this has been done, then you can make a deposit using one of several methods via the “Deposit” tab. You will then see a standard deposit form which allows you to choose the payment method and the required amount. Deposits are usually instantaneous, with the exception of bank transfers. Withdrawals are also done via the touch of a button, as Bitpanda will review them automatically as opposed to a manual process.
Using Bitpanda and how to trade is extremely straightforward. After the above stages have been completed, then it will be time to look at the trading screen and Bitpanda price index. Bitpanda is a very basic exchange, so it’s very easy to navigate and start buying and selling Crypto. The trading screen will show the current values of the supported coins. The platform doesn’t support limit orders or stop losses, so there are effectively just two options for trading. You can click the “Buy” button to buy crypto, or the “Sell” to move it on. As with everything on Bitpanda, this is very straightforward and all you need do is choose the currency you wish to trade, input the amount you want to buy/sell and click the button to confirm.
This simplicity makes Bitpanda ideal for the beginner, or perhaps investors who want a platform to simply buy crypto to hold rather than trade in high frequency. Once you are up and running, you also have the option to review all your transactions via the “History” tab. That’s pretty much it for trading on the site – as you can tell it’s fairly easy to find your bearings and start trading and this is something our Bitpanda exchange review notes as a positive for the beginner, if a little limiting for the more experienced crypto trader – who will find Bitpanda Pro is a more suitable option.