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Bitpanda Review 2020

Bitpanda Review 2020

Bitpanda is one of the most famous crypto exchanges on the market and extremely popular with traders looking for a simple way to buy and sell cryptocurrencies. Founded in Austria in 2014, Bitpanda has quickly garnered a reputation as one of the best exchanges in Europe and the simplicity of the platform has made it particularly suitable for those who are new to the crypto scene or traders who prefer to trade assets directly as opposed to CFDs. The following Bitpanda exchange review will look into key aspects of the platform and give you an idea of how it works, what trading options there are and the costs involved.

Bitpanda: Pros & Cons
  • Straightforward and easy to use interface
  • Supports numerous currencies
  • Lots of payment and withdrawal methods
  • High liquidity
  • Lack of advanced trading options
  • Higher fees than some other exchanges

Usability, Look & Feel

Now we come to the backbone of our Bitpanda exchange review – an assessment of the platform’s usability, appearance and overall feel. As mentioned previously, one of Bitpanda’s biggest strengths is its simplicity – and this is reflected in the streamlined user interface. The Bitpanda trading platform can be used for buying and selling cryptocurrencies and not much else. There are no professional trading tools or advanced metrics, which is what makes Bitpanda so well suited to new investors. However, this isn’t to say that Bitpanda is limited – the platform also has Bitpanda Pro, which allows for more complex trades and options.

We found that the Bitpanda interface is well-designed and easy to navigate. Effectively, the basic platform has three pages – the dashboard, wallets and charts, which are fairly self-explanatory. The dashboard contains all the controls for buying and selling, whilst the charts page presents daily, weekly, monthly charts of all the cryptos and gives you the option to set price alerts. To sum up, Bitpanda offers a basic interface that makes it easy for new users to review prices and easily make trades.

Payments

Another major plus point for Bitpanda is the myriad options for making deposits and payments. Being an Austrian firm, the native currency is the Euro, but users can make deposits in pounds, Swiss francs and US dollars. Bitpanda deposit options include SOFORT Transfer, NETELLER, Skrill, GIROPAY / EPS and bank transfer, along with the standard Visa/Mastercard option.

In addition, a unique aspect of Bitpanda is its Pitpanda to Go vouchers – which allow users in Austria to pay cash for cryptocurrency in post offices around the country. Bitpanda will review deposits and withdrawals in real-time, as the platform is completely automated, meaning funds will usually show in your account or wallet immediately. The Bitpanda withdrawal limit is different for each currency and it should be noted that users must first complete the platform’s KYC  verification process. The Bitpanda minimum deposit for fiat currency is 25 EUR.

Customer Service

Next in our Bitpanda exchange review is a look at the support offered by the platform. This is a slightly weaker area for Bitpanda, as there have been complaints raised over how long it takes for the customer service team to respond. However, that issue aside, the team provides clear information and offers dedicated personal responses to ensure they deal with user queries accurately and decisively. Support is requested via an online form which requires a few details to be input – the more information you are able to provide, the faster Bitpanda can review your query. Support is currently available in English, French and German.

Alongside email support, we also found that Bitpanda offered  an extensive support helpdesk, which is essentially a database of frequently asked questions and answers to allow users to resolve their own issues if possible.

License & Security

Another crucial area of concern for any online trading exchange is security. The website itself has full SSL encryption to ensure communication and details entered are kept safe and it employs DDOS protection to safeguard against cyber attacks. All coins are stored in cold wallets, which is the industry standard these days as it puts them beyond the reach of hackers.

Our review team was pleased to find that Bitpanda takes security very seriously and offers two-factor authentication for all users. The platform also tracks device log in history and will lock an account if an unknown device is used. Simply put Bitpanda is safe provided its users adhere to the security protocols.

Finally, Bitpanda verifies all of its users before allowing them to use the full scope of features on the site. This is done by submitting documents and undergoing a video verification process.

BitPanda Crypto

Trade Offer

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.

Trading Costs

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.

Trading Conditions

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.

Product Conclusion

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.

1. Register

 

 

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.

2. Deposit

 

 

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.

3. Trade

 

 

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.

Overall Conclusion

Bitpanda has a well-established reputation as one of the top crypto trading platforms in Europe. Previously known as Coinimal, it won a startup award in October 2016 and has since built up a loyal following, boasting over 1 million active users.  Customers have generally reacted positively due to the platform’s simplicity, the numerous payment options and the speed at which transactions are carried out. Whilst there are the occasional gripes about limited trading options, our Bitpanda exchange review points out that the platform is predominantly geared towards the novice investor, with Bitpanda providing a different platform for professional traders.

It’s time to conclude this Bitpanda exchange review with a summary of the key points. Bitpanda has established a reputation as a reliable and secure cryptocurrency trading platform, which is ideally suited to new crypto investors with little or no previous experience. Whilst this does mean that there are limited options with regards to orders and trading, it makes for a streamlined and easy to use platform that is largely free of complex metrics to confuse less-experienced traders.

One of the standout features of Bitpanda was the large array of payment options available, with users able to deposit in Euros, US Dollars, GBP and Swiss francs, as well as all supported cryptocurrencies. Deposits can also be made in a number of ways, including Visa, Mastercard, Skrillex and bank transfer.

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