If you’re seeking a reliable European crypto exchange that prioritizes fund security and offers a diverse range of investment products, Bitpanda could be ideal. This crypto exchange supports cryptocurrencies, ETFs, commodities, precious metals, and more. In this Bitpanda review, we’ll explore its features, along with its pros and cons, to help you decide if it’s the best platform for you.
Key Takeaways:
- Bitpanda is a platform that allows investments in over 400 cryptocurrencies, fractional shares, ETFs, and precious metals.
- The Bitpanda platform charges a 1.49% fee per cryptocurrency transaction and prioritizes safety with measures like cold storage, 2FA, and compliance with European financial regulations.
- Bitpanda supports numerous fiat deposit and withdrawal methods, including bank transfers, credit and debit cards, and other third-party payment providers.
Bitpanda Review: Overview
| Founded | 2014 |
| Headquarters | Vienna, Austria |
| User Base | Over 5 million users |
| Assets Offered | 3,000+ assets including cryptocurrencies, stocks, ETFs, and precious metals |
| Cryptocurrencies Supported | 400+ including Bitcoin, Ethereum, and many altcoins |
| Staking | Earn up to 26% APY on idle crypto assets |
| Trading Fees | 1.49% per transaction for cryptocurrencies |
| Deposit Methods | SEPA, Bank transfer, PayPal, Apple Pay, Skrill, Neteller, Visa, Mastercard |
| Withdrawal Methods | Bank transfer, Visa, Mastercard |
| Security Measures | GDPR compliance, cold storage, two-factor authentication, SSL encryption |
| Regulatory Compliance | MiFID II, E-money, PSD2 licenses, VASP registrations across Europe |
| Customer Support | Helpdesk, Bitpanda Community Team, support ticket system |
What is Bitpanda?
Bitpanda is a digital investment platform based in Vienna, Austria. It was founded in 2014 to make investing accessible to everyone and now serves over 5 million users. The platform lets you buy, sell, and manage 3,000+ financial assets. It is user-friendly and secure, best for both novice and experienced investors.
It offers a wide range of investment options. You can invest in popular cryptocurrencies like Bitcoin and Ethereum, as well as lesser-known altcoins. The Bitpanda stocks feature also supports fractional shares of stocks and ETFs. This allows you to invest in major companies and funds without buying a whole share. Plus, Bitpanda also provides investment opportunities for precious metals like gold and silver.
Bitpanda also offers unique features such as the “Bitpanda Crypto Index”, which allows you to invest in a diversified portfolio of cryptocurrencies with a single click. There is also a staking feature that allows you to earn up to 26% APY on your idle crypto assets. For high-net-worth individuals and businesses, it provides an FCA-registered and insured custodial wallet with institutional-grade security. The platform also emphasizes security and regulation as it is fully compliant with European financial regulations.
Pros of Bitpanda
- Wide range of investment options including 400+ cryptocurrencies, stocks, ETFs, and precious metals.
- A wide range of fiat deposit and withdrawal methods, including bank transfers, credit/debit cards, and various online payment processors.
- You can set up automated savings plans to invest a fixed amount regularly into your chosen asset (crypto, stock, etc.).
- A user-friendly interface and educational resources for beginners.
Cons of Bitpanda
- Higher trading fees compared to its competitors like Binance.
- No advanced trading features like margin trading, copy trading, and trading bots
Bitpanda Fees
Trading Fees on Bitpanda
Opening and maintaining an account on Bitpanda is completely free. When you buy or sell cryptocurrencies on the platform, a fee of 1.49% per transaction is automatically applied. This fee is already included in the price displayed, ensuring there are no hidden costs.
Compared to other cryptocurrency exchanges, Bitpanda’s fees are slightly higher than average. For instance, Coinbase charges a 0.4% maker fee and a 0.6% taker fee, which are lower than Bitpanda’s rates.
Deposit and Withdrawal Fees on Bitpanda
Bitpanda does not charge any fees for depositing fiat currencies. However, if you use a bank card (credit or debit card) to make a deposit, your card issuer might impose fees. Plus, if you transfer funds in fiat currencies other than EUR, USD, GBP, CHF, TRY, PLN, HUF, CZK, DKK, and SEK, you will incur a foreign exchange fee.
Interestingly, Bitpanda charges fees for crypto deposits. However, these fees can be waived if you meet the minimum deposit amount (check limits here). This requirement is still a drawback compared to other major exchanges like Coinbase and Binance, which do not charge any deposit fees. The platform also charges crypto withdrawal fees, also known as blockchain gas fees.
Payment Methods on Bitpanda
Bitpanda offers various ways to deposit and withdraw fiat currencies. The availability depends on the currency you intend to use for funding your account. For EUR deposits, it supports:
- SEPA bank transfer
- PayPal
- Apple Pay
- Skrill
- Neteller
- Visa and Mastercard
For USD deposits, it supports only Skrill, Visa, Mastercard, and bank transfers. You can check the full list of supported payment methods here based on your local fiat currency.
Cryptocurrencies Supported on Bitpanda
Bitpanda supports a vast cryptocurrency selection exceeding 400 for instant buying and selling. This includes various sectors like Decentralized Finance (DeFi), Gaming, the Metaverse, smart contracts, and more.
You can invest in popular high-market cap coins like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Polkadot (DOT), and Chainlink (LINK) or low-market-cap altcoins such as The Sandbox (SAND), Fantom (FTM), Cosmos (ATOM), and many others.
Bitpanda’s Key Features
Bitpanda Wallet
The Bitpanda exchange wallet allows you to store, send, and receive various cryptocurrencies. It is a custodial crypto wallet. The wallet supports 400+ digital assets, including popular cryptocurrencies like BTC, ETH, SOL, and many others.
It also offers a separate FCA-registered custodial wallet for institutional investors. Bitpanda Custody uses cold storage solutions, which means that the majority of the assets are kept offline. It integrates with the Bitpanda platform, which can help you easily transfer your cryptocurrencies between your wallet and trading accounts without hassle.
Bitpanda Mobile App
The Bitpanda App allows you to buy, sell, and trade various assets directly from your phone (Android and iOS devices), offering the same functionality and security as the web platform.
With the Bitpanda app, you can invest in over 3,000 assets, and you can begin with as little as 1 EUR. The app is user-friendly and straightforward, helping you stay informed about market fluctuations. Bitpanda also offers a fully automated order system that operates 24/7, so you can trade outside regular business hours.
In terms of funding your account, the Bitpanda App offers a variety of deposit and withdrawal options, including credit cards, popular payment processors like NETELLER and Skrill, and bank transfers.
Bitpanda Crypto Index
The Bitpanda Crypto Index (BCI) allows you to invest in a diversified portfolio of digital assets with ease. It simplifies crypto investing by tracking a basket of top digital assets based on market capitalization or sectors.
The top indices are BCI 5, BCI 10, BCI 25, and BCI DeFi leaders. The BCI 5 tracks the top 5 cryptocurrencies, the BCI 10 includes the top 10, the BCI 25 covers the top 25, and the BCI DeFi part includes many DEXes and decentralized staking protocols like Lido DAO.
The BCI is designed to minimize risk by spreading investments across multiple assets. This reduces the impact of price volatility in any single cryptocurrency. The index is rebalanced monthly, ensuring it reflects the current market conditions. This rebalancing adjusts the weightings of each cryptocurrency, adding new ones that meet the criteria and removing those that no longer qualify. Investing in the BCI is straightforward and you can start with as little as 10 euros.
Bitpanda Card
The Bitpanda Card lets you use your cryptocurrencies, metals, stocks, and other assets for everyday spending. Linked directly to your Bitpanda exchange account, the card converts your investments into fiat currency at the point of sale. This means you can use your digital assets just like cash, whether you are buying groceries, dining out, or shopping online.
Bitpanda Visa Card is accepted by over 54 million merchants worldwide, making it the best tool for both domestic and international crypto spending. You can also withdraw cash from ATMs globally. There are no monthly fees for maintaining the card, and you can earn up to 2% cashback in Bitcoin with every purchase, depending on your Bitpanda loyalty level.
To be eligible to order the Bitpanda Card, you must fulfill two requirements. First, you need to have a verified Bitpanda account. Second, you must be a resident of a country in the euro area, which includes countries that have adopted the EUR as their primary currency.
Steps to Open an Account at Bitpanda
Step 1: Create a Bitpanda Account
To begin your journey with Bitpanda, you need to create an account. Visit the Bitpanda website and click on the “Sign Up” button. You will be prompted to enter your email address, create a password, and select your country of residence. After completing these steps, you will receive a confirmation email. Open the email and click on the verification link to activate your account.
Step 2: KYC Verification
Once your account is activated, the next crucial step is to verify your identity. Go to the profile icon. Once there, select the option labeled “Verify now”. You will need to enter your personal details, ensuring that the information provided is true, complete, and accurate before clicking on “Save and continue”.
Next, enter the SMS-PIN sent to your verified phone number. After this, choose your citizenship, preferred language, and the type of identification document you will be using, then click on “Continue”. When you are ready, click “Continue” again to be automatically redirected to one of Bitpanda’s verification partner companies. Simply follow their instructions to complete the verification process.
Step 3: Deposit Fiat Currencies
To deposit funds into your Bitpanda account, start by clicking the “Deposit” button on the navigation bar at the top of the page. Then, select “Fiat currencies” from the options. Choose the fiat wallet that corresponds to the currency you wish to deposit. Next, select your preferred payment method and enter the amount you want to deposit. Click on “Go to summary” to proceed.
If your selected payment method isn’t a bank transfer, you will receive an SMS-PIN; enter this PIN and confirm. After completing the payment, the amount will be credited to your fiat wallet.
Step 4: Buy Bitcoin or Other Cryptocurrencies
To buy cryptocurrency on Bitpanda, start by clicking on the “Trade” button at the top right of the page. Then, select “Buy”. Choose the cryptocurrency or digital asset you wish to purchase. Next, select your preferred fiat wallet and enter the amount you want to buy. In the final step, review the summary of your order. After waiving your right of withdrawal, click “Buy now” to complete your purchase.
Security: Is Bitpanda Safe?
Bitpanda implements a comprehensive set of security measures to ensure its users’ and their assets’ safety and privacy. Here is a quick overview:
- Data Protection: Bitpanda adheres strictly to the General Data Protection Regulation (GDPR) for processing personal data. This includes using encryption technologies (such as SSL encryption) to protect data in transit and at rest.
- Regulatory Compliance: It is highly regulated and holds several licenses across Europe. These include MiFID II, E-money, and PSD2 licenses, along with various Virtual Asset Service Provider (VASP) registrations.
- Asset Protection: User crypto assets are primarily stored in cold storage wallets, which are offline and thus protected from online threats.
- Platform Security: This includes continuous security assessments through penetration tests and a public bug bounty program. The platform also has an ISO27001 certification.
- KYC / AML: Bitpanda requires all users to complete a Know Your Customer (KYC) process. This is a mandatory step designed to ensure the platform complies with legal and regulatory standards.
- Multi-Factor Authentication: 2FA requires users to provide two forms of identification before accessing their accounts. Typically, this includes something the user knows (password) and something the user has (a code generated by an authenticator app or OTP sent to their mobile device).
- Password Hashing: This process transforms passwords into a non-readable fixed-length string of characters. This ensures that even if the database is compromised, the actual passwords remain protected.
Bitpanda Customer Support
If you’re stuck or have a question, there are a couple of resources to try before reaching out to a person directly. The first stop is their Helpdesk. This is like a big library of answers to frequently asked questions (FAQs). They’ve got info on all sorts of things, from signing up and logging in to your account, to buying and selling crypto, and how to deposit and withdraw money.
If you can’t find what you’re looking for in the Helpdesk, you can try reaching out to the Bitpanda Community Team. These folks are there to answer your general questions and help you navigate the Bitpanda app and its features. They can’t handle super-specific issues with your account, but they are great for bouncing around ideas or getting pointed in the right direction.
Finally, if you’ve tried the Helpdesk and the Community Team and you’re still stuck, you can submit a support ticket. This is where you can explain your problem in detail and a customer service representative will get back to you directly.
Also, Bitpanda doesn’t offer phone support, so all communication happens online.
Conclusion
To conclude Bitpanda review, it is a user-friendly and advanced trading platform for European crypto enthusiasts. Beginners will appreciate the clear interface and easy buying process, while more experienced traders can leverage Bitpanda’s advanced tools like custodial wallet and crypto Visa card.
With a vast selection of digital assets and features like crypto indices and staking, it caters to diverse investment strategies. While fees might be slightly higher than some competitors, the overall package – security, regulation, and convenience – makes Bitpanda a good crypto trading exchange.
Bitpanda Review: FAQs
Can Bitpanda be trusted?
Yes, Bitpanda can be trusted. It is fully licensed and regulated by several European financial authorities. Bitpanda also holds licenses for custody and proprietary trading from BaFin in Germany, MiFID II, E-Money, and PSD II licenses, ensuring compliance with stringent financial regulations.
How safe is Bitpanda?
Bitpanda prioritizes security by utilizing cutting-edge measures to safeguard user assets and data. This includes two-factor authentication, SSL encryption, cold storage, and continuous account monitoring. To further enhance security, Bitpanda Visa Card transactions are protected by Visa’s anti-fraud systems. Additionally, user funds are stored in segregated accounts to ensure protection in the event of insolvency.
Is Bitpanda any good?
Yes, Bitpanda is a good platform for investing in various assets including cryptocurrencies, stocks, metals, and ETFs. They provide a user-friendly interface for easy navigation and offer a broad selection of investment options. With a user base exceeding 5 million, it provides ample liquidity for easy buying and selling. There is also a Bitpanda Academy for educational resources.
Is Bitpanda better than Binance?
Bitpanda is known for its strong regulatory compliance and focus on security, making it a preferred choice for users seeking a highly regulated platform. Binance, on the other hand, offers advanced trading features such as margin trading, futures trading with 125x leverage, copy trading, and trading bots. However, it has faced regulatory challenges in some regions. Therefore, both platforms have their strengths and cater to different types of investors.
Is Bitpanda a broker or exchange?
Bitpanda is generally known as a European broker for stocks, crypto, indices, ETFs, and precious metals. However, it is also an exchange that allows swapping of one cryptocurrency to another. Therefore, it functions as both a broker and an exchange.
What country is Bitpanda from?
Bitpanda is based in Austria. It was founded in Vienna in 2014 and has since expanded its operations across Europe.
