Is BitPanda scam or reliable? BitPanda is an intermediary service for the purchase and sale of cryptocurrencies in Europe. In this Bitpanda review, we will show you advantages and disadvantages of Bitpanda, cost, what cryptocurrencies you can buy and sell on this site, among several other aspects.
Join us to get to know Bitpanda! Enjoy reading!
Products and Features
This BitPanda review reveals the three types of accounts offered by this crypto exchange, each with different limitations and levels of verification requirements. Below is a summary of the three types of accounts offered by BitPanda:
- This account only requires users to verify their email.
- The daily buy / sell limits are 1000 EUR
- The monthly buy / sell limits are 7,500 EUR
- The total buy / sell limits are 30,000 EUR
- This account requires users to verify their mobile phone number in addition to their email.
- The daily buy / sell limits are 1,500 EUR
- The monthly buy / sell limits are 10,000 EUR
- The total buy / sell limits are 50,000 EUR
- This account requires users to verify their account with a government-issued photo ID that is confirmed with IDNow or via video using verify-U.
- The daily buy/sell limits are 15,000 EUR
- The monthly buy/sell limits are 300,000 EUR
- The total buy/sell limits are 1,500,000 EUR
How to open a Bitpanda account
Well, if this Bitpanda review has so far impressed you and you want to start trading at Bitpanda, keep in mind that registering is really fast, easy and absolutely free.
You just have to access the official website in your browser, press the " Start now " button and complete the account creation form. There you must detail your name, country of residence, email and establish a password. Later you must click on "Create account".
You will receive an email shortly in your email account with the confirmation link to activate the Bitpanda account, as is usual in this type of site. Once activated, you will go to the next step, which consists of answering a series of questions about your financial status (employment status, annual income, etc.). Please note that this information is confidential between you and the broker; It is a necessary condition to comply with the regulations to which Bitpanda is subject.
Once the account is activated, you must choose between a personal or business account and, then, if you prefer to use the normal interface (recommended for beginners) or the PRO version (recommended for advanced traders).
Of course, to start trading, it is necessary to verify the account. You have the options of the simple version (light) and the complete version (full), although you can rest assured if you do not want the full version, that with the simple version you will be able to perform the vast majority of operations.
How to deposit in Bitpanda?
Bitpanda allows you to fund your account using four fiat currencies: the US dollar (USD), the euro (EUR), the British pound (GBP) and the Swiss franc (CHF).
This is really one of the main virtues of the broker under analysis: its wide variety of mechanisms for depositing and withdrawing fiat money, as well as using highly demanded payment processors in the world of online business. Consider that Bitpanda allows you to use: Sofort, GiroPay (EPS), Neteller / Skrill, Visa and Mastercard credit cards, iDeal and SEPA transfers.
In the case of deposit and withdrawal options in cryptocurrencies, the number of available wallets is also quite large and includes the most important assets of today: Bitcoin, Litecoin, Ethereum, Ripple, Cardano, among several others.
Unlike in other cryptocurrency exchanges where, in order to buy certain currencies, you must first buy or deposit on the Bitcoin or Ethereum platform and then exchange them for the crypto you want, in Bitpanda you can buy them directly with euros (or any of the other currencies accepted), either with a credit card or by depositing a balance in your account by bank transfer.
This in the long run can mean a significant saving in commissions because instead of two operations you only have to do one.
These are the cryptocurrencies available on Bitpanda at the time of writing this article:
- Bitcoin (BTC),
- Litecoin (LTC),
- Ethereum (ETH),
- Dash (DASH),
- Ripple (XRP),
- Bitcoin Cash (BCH),
- Komodo (KMD),
- IOTA (MIOTA),
- EOS (EOS),
- Pantos (PAN),
- OmiseGO (OMG),
- Augur (REP),
- Stellar (XLM),
- 0x (ZRX),
- NEM (XEM),
- Zcash (ZEC),
- Tezos (XTZ),
- Cardano (ADA),
- NEO (NEO),
- Ethereum Classic (ETC),
- Chainlink (LINK),
- WAVES, (WAVES)
- Lisk (LSK),
- Tether (USDT),
- USD Coin (USDC),
- Cosmos (ATOM),
- Tron (TRX),
- Basic Attention Token (BAT),
- Bitpanda Ecosystem Token (BEST),
- Chiliz (CHZ),
- Dogecoin (DOGE),
- Ontology (ONT).
Accepted currencies on Bitpanda
You can deposit and maintain a balance in your Bitpanda account in the following currencies:
- Euros (EUR)
- US dollars (USD)
- Swiss francs (CHF)
- British Pounds (GBP)
If you wish to deposit other currencies, these will be automatically transformed to one of the above at the market price with the consequent commissions for currency exchange.
User Interface (UI)
BitPanda trading platform is very simplistic and limited in the services and features they provide. Basically, the platform can only be used for buying and selling cryptocurrencies at the current price. Traders can only use the platform to exchange fiat currency for cryptocurrency and vice versa.
The platform is not used to analyze charts or market data, but simply to buy and sell cryptocurrencies. That being said, the trading platform is very well designed and easy to use. BitPanda does a very good job of providing an intuitive interface for beginning cryptocurrency investors to buy and sell cryptocurrencies.
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 entire 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 it doesn't even have as many features available for the mobile version.
Is Bitpanda legit? Yes. Bitpanda is an interesting option for those users who want to buy cryptocurrencies simply and quickly in Europe. It provides a wide selection of payment methods, which makes it easy to obtain digital currencies. In addition, it operates under regulated companies, which offers a safe environment for users.
But when it comes to giving a Bitpanda review, we see several aspects that do not allow us to give it a positive Bitpanda opinion. One of them is a lack of transparency with their fees, which can cause confusion with some newer investors.
In general, Bitpanda opinions are positive, but users complain about their high commissions.
Remember: no platform is risk-free! Much of the mistakes are made by the users themselves. Follow the suggestions below to avoid problems:
- Activate all the security tools provided by your exchange.
- Enable two-factor authentication whenever available!
- The site must have an SSL certificate for a secure connection through the HTTPS protocol.
- If you use more than one exchange, use different passwords for each one .
- Do not install unknown software on your system. Some malware can steal personal information and eventually steal your funds.
Bitpanda's commission policy is not like most brokers. Here, the commissions are integrated into the price in real time.
This is useful from a point of view because you will know the total price that you are going to pay for a trade at the moment. But, on the other hand, it will distort the real price of the currency with which you are going to operate since in most exchanges the commissions are not directly reflected in the final price as they are in Bitpanda.
For the sale of Bitcoin, the most performed operation in this broker, the commission is 1.49% for the buyer and 1.29% for the seller.
Fees for deposits and withdrawals
Commissions for withdrawals and deposits are not disclosed on a particular page, but are shown at the time of making them. This is one of the most common complaints from customers, who realize that they have to pay a very high fee to make a small withdrawal.
Based on the information we have been able to collect for this Bitpanda broker review, this platform is not ideal for those who want to invest small amounts (we would not recommend it for less than €100), as they would be greatly affected by commissions.
The only public information that we have been able to get is that the cryptocurrency deposit is free if you deposit at least 0.05 BTC; 0.1 ETH; 0.1 DASH, 0.1 LTC; 0.01 BCH and 0.1 XRP.
Regulation and Fund Security
Is Bitpanda regulated? BitPanda is not regulated by any financial regulatory agency. If it is not regulated, is Bitpanda safe? Yes, Bitpanda is safe and reliable as most cryptocurrency exchanges today have managed to become regulated.
In the course of doing this Bitpanda review, we found that in April 2019, BitPanda received a Payment Services Directive 2 (PSD2) license from the Austrian Financial Markets Authority. The license allows this consortium to provide payment services and new fintech services in the eurozone. This license covers your entire portfolio.
What is more, Bitpanda is not a scam as this crypto exchange has been in the industry for seven years, and has not suffered major cyber attacks, nor has it become involved in Bitpanda scam or user complaints.
Finally, the Bitpanda opinions of users on the web, in general, are usually positive, so if you were afraid that this exchange was not reliable, you can discard this and start investing through this portal.
If you have a problem with your account or with a particular transaction, you can contact BitPanda and submit a support ticket directly to helpdesk with your name and email.
This method of customer support is relatively fast and available 24/7. In addition to email customer support, the website also has a help center where merchants can view frequently asked questions and their answers that have been conveniently organized into various topics.
Bitpanda is a stable and secure option to obtain cryptocurrencies in Europe. It provides a very friendly interface, with a great variety of methods to deposit funds. However, its high commissions and trading limitations do not allow some users to give absolutely positive Bitpanda opinions. The characteristics of this platform make our Bitpanda review positive, but with many points that can be considerably improved.