Bitpanda Experience 2021 - Serious Broker or Pure Scam?

Overall Rating: 
5/5 stars

Quality

speed

cost

With the current high interest in cryptocurrencies, crypto exchanges are also coming more and more to the fore. One of the best known is Bitpanda.

But what exactly is Bitpanda? What do users say about Bitpanda and does the customer support really deliver what it promises? How high are the fees and is the cost structure transparent and comprehensible?

We took a closer look at Bitpanda, shed light on the above questions and summarised our conclusion.

If Bitpanda is really serious and how the provider compares to our test winner eToro, you can find out in our review.

Bitpanda

The most important at a glance

  • Fast and easy trading even for beginners
  • Secure buying and selling through state-of-the-art technology and offline wallets
  • Fully automated platform
  • Many different payment options
  • European company
  • Free sending and receiving of digital assets between Bitpanda users
  • Two factor authentication
Bitpanda


Key data: What is Bitpanda?

Bitpanda was founded in 2014 and, as a crypto exchange, primarily offers trading in cryptocurrencies as well as its own wallet for storing coins.

The start-up is one of the most successful Bitcoin start-ups of the past years and today one of the largest platforms.

Bitpanda is completely available and is particularly interesting for investors.

Key data

Bitpanda

Seat

Vienna, Austria

founding

2014

product

Trading in digital assets, cryptocurrencies and precious metals

Payment methods

Bank transfer, Giro Pay, credit card, Netteler, Skrill, direct bank transfer

languages

English

Currencies

EUR, CHF, GBP, USD, TRY

Is Bitpanda a scam or a serious trading platform?

The fact alone that Bitpanda is registered as a European platform with the Austrian Financial Market Authority (FMA) testifies to the seriousness of the platform. The choice of payment methods is also diverse and common and secure payment methods such as SEPA payments or SOFORT transfers can be used. The website clearly shows the history of the company and the founders behind the start-up.

Furthermore, Bitpanda Payment has a so-called PSD2 licence, a regulation of payment service providers within the EU. On rating portals such as Trustpilot, Bitpanda reviews from users are very positive with an average of 4.4 out of 5 points, which also gives a serious impression of the provider.

Bitpanda registration and verification: detailed instructions

If you want to trade on Bitpanda, you have to create a customer account and go through a verification process. In this section, we explain in detail what registration and verification on the platform looks like and which steps have to be completed.

Step 1: Bitpanda registration

A Bitpanda registration is completed in a few simple steps. To register, only the surname and first name, as well as a valid email address and a secure password are required. In addition, the terms and conditions and the privacy policy must be accepted by clicking on the registration window.

A link is sent by e-mail to the specified e-mail address, which prompts the user to select a password again. Once this is done, the user has reached his or her "starter" level. So far, starters can only top up their account and deposit coins to a wallet. Verification for other levels is necessary for trading.

Step 2: Bitpanda verification

In order for users to enjoy advanced trading options, multi-level verifications are possible. The type of verification distinguishes the user levels and thus also the available trading options.

By providing a valid mobile phone number, users reach the bronze level. A security code is sent to the mobile phone number, which must be confirmed on the Bitpanda website. Bronze Level users now have the option to buy digital currencies via online or SEPA payment, albeit limited on a monthly basis.

Bitpanda MobileIn order to be able to fully use all payment methods, such as deposits by credit card, a so-called IDnow and verify-u verification is necessary. For this purpose, the ID card is shown in a live chat with a Bitpanda employee and the data is verified in this way. In this way, users reach a silver or gold level. With the Gold Level, it is possible to buy cryptocurrencies for up to 10,000 euros per month and to make full use of the deposit offer.

The general rule at Bitpanda is: the higher the verification level, the more money you can deposit for trading on your Bitpanda account. Security is also low or particularly high depending on the level.

Bitpanda to go

Bitpanda to go is a partnership between Bitpanda GmbH and the Austrian Post AG. Bitpanda to go makes it possible to buy cryptocurrencies in a matter of seconds at all Austrian post offices and postal partners in Austria. No limits apply, only the creation of a verified account on Bitpanda is necessary.


Bitpanda can be used quickly in a few simple steps:

Buy a Bitpanda code at an Austrian post office.
Create an account according to the instructions (or simply log in)
Verify account
Redeem the voucher code via the account
Users cannot avoid verification even with a Bitpanda to go offer. Bitpanda is required by law to obtain a minimum amount of information from users.

Bitpanda to go

Trading on Bitpanda

Anyone who has registered and gone through the verification process can now trade on the Bitpanda platform. Of course, this requires a deposit to be made into your Bitpanda account first. As soon as the amount is credited, you can start trading.

Trading on Bitpanda
Arbismart Rating
  • Users have various trading options to choose from on the platform. The operation and the predominant language are understandable and easily explained. Those who prefer to trade more internationally can alternatively select English in the language settings.
  • The Bitpanda platform uses well-known and clear chart solutions for visualisation, which are meaningful for the user and are used worldwide.

The Bitpanda trading offer

The Bitpanda trading offer speaks for itself. Bitpanda supports the trading of over 50 cryptocurrencies:

Bitcoin

Ethereum

BEST (Bitpanda Ecosystem Token)

XRP

Pantos

Bitcoin Cash
Dash
NEM
Ethereum classic
USD coins
Dogecoin
Synthetix Network Token
Filecoin
Kyber Network
IOTA
OmiseGO
ZCash
Chainlink
Cosmos
Onology
Polkadot
Uma
Ocean Protocol
Litecoin
augur
Tezos
Waves
TRON
Qtum
Compound
Aave
DigiByte
Komodo
Stellar
Cardano
Lisk
Basic attention token
VeChain
Maker
Reindeer
Bit torrent
EOS
Ox
NEO
Tether
Chiliz
yearn.finance
Uniswap
Band Protocol
Aragorn

In addition to the crypto famers, Bitpanda offers its own token.

Those who have the Bitpanda Ecosystem Token (BEST) in their wallet and trade at least once a month enjoy many advantages:

  • Annual Reward (currently 12 %)
  • 20 % discount on trading fees
  • Guaranteed minimum value of 0.132 € when paying trading fees with BEST
  • Reduced offer through regular token burns
  • BEST VIP Voting - a say in strategic decisions (minimum 5,000 BEST required in wallet)
    Reduction on deposit fees
    In addition, Bitpanda Metal allows you to trade precious metals such as gold, silver, palladium and platinum on the platform.
Bitpanda offers

CFD or direct trading?

Trading with CFDs is not possible with Bitpanda. Bitpanda Broker only offers direct trading with cryptocurrencies. So if you want to buy real coins, Bitpanda is the right place for you. The integrated wallet, in which purchased Bitcoin and Co. can be secured, is also practical.

However, it should also be clear that when trading directly with cryptocurrencies, many platforms have become victims of hacker attacks in the past. The coins are never 100% secure.

Our conclusion on the Bitpanda trading offer: The offer is sufficient and also well suited for trading. However, we see clear advantages in trading with crypto - CFD. Here, in the event of a sale, funds are immediately paid back in full. Many crypto exchanges, such as Bitpanda, have a daily payout limit. That is why we recommend our test winner eToro for trading as an alternative to crypto exchanges such as Bitpanda.

behind the operator

Bitpanda Deposits

Depositing money into your account is quick and done within a few minutes. Deposits and withdrawals can be made in euros, Swiss francs, USD, British pounds and Turkish lira.

There are various payment options available, which are associated with different fees:

  • Credit card payments
  • SEPA payments or SOFORT transfers
  • Bitpanda to Go
  • Giropay, Netteler or Skrill
    If you have a little patience here, you can deposit an amount to your account via SEPA transfer. The SEPA deposit does not incur any fees, but the amount needs between two to three working days before it is available for trading.
AvaTrade Review

Bitpanda payouts

At Bitpanda, the withdrawal options are the same for all levels. The minimum amount for withdrawals is 25 euros, Swiss francs or another permitted currency. In principle, a Bitpanda withdrawal is possible free of charge, but there may be fees on the part of the recipient.

Bitpanda users can withdraw funds in a variety of ways:

  • For Euro wallets: SEPA, Amazon voucher, Neteller or Skrill.
  • For USD wallets: Skrill
  • For CHF Wallets: SEPA, Neteller and Skrill
  • For GBP Wallets: SEPA, Neteller and Skrill

Depositing or withdrawing cryptocurrencies is a little more complicated on Bitpanda, as fees and minimum contributions depend on the cryptocurrency being traded.

Another option to trade on Bitpanda is Bitpanda Pro. Bitpanda Pro is an exchange for already professional traders or customers who want to connect trading bots to the Bitpanda ATI. With Bitpanda Pro, the company caters to the local requirements of its users and offers trading of important fiat trading pairs, for example BTC/EUR, XRP/EUR or PAN/BTC, especially for the European region.

Furthermore, with Bitpanda Savings, it is possible to create personal savings plans for Bitcoin and other cryptocurrencies and build up a personal portfolio of digital assets without stress.

Wallets mandatory

Bitpanda Test: Criteria in detail

Security and regulation of the Bitpanda platform

According to Bitpanda experiences, the platform is predominantly positively rated, so it can be assumed that it is a reputable provider. A 2-factor authentication and verification process protects the account from unauthorised access from outside. Part of the deposits are secured offline so that hackers cannot access them, but fraud cannot be ruled out.

Bitpanda is subject to EU law and is registered and licensed with the Austrian Financial Market Authority (FMA). As far as we know, there is no deposit protection as with eToro, for example.

Bitpanda user-friendliness

Bitpanda, with its optimal and user-friendly interface, is suitable for beginners and experienced traders alike. It makes trading cryptocurrencies easy and understandable.

However, those who want to gain their first experience with trading cryptocurrencies as a beginner are probably better off with Bitpanda alternatives such as eToro. There are alternatives that make it much easier to get started and offer a demo account for risk-free testing.

Bitpanda reviews on the internet

Bitpanda experiences on rating portals such as Trustpilot are mostly positive. Bitpanda achieves an average of 4.4 out of 5 points or rating stars. Bitpanda reviews are particularly positive with regard to customer support and the advantages of the BEST.

The non-transparent and comparatively high fees are rated negatively.

Bitpanda Support

Complete support available
Reachable by mail and contact form
clear and helpful FAQs
Fast reactions according to Bitpanda experience, at the latest the next day
Support also available via Twitter and Facebook

Bitpanda fees and costs

As with all crypto exchanges, there are also costs and fees when buying and selling on Bitpanda. Bitpanda experiences show that Bitpanda fees are sometimes above average and not immediately visible. Bitpanda fees are already included in the purchase prices, which makes the prices appear significantly higher than those of other providers, which is met with a lot of criticism from crypto enthusiasts. According to Bitpanda's experience, fees charged by Bitpanda are on average 2% of the purchase price.

Fees also vary between 3% and 7% of the deposit amount for the different deposit options. Transaction fees and extra costs for credit card payments must also be expected. It should be added here that Bitpanda only passes on the fees charged by payment service providers.

There are no costs for the use of the platform and the management of the deposit! For those who attach great importance to a transparent fee structure, we can once again recommend eToro as a trading platform at this point.

Bitpanda App

Bitpanda ReviewBuy cryptocurrencies anytime and mobile from anywhere in the world. This is possible with the Bitpanda app. The app is available as a mobile version of the Bitpanda platform for smartphones. All functions that are possible on the platform can also be done via the app.

The app is available for Android, as well as for IOS devices and is available free of charge.

Bitpanda Wallet

Bitpanda offers so-called hosted wallets, which are integrated into the user accounts. Bitpanda experiences clearly show the satisfaction of the users with the integrated Bitpanda wallets. The so-called hosted wallets are initially managed by Bitpanda and make it quite easy for beginners to get started. The disadvantage is that users have to trust Bitpanda's security measures.

Bitpanda Wallet

Bitpanda advantages and disadvantages

Pros

  • Reliable and fast transaction processing
  • No extra wallet needed
  • Wide range of functions (savings plan, crypto index, app, etc.)

Cons

  • Comparatively high fees
  • Non-transparent fee structure
  • Support only available by email or contact form

Bitpanda conclusion: Our experiences

Basically, we can recommend Bitpanda as a trustworthy and reputable crypto exchange that also offers beginners a certain level of security and knowledge. Nevertheless, we decided against Bitpanda as the test winner because of the cost structure and the trading offer.

Here, eToro scores much better with us. Newcomers to the crypto world have a better overview here, the crypto offer is better and the costs are both transparent and lower than with Bitpanda.

Registering on eToro only takes a few minutes. Afterwards, investors can choose from a rich selection of investment options, including real cryptocurrencies or CFDs.
Buy cryptos with eToro

FAQ

What is Bitpanda?

Bitpanda is a crypto exchange based in Vienna that is very popular. It was founded in 2014 and initially operated as a start-up under the name Coinimal GmbH.

Is it worth opening an account with Bitpanda?

Bitpanda convinced us as a crypto exchange in our test, except for the not so transparent cost structure. Bitpanda experiences show that the majority of users are satisfied with Bitpanda's offer and support.

How much money do I have to invest at Bitpanda?

Bitpanda has a minimum amount of 25 euros for deposits and withdrawals. In the Golf Level, there is a maximum trading amount of 10,000 euros per month. In general, you should only speculate with money that is available and not needed for other things. Profits can never be guaranteed.

How long does a payout take at Bitpanda?

Payouts are credited to one's account within 2 business days, depending on the payout option chosen.

Do I have to go through the verification process?

Depending on the desired verification level, the process must be gone through in order for trading to take place on the platform. It is not possible to trade without verification, as Bitpanda is required by the authorities to obtain minimum information from its users.

Hi, my name is Benzion. I have twelve years of experience in the Forex industry, and I have launched two successful crypto trading services. I have in-depth experience on several blockchain networks like Bitcoin, Etheruem, EOS, Cardano, Hyperledger, ICON, Komado, etc. I also have in-depth knowledge of blockchain techniques, including various consensus mechanisms, DLT, smart contracts, security, and privacy measures. Benzion Friedman