Bitpanda is an Austrian-based cryptocurrency exchange founded in 2014 under the name Coinimal. Bitpanda is one of the fastest growing European exchanges around and it’s fully automated in order to provide quick and easy cryptocurrency exchange services whenever you need it. With its simple interface, this platform is suitable for beginners, as well as experienced users. Currently, you can buy around 20 different cryptocurrencies using a wide range of payment methods. In this Bitpanda review, we will shed light the most important details to know before purchasing on this platform. Let’s dive in for more details!
Account setup
There are two types of accounts on Bitpanda: verified and unverified. The differences between the two are: lower withdrawal limits for unverified users, and the inability to use fiat money for deposits.
To set up an account, you need to provide your name and an email address. After your email is verified, you can access the platform and start buying and selling cryptocurrencies. Users who choose not to verify their identity can only deposit assets into cryptocurrency wallets (for about 20 different cryptocurrencies). To use a Bitcoin wallet, you need to deposit a minimum of BTC 0.001; a wallet deposit fee of BTC 0.0001 will be charged on amounts smaller than BTC 0.05.
To verify their identity, users need to provide a phone number, address, and follow a video identification process. The video verification step relies on a partnership with IdentityTM and IDNow, and to ensure a successful verification process, you need to have a good internet connection, camera, and an ID or a passport.
Unfortunately, only European users within the SEPA region are able to buy cryptocurrencies, however, users from around the world can still sell crypto using Bitpanda. It should be noted that residents of the USA are not able to open an account on Bitpanda.
Purchase
After the verification process is completed, you can deposit fiat money into EUR, USD, CHF and GBP wallets. With Bitpanda’s conveniently wide range of payment options, when funding your account you can choose between: credit card (Visa, Mastercard), SEPA, Skrill, Neteller, SOFORT transfer, EPS, Giropay, and Bitpanda To Go vouchers.
The trading process is simple and self-explanatory. The prices are real-time, with fees included. While some exchanges don’t have fixed rates and the final price may differ from the price presented on the confirmation page, on Bitpanda, you will always receive the same amount that was confirmed (you are given 60 seconds to confirm an order at the locked price). Currently, the fee when purchasing Bitcoin is 1.49% and when selling 1.29%. You can find more information about fees here.
There is another option available and that is to buy cryptocurrencies with vouchers. Bitpanda To Go is a voucher that both verified and unverified users can use to buy cryptocurrencies. These vouchers can be purchased in Austrian Post Offices with a fee of 2.99%.
Privacy and security
Bitpanda is considered a secure exchange, taking many steps to make user accounts safe. When storing customer funds they use primarily cold wallets, Bitpanda also safeguards themselves against DDOS attacks and use SSL encryption.
The platform offers Two-Factor-Authentication which is always recommended and any attempt to log in to an account with a new device or internet browser has to be confirmed per email. Users can also check if they have active sessions on other devices.
As we have mentioned earlier in this Bitpanda review, to start trading on Bitpanda, you only need to leave your name and an email address. However, if you want to increase withdrawal limits and deposit fiat, identity verification is required and you will have to update your profile to include some personal information.
Bitpanda shares the information that you provide with third-party verification companies when required: IdentityTM, IDNow, WEBID and verify-U. The platform follows AML (Anti-money-laundering) and CFT (Combating the Financing of Terrorism) procedures, and for that reason, Bitpanda shares users’ personal information with Factiva Limited to check for any politically exposed and sanctioned persons. You can always check which information Bitpanda has stored about you and request a copy.
Customer support
For most of the questions you might have, you can find the answers in Bitpanda’s helpdesk area. However, you can always reach customer support via their contact form or online instant chat. The customer support is also active on Telegram with an average response time of 24h. Most users report a positive experience when dealing with support staff.
Bitpanda review summary
Bitpanda is a secure and easy-to-use cryptocurrency exchange. With a wide range of payment methods and cryptocurrencies on offer, it’s one of the most popular exchanges in Europe. You can exchange crypto for fiat and vice versa almost instantly without changes in the amount that will be received unlike on many other exchanges.
Although the fees may be a little higher than on some other exchanges, and some have found the verification process to be very extensive, the platform has proven itself reliable and very convenient.
Feel free to check out our other reviews you can do so here.
Disclaimer: BitcoinNews does not provide any warranties towards the accuracy of the statements in the above Bitpanda review. Any content on this site should not be relied upon as advice or construed as providing recommendations of any kind. It is your responsibility to perform your own research of the platform. Trading and investing in cryptocurrencies involves considerable risk of loss and is not suitable for every investor.
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Image Courtesy: Bitpanda
