We also notice that a lot of people tend to ask is Bitpanda legit or is Bitpanda scam so we will answer this as well (no, it is not a scam, it is one of the most legit companies in the crypto space but more on that below).
Bitpanda (formerly known as Coinimal) is a Bitcoin broker that lets you buy and sell Bitcoin, Ethereum, Litecoin, and Dash. The company is based in Vienna, Austria, and was founded in late 2014 by the founders including Eric Demuth (co-CEO), Christian Trummer (CTO), and Paul Klanschek (co-CEO). It is one of the most popular crypto exchanges in the EU region, alongside Cex.io, Coinmama, and eToro.
It is certainly one of the best Coinbase alternatives for easy and quick bitcoin purchases for Europeans.
BitPanda is particularly popular with European Bitcoin users. Also, the platform accepts some of Europe’s most common payment methods – like EPA (payment method) , SOFORT (payment method), and Skrill (payment method, along with conventional deposit options like MasterCard and Visa).
BitPanda split its services into a couple of distinct divisions in 2019 – forming a new platform geared towards professional traders and institutions dubbed Bitpanda Pro (initially Bitpanda Global Exchange now Bitpanda Pro).
While Bitpanda’s core business is an easy-to-use, newbie-friendly broker service for buying and selling crypto asset, Bitpanda Pro is an exchange for professionals and businesses where they can trade and connect trading bots to our API.
Our review is focused on the Bitpanda Broker platform with a separate part for Bitpanda Pro near the end of this article.
Due to the fact that they allow you to purchase Bitcoins with methods that allow chargeback (i.e. credit cards, Skrill, etc.), BitPanda’s exchange rate is higher than your average exchange. When you go to purchase or sell coins with BitPanda, you’ll notice that BitPanda’s base price consists of the market rate plus a small surcharge.
Bitpanda fees for buying crypto asset are 1.49% and 1.29% for selling it. One important not is that fees are already incorporated into the price in real time so they are not as transparent as other exchanges.ta
Bitpanda’s withdrawal fees vary depending on the crypto digital assets.
SOFORT and credit cards have a 2% fee (which is relatively low). Skrill has an additional fee of ~3.77%, and Neteller is a bit lower than Skrill. Using a voucher or Giropay is the cheapest methods for buying Bitcoins on BitPanda.
Buying limits are highly dependent on the type of account you have – is it light verified or verified. Also, method of payment plays a role as well.
Light verified accounts: they can’t deposit or withdraw anything with credit cards or Zimpler. They can only use bank transfer and have a daily limit of 50k€ for deposit and 500k for withdrawal.
Fully verified accounts:
NETELLER and Skrill: After successful full verification, the 24-hour limit for NETELLER and Skrill deposits is 10,000 EUR and cannot be increased any further.
Credit card, iDEAL and Zimpler: After successful full verification, the 24-hour limit for credit card, iDEAL and Zimpler deposits is 2,500 EUR and cannot be increased any further.
Bank transfer (SEPA): After successful full verification, the 24-hour limit for bank transfers (SEPA) deposits is 49,999 EUR.
Privacy & Security
BitPanda has one major drawback – you have to submit an ID form and go through a video chat verification if you want your account to be secure and have a higher transaction limit.
One of the most surprising aspects of BitPanda is the video call verification, because you will have to speak to a real human being and will have to show a government issued ID.
BitPanda offers three different levels of verification based on preferred money limit and how much information you want to provide:
- Verified Phone Number – The lowest verification level requires only a phone number, which will allow you to purchase 50 Euros’ worth of Bitcoins a month up to a total of 600 Euros. With this level you can buy Bitcoins with any payment methods besides credit card.
- Verified Email – With a verified email you cannot purchase Bitcoins. However, you can sell up to €1,000 worth of Bitcoins per day, and up to €7,500 per month
- Verified ID – Higher verification levels require a government issued ID, and by verifying your ID the limit is up to €350 worth of Bitcoins per day and up to €10,000 per month for credit card purchases. For other payment options, you can buy up to €5,000 per day, and up to €75,000 per month.
Slick and Easy to Use Interface
The user interface of BitPanda is one of the most modern and advanced looking. It is pretty sleek and very intuitive and even newbies will have an easy time navigating through it and purchasing Bitcoins.
The exchange doesn’t offer a mobile app or desktop application. However, it has a mobile optimised version of the website, and you can access your account through there. It’s important to note that you will see the same functions as through the desktop version.
BitPanda has quality customer services that are both flexible and reliable. On the site, you can easily read through the FAQ to get instant solutions plus. Also, if you don’t get the help you need, the 24/7 live chat allows you to still get help even when you are off line.
BitPanda is well-known mostly in the EU. You can sell your coins from anywhere around the world. However, you can purchase them via BitPanda only from Europe.
Unlike wide variety of the competitors of the global market in cryptocurrency exchange, the website is only available in two main languages – English and German.
Some methods of payment are restricted to specific areas, which means that you won’t be able to access all of them. The only available methods of payment for international customers are Skrill and Neteller.
Five fiat currencies are supported. Because Bitpanda is primarily aimed at Europeans, they support EUR, GBP, CHF, and TRY fiat currencies, as well as USD
Supported countries: Spain, Sweden, Luxembourg, Malta, Finland, France, Slovakia, Slovenia, Liechtenstein, Lithuania, Denmark, Estonia, Portugal, Romania, Italy, Latvia, Cyprus, Czech Republic, Norway, Poland, Hungary, Ireland, Bulgaria, Croatia, Monaco, Netherlands, Germany, Greece, Austria, Belgium, Switzerland, and the United Kingdom.
Bitpanda Pro vs Bitpanda – new global exchange
Bitpanda Pro is a fully fledged trading platform catering the whole world with two exceptions: the USA and China. Bitpanda Pro is an advanced trading platform for experienced traders, professionals and institutions where you can trade popular digital assets like Bitcoin, Ethereum and more.
Bitpanda Pro allows worldwide crypto-to-crypto trading, with two exceptions: the USA and China.
You can use the same account from Bitpanda Broker on Bitpanda Pro platform as well.
Fees on Bitpanda Pro
Maker and taker fee on Bitpanda Pro go as low as 0.05% and depend on your trading volume: the higher it is, the lower your fees become (maker and taker fee are present on the Bitpanda Pro trading platform). Similarly to BNB and its role on Binance platform, Bitpanda has its own BEST token. Use BEST to pay your trading fees and you receive an extra 25% reduction across the board.
Available coins on Bitpanda Pro
Deposit and withdrawal fees vary by coin.
The Bitpanda Launchpad is a work in progress and yet to come live – it is a copycat of Binance Launchpad. It will be a hands-on consultancy from Bitpanda for full spectrum IEO (Initial Exchange Offering) creation and launch needs.
Bitpanda Ecosystem Token – BEST
BEST is the native token of the Bitpanda ecosystem that comes with several benefits for its holders:
- Up to 25% discount on trading premiums on the Bitpanda platform and trading fees on Bitpanda Pro when using BEST to pay for them
- Perks based on holding certain amounts of BEST in your wallet (either on the Bitpanda investment platform or on Bitpanda Pro)
- Priority access to the upcoming Bitpanda Launchpad
- Personal contact person
BitPanda seems like an excellent option for purchasing Bitcoins inside the EU for people who are looking to use a credit card, Skrill, or any other option.
BitPanda has been around long enough, has good support going on, charges relatively low fees and is definitely one of the best platforms to start with, especially with its easy and modern design, even newbies will be able to find themselves.
Be sure to check our direct comparison of Bitpanda vs its competitors:
- Wide variety of payment methods
- Great for beginners
- Relatively low fees
- Great security
- The website is modern, neat, and fully-functional
- Fees aren't explicitly stated
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com