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).
BitPanda is particularly popular with European Bitcoin users. Also, the platform accepts some of Europe’s most common payment methods – like EPA, SOFORT, and Skrill (along with conventional deposit options like MasterCard and Visa).
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.
Your fee will change between payment options. EPS, SEPA, Giropay and Sofort have very low fees. On the other hand, the e-wallets like Neteller charge a bit higher fees.
For example, at the time of writing this article the exchange rate on Bitstamp is 1129.00 EUR per Bitcoin while on BitPanda the exchange rate is1152.82 EUR, which means there is a 2.1% premium on the Bitcoin price. However, that’s not all, there might be additional fees based on your chosen method of payment.
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.
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.
Sleek 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 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 many 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.
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 Pros and Cons
- Wide variety of payment methods
- Great for beginners
- Relatively low fees
- Great security
- Website is modern, neat and fully functional
- Not available Worldwide (only for EU residents)
- Fees aren’t explicitly stated
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.