Beginner’s Guide to Bitpanda: Complete Review

Bitpanda is one of the leading cryptocurrency exchanges in Europe, offering secure access to buying or selling cryptocurrencies at any time of the day. This platform has been around since 2014, maintaining a strong reputation throughout the years.

Bitpanda is completely automated. This means that as soon as the platform confirms payment, the cryptocurrency gets sent automatically to the buyer. Bitpanda cites that process as one of the reasons it is able to deliver quick and high-quality service to customers.

According to its about page, Bitpanda has the goal of making the process of buying and selling cryptocurrencies like Bitcoin as quick, easy, and secure as possible.

The platform’s team of engineers constantly optimizes and expands services to ensure that the company achieves this goal and remains in the lead for Europe’s retail exchanges for cryptocurrency.

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Who Is Behind Bitpanda?

Bitpanda GmbH is based out of Vienna, Austria. This fintech company specializes in buying and selling cryptocurrencies like Bitcoin. It is now the leading retail broker for Litecoin, Bitcoin, Ethereum, and others in Europe thanks to its more than 850,000 users.

There are over 60 members on the team of over 21 nationalities, making Bitpanda a worldwide effort.

The idea for Bitpanda began in 2013 when the founding members discovered it was still incredibly challenging to buy cryptocurrencies in Europe. Eric Demuth, Christian Trummer, and Paul Klanscheck decided to correct this problem by creating Bitpanda.

It began with extensive coordination under consultation with local authorities, and Bitpanda was first known as Coinimal GmbH when it launched in December 2014.

What Are Some Advantages of Bitpanda?

As mentioned, Bitpanda is the leading retail exchange in Europe for cryptocurrency transactions involving buying and selling. The platform also offers an extensive list of cryptocurrencies that are supported, so you should be able to find the one you want to buy or sell.

Additionally, Bitpanda includes full wallet integration for all the tradeable assets for the convenience of its customers. The platform also has a state-of-the-art security system and industry-leading AML/KYC.

Overall, Bitpanda is convenient to use and very simple, giving you complete control over your portfolio in the quickest and easiest exchange for cryptocurrency. You can access the platform and buy or sell cryptocurrency 24/7 with the fully automated order system and high-end servers.

Those who are interested can also take advantage of the Bitcoin Affiliate program, which includes a revenue share of up to 20 percent and long cookie duration to maximize revenue via your affiliate links.

What Platforms Does Bitpanda Offer for Buying and Selling Cryptocurrency?

The regular version of Bitpanda is known as Bitpanda Web, and this is where most people choose to buy and sell their cryptocurrency. Using Bitpanda Web is straightforward and can be done via any device by connecting to the website.

There is also Bitpanda Plus for those who want higher limits and exclusive services plus Bitpanda To Go.

What Is Bitpanda To Go?

Bitpanda To Go makes it possible to buy cryptocurrencies throughout Austria in cash. The program works with 400 Post branches along with around 1,300 Post partners around Austria and makes it easy to purchase cryptocurrency without having to transfer fiat currency to your Bitpanda account or even requiring a bank account.

To use Bitpanda To Go, you simply go to one of the supported locations and purchase a voucher for the quantity in Euro that you want. Codes are available in 50, 100, or 500 Euros. You can find a branch via the Bitpanda website, specifically, the “Bitpanda To Go” page.

Once you buy the voucher, you can click on the “Redeem now” button on the same website, which will have you log into your account and enter the code. You can redeem the voucher online within seconds to buy Bitcoin, Litecoin, Ethereum, Ripple, IOTA, Bitcoin Cash, Komodo, or Dash.

Using Bitpanda delivers the best price within Austria so you can get the most crypto for your fiat. There is also no verification required, as you just need your email address. The coins will go right into your integrated wallet where you can use them however you want.

What Is Bitpanda Plus?

As mentioned, Bitpanda Plus is designed for those who want exclusive services and who need higher trading limits. It is ideal for traders who want to trade in higher volumes and increase the default limits.

To use Bitpanda Plus, you must start by filling out a simple form on the Bitpanda Plus page, and the platform will get back to you about an increase in limit. The form requires your name, nationality, phone, email, verification status, and expected volume for the first trade.

On a related note, the platform offers Bitpanda OTC. This is a direct over-the-counter service for anyone who wants to buy or sell quantities of over a million Euro. Due to the quantities involved, this OTC service is specialized and exclusive with personalization for every individual customer. To access this service, you fill out the same Bitpanda Plus form.

How Do You Verify Your Account and What Are the Transaction Limits?

Bitpanda makes a strong effort to provide clear limits so there is no need to guess. As soon as you fully verify your account, you can access all features. Bitpanda chose not to offer tiers of verification with differing limits, as this can be confusing for clients and make the platform more complicated.

Instead, all users make use of Bitpanda in the same way. The only exception is those who are approved for Bitpanda Plus.

Who Can Use Bitpanda?

Users around the world are able to use Bitpanda to sell cryptocurrencies, with specific payout options depending on the currency used. The ability to buy cryptocurrencies on Bitpanda is reserved for European users within the SEPA region. This includes most EU member states plus Liechtenstein, Iceland, Switzerland, Norway, and Monaco.

How Do You Verify Your Bitpanda Account?

It is necessary to verify your Bitpanda account in order to meet legal requirements. It is not possible to make fiat deposits in your Bitpanda account until you verify it, meaning the only way to buy crypto on Bitpanda without a verified account is via Bitpanda To Go vouchers.

To start the verification process with Bitpanda, users must supply a mobile number, an email address, and some basic personal information. You then have to follow a video identification procedure that is done via a partner company, with the option of IdentityTM or IDNow.

This verification video process requires an accepted photo ID, a smartphone or webcam, and a stable internet connection. Users from all countries can use a passport as their photo ID, and depending on the country and video verification company you choose to use, you may also be able to use an ID card.

What Payment and Withdrawal Options Does Bitpanda Offer?

Bitpanda offers a long list of payment options to appeal to everyone. You can use cash to buy cryptocurrency via the Bitpanda To Go program. You can make payments or cash out in EUR, USD, GBP, or CHF. With EUR, the only deposit option for unverified accounts is Bitpanda To Go.

Options for verified accounts include this plus SEPA, EPS, Giro Pay, SOFORT, Visa, Mastercard, NETELLER, and Skrill. Payout options for Euros, regardless of verification status, include SEPA, Skrill, NETELLER, and Amazon.de.

USD deposits require verification, and options include Visa, Mastercard, and Skrill. USD withdrawals are only available via Skrill. Deposits in CHF also require verification, with options of Visa, Mastercard, Skrill, SOFORT, SEPA, and NETELLER. Payout options include SEPA, NETELLER, and Skrill, regardless of verification status. Deposits and withdrawals in GBP have the same options as those in CHF without the option of SOFORT.

How Do You Make a Deposit or Withdrawal on Bitpanda?

The process of making a deposit or withdrawal to or from your Bitpanda account is fairly straightforward. For a deposit, go to the “Deposit” page by clicking on the relevant button on the navigation bar, and choose the correct fiat wallet based on your chosen currency. Choose your payment provider, enter the amount, and follow the instructions.

What Are the Limits on Bitpanda?

Once your account is verified, the exact limits for deposits and withdrawals vary by currency. With Euros and online payments, there is a 10,000 EUR daily limit, 300,000 EUR monthly limit, and 10 million EUR total limit for deposits with withdrawal limits of 100,000, 2 million, and 10 million EUR, respectively.

Credit card limits are 2,500 EUR daily, 300,000 EUR monthly, or 5 million total. Bank transfer deposit and withdrawal limits are 500,000 EUR daily, 5 million monthly, and 100 million total.

There are slightly different limits for USD, GBP, and CHF, all of which you can view on the Bitpanda limit page. There are no trading limits in place. Keep in mind that the first deposit following verification has a daily limit of 2,500 EUR, which increases following the verification deposit.

How Do You Trade with Bitpanda?

As with everything else on the Bitpanda website, buying or selling cryptocurrency is straightforward. Click on “Trade” in the top right of the screen once you are logged in. Select “Buy,” and then choose the cryptocurrency you want to purchase and your chosen fiat wallet. Select the quantity to buy, and click “Buy Now.” To sell, go to the same “Trade” page but click “Sell.” From there, select the cryptocurrency and fiat wallet, choose the amount, and click “Sell Now.”

To view your transaction and order history, click on your user icon, then select “History.”

What Fees Does Bitpanda Charge?

Bitpanda strives to maintain low fees as a benefit to its customers. The fees listed for sales and purchases of cryptocurrencies already include the fees. The price information is updated in real time, so the amount displays what you pay without additional math required. These prices already include fees of 1.49 percent to buy Bitcoin and 1.29 percent to sell Bitcoin.

Users of Bitpanda may also have to pay fees not charged by the platform itself. If, for example, your bank account or credit card is in a currency other than EUR, GBP, USD, or CHF, your bank may charge a conversion fee.

It is also possible that those who choose to use a credit card may have to pay a fee from their providers, including a potential cash advance fee.

BitPanda also charges transaction fees, the amount will vary depending on the cryptocurrency.

What Else Can You Do with Bitpanda?

If you want to make the most of your cryptocurrency purchases and sales on Bitpanda, you can set up price alerts for an unlimited number of cryptocurrencies. You set the point you want the price to reach and will get an email alert as soon as it reaches that point so you can buy or sell at the best price.

In addition to buying and selling cryptocurrency, Bitpanda lets you send Bitcoin and other cryptocurrencies to other Bitpanda users without any cost. This process is free, fast, and easy.

Is Bitpanda Safe?

The team at Bitpanda makes security a priority. It relies on state-of-the-art technology for safe transactions. This includes SSL encryption and DDOS protection. The platform also stores funds in secure offline wallets that are secure for added peace of mind.

Bitpanda also offers and highly encourages the use of two-factor authentication. At any given moment, you can go to your account page to manage devices, which includes viewing active sessions and devices and the ability to log out, closing running sessions from other devices.

Bitpanda Customer Support?

Bitpanda offers very good customer support. You can click on “Support” under the “Help” category at the bottom of any page on its website. This will take you to a form to submit a request. The form asks for your email address, the topic area, the subject, and a description, with the option to attach files, specify the cryptocurrency involved, and provide the PID and TXID for quicker support.

Conclusion

Bitpanda is a secure and highly rated cryptocurrency exchange that lets users buy or sell a range of cryptocurrencies using fiat currency. It has support for EUR, USD, GBP, and CHF and for users around the world. The platform is easy to use and offers a long list of deposit and withdrawal options for convenience.

The website and trading system is very well designed and easy to use, if you are used to using Coinbase you will have no problem using Bitpanda as the interface feels quite similar.

Bitpand offers a nice range of cryptocurrencies which you can purchase instantly, rather than having to use one exchange for fiat purchases and the trading on another platform, you are able to purchase them directly on Bitpanda and then withdraw to your own wallet.

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