What can I do on Bitpanda?
Bitpanda operates as a cryptocurrency brokerage that allows you to buy and sell cryptocurrencies using fiat currency, and vice versa. Creating a Bitpanda account will also give you access to an online wallet, through which you can store, deposit, and withdraw cryptocurrencies.
What cryptocurrencies are supported?
- Augur (REP)
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- EOS (EOS)
- Ethereum (ETH)
- Dash (DASH)
- IOTA (IOTA)
- Komodo (KMD)
- Litecoin (LTC)
- OmiseGo (OMG)
- Pantos (PAN)
- Ripple/XRP (XRP)
Before you make a deposit onto Bitpanda, you will need to confirm your identity, which is a process that will be explained below. After this, you can start to purchase cryptocurrency with fiat currency, using the following payment methods:
Users can deposit fiat currency into their account through a bank or wire transfer. The funds could take up to 3 working days to arrive into your account.
To make instant deposits, you can also use your debit or credit card to make payments on Bitpanda. Although they are not explicitly stated, using a credit card or debit card to make deposits incurs roughly a 2% service fee. Credit card holders may also be charged a cash advance fee. This is a fee that is charged by the credit card provider, and not Bitpanda themselves.
Electronic wallets such as Neteller, Giropay, and Skrill are accepted, however, PayPal is not. Deposits made with electronic wallets work in the same way as credit or debit card deposits, in that the funds are deposited immediately onto the account. However, service fees vary depending on the specific electronic wallet.
What devices can I use Bitpanda on?
Bitpanda operates exclusively on its website, which means you can still access the platform with any device that can open a web browser, such as:
- Smartphones (Android and iOS)
How easy is it to use Bitpanda
Very. Bitpanda’s interface is incredibly straightforward and easy to navigate, even for a first time user. After logging in to your account, you will be asked to verify your account with your passport or ID. You can then choose the cryptocurrency you wish to buy and select a prefered payment method.
Remember, Bitpanda is web-based and therefore does not have a downloadable mobile application. However, the website is fully optimised for mobile devices and can be easily used with tablets and smartphones.
Bitpanda’s buying and selling services operate all through Europe, thus supporting UK customers and all EU countries. Users from some countries might only be able to sell cryptocurrencies on Bitpanda. Below is a list of countries where full functionality is supported:
- Czech Republic
- United Kingdom
Account verification is relatively simple on Bitpanda, all you have to do is provide proof of identity. This means that you will have to submit a valid passport photo, government-issued ID, or driving license. Once this is confirmed, users will gain privileges, such as the ability to deposit fiat currency, or withdraw larger amounts at a time.
Bitpanda’s customer service works efficiently, providing users with a fast response time. However, the team can only be accessed through billing a support ticket; Bitpanda does not offer phone support. Apart from this, the website has also been integrated with a help centre, where users can find frequently asked questions and their corresponding answers, conveniently organised around specific topics.
From the outset, Bitpanda has the feel of a sleek and intuitive brokerage platform. This makes it an ideal option for newer users as the website is easy to navigate through. It also allows a wide range of payment methods, fiat currencies, and cryptocurrencies to buy and sell. Unfortunately, it is limited to European users, meaning that users can only be from the EU (including the UK).
However, they could be more specific regarding the markups included in their prices, as it is not explicit what the market rate of specific cryptocurrencies are and what is the premium charged when a user makes buy or sell trades.
Is Bitpanda a secure brokerage?
Yes, Bitpanda has put in place several security measures to ensure your funds are secure. The two-step authentication (2FA) process, coupled with the multi-signature functionality ensures that transactions are not only safe but also reliable, ensuring that users have adequate control of their funds. The platform (and website) is secured by SSL encryption and DDOS protection as well.
However, the wallet in which your funds are stored is still an online wallet and it’s therefore not advised to hold large amounts of cryptocurrency in it. To ensure the safety of your coins, move them to a more secure wallet, such as a hardware wallet.
Are there fees?
Bitpanda’s trading fees generally come in charging slightly above the market rate when you buy, and slightly under it when you sell crypto. These are not listed as extra charges but rather included in the listed price for each cryptocurrency. Users have noted that the standard markup for buy trades is a surplus 1.5%, whereas sell trades offer roughly a 1.3% premium.
Depending on your deposit method, there may also be small deposit fees when paying into your BitPanda account. This is highlighted in the payment method section above.
What are the withdrawal and deposit limits?
The withdrawal and deposit limits on Bitpanda depend on your verification level. If you are an unverified user, you will not be allowed to make any deposits with fiat currency. However, you are allowed to make fiat withdrawals if you wish. This can be done by initially depositing cryptocurrencies into the Bitpanda wallet, and selling them for fiat currency.
However, once users submit their proof of identity documents and have them approved, they can start to access higher deposit and withdrawal limits. The limits also depend on the specific payment method used to deposit or withdraw fiat currency. Here is where you can find the full list of limits, separated by currency.
Summary of Bitpanda exchange
Bitpanda stands out as a simple exchange to help you buy and sell a wide range of cryptocurrencies using several fiat currency options if you are a user operating from the EU (and the UK). This is because they offer more options than competitors such as Coinbase. Additionally, Bitpanda also allow the option of depositing and withdrawing fiat currency with electronic wallets.
Bitpanda also offers good security with its online wallet, given that it allows for 2FA security and is SSL encrypted. Users might have to consider whether or not their offered prices are competitive relative to other exchanges or brokerages, but there’s nothing noticeably extortionate or out-of-the-ordinary about the fees and markups on Bitpanda.
Bitpanda offers an online wallet for your cryptocurrencies, enabling you to trade them on the platform. This is automatically created upon making your first purchase. As such, you can use it just like you would use any other online wallet to transfer your cryptocurrency or fiat assets.
However, it is suggested that users only keep their funds within Bitpanda’s wallets if they are intending on making a trade, as an online wallet is always the less secure option in comparison to cold storage hardware wallets. Furthermore, the wallet can only be accessed through a web-browser, without a dedicated mobile app.
What are the security features?
Bitpanda’s wallet is accessed through the web browser, which is SSL encrypted. On top of this, user’s can enable Two-Factor Authentication (2FA), giving users additional security and control over the online wallet.
The wallet is also integrated with SegWit (SegregatedWitness). Segwit basically means that that the digital signature in a given block of transactions has been moved (segregated). This helps reduce cases where unscrupulous recipients can intercept and modify the transactions of the sender in a bid to gain even more coins.
Are there fees?
There are fixed wallet deposit and withdrawal fees imposed by Bitpanda for every different cryptocurrency transacted with. All the relevant information, including a full breakdown of fees and limits can be found on Bitpanda’s website.
Additionally, users will usually incur a network transaction fee when moving cryptocurrencies in and out of their wallets. This is not connected to Bitpanda, but to the maintenance of each cryptocurrency’s blockchain; the level at which it’s set depends on the coin, but typically equates to an amount under £2 worth of crypto.
What are the deposit and withdrawal limits?
There are no maximum withdrawal and deposit limit for cryptocurrency transactions made with the Bitpanda wallet. However, there are minimum deposit and withdrawal amounts. The minimum deposit amount for BTC, BCH, DASH, ETH, and LTC is 0.001 of the coin/token. For KMD, XRP, and XLM, it is 1 of the coin/token.
The minimum withdrawal limits are different for each cryptocurrency, and change often, so be sure to look at Bitpanda’s website to see an updated list.
Summary of wallet
The Bitpanda wallet, just like any other online wallet is meant to help you store your funds after purchase. The exchange automatically creates a web-based wallet for your funds, where you can transfer coins in and out of your wallet address as desired. Despite the security features, such as 2FA and SegWit (as explained above), users should still be wary that their funds are stored in an online wallet, which is much less safe than alternatives such as hardware wallets. It is advised that users move funds that they wish to keep secure elsewhere, and only keep funds on their Bitpanda wallet that they wish to trade with.
Bitpanda extra features
Bitpanda to go
This is a revolutionary service from Bitpanda that allows its customers to buy a prepaid card offline, which can later be redeemed online in exchange for cryptocurrency. The service currently operates in Austria only, but might see expansion to other countries and locations in the future.
Bitpanda is meant for those looking to invest very large amounts, upwards of €1,000,000. Simply put, Bitpanda Plus caters to customers who may wish to increase their transaction limits above the regular default limits. You can apply for this program either by filling an online form or through an OTC service.
Bitpanda is a solid brokerage platform, designed intuitively and easy to use for all levels of customers. It allows for the buying and selling of various cryptocurrencies, and investors wishing to trade with very large amounts of fiat currency might wish to look at the Bitpanda Plus program.
The brokerage is secure and is paired with an online wallet, which has several notable security features, such as SegWit. The platform has not suffered from any serious security breaches, and is generally well regarded amongst its users.
The only issue to be aware of is that the trading fees associated with the buying and selling of cryptocurrency do not give a clear indication of how much of a premium Bitpanda takes from individual transactions, as their fees are built into their own listed prices of cryptocurrencies.
Decided to register a Bitpanda account? Great, here’s how it’s done:
- On the Bitpanda Website, head to ‘sign up’
- Provide your email address, solve the captcha code and click on ‘register’
- A link will be sent to the provided email, click on this link.
- Set up your passphrase (use a secure passphrase that includes lower and upper case letters, numbers and special characters)
- Accept the terms and conditions and click on ‘Finish registration’.
- You can now log in to your account using your email and passphrase.
- At this point, your account is unverified, which means you will have limited or no access to most features.
- If you wish to verify your account, click on the ‘Verification’ button on the left sidebar and enter the requisite details.
- Once your identity is approved, you can start to use Bitpanda’s features fully. Additionally, you may wish to enable 2FA security, which can be accessed through the ‘Settings’ button on the local menu.
- You’re now ready to buy and sell a range of cryptocurrencies on Bitpanda!