Bitpanda – By the name you might think that it has something to do with China. But it is not the case because it is an Austrian broker specialized in online bitcoin betting that was born in 2014.
Here in the following, we are going to review of Bitpanda:
Bitpanda is a company founded in Austria in 2014, whose objective was to specialize in the purchase and sale of bitcoins and other cryptocurrencies. Similar to Kraken or Binance. Its foundation was accompanied by all the necessary steps with the authorities so that it became a regulated and secure website. By 2014, there was a great deficiency in this niche market, so three enthusiasts decided to develop the Bitpanda platform.
The project was born in a startup format with the work of its three founders and with the collaboration of the Austrian authorities. It provides trading of the main instruments of the cryptocurrency market, such as Bitcoin, Ethereum, Dash, Litecoin or Ripple. Read more about Bitcoin here.
However, we have to make it clear that this is not a cryptocurrency trading broker in the pure sense of the word. It is rather a platform for buying and selling them, with which we can buy or sell our Bitcoins through a large variety of methods.
What cryptocurrencies can I find in Bitpanda?
Currently, Bitpanda offers 6 cryptocurrencies. There are Bitcoin, Ethereum, Dash, Litecoin, Bitcoin Cash and Ripple. Additionally, the Pantos cryptocurrency will be included, a new Bitpanda token that will release soon.
Create an account with Bitpanda:
Creating an account with this cryptocurrency exchange provider is simple.
We will have to register, enter our email address, pass the “captcha” anti-spam control and then wait to receive the email. And we can confirm our account and enter our password. As we see it is very easy.
However, to verify the account, the issue will depend on the size of the account, ranging from “starter” to “Gold”, through Bronze and Silver.
For example, for the Starter level, we will not have to verify our mobile phone, but we will have to do it after our level is Bronze. That has a deposit limit of 50 Euros. So unless you plan to open an account with less than that amount and you will have to be prepared to verify the phone.
To familiarize yourself with the limits and requirements of this topic, you have to look closely at the limits page in Bitpanda.
How to buy cryptocurrencies with Bitpanda?
This is very easy because the Bitpanda website is very simple and intuitive and allows us to see the options we have to buy any of the cryptocurrencies we want.
Therefore, the cryptocurrency buying and selling service with this broker is very easy to make and seems quite safe.
Payment methods accepted in Bitpanda:
Bitpanda accepts several payment methods, becoming a good option in this regard. According to their level of verification, new methods and greater limits for the deposit of funds will open.
In this way, if you have the maximum level, you can use all these payment methods:
– Visa / MasterCard cards
– Wire transfer
– Redeemable Coupon
– Deposit in your cryptocurrency wallet
Bitpanda does not make its rate and commission scheme public, and this is one of the most common user complaints. However, the rates are according to the payment method selected. On the other hand, we have seen that the price of cryptocurrencies is higher than in other similar services.
Rates for deposits and withdrawals:
The commissions for withdrawals and deposits are not disclosing on a particular page but are shown at the time of making them. This is one of the most common complaints from customers, who realize that they have to pay a very high fee to make a small withdrawal.
According to the information that we have been able to collect, Bitpanda is not an ideal platform for those who want to invest small amounts (we would not recommend it for less than 100 Euro), since they would be very affected by the commissions.
The only public information we have been able to get is that the cryptocurrency deposit is free if you deposit at least 0.05 BTC, 0.1 ETH, 0.1 DASH, 0.1 LTC, 0.01 BCH, and 0.1 XRP.
For the deposit of cryptocurrencies, the following minimum amounts establish:
– Bitcoin: 0.001 BTC
– Ethereum: 0.001 ETH
– Dash: 0.001 DASH
– Litecoin: 0.001 LTC
– Bitcoin Cash: 0.001 BCH
– Ripple: 0.1 XRP
Bitpanda – Modern and intuitive:
It is a fairly common exchange platform, but it has some features that stand out.
It offers a modern and intuitive interface. Despite being a regulated platform, it allows small transactions to be made with just checking your phone number.
Conclusion and opinion of Bitpanda:
All in all, Bitpanda is an interesting option for those users who want to buy cryptocurrencies simply and quickly. It provides a wide selection of payment methods, which facilitates obtaining digital currencies. Also, it operates under-regulated companies, which offers a safe environment for users.
In addition, it is a stable and secure option to obtain cryptocurrencies. It provides a fairly friendly interface, with a variety of methods to deposit funds. However, its high commissions and trading limitations do not allow granting it an positive rating.
The characteristics of this platform make our Bitpanda review positive, but with many points that can be greatly improved.
In general, opinions about this exchange are positive, but users complain about their high commissions.