Bitpanda review: A safe, user-friendly crypto exchange

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This is an independent review of Bitpanda crypto exchange. We choose to review Bitpanda ourselves. Bitpanda did not influence this review. The review is by no means regarded as investment or financial advice.

Advantages

  • Compliant crypto exchange with a license to offer services in EEA and EU areas
  • Offer a variety of big coins and tokens including trendy Defi tokens, crypto indices, and precious metals
  • User-friendly to both beginners and experienced traders
  • Very compliant, high-security standards

Disvantages

  • Relatively high fees for purchase and sales
  • Fees are not transparent
  • Limited supported countries
  • Customer support needs to be improved
logo-800x200-EN bitpanda

Bitpanda review score: 4.6

Trustworthiness★★★★★
User-friendliness★★★★★
Variety of products★★★★★
Fees★★★★
Customer services★★★★



1. Overview of Bitpanda crypto exchange

Crypto exchange Bitpanda was founded in Vienna, Austria in 2014. The company is believed to have more than 1.3 million users. Bitpanda is one of the Euro’s leading compliant investment platform for retail investors that invests in Bitcoin, Ethereum, other digital assets, as well as precious metals such as gold, silver, and platinum. Apart from these traditional crypto assets, Bitpanda has also recently added the trendy Defi tokens, such as Kyber Network KNC, Band Protocol BAND, AAVE, Filecoin FIL, Uniswap UNI.

Bitpanda allows users to buy and sell cryptocurrencies, such as Bitcoin and Ethereum, as well as precious metals such as gold, silver, platinum.

The crypto firm will use the new capital to hire more staff and expand into foreign markets. Bitpanda plans to add 70 new employees, bringing the total number of employees to 300 by the end of this year.

Other prominent VCs that invested in crypto deals in 2020 include Digital Currency Group, A16z, which are also among the top active VCs in 2020, according to Ftpartners.

Crypto exchange Bitpanda is a licensed EU payment service provider. There have been growing numbers of crypto exchanges that look to raise extra capital to afford compliance costs and expand in international markets. With Bitcoin becoming more maintain stream thanks to the participation of large financial service providers such as SquarePaypal, Infidelity, more and more traditional investors look to join the market. In Germany, Börse Stuttgart also developed their own crypto exchange Bison app to cater to the growing demand of the market.


2. Review of Bitpanda’s product offerings

Popular crypto such as Bitcoin, Ethereum, Defi tokens

List of cryptocurrencies offered on Bitpanda platform:

Bitpanda review
Bitpanda's product offerings

Popular cryptocurrencies such as Bitcoin, IOTA, Ethereum, Ethereum Classic, Tezos, Pantos, NEM, Zcash, EOS, Ripple, Litecoin, Bitcoin Cash, Augur, Komodo, Chiliz, Chainlink, Basic Attention Token, Tether, Stellar, Cardano, Tron, USDC, Dash, OmiseGo, Cosmos, Lisk, Waves, Neo, Bitpanda Ecosystem Token, Ox, Godecoin, Ontology, Qtum, Vechain, Polkadot, Synthetic Network Token, Filecoin, Band Protocol, Uma, Ren

Defi coins: such as such as KNC, BAND, AAVE, FIL, UNI yearn.finance, Compound, Maker, Uniswap, Kyber Network

Metals: Gold, silver, Platium

Indices: Bitpanda crypto index 5, 10, and 25

Bitpanda currently offers three crypto indices: Bitpanda crypto index 5, 10, and 25.

Bitpanda Crypto Indices are regulated products. The prospectus ensures full transparency on all relevant aspects of the product and is externally audited.

Bitpanda review
Bitpanda crypto indices
Bitpanda crypto index 5, 10, and 25

Bitpanda crypto index 5

The allocation of the indices at the time of writing can be seen in the image below, with Bitcoin and ETH account for 38.82%, and 33.78%, respectively. The rest of the coins in this basket is XRP (15.49%), BCH (6.95%), DOT (5.06%). The coins and allocation of the index will be reviewed and rebalanced automatically once per month.

Bitpanda review
Bitpanda crypto index 5
Bitpanda crypto index 5 allocation

Bitpanda crypto index 10

The allocation of the indices at the time of writing can be seen in the image below, with Bitcoin and ETH account for 33.23, and 28.92%, respectively. The coins and allocation of the index will be reviewed and rebalanced automatically once per month.

Bitpanda review
Bitpanda crypto index 10
Bitpanda crypto index 10 allocation

Bitpanda crypto index 25

Some of the main coins in Bitpanda crypto index 25 can be the image below, with Bitcoin and ETH account for 23.55%, and 15.42%, respectively at the time of writing. The coins and allocation of the index will be reviewed and rebalanced automatically once per month.

Bitpanda review
Bitpand crypto index 25
Bitpanda crypto index 25

3. Review of Bitpanda crypto exchange’s services

Bitpanda swap

Bitpanda Swap allows users to instantly swap one cryptocurrency for another freely with wallet service included.

Bitpanda savings

Users can set up as many savings plans for any digital asset supported on Bitpanda. Users can also set up multiple savings plans for the same asset.

Fiat options and deposit methods

Can I deposit Fiat currencies into Bitpanda?

Bitpanda is both crypto to crypto exchange and Fiat to crypto exchange. It means users can deposit both cryptocurrencies and Fiat into Bitpanda to start trading transacting.

The list of cryptocurrencies offered by Bitpanda can be found in the list of the coins above.

For fiat options, users can currently deposit the following Fiat currencies into Bitpanda:

EUR, GBP, CHF, USD or TRY

Bitpanda Pro supports Euro (EUR) and Swiss Franc (CHF) deposits. There are three ways to deposit Euro (EUR) and Swiss Franc (CHF) to your Bitpanda Pro wallet:

Via bank transfer (SEPA)
Via credit card (VISA and Mastercard)
Directly from your Bitpanda wallet

Withdrawal

Can I withdraw fiat currencies from Bitpanda? YES!

Bitpanda Fiat Wallet feature allows users to sell cryptocurrencies to your Fiat Wallet and withdraw money at any time.

Currently, the following Fiat Wallets are available:

Euro (EUR)
US Dollar (USD)
Swiss Franc (CHF)
British Pound (GBP)
Turkish Lira (TRY)

Country limitations

As a compliant crypto exchange regulated under European laws and regulations, Bitpanda offers services to users from a limited number of countries allowed by their current licenses.

List of countries that whose IDs are accepted:

Make sure you hold a valid passport or ID from one of these countries before opening an account.

Argentina, Armenia, Australia, Austria, Belarus, Belgium, Bolivia, Bosnia and Herzegovina, Brazil, Bulgaria, Canada, Colombia, Croatia, Cyprus, Czech Republic, Denmark, Egypt, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Iceland, Ireland, Israel, Italy, Japan, Kuwait, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Montenegro, Morocco, Netherlands, New Zealand, North Macedonia, Norway, Oman, Peru, Poland, Portugal, Romania, Russian Federation, Serbia, Singapore, Slovakia, Slovenia, South Africa, South Korea, Spain, Sweden, Switzerland, Taiwan, Turkey, Ukraine, United Kingdom of Great Britain and Northern Ireland.


4. Review of Bitpanda ‘s fees and fee structure

Bitpanda offers some of the reasonable fees in the industry.

Transaction feesWith Bitcoin premiums at 1.49% (buy and sell), which is the industry’s norm. However, Bitpanda charges extra fees that are not clearly shown or disclosed.

Fiat deposit fees
Bitpanda charges different rates for deposit via different depositing methods.
Crypto deposit and withdrawal fees
Deposit fees for some main coins
BTC: 0,0001
ETH: 0,0005
USDT: 0,25
A list of deposit fees for all coins can be found here
Please notes these fees cannot be clearly found on the website.

5. The difference between Bitpanda and Bitpanda Pro

Bitpanda offers standard services and features to buy, sell, trade crypto, and digital assets easily.

Bitpanda Pro offers professional trading solutions, price matching capabilities and fully automated clearing, settlement, and netting processes.

Bitpanda is best for beginners. Bitpanda Pro is suitable for experienced traders who are familiar with the basic concepts of trading as well as professionals and institutions.


6. Is crypto exchange Bitpanda trust-worthy?

Bitpanda is a fully-compliant crypto exchange.

The crypto exchange obtained the Euro e-money license from the Austrian financial regulator- Austrian Financial Market Authority (FMA). The license was granted under the payment services directive 2 (PSD2) license, a contract that provides oversight of the operation of service providers in both the European Economic Area (EEA) and the European Union.

As such, Bitpanda is fully regulated under the European regulations for payment service providers. Bitpanda is few of the crypto exchange services out there that is licensed and compliant in the jurisdictions they operate.

Bitpanda has been trusted by more than 1,3 millions users in countries they offer the services.

No deposit and trade allowed before account verification

Unlike many other crypto exchanges that allow users to deposit and trade before ID verification, Bitpanda is strict in its compliance procedures. They do not allow users to deposit and trade before the account is verified with legally accepted documents done via digital ID verification tools such as ID now. We trust Bitpanda with its rigorous compliance approach.


7. Is Bitpanda crypto exchange easy to use?

Yes! Bitpanda is very user-friendly. We like the design of the apps and its simple and neat interface. If you like Fintech apps such as Revolute, N26, you will like Bitpanda app. Unlike Fintech and crypto apps from Asia, which are normally very rich in features and content, Bitpanda app is neat and clean, yet elegant. It is very very easy to navigate.


8. Review of Bitpanda crypto exchange customer services

In our experience, Customer services cater to inquiries within 15 minutes. So the response time is quick.

You can also send them a ticket via telegram.

However, the customer service staff we were interacting with did not seem to go the extra mile to cater to our needs and inquiries. There is still room for improvement.


9. How to open an account with Bitpanda crypto exchange?

You should only open an account with Bitpanda if you hold valid documents from one of the countries list above. Opening an account is very simple. Account verification. can be done within 15 minutes via digital ID verification tools. Once your account is verified, you can start depositing your crypto or Fiat and trade on Bitpanda website or app.

What is your experience with Bitpanda? Do you find our review of Bitpanda helpful? We strive to give you the best information we can. Please do let us know what we can do better. We love to hear from you! 🙂

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