Users from outside the supported countries can use a Bitpanda wallet to receive cryptocurrency deposits and then trade freely, but they can only withdraw fiat currency by using USD and EUR through limited payment methods.
Bitpanda is designed to be a simple platform that is accessible to people new to the crypto space, with a variety of helpful guides and resources covering all their services.
Bitpanda states on its website that:
Bitpanda is known for having one of the largest ranges for payment options in the industry, supporting a wide variety of traditional and online payment services for people from different countries.
If Bitpanda sounds like it might be the right crypto exchange for you, then read on for further details about this exchange and the services it provides.
In this Bitpanda review, we’ll briefly cover the basic facts about the exchange, the main features that make it stand out from the competition, the registration and verification process, its fees, and then a quick pros and cons list to summarize how it all stacks up.
Let’s get started!
|Coinbase Facts Sheet|
|Number of Fiat Currencies Traded:||4|
|Number of Cryptocurrencies Traded:||24|
|Number of Countries Supported||54|
|Number of Fiat Currencies Supported:||All|
|Account Size Limits:||Yes|
|Spending Limit Periods:||Yes|
|Trading Fees:||1.49% purchase & 1.29% sale fee|
|Deposit/Withdrawal Fees:||Negligible or free for cryptocurrencies, free for fiat|
Bitpanda offers a robust set of services, and some of its main benefits can be seen in the screenshot below:
The wide range of tradable coins available, the low transaction costs and fiat currency support will make Bitpanda an attractive platform for many crypto investors.
Let’s take a look at Bitpanda’s main features in a little more detail.
A Large Number of Different Payment Options
One of Bitpanda’s strongest features is its huge range of payment options.
From bank transfers to credit cards (VISA, Mastercard) to several major online payment systems (Zimpler, Skrill, Neteller), transferring fiat to and from Bitpanda is extremely easy, cheap, and flexible.
Low Transaction Costs
At 1.49% for a purchase order and 1.29% for a sale order, Bitpanda has some of the lowest transaction fees in the industry.
The Low transaction costs for fiat-to-crypto and crypto-to-fiat trades makes Bitpanda an excellent on-ramp and off-ramp between the crypto world and fiat world.
24 Tradable Cryptocurrencies
Bitpanda currently has 24 cyptocurrencies available to buy, sell, and trade on its platform.
Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Pantos (PAN), Bitcoin Cash (BCH), IOTA (MIOTA), Litecoin (LTC), Komodo (KMD), EOS (EOS), Dash (DASH), OmiseGO (OMG), Augur (REP), Stellar Lumens (XLM), 0x (ZRX), NEM (XEM), ZCash (ZEC), Tezos (XTZ), Cardano (ADA), NEO (NEO), Ethereum Classic (ETC), ChainLink (LINK), Waves (WAVES), Lisk (LSK) and Tether (USDT).
Bitpanda offers users a very smooth and flexible interface for moving both fiat and digital assets within the Bitpanda wallet and performing cryptocurrency transactions with other Bitpanda users or wallets outside of Bitpanda.
Registration and Verification
Non-verified accounts can receive crypto deposits and perform internal and external crypto transactions while paying only small transaction fees.
They can also withdraw fiat currency in USD and EUR using a small number of payment processing services. However, these withdrawals have low daily value limits.
Users who wish to enjoy the full range of Bitpanda’s services can choose to verify their accounts through a short process, requiring only a simple ID verification.
However, Bitpanda’s verification process is also outsourced to third parties who require video verification, which may be technically inconvenient, uncomfortable, or an invasion of privacy for some people.
However, overall, the verification process is pretty fast, as compared to other exchanges.
Some payment methods also require a deposit verification.
Users who wish to bypass Bitpanda’s account size and spending period limits can apply for Bitpanda Plus, a more exclusive service with fewer restrictions and higher verification and approval requirements.
The Bitpanda Global Exchange and Digital Asset Investment
The Bitpanda Global Exchange is a new offering by Bitpanda which offers both crypto-to-crypto and fiat-to-crypto trading. Fiat deposits are available on the exchange in Euro, Swiss Franc, and GBP. The launch of Bitpanda Global marks the first offering from Bitpanda, which is a truly advanced exchange.
Based out of Vienna, Austria; Bitpanda Global offers incredibly low maker and taker fees, as low as 0.05%, with 25% off fees if traders use the BEST token – which we explain in more detail below. Traders in over 54 countries can access Bitpanda Global; however, the exchange is closed for traders from the USA and China. Traders can deposit through SEPA transfers and bank transfer.
The Bitpanda Global exchange has been tailored to institutional traders, professionals, and ambitious daily traders. The exchange was built with scalability and reliability in mind.
Likewise, regular and professional traders can integrate their accounts with external trading software and trading bots through Bitpanda’s state-of-the-art API.
As part of Bitpanda’s push to make investing in digital assets and traditional assets as easy as ordering a pizza, investors will also be able to purchase Bitcoin easily, digitized gold and silver, and other assets from the mobile or desktop.
Bitpanda’s gold and silver trading are 100% backed by real precious metals stored in a Swiss vault. The platform, aimed at millennials and open traditional finance products to a 21st-century market, is tearing down the barriers to an easily managed personal finance portfolio.
The Bitpanda Ecosystem Token
Launching alongside the Bitpanda Global exchange is The Bitpanda Ecosystem Token or BEST. The BEST token is the new fuel for the enhanced Bitpanda Ecosystem, offering its holders exclusive rewards and perks, such as reduced fee trading.
In addition to a 25% fee reduction for BEST holders as we’ve discussed, token holders will also gain priority access to Bitpanda’s new IEO service – Bitpanda Launchpad. BEST has a total supply of just 1 billion tokens, with 50% of this available for public sale. The fee reduction will be available for 5 years.
Bitpanda has an extremely competitive fee schedule.
Bitpanda’s fees include percentage transaction fees for fiat-to-crypto and crypto-to-fiat trades, a dynamic fee for crypto-to-crypto trades and flat fees for crypto transactions.
Buying and Selling Fees
Bitpanda has highly competitive transaction fees for fiat-to-crypto (1.49%) and crypto-to-fiat (1.29%) trades.
Fiat Currency Deposit and Withdrawal Fees
Bitpanda does not have deposit and withdrawal fees for fiat currencies. However, payment service providers may charge their own fees, including fiat currency conversion fees for fiat currencies that are not directly supported by Bitpanda.
Cryptocurrency Deposit and Withdrawal Fees
Bitpanda’s flat fees for straight cryptocurrency transactions are extremely low and based on each individual coin. These fees are often waived completely for transactions above a certain value.
Cryptocurrency Conversion Fees
The Bitpanda Swap feature allows users to make direct crypto-to-crypto conversions within their Bitpanda wallet.
The fees are dynamic and automatically included in the transaction.
Pros and Cons
Now that we’ve covered all the key details about Bitpanda let’s summarize what we’ve learned in the simple pros and cons list.
- Highly flexible cryptocurrency transaction platform
- Large range of payment options
- Very low fees
- Quick verification method
- Cryptocurrency transactions without verification
- Simple interface with many guides and tutorials
- Verified accounts limited to some European countries only
- Video verification may be technically difficult or intrusive for some users
- A decent set of coins supported, but still a small number compared to some exchanges
- Daily, monthly and account limits
Bitpanda’s somewhat unique combination of services and features makes it an ideal choice for a number of different crypto user types:
- Bitpanda is easily among the best platforms for European users looking to manage their digital assets in one convenient location with low transaction costs. The flexibility and range of services offered by Bitpanda make it a one-stop-shop for cryptocurrency users, as long as all your coins are among the 28 major cryptocurrencies that it supports.
- Bitpanda is also an excellent choice for users looking to make quick and easy purchases of major cryptocurrencies using a wide variety of different payment options, including online payment systems and credit cards. This feature is rare among crypto exchanges, and Bitpanda is extremely competitive in this regard.
- Finally, Bitpanda serves as an effective crypto investment platform for someone looking to buy, sell, and swap cryptos. While Bitpanda offers fewer cryptocurrencies than some exchanges, its interface, low transaction fees, and fiat currency support are more than enough for many crypto investors.
Overall Bitpanda is a solid choice and one of the better cryptocurrency exchanges in general. It’s an excellent option for Europeans, and with its new global exchange, it’s also a great choice for many around the world.
Hopefully, this review helped to answer your questions around this cryptocurrency exchange, so you can decide for yourself if Bitpanda is the right choice for you.