What is Bitpanda?
Bitpanda is an online broker specialising in the buying and selling of cryptocurrencies. As a fully automated platform, Bitpanda works efficiently to process and confirm payments at the quickest possible pace.
The broker is a trusted brand in the cryptocurrency space, having won a startup award in October 2016. This also partly explains the company’s sharp expansion throughout Europe over the past three years.
What cryptocurrencies can I buy/sell?
Bitpanda provides access to the following cryptocurrencies:
- Bitcoin
- Ethereum
- Litecoin
- Dash
- Bitcoin Cash
- Ripple
Available countries
Sell-side services are available globally via NETELLER and SKrill, but only European residents can buy cryptocurrency on Bitpanda.
Which payment methods are accepted?
Bitpanda offers you several payment options, putting it among the world’s most accessible cryptocurrency exchanges. The payment options are:
- Credit card (Visa, Mastercard)
- SOFORT transfer (only available in these countries)
- EPS
- Giropay
- Neteller
- Skrill
- OKPAY
- Online Bank Transfer
- SEPA
How much will it cost me to use Bitpanda?
When buying and selling cryptocurrency through Bitpanda, you’ll need to be aware of the following fees:
- Buying fee: 1.49%
- Selling fee: 1.29%
Note that trading fees are already included in platform prices.
You may also need to pay a fee when you deposit funds into your account, but fees are waived on larger deposits. This fee structure is outlined in the table below.
| Currency | Minimum deposit amount | Free deposit if amount is greater than | Deposit fee |
|---|---|---|---|
| Bitcoin (BTC) | 0.001 BTC | 0.05 BTC | 0.0001 BTC |
| Ethereum (ETH) | 0.001 ETH | 0.1 ETH | 0.0005 ETH |
| Dash (DASH) | 0.001 DASH | 0.1 DASH | 0.0001 DASH |
| Litecoin (LTC) | 0.001 LTC | 0.1 LTC | 0.0001 LTC |
| Bitcoin Cash (BCH) | 0.001 BCH | 0.01 BCH | 0.0001 BCH |
| Ripple (XRP) | 0.1 XRP | 0.1 XRP | 0 XRP |
How fast will my funds be available?
Transfer speeds are entirely dependent on your payment method. If you decide to buy bitcoin with SOFORT, Neteller, EPS or online bank transfer, your coins will be available immediately.
SEPA payments usually take one business day to finalise the transaction.
Users are encouraged to check the status of their orders at any time in the “History” section of their live accounts.
Are there any transfer limits?
Each Bitpanda account has a specific limit placed on transactions. Like other exchanges, this limit is based on your verification status. Below is a breakdown of the verification methods and the amount of money you can deposit and withdraw.
| Payment method | Unverified account | Verified account |
|---|---|---|
| Online payments Daily limits Monthly limits Total limits | Deposit / Withdraw N/A / 1,000 EUR N/A / 7,500 EUR N/A / 30,000 EUR | Deposit/ Withdraw 10,000 EUR / 15,000 EUR 300,000 EUR / 300,000 EUR 1,500,000 EUR / 1,500,000 EUR |
| Credit card Daily limits Monthly limits Total limits | Deposit / Withdraw N/A N/A N/A | Deposit / Withdraw 2,500 EUR / N/A 75,000 EUR / N/A 500,000 EUR / N/A |
| Bank transfer (SEPA) Daily limits Monthly limits Total limits | Deposit / Withdraw N/A / 1,000 EUR N/A / 7,500 EUR N/A / 30,000 EUR | Deposit / Withdraw 500,000 EUR / 500,000 EUR 5,000,000 EUR / 5,000,000 EUR 100,000,000 EUR / 100,000,000 EUR |
Is it safe to use Bitpanda?
Bitpanda offers good security protocols, such as 2-factor authentication and ID verification to enable credit card payments.
However, more stringent verification requirements also mean that the broker is not as private as other platforms. This is the trade-off you need to weigh before working with any broker. At the same time, a lack of HD capability also reduces Bitpanda’s privacy standards.
Customer support
Since the Bitpanda platform is fully automated, the support team has greater flexibility to respond to questions. If you have an issue, you can submit a ticket directly on the website’s helpdesk with your name and email. This support ticket capability is available on all pages of the website.
Pros and cons
Pros
- Fully automated platform with instant transactions
- A wide variety of payment options
- Good for beginners
Cons
- Fees are not disclosed publicly
- Buying cryptocurrencies is limited to European members
- Not open source
- Lack of hierarchical deterministic (HD) and multi-signature protocols raises some concern over privacy and security
Get started
If you want to give selling cryptocurrency on Bitpanda a try, head over to the Bitpanda website and select “Get Started”. Here, you’ll be prompted to register before getting started on your cryptocurrency venture.
Frequently asked questions
Image source: Bitpanda