Bitpanda cryptocurrency broker review – October 2019

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Bitpanda makes buying and selling cryptocurrency quick and easy through a credit card, bank transfer and several payment options.

Bitpanda has quickly emerged as one of Europe’s most popular cryptocurrency brokers. The Austrian-based company offers a bevy of payment options, allowing traders to diversify in premier tokens such as bitcoin, Ethereum, Litecoin, Dash, Bitcoin Cash and Ripple.

4

Fiat currencies

16

Cryptocurrencies

Details

Product Name Bitpanda Cryptocurrency Exchange
Fiat Currencies EUR, GBP, CHF, USD
Cryptocurrencies BTC, LTC, ETH, DASH, XRP, BCH, KMD, MIOTA, EOS, PAN, OMG, REP, XLM, ZRX, XEM, ZEC, XTZ
Deposit Methods Bank transfer
Credit card
Cryptocurrency
Debit card
Neteller
Bank transfer (SEPA)
SOFORT
Trading Fee Fees vary
Deposit Fees None
Withdrawal Fees Fees vary

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
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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 as best Fin-Tech Startup. 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 note that 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
Go to Bitpanda's website

How much will it cost me to use Bitpanda?

For bitcoin, Bitpanda’s buying and selling fees are as follows:

  • Buying fee: 1.49%
  • Selling fee: 1.29%

Note that trading fees are already included in the platform’s prices for each coin.

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.

Go to Bitpanda's 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

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