Bitpanda Review 2018: Don’t use it before reading this!

BitPanda is a part of the “old guard” in terms of cryptocurrency exchange venues, having been established in 2014. It was formerly known as Coinimal, after its founding company Coinimal GmbH, headquartered in Vienna, Austria.

BitPanda is the perfect exchange venue for residents of UK and the European Union. As such, it has a limited reach in comparison to its competing sites, but it makes up for that with great service and ease of use.

In this BitPanda review, I’ll give you a detailed overview of BitPanda so that you can gauge whether to use it for your cryptocurrency trading purposes.


PART 1: Is BitPanda Safe?

BitPanda is a well-reputed and safe company to work with. This is true for three main reasons:

Coinimal GmbH, the founding company, was established in 2014. While that doesn’t seem too far back in the past, it’s enough for it to be a part of the trustworthy pioneers of cryptocurrency exchange.

Users and commenters generally have positive things to say about their experiences with BitPanda. They particularly praise the fast delivery and the responsive customer service.

For Starter or Bronze level transactions, BitPanda protects its customer’s accounts with the 2FA security protocol. And for the Gold level transactions, they require rigorous ID verifications on the part of the users.

PART 2: Trading Information

Cryptocurrencies Supported

BitPanda supports a wide range of cryptocurrencies such as Bitcoin, Ethereum, Dash, and Litecoin.

Currencies Accepted

BitPanda is meant only for use in UK and EU, and as such it only accepts EUR as a fiat currency.

Countries Supported

BitPanda works throughout Europe but it’s meant specifically for the EU countries. The following is a list of all of the countries that BitPanda works in:

• Austria

• Belgium

• Bulgaria

• Croatia

• Cyprus

• Czech Republic

• Denmark

• Estonia

• Finland

• France

• Germany

• Greece

• Hungary

• Ireland

• Italy

• Latvia

• Liechtenstein

• Lithuania

• Luxembourg

• Malta

• Monaco

• Netherlands

• Norway

• Poland

• Portugal

• Romania

• Slovakia

• Slovenia

• Spain

• Sweden

• Switzerland

• United Kingdom

Fees

BitPanda charges a transaction fee of about 5%, which isn’t quite as high as Coinmama with 6%, but nor is it as low as GDAX at 0.1%.

Payment Methods Accepted

EPA, SOFORT, Skrill, SEPA, Redeem Voucher, GIROPAY/EPS, and MasterCard/Visa.

Limits & Liquidity

BitPanda has a very comprehensive set of limits set on both buying and selling cryptocurrencies. Furthermore, the limits vary based on different verification levels — Starter, Bronze, Silver, and Gold.

To be eligible for the Starter version, you need to have a verified eMail address. The Bronze level requires a verified mobile number in addition to the eMail. The Silver level is yet to be activated. And the Gold level requires a government-issued ID which has been confirmed either through IDNow or verify-U.

To check out a chart of the daily, monthly, and total limits for buying and selling for the four levels, you can go to the BitPanda Verification page.

PART 3: How to use BitPanda?

In this part of my BitPanda review, I’ll give you a detailed overview of how to create a BitPanda Account and use it to start trading in Bitcoin and other cryptocurrencies.

How to Create a BitPanda Account?

Go to the BitPanda Website and click on ‘Sign Up’.bitpanda sign up

Enter your email address and click on ‘Register.’ bitpanda sign up 2

A verification link will be sent to the email address. Click on the link.

Create a strong password, accept the Terms and Conditions, and then click on ‘Finish Registration.’ 

Finally, you can login using your email and your password.

How to Buy Bitcoins at BitPanda?

You can use BitPanda for a whole suite of cryptocurrency related transactions and for trading purposes. Buying bitcoins at BitPanda is fairly easy and you can make the payment in EUR currency through a variety of payment providers — Visa/MasterCard, Skrill, Euro Wallet, SEPA, Redeem Voucher, SOFORT-Transfer, GIROPAY / EPS, and NETELLER.

For a detailed walkthrough on how to buy Bitcoins at BitPanda, you can watch the following video:

https://www.youtube.com/watch?v=yLk0MANzhr4

PART 4: BitPanda Compared (and other Alternatives)

BitPanda is a great cryptocurrency broker for those residing in the EU nations or the UK. However, it’s not accessible on a global scale. As such, if you’re outside the EU, then you might want to consider global alternatives such as Coinmama or Coinbase.

Furthermore, BitPanda also incurs a strong transaction fee on all buying and selling activities. At 5%, it’s definitely in the higher reaches of transaction fees. For beginners, the user-friendliness of the venue makes it worth while. However, if you’re a serious cryptocurrency trader, you should look at alternatives such as Bitstamp, CEX.IO, or GDAX.

Below is a comparative table of the different cryptocurrency exchange brokers so that you can make an informed decision.

ExchangeReviewsFeesSecuritySupportPurchase
Coinbase
Coinbase
Coinbase Review3.75%GreatEmail+ Coinbase “Community”Buy
Binance
Binance
Binance Review0.1%GreatEmailBuy
LocalBitcoins
LocalBitcoins
LocalBitcoins Review1.0%GoodQuick responses to online support ticketsBuy
Paxful
Paxful
Paxful Review0% from buyer, 1% from sellerGoodForum,live chat and email.Buy
bitpanda
BitPanda
BitPanda Review1.0% to 4.0%GoodEmailBuy
CEX.IO
CEX.IO
CEX.IO Review0.5% to 2.0%GreatEmailBuy
Coinmama
Coinmama
Coinmama Review6.0%GoodEmailBuy
bitbond
Bitbond
Bitbond Review1.0% to 2.5%GoodEmailBuy

PART 5: BitPanda Review Conclusion – Is BitPanda a Good Choice?

In conclusion, BitPanda is a great option for residents of EU and the UK who are starting off with cryptocurrency trading. It’s safe, trustworthy, and has a great customer service. However, for those residing anywhere else in the world, you need to look elsewhere. And for those who engage in mass-scale trading, you should look for alternatives with a lower transaction fee, as mentioned earlier.

I hope you found this BitPanda review to be insightful. Please feel free to comment down below and let us know about your experiences with this exchange venue.

6.5 Total Score
Okay

Bitpanda is a great exchange platform for residents of the EU. However, for everyone else, you should look elsewhere.

Security
6
Ease of Use
8
Support
7
Compatibility
5
Price
6
PROS
  • Great for residents of EU.
  • User-friendly.
CONS
  • Doesn’t have good global reach.
  • High transaction fees.
User Rating: 5 (1 votes)