Bitpanda review – Fees, Digital Assets, Gold & more

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Bitpanda is a top cryptocurrency exchange in European countries. Catering to customers in a myriad of ways. Whether you are looking for an exchange to buy and sell crypto or invest in precious metals like gold, Bitpanda has something for everyone.

Our Bitpanda review will examine what the exchange offers, and you can benefit from.

Bitpanda Background

Founded in 2014 by Eric Demuth, Paul Klanschek, Christian Trummer and is headquartered. Some may remember Bitpanda from their former company name Coinimal. Bitpanda went through a massive rebranding back in 2016 offering a load of different services.

Bitpanda has grown from this rebranding to become Europe’s top retail broker for buying and selling crypto. The team is headquartered in Vienna Austria and has expanded its reach worldwide. Boasting over a million users who utilize its platform.

What is Bitpanda

Bitpanda is a brokerage and doesn’t operate like other third-party exchanges. The platform provides coins like Bitcoin directly to the users. Acting as an intermediary between the cryptocurrency market to facilitate the buying and selling of digital assets.

Like Coinmama, Bitpanda offers a myriad of ways to buy or sell cryptocurrencies. Intern for providing these services users can expect to pay a premium for using the platform. Prices are set by Bitpanda and users are not beholden to current market prices.

The scope of their services does not stop here Bitpanda has a lot more up its sleeve. So, what does Bitpanda offer this steadily growing user base?

What is Bitpanda Offering

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Bitpanda offers a vast number of different services to its users. Services can range from traditional offerings like buying and selling Bitcoin to Bitpanda metals. Users can even exchange fiat currencies for Bitcoin, Ethereum, Litecoin, and other cryptocurrencies directly. We listed some of its many offerings below:

Bitpanda Swap – You can make instant exchanges with your digital assets for another. The process is simple and there’s no limit on the number of swaps users can make. Choose the defined cryptocurrency you want to be swapped and your good.

Bitpanda Savings – With a recorded 10-figure annual trading volume the team gives users a quick and easy way to save their crypto. You can build a portfolio for digital assets and invest automatically. You can choose a number of different investment styles, set up multiple savings plans, and cost average your way into popular coins like Bitcoin.

Bitpanda Metals – With this service you can invest in precious metals like gold, silver, palladium, and platinum. The metal purchased shares of real gold and silver bars. Bitpanda can do this with their partner Pro Aurum and Philoro. Interestingly, users can even swap these precious metals for other digital assets.

Crypto Index – Users can invest in Bitpanda’s crypto index. You can choose from three indices with various digital assets top 5, 10, or 25 cryptocurrencies. The index is one of the first of its kind out there. The hope of these indices is to increase exposure to other coins without the fear of FOMO.

Bitpanda Ecosystem Token (BEST) – With this BEST users can benefit from a range of rewards, perks, and discount premiums. Just by being a verified Bitpanda user, you’ll have access to BEST Rewards.

Bitpanda Card – You can spend your crypto with the Bitpanda Card. This also includes metals and other assets found on the platform. It is a Free Visa debit card that can earn you Bitcoin cashback with every purchase. The card has not been released but it’s currently available for pre-order.

Bitpanda Pay – This service allows you to pay rent, send money to friends, and shop using a Bitpanda account. There are several digital assets available with more to come in the future.

Bitpanda Plus – Is an exclusive service for Bitpanda users looking to trade at larger volumes beyond your default limits. Additionally, you’ll receive an account manager, exclusive discounts, and reduced trading premiums.

Bitpanda GO – Users with a verified account can redeem vouchers to buy their favorite crypto with Euro. You can purchase these cash-equivalent vouchers at local post offices all throughout Austria. Codes being purchased can range between €50 to €500.

Bitpanda Pro – Although Bitpanda sees itself as a broker it does offer users an opportunity to get exposure in the market. Bitpanda Pro is an exchange meant for professionals and businesses looking to trade and connect to Bitpanda API. Users can have both a normal Bitpanda account and Bitpanda pro.

Best Way To Get Started With Bitpanda

With a load of different services, you may be asking ” where do I start?”. The first step is creating a Bitpanda account.

Make An Account

Users must create their own personal accounts to gain access to Bitpanda services. They will require your Email, Username, Password, etc. Through the sign-up process, two-factor authentication can also be created for additional security.

Verify Your Account

Bitpanda does have a verification process, it’s a requirement for both Bitpanda and Bitpanda Pro. Verification consists of the user providing some personal information like a passport, Id Card, and video identification. All this is done by third party Bitpanda partners.

Get started!

Once the account has been created and verified users can begin to deposit money and gain access to other services. Users can deposit and withdraw fiat via bank transfer, credit cards, and online payment providers like SOFORT, iDEAL, NETELLER, Skrill.

Bitpanda Supported Cryptocurrency

Bitpanda supports several major cryptocurrencies and ERC 20 Tokens, the full list can be spotted Here. We also highlighted a few of those coins and tokens below:

  • Bitcoin
  • Litecoin
  • Ethereum
  • Dash
  • Ripple (XRP)
  • Bitcoin Cash
  • Komodo
  • IOTA
  • EOS
  • Pantos
  • OMG Network
  • Augur
  • Stellar
  • 0x
  • NEM
  • Zcash
  • Tezos
  • Cardano
  • Neo
  • Ethereum Classic
  • Chainlink
  • Waves
  • Lisk
  • Tether
  • USD Coin
  • Tron
  • Dogecoin
  • Uniswap
  • Polkadot
  • Compound
  • Maker
  • Aave
  • Ren
  • Ocean Protocol

Is Bitpanda Available In The USA?

It’s pretty safe to say that Bitpanda isn’t fully available in the USA. We couldn’t find much to suggest anything contrary.

According to Bitpanda legal page, it states “Persons having US citizenship or being located in the United States may not become a Bitpanda Client”.

This due to regulatory reasons and laws can differ from varying jurisdictions. So where is Bitpanda accepted?

Supported Countries

As we stated earlier in this review, Bitpanda is a cryptocurrency platform that largely meant European audiences.

Although this doesn’t mean other countries like Canada, Mexico, Colombia for example can’t participate. For the most part, Bitpanda is open to all users but sets limitations on varying services.

The full list of countries where Bitpanda services are currently available can be found here.

Is Bitpanda Safe

Bitpanda is a reputable exchange and there haven’t been any major reports of hackings. The team at Bitpanda wanted to create a platform that is convenient and safe.

If your funds are being stored with Bitpanda, it’s being secured in an offline wallet. In addition, account holders need to make Two-Factor Authentication of their accounts.

Users can see active devices and sessions. Look at who logs out and close active sessions using another device. Also providing SSL encryptions establishing an encrypted link between a server and a client. The team doesn’t stop here, offering DDOS protection.

An important security component that gets triggered the moment there’s an attack. DDOS filters the traffic to ensure legitimate user traffic is not being messed with. 

As with any cryptocurrency platform, it’s never a bad idea to keep a high percentage of your funds in a cold storage wallet.

What’s Bitpanda Ecosystem Token

Bitpanda ecosystem token (BEST) is an initial exchange offering on the Bitpanda platform. The token is issued on Ethereum Blockchain as an ERC 20 Token.

Users owning and using BEST retain special offerings within the Bitpanda ecosystem. Holding BEST can discount on paying, trading, deposit, listing, or other fees.

Users must maintain a minimum BEST value to take part in these discounts. Holding a certain amount of BEST token puts users in tiered levels and each level nets you a higher percent on discounts and rewards.

Bitpanda VIP level Minimums:

Level 1 – 5,000 BEST

Level 2 – 50,000 BEST

Level 3 – 500,000 BEST

Bitpanda Fees

Bitpanda deposit fees and spot prices are competitive in comparison to other trading platforms. Withdraw fees on the other hand are higher and can fetch a pretty penny especially during big gains. No one likes losing gains to high fees.

Although Bitpanda fees aren’t easily found transaction fees are reasonable. With 1.49% in transaction fees Bitpanda remarkably low here in comparison to its rivals.

Fees are shown in real-time and are part of the price upon making trades.

Trades are unlimited for verified accounts. A complete list of credit card fees, transaction costs, and more can be found here.

We mentioned offerings and fees in the Bitpanda review but what about customer support?

Customer Support for Bitpanda

Bitpanda offers customers support in a few different ways the first is its help desk. The help desk offers loads of helpful articles to answer common questions users have.

Other methods of support are through Bitpanda’s chatbot and contact us ticket submission. Response times seem to vary on the severity of the ticket ranging from a few hours or more.

Bitpanda also has several social media community boards where users can get general questions answered.

Customers seem genuinely happy with the services that Bitpanda provides. As the company currently has an above 4-star rating on Trustpilot.

It’s not all roses and sunshine, users did take issue with frustrating withdrawal times, abnormally high fees, slow and lackluster customer support.

Conclusions – Bitpanda

Bitpanda is a beginner-friendly cryptocurrency platform with a robust set of offerings to keep advanced users entrenched. For folks in the EU, Bitpanda is a great alternative for users looking to deal with a crypto broker.

Brokers like Bitpanda can offer a suitable environment for users just getting started. Exchanging fiat currencies for cryptocurrencies, and vice versa can be done easily.

From bank transfers, credit cards, and online payment methods there’s a myriad of ways new users can get involved.

Advantages like set prices for crypto, reliability, and competitive fees on trades make Bitpanda a great choice. Not to mention Bitpanda Pro is an easy to use trading platform that fits advanced traders trading style.