Bitpanda Cryptocurrency Exchange Review

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Bitpanda History

Bitpanda is an Austrian startup that specializes in buying and selling digital currencies. Its founders have supported the development of cryptocurrencies since their emergence.

Their work did not end with the study of the problem. The founders managed to convince Austrian authorities of the need to create a reliable exchange where everyone could buy cryptocurrency and not worry about the safety of their money. The cooperation between the startup and the authorities culminated in the appearance of the Bitpanda crypto exchange in October 2014. Officially, Bitpanda crypto-exchange is registered in the territory of the European Union – in Vienna.

Specifics of Work on Bitpanda

At the moment, 6 cryptocurrencies can be traded at this crypto marketplace:

  • Bitcoin,
  • Ethereum,
  • Dash,
  • Litecoin,
  • Bitcoin cash,
  • Ripple.

Service offers a wide range of payment methods. Here you can buy cryptocurrencies through Visa/MasterCard, Neteller, Skrill and bank transfers.

Basically, the crypto platform has standard functionality. But there are a few little things that make the work more enjoyable. For example, here you can buy cryptocurrency for Amazon gift certificates or with a credit card. For businesses, Bitpanda has developed a special program that significantly increases daily transaction limits. However, it is suitable only for the impressive volumes of trading – over €1 million.

The exchange activity does not end only with trading. So, just recently the service announced the launch of the ICO of its project called Pantos. Its main goal is to build a “bridge” between different blockchains, allowing different projects to exchange tokens.

There is also an unpleasant feature of this crypto-platform. Anyone in any country can sell cryptocurrency there. But only EU residents can buy.

Registration and Verification on Bitpanda

To register, go to the official site of the exchange and click on Sign Up. The exchange will ask you to specify the e-mail, which will receive a letter of confirmation. After verifying your email, you’ll need to think up a password and log in to your account again.

Verification on Bitpanda allows you to purchase cryptocurrency. Moreover, the daily trading and withdrawal limits depend on the level of verification. So, now there are three stages of identity verification:

  • initial,
  • bronze
  • gold.

At the first, the daily selling limit is €1000, the monthly limit is €7500. It is not possible to buy cryptocurrency. But to pass it, you just need to verify your mailbox.

You can buy cryptocurrency at the next level – bronze. Here you will need to verify your cell phone number. This option is available only for EU residents.

The last level is gold. It includes all the requirements of the previous levels. In addition, you will have to confirm your identity through the IDnow Video-Ident video service. But after that, the limits increase significantly, and the purchase of cryptocurrency can be done through a credit card.

Withdrawing and Depositing on Bitpanda

Depositing an account on the exchange is incredibly easy. To do this, go to the account settings, and go to the Wallet section. Here you need to choose a cryptocurrency, for example, Ethereum and click Create deposit address.

Exchange will generate a wallet address. You will need to send the cryptocurrency to it. On the same tab you can withdraw the cryptocurrency. To do this, click Send and enter the recipient’s address. To deposit fiat money, go to Euro Wallet section and click on Deposit. Then choose how you want to deposit. On choice you can choose between several payment systems and wire transfer. After that we confirm the transfer. Withdraw fiat currency works in the same way.

But how do you trade? There is only one type of order on Bitpanda – market. Within it, buy and sell operations take place at the market price. In order to buy or sell cryptocurrency we click on Buy or Sell. Then choose a cryptocurrency, transaction amount, payment method and confirm the transaction.

Bitpanda Commission

The crypto service claims that all fees are already included in the price of buying or selling cryptocurrency. But it doesn’t disclose what these fees are and how much they cost to a crypto investor. Also, when depositing an account via bank transfer, you can “run into” a commission of a financial institution. It depends on each particular bank.

In addition to the limits related to the verification of the cryptoinvestor, the platform establishes the minimum amounts of withdrawal and deposit of cryptocurrency. Thus, the minimum amount for cryptocurrency deposit is 0.001 BTC. Moreover, if the amount is less than 0.25 BTC, you will have to pay a commission of 0.00080 BTC. The minimum withdrawal amount is set for each cryptocurrency:

  • Bitcoin – 0.0025 BTC;
  • Ethereum – 0.02 ETH;
  • Litecoin – 0.05 LTC;
  • Dash – 0.01 DASH;
  • Bitcoin Cash – 0.01 BCH;

Security on Bitpanda

Cryptoservice is concerned about customer security. That’s why it implemented a two-factor authentication system and constantly monitors crypto-investors’ activity. And to prevent hackers from getting to the cryptocurrency, Bitpanda stores funds in “cold” vaults, that is, offline. That’s why even if intruders manage to break through the security systems, they won’t manage to get all investors’ funds.

Pros
  • ease of use;
  • platform security;
  • publicity of the owners;
  • good customer support service.
Cons
  • a limited number of deposit and withdrawal methods;
  • higher-than-average commissions;
  • a relatively small number of traded cryptocurrencies;
  • focus on European market (frequently, Bitpanda does not let the citizens of CIS countries pass through verification).
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