Bitpanda Cryptocurrency Exchange
- Buy bitcoin, Ethereum, Litecoin, Dash, Bitcoin Cash and Ripple instantly
- Secure environment
- Free cryptocurrency wallet
- 24/7 service
Bitpanda lets you buy and sell cryptocurrency with a credit card, bank transfer and other payment options.
Bitpanda is a European platform where users can buy and sell bitcoin and five other popular digital currencies. The Austrian-based company offers multiple payment options, a simple signup process and the ability to buy and sell cryptocurrency 24 hours a day, 7 days a week.
Bitpanda, which began as Coinimal in October 2014, offers sell-side services worldwide via Neteller and Skrill. However, only European members can buy cryptocurrency at this time. Keep reading to find out more about Bitpanda's features and to decide whether it's the right retail exchange for you.
| Product Name | Bitpanda Cryptocurrency Exchange |
|---|---|
| Fiat Currencies | EUR, GBP, CHF, USD |
| Cryptocurrencies | BTC, BCH, DASH, ETH, LTC, XRP, IOTA, KMD |
| Deposit Methods | Credit card, Debit card, Bank transfer, Neteller, SEPA, Skrill, SOFORT, Euro Wallet, Bitpanda To Go |
| 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
What is Bitpanda?
Bitpanda is an online broker specialising in the buying and selling of cryptocurrencies. As a fully automated platform, Bitpanda aims to process and confirm payments as quickly as possible.
The broker is based in Austria and has been operating in the cryptocurrency space since 2014. Bitpanda won the award for Best FinTech Startup at the 2017 Central European Startup Awards, and also has helped more than 850,000 users buy digital currency. In addition, it also allows its users to instantly send cryptocurrencies to other Bitpanda users for free.
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 via Neteller and Skrill are available globally, but only European residents can buy cryptocurrency on Bitpanda.
Which payment methods are accepted?
BitPanda offers ten payment options to its users:
- Credit card (Visa, Mastercard)
- SOFORT transfer
- EPS
- Giropay
- Neteller
- Skrill
- OKPAY
- Online Bank Transfer
- SEPA
- Bitpanda To Go (only available in Austria)
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%
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 account.
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 a range of security protocols to protect customer funds, including 2-factor authentication and ID verification to enable account deposits.
However, more stringent verification requirements also mean that the broker is not as private as other platforms that allow users to anonymously trade cryptocurrency. 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
If you have an issue with your Bitpanda account or a particular transaction, you can submit a support ticket directly on the Bitpanda 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
- Easy to use for beginners
- Supports 2-factor authentication
- Competitive fees for crypto-to-fiat purchases
Cons
- Buying cryptocurrencies is limited to European members
- Only 6 digital currencies available
Get started
If you want to give selling cryptocurrency on Bitpanda a try, head over to the Bitpanda website and select “Get Started”. You’ll then be prompted to register for an account, and make sure you remember to setup 2-factor authentication before you start trading.
Frequently asked questions
Image source: Bitpanda
