BitPanda cryptocurrency broker review – May 2018

BitPanda Cryptocurrency Exchange

• Buy BTC & ETH instantly
• Secure environment
• Free bitcoin wallet
• 24/7 service

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BitPanda makes buying and selling cryptocurrency quick and easy through a credit card or bank transfer.

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 and Ethereum.

BitPanda, which began as Coinimal in October 2014, offers sell-side services worldwide. However, only European members can buy cryptocurrency at this time. We encourage Australian traders to monitor the website for signs of future expansion.

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. 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
• Dash

BitPanda also indicated in a blog post that Bitcoin Cash deposits have been separated and placed in cold storage.

The website also quotes Litecoin prices, so users should watch the platform for expanded crypto offerings.

Available countries

Sell-side services are available globally, but only European residents can buy cryptocurrency on BitPanda.

Which payment methods are accepted?

BitPanda offers you ten payment options, putting it among the world’s most accessible cryptocurrency exchanges. The payment options are:

How much will it cost me to use BitPanda?

BitPanda tacks on fees to your buy price when you purchase cryptocurrency. Some users of BitPanda have verified that the broker offers lower fees, although the fee structure is not disclosed publicly.

At 5%, BitPanda’s credit card fee is significantly higher than other exchanges, such as Coinbase (3.74%) and CEX.IO (3.5%).

If you are selling cryptocurrency, you must also add a miner fee onto the sale price to ensure that BitPanda processes it.

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, based on them.

• Verified email. Accounts verified through email cannot buy bitcoin, but can sell the equivalent of EUR1,000 in tokens each day and up to EUR7,500 per month.

• Verified phone number. By verifying your phone number, you can buy cryptocurrency with any payment method, excluding credit card. You are allowed to buy up to EUR50 per day.

• Verified ID. Full verification gives you the ability to buy the equivalent of EUR350 in cryptocurrency per day and up to EUR10,000 per month. Credit card restrictions are also waived.

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 with your name and email. This support ticket capability is available on all pages of the website.

Pros and cons

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

• Do I have to add a mining fee to cryptocurrency sales?

  Yes. If you are selling cryptocurrency on BitPanda, you must include a miner fee to ensure your transaction is processed in real time.

• I’m an Australian resident. Can I still use BitPanda?

  Customers worldwide can use BitPanda to sell cryptocurrency. However, buying cryptos is limited to European residents at this time.

• How are cryptocurrencies priced on the BitPanda platform?

  BitPanda charges the market rate on all cryptocurrencies, plus a small surcharge. The payment method you choose determines how much you’ll pay in fees for the order.

Image source: BitPanda