• Bitpanda Review

Bitpanda Review

As we progress into the digital age, cryptocurrencies are starting to go mainstream. Almost everyone on the planet no knows what Bitcoin is, thanks to the bubble of 2017 and 2018. It seemed like everyone wanted a piece of the cryptocurrency markets a few short years ago.

However, the cryptosphere is still alive and well. With nearly $223-billion in assets across all coins and tokens in the sector, according to data from CoinMarketCap. However, one of the most common complaints involved with newbies getting into the market, is that they state its challenging to buy crypto, especially using credit or debit cards.

Some platforms don’t accept fiat currency deposits, and they don’t process withdrawals in EUR, USD, or any other national currency. Instead, you must buy assets using other virtual currencies. This process is a pain and somewhat confusing for newbies to the crypto markets.

Fortunately, there are a few companies out there that are trying to change this situation. Bitpanda is an example of such an exchange, paving the way for accepting fiat currencies on its platform.

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What is Bitpanda?

Bitpanda launched as “Coinimal” in 2014, before rebranding to “Bitpanda.” With a name like Bitpanda, we would excuse you for thinking that this is another Asian-based crypto exchange. However, the reality is that Bitpanda has its headquarters in Vienna, Austria, and it’s the leading exchange in Europe.

We discovered Bitpanda while researching the market, looking for ways to buy crypto in Europe using credit and debit cards. Bitpanda is the leading exchange in the Euro-block, with a reputation extending back to 2014.

This fully-automated platform allows for a seamless trading experience, delivering cryptocurrencies immediately after receiving your deposit.

Eric Demuth, Paul Klanschek, and Christian Trummer founded Bitpanda in 2014. The trio has a passion for cryptocurrency, and they decided to form the exchange in 2013 after the second Bitcoin wave that saw the price of BTC compare to the USD price of gold for the first time in history.

The trio had to jump through loads of red tape when opening and registering the business. However, in 2014, the company launched as “Coinimal,” and the rest is history.

Which Countries Can Use Bitpanda?

The trio responsible for creating the Bitpanda exchange specifically designed the exchange to assist Europeans in buying cryptocurrency. However, the exchange is available to all nations in the Eurozone, as well as Great Britain, Northern Ireland, Liechtenstein, Norway, Iceland, Switzerland, and Monaco.

Fortunately, international customers can also sign up with Bitpanda, but sending and receiving deposits or withdrawals requires non-European customers to use payment platforms like Neteller, Sepa, or Skrill to make transactions.

How Do You Start with Bitpanda?

Signing up for Bitpanda is more complicated than other exchanges that don’t follow international KYC and AML legislation. However, it’s not that challenging, and you can set up your account for approval in a few minutes if you have the right documentation on hand.

When starting on Bitpanda, you’ll need to open a personal account. You’ll need to enter your email address, your cellphone number, and some other personal information.

The most complicated part of the registration process is the video verification call. A representative from IdentityTM or IDNow will get in touch with you via video call to confirm if you are a real person or a bot.

It’s important to note that Bitpanda does not take drivers licenses as verified forms of photo ID.

Does Bitpanda Have a User-Friendly Interface?

Bitpanda has one of the cleanest and user-friendly interfaces available from any exchange. The colorful and intuitive design of the interface is easy to navigate, and you have access to your fiat wallets and crypto wallets from your dashboard. There are charts available for all of the cryptocurrencies, with real-time data.

What Kind of Payment Methods are Available on Bitpanda?

As mentioned, Bitpanda allows you to make deposits in USD and three other EU currencies, the Pound Sterling, Swiss Franc, and in Euros. The primary idea behind Bitpanda is to make it easy to buy, sell, and trade in cryptocurrencies in Europe.

You have multiple options for sending and receiving funds to and from Bitpanda. The Bitp[anda payments system supports the following systems.

  • Credit cards (MasterCard and Visa only)
  • SOFORT transfers
  • EPS transfers
  • Giropay
  • Neteller
  • Skrill
  • Online Bank Transfer (EFT)
  • SEPA
  • Bitpanda to go – Only available for EU residents residing in the EU

The SEPA payment processor takes a day to register your funds into your account. However, the other payment systems will help you fund your account in less than 24-hours.

Surprisingly, Bitpanda is one of the few exchanges that allow users to buy cryptocurrencies using a credit card. Recently, Bitpanda increased its purchase limit from €2,500 to €10,000. That’s a significant amount available to spend on your first cryptocurrency purchase.

Outside of Europe, there are only a handful of exchanges that accept payments using credit cards. For the most part, the traditional financial system and banking sector want nothing to do with cryptocurrencies. That’s entirely understandable, as crypto presents a real threat to the financial system and global, centrally-managed fiat currencies.

European residents can also purchase their crypto on Bitpanda using the SEPA system. SEPA withdrawals and deposits are now available on Bitpanda for withdrawals and deposits of up to €500,000. However, your first transaction has a cap of €2,500. Only after completing your first SEPA transaction, can you start to enjoy the larger limits.

Bitpanda can deal with fiat currencies because it is one of the few exchanges that enforce KYC (Know Your Customer) and AML (Anti-Money Laundering) laws and guidelines. As a result, you’ll need to send Bitpanda a copy of your identity documentation to access the fiat services.

Bitpanda also offers high volume traders with over-the-counter (OTC) trading services. OTC trading services are available for those Bitpanda clients who are selling or buying cryptocurrency in amounts higher than €1-million. Bitpanda refers to this service as “Bitpanda Plus,” and requires a dedicated signup process where you’ll need to converse with the Bitpanda team to set up your account.

Some of the benefits of trading using the Bitpanda Plus platform include the following.

  • The best digital asset trading platform in Europe
  • Trade BTC, DASH, ETH, LTC, XRP, BCH, and more
  • Complete wallet integration for all crypto assets
  • Industry-leading processes for KYC and AML
  • State-of-the-art online security and encryption

What are the Cryptocurrencies Available on Bitpanda?

Bitpanda has all the registration required to accept deposits and pay withdrawals in fiat currency. The company operates four fiat currency wallets, allowing users to fund their trading accounts using USD, EUR, CHF (Swiss Francs), and GBP (Pound Sterling).

After funding your account, you have the option of purchasing any of the 25-cryptocurrencies available on the platform.

Bitpanda currently supports the following 25 cryptocurrencies on its platform and four fiat currency wallets for EUR, USD, CHF, & GBP. The exchange has all the classic cryptos, and the big names include the likes of BTC, ETH, LTC, XRP, DASH, BCH, EOS, XEM, USDT, and USDC. Check the website for the full list of lesser-known cryptocurrencies offered on the platform.

What are the Fees Involved with Bitpanda?

Bitpanda offers you a convenient way to purchase and trade cryptocurrency using your credit card. Since they accept credit card payments, you can expect the fees involved with processing your transactions to be higher.

However, the fees for purchasing with Bitpanda are a bit on the high side.

  • Fees for Buying Cryptocurrency: 1.49%
  • Fees for Selling Cryptocurrency: 1.29%

Buying has higher fees than selling, and that’s typical for any exchange.

Bitpanda Customer Support

One of the most critical aspects of selecting an exchange is the customer support they offer clients. Fortunately, with Bitpanda, you get access to knowledgeable and friendly support staff. The support desk can answer most of your questions, and they have an impressive archive of troubleshooting articles available for you to scour.

The only gripe we have with this exchange is the lack of a mobile interface. We would enjoy an Android app that allows us to manage our portfolio on the go.

go trade in bitpanda

The Bitcoin Tester Conclusion

If you’re looking for the easiest way to buy cryptocurrency using your credit card, then Bitpanda is among your top choices for the best exchange available. Whether you’re into HODLing or trading, Bitpanda offers a comprehensive platform where you can fund your account and receive withdrawals using fiat currencies.

The signup process is somewhat tricky, but after you finish the verification process, you’ll find Bitpanda offers you a user-friendly cryptocurrency experience.

For those crypto “whales” out there, the Bitpanda service allows you to open a high-value portfolio and benefit from premium services on the OTC market. Trade amounts of up to €1-million through the OTC market, without losing liquidity.

Overall, Bitpanda is a competitive platform compared to the rest of the exchanges online. We like to think of it as the European version of Coinbase. If you live in the EU, Britain, or Northern Ireland, then Bitpanda offers you a hassle-free way of getting your hands on some crypto using your credit card.

Bitpanda vs Most Popular Bitcoin Exchanges

Bitpanda vs Coinbase

Bitpanda Vs. Coinbase, which one of these platforms is better for buying Bitcoin and other crypto’s? Bitpanda is an excellent choice for European citizens, while Coinbase is the best option for American passport holders. Which one should you use? In this post, we examine the differences between these leading cryptocurrency exchanges.

2020-11-17T13:10:44+00:00
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