Bitpanda Experience 2021: The Crypto Exchange Test

The Bitpanda Bitcoin start-up was one of the most successful newcomers in recent years and is particularly interesting for anyone who wants to buy cryptocurrencies.

Many users are enthusiastic about the Bitpanda experience. However, as with most providers, there are not only advantages but also disadvantages.

We took a closer look at what is behind the crypto exchange. What does the offer look like in detail? Does the customer service deliver what it promises?

Is the cost structure transparent and are the fees charged fair? What about the payment methods and security?

We will answer all these questions in our detailed test. In addition, we give a step-by-step guide on how to use Bitpanda as a beginner.

In our final summary, we show whether the provider is worthwhile or whether there are perhaps better trading platforms on the market.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

Bitpanda: Advantages and disadvantages

Pros:

  • Crypto purchases are quick and easy with the Bitpanda broker
  • Many different payment methods
  • Portfolio includes all major cryptocurrencies
  • Mobile Bitpanda app is available
  • High security standards
  • A wallet solution is available for all tradable Bitpanda cryptos

Cons:

  • Bitpanda fees are relatively high for buying and selling
  • Few tradable currencies compared to other providers

What is Bitpanda?

Founded in 2014, Bitpanda is first and foremost a crypto exchange that enables the trading of Bitcoin and Co. but also offers a wallet for storing the coins.

It is a fully automated platform that sends cryptos automatically and directly after payment confirmation, so Bitpanda customers enjoy a particularly fast service.

Whether it really is a reputable provider or whether Bitpanda fraud is to be feared and what Bitpanda experiences you can make with the provider and how the provider compares to our test winner eToro, you can now find out in this Bitpanda Review.

What is Bitpanda

Only after a precise analysis of the matter can one say with certainty whether Coinbase is a scam or serious. All the necessary information on trading via the website can be found in the following Coinbase test.

Bitpanda Review - The Offer

The Bitpanda Bitcoin start-up was one of the most successful newcomers in recent years and is particularly interesting for anyone who wants to buy cryptocurrencies. Today, the Bitpanda broker is one of the largest platforms in Europe with around 25 digital currencies and simplifies crypto trading in the EU.

Our Bitpanda test shows that the trading platform is completely available and for this reason is very popular especially. For all international Bitpanda crypto enthusiasts, there is also an English Bitpanda version.

It is particularly practical that Bitpanda also offers its own wallet, so that you do not have to purchase an additional wallet to store your coins.

CFD or direct trading

If you want to invest your money in cryptocurrencies and buy "real" coins via credit card payment, instant transfer or other payment methods, Bitpanda is the right place for you.

The Bitpanda broker offers direct trading in cryptocurrencies. It is very practical that Bitcoin & Co. can be purchased directly via the Bitpanda platform and secured in the integrated wallet.

There are no Bitpanda CFDs.

The platform also functions as a Bitpanda Exchange and enables the exchange of cryptocurrencies among each other.

When trading directly with Bitpanda crypto, however, it is very important to bear in mind that many platforms have fallen victim to hacker attacks in the past and the coins never seem to be 100 per cent secure, which is why Bitpanda fraud can never be completely ruled out.

Alternatives exist

However, if you don't actually want to own cryptocurrencies, but would rather just participate in their performance so that you don't have to worry about keeping the coins safe, you should turn to a CFD broker instead of the Bitpanda Exchange.


The advantage of a crypto CFD is obvious: in the event of a sale, you get your money back in full at any time. This is usually not the case with crypto exchanges, as there are daily payout limits here.
If you want to buy or sell Bitcoin and Co. via CFD, you can use our test winner eToro as a Bitpanda alternative.

This also offers deposits via PayPal and enables a quick account opening. CFD trading also offers the advantage over direct crypto trading that you have access to foreign markets and the chances of winning can be increased via leverage.

Cryptocurrencies

A total of 25 cryptocurrencies can be traded at Bitpanda:


Bitcoin
Bitcoin Cash
Ethereum
Ethereum Classic
Litecoin
IOTA


Ripple
EOS
Tether
Augur
Stellar
NEM


Cardano
Chainlink
Komodo
Waves
Pantos
NEO


Dash
OmiseGo
Augur
Ox
Tezos
ZCash

It shows that the provider focuses exclusively on the largest cryptocurrencies; other exchanges can score in this point with a larger number of cryptocurrencies offered.

So anyone who wants to trade small, unknown digital currencies must look for an alternative trading platform.

According to Bitpanda's experience, until recently it was only possible to buy and sell Bitcoin and Altcoins against euros.

Recently, the broker has also been active as a Bitpanda Exchange with the Bitpanda Swap and makes it possible to exchange cryptos with each other. There are no limits on the transaction volume of swaps.

broker has also

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

Registering and buying at Bitpanda

Anyone who wants to create a customer account at Bitpanda must go through a verification process before the Bitpanda login is possible. How the Bitpanda registration process looks in detail will now be explained.

Step 1: Bitpanda registration

To register, you need to fill out a form that requires you to provide a valid email address and confirm the terms and conditions and privacy policy. A link will be sent to the specified email address with which you confirm your Bitpanda registration.

This link takes you to a page that requires you to select a password. With these login details, you can already log in to Bitpanda and have reached the "Starter" level.

With this level, it is not yet possible to buy coins, but only to deposit coins into the wallet. Withdrawals can be made as "Starter" via bank transfer, Skrill, Neteller and Amazon voucher.

Step 2: Bitpanda verification

There are several levels of verification required at Bitpanda in order to reach the higher levels, which open up extended trading opportunities for the user.

Verification Level Bronze: The "Bronze" level is the second one you reach when you verify yourself by entering a valid mobile phone number in your profile. You will receive a code on this number, which you have to enter on the website. The daily and monthly limit for buying digital currencies is 50 euros for SEPA transfers and online payments. Credit card payments are not yet possible with the "Bronze" level.
Verification Level Silver & Gold: If you want to reach the silver and gold status, you have to carry out an IDnow and verify-U verification at Bitpanda. In this procedure, you contact a Bitpanda employee via live chat, show him your ID in front of the camera and verify your data. Once you have reached gold status, you have a daily limit of 10,000 euros.

Step 3: Bitpanda deposit

After logging in to Bitpanda, you click on "Deposit" in your Bitpanda account. A window opens in which you select the currency you want to load. Then select the payment method. In the deposit window that appears, enter the amount for which the user account is to be topped up.

To top up the account, the money is transferred. The money can now be used to buy a cryptocurrency and send it to the wallet. Depending on the cryptocurrency, a minimum deposit is required. The minimum deposit for Bitcoin is 0.00100 BTC. If the deposit is below the minimum amount, deposit fees may apply.

The fees for buying Bitcoin are currently 1.49 per cent and for selling 1.29 per cent.

Step 4: Buy cryptocurrencies at Bitpanda

In order to make a crypto purchase, you need to verify your account as described. The higher the verification level, the more money you can deposit or withdraw. If you want to buy cryptocurrencies in cash, you can do this at one of the post offices.

Available amounts range from 50 euros to 100 and 500 euros. You redeem the code you receive when you make the purchase online. The purchased currency is then transferred to the Bitpanda wallet.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

Bitpanda Fees: Experiences with the various fees

Fee type

Costs

Transaction fees

✔

Deposits

3 % – 7 %

Additional fee for credit cards

✔

There are no Bitpanda fees for using the platform and for managing the securities account!

But what about the purchase and sale of cryptocurrencies?

Bitpanda also charges fees here, which are not presented in a particularly transparent manner.

There are 3 steps for buying digital currencies:
  • First, you select a desired coin, then choose a payment service provider and then select the desired amount.
  • If you enter an amount, the amount of a cryptocurrency you receive is immediately displayed.
  • Bitpanda experiences show that the Bitpanda fees incurred are already taken into account here, but are not explicitly listed.
Bitpanda review

An important note in this Bitpanda review:

The individual payment methods are associated with different Bitpanda fees.

Even when selling cryptocurrencies, the amount already includes the fees. In the help section, a note is listed in this regard, in which the provider explains that the Bitpanda fees are kept as low as possible.

It should be mentioned that crypto exchanges have no influence on some costs and only pass them on to their customers.

The amount of Bitpanda fees varies between 3 and 7 percent depending on the different payment methods.

Also to be taken into account are the Bitpanda fees incurred when buying and selling cryptocurrencies called by payment providers and transactions within the blockchain.

There is also a note that crypto purchases via credit card payment may be subject to a fee ("Cash Advance Fee") in addition to the purchase amount sent, which the exchange has no control over.

This is not a Bitpanda scam, but there are some additional costs that are not directly visible.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

Bitpanda experience: Payment methods

Deposits and withdrawals can be made in euros, Swiss francs, USD and British pounds.

The Bitpanda broker provides several deposit and withdrawal methods:

Credit card payments
Bank transfer, instant bank transfer
Zimpler
iDeal
eps
eWallets (Neteller, Skrill and Giropay)

For withdrawals, the option of receiving an Amazon gift voucher is also offered. As already mentioned, there are always fees when buying and selling cryptocurrencies, this is also the case with other exchanges. The minimum amount for deposits and withdrawals is 25 euros.

Payment method

✔/✘

Credit cards

✔

Paypal

✔

Instant bank transfer

✔

Skrill

Neteller

✔

Paysafecard

✔

Bank transfer

✔

Other

✔

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

Bitpanda Withdrawal

In principle there are 2 ways to withdraw your money from Bitpanda

directly to your own Bitpanda Pro Wallet
to an external wallet
Both methods are done in a few steps

Withdrawal Bitpanda Pro

  1. Log in to Bitpanda Pro
  2. Click on your user photo
  3. Click on Withdraw
  4. Select the cryptocurrency you would like to withdraw
  5. Select Bitpanda as the withdrawal method
  6. Enter the amount you wish to withdraw and click Withdraw Now.
  7. Select the wallet you want to withdraw to
    Afterwards, the selected cryptocurrency will be displayed in the respective wallet in Bitpanda. If you do not see the desired amount immediately, reload the page.
    Several thousand euros can be withdrawn in this way per day.

Bitpanda payout external wallet

  1. Login to Bitpanda Pro
  2. Click on your user photo
  3. Click on withdraw
  4. Select the cryptocurrency you want to withdraw
  5. In the withdrawal method, select Blockchain
  6. Enter the amount you wish to withdraw
  7. Enter the address you would like to withdraw to. Please always verify the address before making a cryptocurrency withdrawal from Bitpanda Pro. Provide additional information if required (e.g. a destination label, note and message).
  8. Click on "Withdraw now.
    If enabled, enter your two-factor authentication (2FA) code and click Authorise Now.
    You will then receive a confirmation email of your Bitpanda withdrawal. To complete the withdrawal, click Confirm Transaction in the email.

Bitpanda experience: Licence and security

Another aspect that is included in this Bitpanda review is the importance of high security standards of a crypto exchange, as trading with digital currencies is often associated with high investment sums.

The topic of security has great weight in the Bitpanda review. The Bitpanda experience shows that it is a reputable provider that takes it very seriously to guarantee the security of customer accounts.

The crypto exchange has a licence from the Financial Market Authority (FMA).

This licence is in line with the Payment Services Directive 2 of the European Union.

This is responsible for the regulation of payment service providers within the EU and ensures that the respective service providers comply with the regulations of the alliance.

Authentication required

Our Bitpanda test shows that every user who wants to use the services of the trading platform without restrictions must undergo authentication.

The different verification levels allow different limits for deposits and withdrawals per day, week or month.

To reach a higher level, you have to provide the provider with various data.

This includes, among other things, the address, telephone number and an official proof of photo.

To reach the highest level, you verify your identity via video chat.

The customer accounts are authenticated by means of two-factor authentication. Authentication with the Google Authenticator app is required for every login process via smartphone or tablet.

So anyone who wants to gain access to the user account needs not only the password and the email address, but also the device via which the 2FA was set up.

Unauthorised intruders are thus given no chance to gain access and Bitpanda fraud is ruled out, which is a positive factor in our Bitpanda rating.

Bitpanda Experience: Customer service, contact & support

The Bitpanda support already shows that this provider is a good broker.

If you have any questions, you should be able to reach them quickly and easily.

The Bitpanda test shows that the Bitpanda platform is completely available and also includes an extensive help and FAQ section and, of course, which is available with competent help for questions and problems.

Such a service is not offered on every platform, usually the customer support of other providers only speaks English.

Current information about the exchange's offering can also be found on Facebook and Twitter.

Bitpanda employees can be reached by email and contact form, but unfortunately there is no live chat or free hotline.

Contact way

✔/✘

Enter your text here...

E-mail

Live chat

Contact form

✔

FAQs

✔

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

The bitpanda app

Bitpanda also has a mobile offering. With the Bitpanda App, you can also verify, sell and sell wherever you are with your smartphone and tablet.

The Bitpanda app is available for Android and iOS devices and enables the same range of functions as the desktop version.

This means fast and secure trading and the free transfer of cryptocurrencies to other Bitpanda users.

bitpanda app

Conclusion - Bitpanda Review

To conclude this Bitpanda review, it can be said that solid Bitpanda experiences can be had.

The Bitpanda review shows that while all the major cryptocurrencies are represented, those interested in trading exotic coins and investing in aspiring digital currencies will have to turn to another provider.

Pros:

  • Positive aspects that are included in the Bitpanda rating are the reliability and the fast processing of transactions.
  • A positive aspect is that no extra wallet is needed, as Bitpanda includes an integrated wallet service.

Cons:

  • Compared to other providers, however, Bitpanda charges relatively high fees for trading, which is why there are deductions here.
  • In addition, the Bitpanda fees are not exactly transparent, but are included in the final price.
  • Unfortunately, the options for contacting Bitpanda support are not very customer-oriented; the exchange staff can only be contacted by email and not by phone or via live chat.

The user-friendly platform's modern and well-structured design makes it easy for even investors with less experience to get started.

However, those who are just starting out and are perhaps still thinking about gaining a foothold in the crypto financial market, but do not yet have a great deal of crypto knowledge, can fall back on our test winner as a Bitpanda alternative, which makes it easy for beginners to get started.

Our recommendation: Buy cryptos with eToro

Incl. wallet
Buy and sell cryptocurrencies directly in the wallet
Paypal, credit card and instant bank transfer
Regulated provider
Real cryptos or CFD trades

eToro

FAQ

What is Bitpanda?

The provider is a crypto exchange where cryptocurrencies can be bought and sold.

Is it worth opening an account with Bitpanda?

Bitpanda was convincing in our test. The diverse trading options and the excellent customer support attract many customers, most of whom are very satisfied with the provider.

How much money should I invest?

The amount of your own investment should depend on your own liquidity, the chosen cryptocurrency and your own risk tolerance. In general, you should never invest money that you actually need elsewhere, as profits can never be guaranteed.

How long does it take to withdraw money from Bitpanda?

Here, too, the platform is convincing. Payouts are processed very quickly and, depending on the selected payout method, are in your account within a few minutes to 2 working days.

What are the requirements for me to be able to trade successfully at Bitpanda?

You should always know what you are investing in. Cryptocurrencies are highly volatile, so you should first familiarise yourself with the selected coin in detail. If you have the necessary know-how, as well as the occasional bit of luck, then nothing stands in the way of early profits.

About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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