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As the cryptocurrency bull market continues to drive a swarm of tokens and coins to new ‘all time highs’, the newly founded riches lures in a slew of new consumers looking for easy to use centralised exchanges to take part in this cycle. In this article we will review everything you need to know about Bitpanda who have come a long way in streamlining the user experience when it comes to investing in crypto and other hot assets.
Founded in late 2014 and based in Vienna Austria, Bitpanda is a cryptocurrency exchange that is grown to be one of the most popular options to buy crypto in Europe. They used to be called Coinimal but rebranded to bit panda in 2016.
Are they safe? They have not suffered any hacks to date, so they have that going for them. They also appear to offer most of the standard security protocols on the exchange site including cold wallets and DDOS protection. They also have standard user side security such as two factor authentications.
They have a standard trading fee structure. They charge a flat 1.49% for a buy order and 1.29% for sale order. There are no fees that come with a Fiat deposit and withdrawal, there are surprisingly fees applied to crypto deposits. Now, although these are quite small they could frustrate some traders. Of course, there are miner fees that will be applied when you do a crypto withdrawal.
For a Fiat gateway they have a respectable list of coins that you can buy. There are over 50 digital assets that they offer on their platform and this seems to be expanding. If you are looking to make a Fiat deposit there are several options – these include credit card, Skrill, NETELLER and even cash deposits at Austrian post offices. Bitpanda also offers an option where users can buy coupon codes in post offices around Austria. These coupon codes can be redeemed for cryptocurrency on the website for their equivalent value. However, be sure to take note of all the funding or withdrawal limits that they have in place for both Fiat and crypto. Before you make a deposit it’s important to note that Bitpanda is a full KYC exchange – they will need you to submit identity documents if you want to buy crypto. If privacy is your thing you may want to consider another exchange. If this is not a concern for you then they will require some form of personal ID and address verification. How long this will take to process depends on their customer support backlog. Customer support can be reached through several different mediums including contact forms live chats and email tickets.
Bitpanda has a pretty simple trading interface, they don’t operate order books and when you buy coins you’re buying right from them. This means that they are the market maker and the price that you’re buying it at may be different from the price on other exchanges. For experienced traders Bitpanda provides a PRO feature which comes with the full trading experience including charts and order books as well as access to the exchange’s API. For those who trade on the go Bitpanda also has a mobile app which has the same functionality as their online platform. Bitpanda also has an OTC desk for those clients who want to clear larger block crypto trades. Great extra features on Bitpanda are that it has a savings option which lets you make automatic monthly purchases of crypto straight from your bank account.
To conclude Bitpanda is an innovative fintech offering a solution to traditional financial products as well as the growing cryptocurrencies market. As bitcoin continues to hit all time highs the adoption of Bitpanda by the masses is inevitable.