Bitpanda is one of Europe’s best-known cryptocurrency exchanges. This Austrian operator serves nowadays over one million customers. This article is a Bitpanda review. We’ll go through all the key features of this site and give you also our Bitpanda experiences.
Bitpanda is Europe’s number one exchange
Many would argue that Bitpanda is the market-leading exchange in Europe. It has often been titled the “European Coinbase”. This is no surprise since both Coinbase and Bitpanda have a similar target group. They attracts users, who like a clean interface and want an easy fiat on-ramp to cryptocurrencies.
Bitpanda is founded by Eric Demuth, Paul Klanschek and Christian Trummer. These are three cryptocurrency enthusiasts, who started the company in 2014. Back then, the exchange was called Coinimal. It was re-branded to Bitpanda in 2016.
Switzerland has often been named as Europe’s leading crypto state due to its favorable legal environment. Bitpanda is not from Switzerland, though. It’s located in Austria with headquarters in Vienna.
Bitpanda has been on the market for many years and established a good reputation. It has 1.2 million customers and more joining every day. Bitpanda received the EU’s official Payment Service Directive 2 (PSD2) in 2019.
Bitpanda has been improved a lot during the past few years. Now there is also the official Bitpanda token (BEST), Bitpanda Plus for VIP customers, VISA debit card, Bitpanda Pro for professionals, and all the hottest altcoins. You can also invest in stocks, indices, and commodities!
Do you have Bitpanda experiences? Help to make this Bitpanda review more useful by sharing your comments below the article!
Opening an account is a quick and painless process. Click the following button to begin the registration process. It will take you to Bitpanda’s front page.
Note, that this Bitpanda review is written from the desktop user’s point of view. If you are following this process with a mobile device, some operations might function differently.
Once you land on the front page, click the purple Get Started button. The Bitpanda registration form opens.
Fill in your first name, last name, e-mail, and password. Choose the country of residence and accept Bitpanda T & C. Finally, click the Create account button.
You should receive an e-mail instantly including a confirmation link. Confirm your e-mail and proceed to the Bitpanda website.
Bitpanda review – account verification (KYC)
When you log in for the first time, you should land on the Dashboard page and see an alert or notification asking you to verify your identity.
Click the Verify button to start the account verification process (KYC). This is a standard procedure in every cryptocurrency exchange, where bank wire transfers are enabled.
Next, you’ll see a form where detailed personal information is input. Fill in your name, address, and DOB. Input any other required information and click Proceed.
In the second phase, you are asked to choose the verification method: a passport or driver’s license. Choose the option you like the most and confirm the issuing country.
The final phase is done using IdentityTM or IDnow third-party services. The video below shows how the IDnow process is done by using a mobile app. This is the method we used for the verification.
This phase is the feature we didn’t like at Bitpanda. Almost every exchange has an easier KYC process than this. It felt a bit weird to download an extra app just for this purpose. Even so, the verification should be finished in about 10 minutes.
We recommend enabling the 2FA security option right away. Click the panda icon in the top right corner of your screen. Choose Security and follow the on-screen instructions.
How to deposit euros on Bitpanda
Once your account is verified, it’s possible to deposit euros in several different ways.
Click the green Deposit button in the main menu. Next, you’ll see a popup with all available currencies in it. Choose Euro or use the search, if it’s not visible right away.
Now you can choose the deposit method.
Bitpanda has versatile options for fiat deposits. The page also shows any related fees. The most popular options are Visa, Mastercard, and SEPA wire transfer.
One of Bitpanda’s advantages is the possibility to deposit using Skrill and Neteller. These e-wallets are extremely popular among online gamblers. Bitpanda is the only well-known exchange with Skrill and Neteller support. Thought, the fees are quite high.
Choose the deposit method you like the most and follow the on-screen instructions. Once you have made a fiat deposit, we can move forward in this Bitpanda review and buy some bitcoin!
How to buy Bitcoin at Bitpanda
Bitpanda’s interface is clean and easy-to-use. It is designed for beginners, which means all operations are fast and painless to perform. When you have euros in your account, click the green Trade button in the main menu.
The following popup opens.
You have five options here:
- Buy – To buy cryptocurrency
- Sell – To sell cryptocurrency
- Swap – To swap cryptocurrency A to cryptocurrency B
- Savings plan – Set up a weekly / monthly purchase
- Redeem voucher
Choose the buy option.
Next, you’ll see all available digital assets including indices, stocks, ETFs, and metals. Use the filters and select Cryptocurrencies.
Scroll down and find the coin you like or use the search. Crypto indices are made by Bitpanda. They are like ETFs, where you can invest in multiple cryptocurrencies through one index. Metals include gold, silver, platinum, and palladium.
Click the coin you wish to purchase. The following form opens.
Choose the pre-selected amount from the green boxes or type in the number yourself. You can buy using fiat or cryptocurrency, for example, either 0.01 BTC or 100 EUR worth of bitcoins.
Bitpanda has also its own token, Bitpanda Ecosystem Token, BEST. If you hold a small amount of BEST in your account, you can use it to pay fees and save 20%.
Finally, click the Go to summary button and finalize the purchase. The coins you bought should be visible in your account in a couple of seconds.
How to sell cryptocurrency at Bitpanda
Selling cryptocurrencies is easy as buying them.
Click Trade from the main menu, just like you did earlier. You’ll see the familiar boxes again: Buy, Sell, Swap, Savings plan, and Redeem. Choose the Sell option.
Now you see all the digital assets you currently hold.
In this example, we have small amounts of BEST, MIOTA, gold, and silver. Click the cryptocurrency you want to sell for fiat. After that, you are asked to choose the fiat wallet you want to sell your coins to. Choose euro, if that’s the currency you are using.
The sell form has a clean design as well.
Choose the predetermined amount from the green boxes or type in the numbers yourself. Just like in the buying part, you can sell an X number of coins or sell coins worth a certain euro amount. Pay trading fees with the BEST token to save 20%.
Finally, click the Go to summary button to finalize the process. Euros should be in your account in a matter of seconds.
Remember: if you want to swap two currencies to each other, there is no need to sell one to euros first. Use the swap option instead. This will save you one trade and fees.
How to send and receive cryptocurrency at Bitpanda
Most of the beginners don’t want to move their coins out of the exchange. This is fine if you are inexperienced and hold small amounts.
When the time comes and you want to send your coins for one reason to another, click the white Send button from the main menu. The following page opens.
Choose the cryptocurrency you want to send. Next, you just input the receiver’s address and confirm the transaction. That’s it! We have lots of Bitpanda experiences from sending and receiving coins. All transactions are handled fast in this service.
You can also deposit coins to your Bitpanda account. In this case, click Deposit from the main menu. You’ll see the same list of assets as when purchasing coins.
Filter the list by clicking Cryptocurrencies. Choose the coin you want to deposit. When you make a deposit for the first time, the following page opens.
Bitpanda asks you to generate a receiving address. Click the Create new address button and wait for a few seconds. The deposit page should open.
This is how the deposit form looks for Bitcoin.
This confirmation page shows your Bitpanda address. Use the QR code if you are sending coins from a mobile wallet. Otherwise copy the Deposit address and paste it to your sending wallet. This page will also show possible fees charged from the deposit.
Bitpanda review – experiences and other features
We have so far only positive Bitpanda experiences. The only bigger minus we can think of was the KYC process, where an external app was needed. That should be definitely streamlined. The whole process took less than 10 minutes and has to be done only once, so it’s not a big deal.
Bitpanda has also other useful features. We already mentioned BEST, which is Bitpanda’s official token. It has gone up a lot in price, by the way, so holding some BEST doesn’t hurt. It’ll save you 20% in the fees and Bitpanda pays even monthly interest!
If you are an experienced trader and want to have lower fees and advanced trading features, Bitpanda has you covered as well. Just like there is Coinbase & Coinbase Pro, there is Bitpanda & Bitpanda Pro. You can access this Pro trading platform from the front page.
We really like the fact that Bitpanda offers precious metals. Many crypto investors want to hedge to gold and silver as well. These are easy to purchase through Bitpanda and the monthly storage fees are extremely low. Now it’s also possible to buy the most popular stocks, like Apple or Amazon!
Bitpanda fees are currently 1.49% from each trade. When using the BEST token, fees drop to almost 1%. Similar exchanges have fees in the 1% – 2% range.
Overview of the Bitpanda review
Bitpanda is a great option for newcomers and even more experienced investors. The interface might just be the best in the business. It’s very clean, informative, and easy to use. We certainly love it!
We also like the fact that Bitpanda has been in operation since 2014. There have never been any major incidents or hacks. It’s a reliable European operator with over one million customers. The selection should be big enough for most crypto investors.
We have Bitpanda experiences from over three years. We’ve never had any issues with the service. If you like a clean interface, great crypto selection, the possibility to deposit with Skrill, Bitpanda might be your new favorite exchange. Don’t forget gold & silver!