Bitpanda Exchange Review | Matching the Hype or Falling Short?
Jack Moreau
Feb 2024
8 min read
Fact checked
Discover its features, strengths, and weaknesses to see if it's the perfect fit for your trading needs.Are you curious to learn how Bitpanda stacks up against other cryptocurrency exchanges? Good, you have come to the right place. Our comprehensive review of Bitpanda covers all the essential information you need to know if, how and when you should be using this exchange. We cover the exchanges product offering, it's trading fees and deposit methods and much more.
Bitpanda is a cryptocurrency broker based in Austria that was founded in 2014 by Eric Demuth and Paul Klanschek.
The company is registered in Vienna and has its headquarters there as well. Bitpanda is available in all the European countries in addition to countries like Switzerland, UK, Turkey and UAE. With over 600 employees, Bitpanda is one of the largest cryptocurrency brokers in Europe.
Bitpanda exchange
One of the unique features of Bitpanda is that it specializes in not just buying and selling cryptocurrencies, but also stocks, ETFs, commodities like gold and silver, and fractional share trading.
This means that users have access to a wide selection of stocks and ETFs and can diversify their portfolios beyond just cryptocurrencies.
Bitpanda provides access to its trading platform through its exchange available via browser and mobile app. With over 4 million users and over 1 million app downloads, Bitpanda has a solid user base. The platform has an average 3.2 star rating based on 35,000 reviews.
Bitpanda app
Bitpanda supports over 100 cryptocurrencies like Bitcoin, Ethereum, Solana and fan tokens such as Barcelona FC and Manchester City. This makes it a great option for users who want exposure to a variety of cryptocurrencies beyond just the well-known ones.
Bitpanda KYC Requirements
For those that want to signup to Bitpanda, you will need to complete KYC before you can begin trading on their platform.
The signup process itself is pretty straightforward. All you need is your name, email address and country of residence. Once you've confirmed your email, you'll be asked a few questions about your funds and how much you plan on depositing.
Bitpanda signup
But the real fun starts once you've completed KYC. You'll need to upload a photo of your passport and a selfie of yourself.
The verification process usually takes around 20 minutes, but it can take up to two business days for some users. Once you're verified, you'll have access to all of Bitpanda's features and you can make your first cryptocurrency or fiat deposit.
Bitpanda Products & Services
This European-based exchange provides access to over 100 cryptocurrencies, as well as stocks, ETFs, crypto indices, precious metals, and commodities. With over 2000 digital assets to choose from, there's something for everyone.
Bitpanda products and services
If you're looking to earn passive income, they offer staking rewards for over 20 cryptos such as ADA, SOL, DOT, and ATOM. Plus, their institutional custody service provides added security for your assets.One of the best things about Bitpanda is their user experience.
Bitpanda staking rewards
Their website is modern, beginner-friendly, and easy to navigate. And for more experienced traders, their Bitpanda Pro exchange has a daily spot trading volume of $10 million. Bitpanda also offers their own debit card which allowx their users to spend their crypto with ease across thousands of merchants.
Bitpanda offers users multiple ways to purchase cryptocurrencies. One option is through spot trading on their Bitpanda Pro platform. This option comes with lower fees for users but may be intimidating for beginners.
Another option is to swap cryptocurrencies on Bitpanda for a 1.49% fee. Users can also purchase cryptocurrencies by buying via card or depositing fiat to the exchange.
Buy crypto on Bitpanda
However, the fees for buying with card may vary depending on the third-party provider used. Bitpanda collaborates with the likes of MoonPay, Banxa, Mercuryo, and Simplex and their transaction fees normally range between 2-10% depending on the cryptocurrency.
Bitpanda Pro charges a maximum maker fee of 0.15% for spot trading, and this can be reduced if the user's trading volume exceeds 100,000 EUR within 30 days. The maximum taker fee is 0.25%.
Bitpanda spot trading fees
Bitpanda Deposit Methods
Bitpanda offers a variety of options for fiat deposits which makes adding funds to your account convenient and easy.
You can deposit money via bank transfers (SEPA) with a minimum of EUR 25 or use a credit card (VISA and Mastercard) or services like Neteller and Skrill.
Bitpanda fiat deposits
Keep in mind that fees apply for some of these methods, such as a 1.8% fee for Visa and Mastercard deposits and a fee of EUR 0.9 + 3.6% for deposits via Neteller.
However, SEPA transfers are completely free, and bank wires for other European fiat currencies cost only 3 EUR per deposit.
How to withdraw from Bitpanda?
Bitpanda offers several withdrawal methods for both cryptocurrencies and fiat money. Users can withdraw cryptocurrencies and digital assets from their Bitpanda wallet, and fiat money from their Bitpanda Pro wallet via bank transfer (SEPA) for EUR, GBP, and CHF.
The minimum withdrawal amount is EUR 25 and comes free of charge, making this a great option for users who want to withdraw smaller amounts. Fiat withdrawal fees via bank transfer are also free, which is a great advantage for users who want to save on fees.
Withdrawing cryptocurrencies from Bitpanda does come with different fees depending on the type of cryptocurrency. Withdrawing Bitcoin comes with a 0.00006 BTC fee, which is relatively low compared to other platforms.
Withdrawing ETH comes with a 0.0011 ETH fee and Solana withdrawals are charged a 0.0001 SOL fee. Withdrawing ERC-20 USDT, on the other hand, comes with a 4.44 USDT fee, which is a bit higher than the fees for other cryptocurrencies. Overall, Bitpanda is a good option for users who want to withdraw cryptocurrencies or fiat money with low fees.
Is Bitpanda Safe?
Bitpanda takes the security of its users assets seriously and has never been hacked in its nine years of operation, a testament to its robust security features. Continuous internal and external reviews conducted by KPMG confirm that Bitpanda customer's assets are covered at all times.
Bitpanda security
To further bolster its security, Bitpanda holds ISO 27001 certification, demonstrating full compliance with the international standard for information security.
Passwords are stored using the most trusted and modern hashing algorithms, and KYC onboarding and verification procedures are fully compliant with European regulations. In addition to 2FA, Bitpanda offers account lock and monitoring, as well as session management that tracks browsers and device sessions.
Bitpanda holds ten European licenses and registrations including VASP, MiFID, E-Money, and PSD, as well as a payment service provider license under PSD2.
Bitpanda is a cryptocurrency broker that impresses with its wide range of investment options including cryptocurrencies, stocks, ETFs, commodities, and fractional share trading.
With over 4 million users and more than 1 million app downloads, Bitpanda is one of the largest cryptocurrency brokers in Europe.
The platform supports over 100 cryptocurrencies, including fan tokens like Barcelona FC and Manchester City, giving users a wide selection.
What's more, Bitpanda offers users multiple ways to purchase and withdraw cryptocurrencies, making it easy to invest and manage your assets.
The fact that Bitpanda offers a debit card, staking rewards, and institutional custody services only adds to the convenience and trustworthiness of the platform.
Bitpanda's fees are competitive with a maximum maker fee of 0.15% for spot trading on the Bitpanda Pro platform, and fees for withdrawing fiat money via bank transfer being free.
Bitpanda's security measures are also impressive, with the platform never being hacked in its nine years of operation thanks to its robust security features.
Bitpanda complies with European law and holds ten European licenses and registrations, including VASP, MiFID, E-Money, and PSD.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
