Swissborg vs Bitpanda | Best Beginner Friendly European Exchange?
Jack Moreau
Apr 2024
8 min read
Fact checked
Swissborg vs Bitpanda: In this comprehensive comparison, we dive into the features and offerings of both platforms to help you determine the ideal choice for your crypto trading needs. We assess key factors such as KYC requirements, availability in various countries, products and features, trading fees and more! Whether you're a seasoned investor or a beginner, our comparison will unveil which exchange aligns perfectly with your preferences and objectives!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Swissborg was founded in 2017 by Anthony Lesoismer and Cyrus Fazel and is a Swiss-based exchange headquartered in Lausanne with over 200 employees.
Swissborg exchange
The exchange is available in over 50 countries across Africa, Europe, Asia, North & South America. However, it is restricted in countries like the US and Turkey.
Swissborg aims to provide a user-friendly crypto experience primarily through its mobile app, which has accumulated over 500,000 downloads and a solid 4.3-star rating.
Swissborg app
The exchange has a user base of over 700,000 users across Europe which are able to buy and sell a limited range of 50 cryptocurrencies, including Bitcoin, Ethereum, Swissborg Token, USDC, USDT, BNB, XRP, and AVAX.
On the other hand, Bitpanda was founded in 2014 by Eric Demuth and Paul Klanschek and is an Austria-based cryptocurrency broker with over 600 employees.
Bitpanda exchange
Registered and headquartered in Vienna, Bitpanda operates in all European countries and also serves Switzerland, the UK, Turkey, and the UAE. However, it is restricted in most countries outside the EU, excluding the aforementioned regions.
Bitpanda offers a wide range of investment options including buying and selling cryptocurrencies, stocks, ETFs, commodities like gold and silver and fractional shares trading. The exchange provides access to its trading platform through its browser-based exchange and mobile app.
Bitpanda has over 4 million users and it's Android and IOS app has been downloaded over 1 million times, although it has a lower average rating of 3.2 stars based on 35,000 reviews.
Bitpanda app
Bitpanda supports over 100 cryptocurrencies including well-known assets like BTC, ETH, SOL, AVAX, ATOM, DOT and fan tokens such as Barcelona FC and Manchester City.
In short, Swissborg focuses on providing a user-friendly and mobile-centric experience while Bitpanda offers a broader range of investment options.
Swissborg vs Bitpanda KYC Requirements
When it comes to signing up for cryptocurrency exchanges, each platform has its own unique process and requirements. Let's take a closer look at Swissborg and Bitpanda and explore their signup process and KYC requirements.
Starting with Swissborg, getting started on this platform is quite straightforward. Users need to first download the Swissborg app on their Android or iOS device.
Once the app is downloaded, users are prompted to verify their phone number and create a 4-digit passcode. After completing these initial steps, users must then pass the KYC process.
KYC, or Know Your Customer, is a standard procedure that Swissborg, like many other exchanges, requires for all users.
This means that in order to access the services on the app, users must provide personal details such as their full legal name, email, residential address, and identity verification.
Additionally, users are also required to answer a questionnaire. Without completing the KYC process, users won't be able to use the services offered by Swissborg.
Now let's turn our attention to Bitpanda. The signup process on Bitpanda is smooth and can be completed in just a few simple steps. Users are required to provide their basic information such as their name, email, and country of residence.
Bitpanda signup & KYC
Once the user has approved the confirmation email, they will be asked a series of six questions related to their funds and deposit intentions.
After completing these initial steps, users gain access to their Bitpanda account, but they still can't use it until they have completed the KYC verification process.
To complete KYC users will need to upload their passport and a selfie. KYC verification is mandatory on Bitpanda and no services are available without it.
The time it takes to complete the KYC verification process can vary, depending on the platform. In the case of Swissborg, users can expect it to be completed within the fastest time frame of 48 hours.
On the other hand, Bitpanda's KYC verification process is typically completed within 20 minutes for most users, but it can take up to 2 business days in some cases.
Either way, both Swissborg and Bitpanda require all of their users to complete and pass KYC verification in order to use their services.
Swissborg vs Bitpanda Crypto Products
When it comes to product features, Swissborg offers a more limited selection of products with a main focus on the option to buy and sell 50 cryptocurrencies.
Swissborg cryptocurrencies
Users can also earn interest on 16 digital assets, including popular tokens such as SOL, MATIC, ETH, and DOT. Swissborg is in the process of launching its own multi-asset launchpad, providing users with access to early-stage opportunities.
Swissborg earn
The exchange also has its native token called CHSB, which benefits from the growth of the ecosystem.
The user experience on Swissborg is limited to their mobile apps, as there are no services available via a browser. While it is beginner-friendly and offers basic features, the lack of a browser interface may be a limitation for some users.
On the other hand, Bitpanda offers its European users the ability to invest in over 100 cryptocurrencies, along with stocks, ETFs, crypto indices, precious metals, and commodities.
Bitpanda product selection
This provides exposure to over 2000 digital assets. Bitpanda also offers the Bitpanda card, which allows users to spend their crypto, and staking rewards for over 20 cryptocurrencies.
Bitpanda staking
Additionally, Bitpanda provides an institutional custody service for those looking for secure storage of their digital assets.
The user experience on Bitpanda is simple, modern and beginner-friendly with an easy-to-navigate website. In terms of trading volumes, Bitpanda Pro, the exchange's trading platform, has a daily spot trading volume of $10 million.
Overall, Bitpanda offers a wider range of products and services compared to Swissborg. Both exchanges provide a beginner-friendly user experience, but Bitpanda's web interface may be more suitable for those who prefer desktop access and a wider range of products.
When it comes to trading fees, Swissborg has two types of trading fees: exchange fees and thematics fees.
The exchange fees vary depending on the account status of each user. For example, if you have a Standard account (the lowest level), the exchange fee ranges from 1% to 0.25%. On the other hand, if you have a Genesis account (the highest level), the exchange fee ranges from 1% to a much lower 0.25%.
Swissborg fees
This means that Swissborg rewards its loyal and high-volume traders with lower fees. When it comes to thematics fees, Swissborg charges 2% for standard accounts and 1% for Genesis accounts. This fee is separate from the exchange fees and is applicable when trading thematic portfolios.
Overall, Swissborg's fee structure is designed to incentivize traders to achieve higher account statuses and enjoy lower fees as a result. Having said that, the trading fees of Swissborg are quite steep and we would advise our readers to avoid them all together.
Moving on to Bitpanda, this exchange offers spot trading only. The maximum maker fee on Bitpanda Pro starts at 0.15%, but this can be lowered if a user's trading volume exceeds 100,000 EUR during a 30-day period.
Bitpanda spot fees
This means that if you actively trade and reach higher trading volumes, you can benefit from reduced fees.
On the other hand, the maximum taker fee on Bitpanda is set at 0.25%. This fee applies to traders who take liquidity from the market rather than providing it.
While it may be slightly higher than the maker fee, it still remains within a reasonable range compared to other exchanges.
Bitpanda also offers the opportunity for traders to lower their spot trading fees If monthly trade volumes exceed 1000 Euros.
In conclusion, Bitpanda has much more competitive trading fees compared to Swissborg even though their fee structures and approach to fee reduction differ.
Swissborg and Bitpanda are both popular cryptocurrency exchanges that offer different options when it comes to depositing fiat currencies.
Swissborg supports four fiat currencies, including EUR, GBP, CAD, and CHF. For GBP deposits, Faster Payments (FSP) and Swift transfers are available.
If you wish to deposit EUR, you can do so via SEPA. Canadian dollars (CAD) and Swiss francs (CHF) can be deposited through Swift transfers.
In addition to bank transfers, Swissborg also allows users to deposit funds with Visa or Mastercard.
It's worth noting that deposits from a bank account are free of charge, while deposits made with cards have a minimum fee of 5 EUR and a fee range between 1.5% to 4.5%.
Bitpanda supports bank deposits for three fiat currencies: EUR, GBP, and CHF. They also offer support for a range of other European fiat currencies, but only via credit/debit card deposits.
Bitpanda fiat deposits
If you choose to deposit funds via bank transfers (SEPA), there is a minimum deposit requirement of EUR 25. Alternatively, you can use credit cards (Visa and Mastercard), Neteller, or Skrill for your deposits.
The fees for fiat deposits on Bitpanda vary depending on the method used. SEPA deposits are free of charge, while Visa and Mastercard deposits incur a fee of 1.8%. Neteller deposits require a fee of EUR 0.9 + 3.6%, and Skrill deposits have a fee of EUR 1 + 3.6%.
Swissborg offers users multiple options for withdrawing their fiat currencies. You can withdraw USD via SWIFT, EUR via SEPA, and GBP via Faster Payments (FSP).
The withdrawal fees for fiat withdrawals with Visa and MasterCard are charged at a rate of 1.8%. With SEPA, there is a 1 EUR withdrawal fee. However, for many other fiat currencies, you can enjoy free bank withdrawals.
When it comes to withdrawing cryptocurrencies, Swissborg applies a 0.1% execution fee with a lower limit of 1 EUR and an upper limit of 100 EUR.
It's important to note that the fee increases as the withdrawal amount gets larger, which can create ridiculously high fees for users.
On the other hand, Bitpanda enables users to withdraw cryptocurrencies and digital assets from their Bitpanda wallet.
For fiat withdrawals, you have the option of bank transfer (SEPA) for EUR, GBP, and CHF. The minimum withdrawal amount is EUR 25, and there are no charges for bank transfer withdrawals.
When it comes to cryptocurrency withdrawals, Bitpanda levies a fee of 0.00006 BTC for Bitcoin withdrawals. For Ethereum, the fee stands at 0.0011 ETH, while Solana carries a withdrawal fee of 0.0001 SOL. If you wish to withdraw ERC-20 USDT, you'll have to pay a fee of 4.44 USDT
.Both Swissborg and Bitpanda provide users with the flexibility to withdraw their fiat currencies and cryptocurrencies.
However, while Swissborg charges a percentage-based execution fee for cryptocurrencies depending on the withdrawal amount, Bitpanda offers free bank transfer withdrawals for fiat and sets fixed fees for cryptocurrency withdrawals. Bitpanda wins this round as well!
In conclusion, Swissborg with its mobile app-focused approach aims to provide a user-friendly experience and is available in over 50 countries.
On the other hand, Bitpanda offers a broader range of investment options, serves primarily European countries, and provides access to its platform through both a browser-based exchange and a mobile app.
When comparing the products and services offered by the two exchanges, Bitpanda takes the lead with over 100 cryptocurrencies available for trading, as well as options for stocks, ETFs, crypto indices, precious metals, and commodities.
It also provides additional features like the Bitpanda card and staking rewards. Swissborg, while offering a more limited range of cryptocurrencies, focuses on user benefits like earning interest on digital assets and launching a multi-asset launchpad.
In terms of trading fees, Bitpanda is much more competitive than Swissborg even though both exchanges rewards high-volume traders with lower fees.
When it comes to deposit methods, both Swissborg and Bitpanda offer various options for fiat currencies. Swissborg supports bank transfers and card deposits for multiple fiat currencies, while Bitpanda supports bank transfers and credit/debit card deposits for European fiat currencies.
For withdrawals, both exchanges allow users to withdraw fiat currencies via bank transfers, but Swissborg charges fees for Visa and Mastercard withdrawals.
When it comes to cryptocurrency withdrawals, Bitpanda sets fixed fees for different cryptocurrencies, while Swissborg charges a very high percentage-based execution fee for fiat and varying fees for cryptocurrencies depending on the withdrawal amount.
For us, the clear winner is Bitpanda with the must wider product offering and lower fees across the board!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
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.
