Bitpanda Review: Is it a Safe Exchange or Scam? (2019)

Bitpanda Review

It is worth mentioning that cryptocurrency exchanges and related services are on a serious rise.

It is becoming rather arduous to track how many services are commencing their operations every day. Plus, there is an increased risk because given one needs to differentiate legit services from the fake ones.

That’s why, we at CoinSutra do the hard work of identifying, verifying and testing out the services to make your life easier.

Therefore, today we are going to review a popular service Bitpanda and see what it has to offer.

What is Bitpanda? (Review and analysis)

What Is Bitpanda

Bitpanda, formerly known as Coinimal, is a crypto company from Vienna, Austria.

I found out about this service while searching for services that offer buying/selling cryptocurrencies in Europe using credit/debit cards.

However, what I found was more than that and upon further research understood that this service is worth looking into in detail.

It is one of the most prominent crypto brokers that has been buying/selling cryptocurrencies in the European region since 2014.

Bitpanda is a fully automated platform. As soon as buyers/sellers make the required payments, appropriate currencies are delivered.

They are predominately active in Europe with several secure payment options about which I will discuss later in this article.

BitPanda Founding Team’s Background

Bitpanda team

Bitpanda’s founding members Eric Demuth, Paul Klanschek and Christian Trummer are cryptocurrency enthusiasts. In 2013, during one of the bigger Bitcoin waves, they had to witness first-hand how hard it still was to acquire cryptocurrencies in Europe. This deficiency in the market led to the idea of Bitpanda, and after a long coordination, phase in consultation with the local authorities, Bitpanda was founded as Coinimal GmbH in December 2014. (Source-Bitpanda website)

Cryptocurrencies Supported On Bitpanda

Cryptocurrencies Supported On Bitpanda

Bitpanda currently supports the following 25 cryptocurrencies on its platform and 4 fiat currency wallets for EUR, USD, CHF, & GBP.

  • BTC
  • LTC
  • ETH
  • DASH
  • XRP
  • BCH
  • KMD
  • MIOTA
  • EOS
  • USDT
  • XLM
  • ADA
  • IOTA
  • NEO
  • XTZ
  • XEM
  • ZEC
  • OMG
  • WAVES
  • USDC (Stable coin)
  • LINK
  • PAN

Which countries does BitPanda support?

Worldwide customers can sell cryptocurrencies and receive payouts on Bitpanda via SEPA,  NETELLER or Skrill.

On the other hand, buying cryptocurrencies on Bitpanda is currently available for European users within the Single Euro Payments Area (SEPA), consisting of the majority of EU member states as well as Iceland, Liechtenstein, Norway, Switzerland, and Monaco.

Payment Methods Supported On Bitpanda

Bitpanda supports a variety of payment options because its primary aim is to make buying/selling cryptos easy in Europe. BitPanda supports EUR, GBP, CHF or USD

Namely, here are the payment options it supports:

  • Credit card (Visa, Mastercard)
  • SOFORT transfer
  • EPS
  • Giropay
  • Neteller
  • Skrill
  • Online Bank Transfer
  • SEPA
  • Bitpanda to go (innovative solution) – Supported only in EUR

Amongst these payment methods, SEPA takes a day to confirm the payment while in the other payment methods the transactions and settlements are way quicker.

Bitpanda Credit Card Purchase Limit Increases To €10,000

BItpanda is one of the very few European exchanges that lets users purchase cryptocurrencies, including Bitcoin, using a credit card. In a major boost to its users, Bitpanda has increased the purchase limit from €2500  to €10,000.

Just so you know, €10,000 is the daily limit, a huge amount, which is expected to further foster the growth of cryptocurrencies.

Outside Europe, there are only a few high-quality crypto exchanges (eg: CEX, Coinmama) that support buying cryptos using a credit card. With the banking sector becoming more cautious with regards to their relationship with cryptocurrency exchanges and services, having an option to purchase cryptos using a credit card and higher limit is a right step for the future of cryptocurrencies.

Along with the increased credit card limit, SEPA deposits and withdrawal (daily) can now be increased up to €500,000 – previously capped at €10,000.

To enjoy the higher limit and avoid fraud at the same time, Bitpanda allows new users to make their first transaction limited to €2500. Only after the first transaction can you enjoy the increased limits.

 KYC and AML for larger deposits & OTC Services:

If you deposit a larger amount, Bitpanda may demand proof of funding source to comply with the KYC and AML law. For high volume traders, Bitpanda also offers over-the-counter (OTC) services. OTC services are available for customers with purchasing or selling amounts in excess of €1 million.

As stated in the announcement:

This is a highly specialized and exclusive service and is tailored to individual customers. If you’re interested in trading amounts over €1 million and require specialized service, please fill out this form so we can review your requirements.

This service is referred to as Bitpanda Plus, and interested customers can apply for this service by filling a form here.

As stated on the page, here are some benefits of Bitpanda Plus:

  • Europe’s leading digital asset trading platform
  • Ability to trade BTC, ETH, DASH, LTC, BCH, XRP and more
  • Full wallet integration for all tradable assets
  • Industry-leading in KYC/AML
  • State-of-the-art security system

Bitpanda Fees

Fees on Bitpanda is a bit on the higher side, and that’s precisely because it uses third-party payment services and credit cards which usually charge more fees for the movement of money.

Bitpanda’s fees:

  • Buying: 1.49%
  • Selling: 1.29%

Bitpanda User Interface

Their UI, I must say, is one of the cleanest interfaces I have ever seen in a crypto service.

The UI is very intuitive and colorfully designed. Upon the first login, you will see a dashboard like this:

Bitpanda User Interface

Under the wallet section, you will see that both crypto and fiat wallets are well managed:

Bitpanda wallet

And lastly, under the charts section, you can see daily, weekly, monthly charts of all these cryptocurrencies, plus you can set price alerts for different cryptocurrencies also. Here is a sneak peek into the same:

Bitpanda Chart

How To Get Started On Bitpanda

Getting started on Bitpanda is quite easy and similar to any fiat linked crypto service.

But for now it can be broken into these steps (Source- Bitpanda):

  • The first part of the verification requires the following information from you: an email address, a mobile number accepted by them and personal data.
  • The verification also consists of a video identification procedure. This is done by their partner companies. You can choose between IdentityTM and IDNow, and you will be connected to the appropriate provider immediately after selecting your available document.
  • Next, the verification requires a stable Internet connection, a webcam or smartphone, and an accepted photo ID. A driving license is not sufficient for the verification.

Try Out Bitpanda Now For Free

Who is Bitpanda For?

Bitpanda is for everyone.

If you are a European crypto enthusiast and like to HODL or trade cryptocurrencies mentioned under the ‘supported cryptocurrencies’ section, Bitpanda is the way to go for it has made things very easy.

You can select any payment option that appeals to you and starts trading cryptocurrencies on Bitpanda once the verification is complete.

Or if you are a crypto Whale, you can trade on Bitpanda using their Bitpanda Plus service. This service gives you access to their OTC service where one can trade currencies at higher volumes (above €1 Million). See more details on Bitpanda Plus here.

Bitpanda’s Customer Support & Review Conclusion

Their customer support is pretty standard and so far I haven’t heard of any significant issues on it.

Plus, they have a comprehensive support helpdesk where you have several frequently asked questions & answers which you can DIY.

And lastly, I would like it more if they can be clearer and cheaper about their fee model. Plus, if they launch mobile apps for iOS and Android users it will be a win-win situation for both the company and the users.

Official Resources

Some of the official links to stay updated about Bitpanda exchange and related news:

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