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?
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.
Founding Team’s Background
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
Bitpanda currently supports the following 8 cryptocurrencies on its platform and 4 fiat currency wallets for EUR, USD, CHF, & GBP.
Bitpanda Supported Countries
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. Namely, here are the payment options it supports:
- Credit card (Visa, Mastercard)
- SOFORT transfer
- Online Bank Transfer
- 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.
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.
- 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:
Under the wallet section, you will see that both crypto and fiat wallets are well managed:
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:
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.
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 & 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.
Some of the official links to stay updated about Bitpanda exchange and related news:
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