Bitpanda experience – crypto exchange review
Bitpanda is a crypto exchange that has its headquarters in Vienna. Since 2014, customers have also been able to gain their own Bitpanda experience trading digital currencies. The advantage: the entire mode of operation is fully automated and the purchase is swift. There are a comparatively large number of payment options to choose from. Among them vouchers for Amazon, which he sometimes with other crypto exchanges have not yet seen.
How the platform works and what the conditions for the purchase look like, we show based on our experience. Meanwhile, investors can also trade gold, silver and other precious metals. In addition, there is also the possibility to conclude savings plans. Bitpanda is thus developing into an all-round provider in terms of alternative investments and one of the best bitcoin exchanges for day trading.
The first impression of the site is clear and tidy. It is especially positive that the content is also available in German. According to our experience with other providers, this is not the case with all crypto exchanges. The well-structured page makes it much easier for inexperienced crypto traders to gain their own Bitpanda experience.
Registration and login are also very simple. The corresponding buttons are also available centrally on the homepage. At first glance, customers learn what to expect at Bitpanda in the first place. There is an overview of the tradable cryptocurrencies and a brief explanation of how to register. There is also a transparent insight into all payment options.
Transparency and a high level of information are particularly important for the crypto exchange. This is also reflected in the content, which lists all the advantages. Here, customers learn why they should choose Bitpanda as their crypto exchange. This brief insight is especially interesting for those who have not yet heard of Bitpanda or have never bought cryptocurrencies before. According to our Bitpanda experiences, this will make it much easier for future customers to get started.
Is Bitpanda reputable or not?
Bitpanda is based in Vienna and is thus also “regulated” in Europe. Even though we cannot compare the regulation with that of a stock broker. In our Bitpanda experience, we mainly looked at the security of cryptocurrencies and gained positive impressions. Almost all crypto reserves are stored offline by Bitpanda to ensure the highest possible level of security. For customers, this means that the reserves are not connected to a web server or stored on a computer. This means that there is no permanent internet connection and the digital currencies are protected from hacker attacks. However, customers can also contribute to the security of their coins themselves.
Bitpanda offers its customers the possibility to secure their account in the best possible way. According to our Bitpanda experiences, this is also an indication of serious trading. For this purpose, customers are advised to set a strong and unique password for their account. This password should not be given to anyone else, but should remain exclusively with the account holder. Besides securing the account with 2-factor authentication, this way of securing the email account is also possible.
2-factor authentication: this is how it works
2-factor authentication is set up via the app on the smartphone. Anyone who opens the app and has already set up this authentication will see an entry for Bitpanda. The number displayed changes every 30 seconds. It stands for the current code for 2-factor authentication. This is exactly what customers have to enter after logging in as the second step after entering the password and email address as well as the captache.
2-factor authentication is a service from Bitpanda that is set up via an app on the smartphone. The following variants are available for this:
- Google Authenticator
- “Authy” for Android
- Authenticator for Windows Phone
Once you have installed the app and opened it, you can start setting up authentication. Significantly contributing to the security of the account at Bitpanda is the 2-factor authentication. Each customer can use it individually after signing up and downloading the app. To set up this authentication, customers must log in to the Bitpanda account and click on the “Security” menu item. Here, a QR code is displayed, which must be scanned with the 2-factor authentication app. This app is available for free download in the Google Play Stores. There was no app for Apple at the time of the Bitpanda test. To complete the setup completely larks, the code, which is displayed in the app, must be entered and confirmed on the website from to Bitpanda.
Verification for new customers
Basically, after registering, new customers must also verify themselves. For the first part, it is necessary to enter the following information:
- Email address
- cell phone number
- personal data
The verification is then carried out in a video identification process. The prerequisite for this is a stable internet connection as well as a webcam. Verification also includes a deposit of 2,500 euros. This automatically removes restrictions on the account. The verification deposit can be made using Sofortüberweisung, SEPA bank transfer or Giropay. Until this payment, customers can only trade up to a volume of 2,500 euros.
The legal regulations in Austria stipulate that customers must verify themselves and Bitpanda must request a minimum of information or data. Those who are not fully verified will not be able to make fiat deposits in the process. However, those who want to purchase cryptocurrencies before verification can do so with the “Bitpanda To Go” vouchers”.
Which cryptocurrencies are part of the offer?
A total of around 30 cryptocurrencies are available for trading. In addition to Bitcoin, these include:
- Bitcoin Cash
- and many more
Unlike other crypto exchanges, the selection here is significantly limited; after all, there are providers with several hundred cryptocurrencies on offer. Bitpanda focuses on the digital currencies with the largest market capitalization.
For inexperienced investors, the significantly reduced trading offer is an advantage. In this way, they can first better understand the processes of buying cryptocurrencies and familiarize themselves with crypto trading.
Registration and account opening: this is how it works
Since Bitpanda adheres to strict anti-money laundering guidelines, customers must confirm their identity. Along with this, there are different levels of verification in place: Bronze and Gold. Those who register for the first time start with the Starter level. No purchases can be made at this level, but customers can sell or withdraw up to 1,000 euros daily. However, those who verify their email address move up to the higher level and are then in possession of a Bronze account. This allows buyers up to 50 euros daily or monthly. However, payments by credit card cannot be made here either. To use this payment option, customers must confirm their cell phone number.
The fiat wallet is necessary to trade at all via the Bitpanda account. Currently, the following fiat wallets are available at Bitpanda:
- US Dollar (USD)
- Euro (EUR)
- Swiss Franc (CHF)
- British Pound (GBP)
Cryptocurrencies can be sold via the fiat wallet so that the money can always be paid out. This allows customers to react particularly quickly on the market and not rely on longer settlement times from other payment providers.
Transactions with the fiat wallet
When customers are logged into their Bitpanda account, they see all current fiat wallets on the dashboard. Now they can select a wallet and view the details and activities for it. The deposit process is almost self-explanatory. First, customers select the wallet they would like to deposit to. Then the payment method is selected. Now the selection of the desired amount takes place. Important: Customers must waive the right of withdrawal and confirm the payment methods. Only then will you receive a PIN via SMS, which must be entered for complete processing when making the deposit. Now the redirection to the website of the selected payment provider takes place, where all payment details have to be entered. Once this is also completed, the redirection to Bitpanda’s website takes place.
Using the fiat wallet before making a withdrawal
The fiat wallet can of course also be used for the payout. The process here is almost analogous to that of depositing. In addition, customers receive a confirmation mail, which they must confirm again. This mail contains a button “Confirm withdrawal”, which significantly simplifies the processing.
At Bitpanda, customers can choose from various payment options. Customers can choose to use the following options to capitalize their account:
- Bitpanda To Go
- Instant Bank Transfer
- SEPA bank transfer
The fees are dependent on the selected payment method. The deposit limits are also variable and depend on the selected cryptocurrency. If you want to deposit Bitcoin, you have to deposit at least 0.00100 Bitcoin. In addition, fees may also apply. Depending on the account level, however, only limited options can be used for the withdrawal. For example, those who are below Gold status cannot use the credit card for withdrawals. In addition, the minimum amounts for withdrawals vary. For Ethereum, for example, customers have to pay out 0.020000 ETH in the process. The withdrawal fees for this are 0, 00045715 ETH.
PayPal is not offered according to our Bitpanda experiences. In addition, there are differences as to which wallets can be used. For example, the fiat wallets are only available for deposits via Mastercard, Visa, the Sofortüberweisung, Neteller, Skrill, the SEPA transfer or Giropay. Withdrawals can be made to the fiat wallet only with certain payment methods.
We have noticed a special feature in our Bitpanda experience. When selling cryptocurrencies, the payout can also be made in the form of an Amazon.de voucher. In this case, the proceeds are issued in the same value as a voucher, which customers can then use to make purchases on the Internet platform.
Bitpanda service also for large investors
Offers not only attractive conditions for smaller investors, but also holds special features for large investors. There are special limits for this, which are available in the so-called Plus service. This is a general limit increase, which are adjusted to the customers. The exclusive program is available on demand and reserved only for already verified customers. Those who want to apply for the Bitpanda Plus program can do so conveniently via the platform and customer support.
There is the so-called over-the-counter (OTC) program at Bitpanda. Here, investors can buy or sell cryptocurrencies with amounts of more than 1 million euros. This highly exclusive and specialized service is tailored entirely to individual users. In order to enjoy these services at all, customers must apply for them.
Referring friends brings advantages
In our Bitpanda experience, we also took a closer look at the Tell-a-Friend program. Customers receive 2.50 euros in credit once for referring a new customer (Gold verified after the first order). In addition, there is an ongoing five percent bonus on the service fees for each order placed by the referred person. The exception to this, however, is “Bitpanda To Go”. Those who wish to take advantage of this benefit must send their friends the individual link (available in their own account) directly. The new customers then sign up via this.
Bitpanda offers a unique service: “Bitpanda To Go”. Customers can conveniently buy cryptocurrencies at lightning speed via 400 post offices and at approximately 1,300 postal partners throughout Austria. The choices are:
Now investors can also use cash to conveniently purchase cryptocurrencies on the spot. This service is new for crypto exchanges. We know this service thereby from our Bitpanda experiences only here and not from other providers. No verification is required for the purchase. Customers only need their email address and the coins are forwarded directly to the integrated wallet. Thus, they are immediately available for use. At times, this service is only offered to Austria. Bitpanda does not yet offer this service in Germany or other European countries.
To date, only Bitpanda app for Android available
More and more crypto exchanges also rely on mobile applications for their customers. However, we could only find one Bitpanda app for Android devices in our test. While 2-factor authentication is available for all smartphones, there is no dedicated Bitpanda trading platform for Apple devices. Nevertheless, trading is of course also possible via smartphone and tablet. To do so, customers simply call up the web address their mobile browsers.
Bitpanda does not currently offer its customers active telephone support. Nevertheless, questions can be asked via a central email address. In addition, a comprehensive FAQ section is also offered as a supplement, which is also designed in German according to our Bitpanda experiences.
Bitpanda experiences show that crypto trading is possible in a flexible & secure manner. Trading cryptocurrencies is quite flexible at Bitpanda. The crypto exchange not only provides online buying or selling of digital currencies, but also “To Go”. For this, in cooperation with Austrian post offices, there is the possibility to purchase Bitcoin and three other cryptocurrencies with cash quite conveniently on the spot and then use them via their wallet. According to our experience, other crypto exchanges do not offer this service so far. The crypto exchange focuses primarily on the approximately 30 digital currencies with the highest market capitalization. Bitcoin may not be missing there, of course.
This offer is particularly well suited for trading beginners to initially familiarize themselves with the matter. Bitpanda also offers special conditions and discounts for large investors (from 1 million euros). If you want, you can also refer friends and receive additional credit for this as well. In general, the site is clearly designed and the entire content is prepared in German. However, customer support is only available via a central e-mail address, but not by phone or live chat. Alternatively, there is an extensive FAQ section, which also answers essential questions about Bitpanda and the trading conditions. Our experience with the crypto exchange has been positive. Would you also like to test it? Simply register for free!