Today we are going to review one of the leading cryptocurrency exchanges in Europe. Which offers secure access to trading cryptocurrencies at any time of the day. Since 2014, the platform has a strong reputation. According to the website, Bitpanda strives to make the process of trading cryptocurrencies like Bitcoin as fast, smooth, and safe as possible. So let us see, how Bitpanda works and how you can trade in this platform.
Bitpanda came into existence in late 2014 as Coinimal in Vienna, Austria. The platform has won a startup award in October 2016. This company specializes in trading cryptocurrencies like Bitcoin. Presently it is the leading retail broker for Litecoin, Bitcoin, Ethereum, and others in Europe. It has more than 900k users. With 60+members on the team of over 21 nationalities, Bitpanda is a global company.
Bitpanda is fully automated. As soon as the platform confirms payment, the cryptocurrency gets transferred automatically to the buyer. Bitpanda works efficiently to provide high-quality service to customers at a faster rate.
On the right top corner, click ‘signup’. Enter your name, surname, email address, and password. A verification link will be sent to your email id. Click the link, you will be redirected to Bitpanda website. To login enter valid email and password to use the platform.
To trade in this platform you need to provide additional information. As soon as you verify your account, you get access to all features.
How to Trade?
Buying or selling cryptocurrency is very easy on the Bitpanda website. But before you buy or sell, you need to verify your account and need to add sufficient funds in your crypto and fiat wallets. Once you log in, Click on “Trade” in the top right of the screen. Select “Buy,” and choose the cryptocurrency you want to purchase with your fiat wallet. Choose the quantity to buy, and click “Buy Now”. Similarly, in the trade option click “sell” and select the cryptocurrency or fiat wallet, choose the amount, and click “Sell Now”.
Bit panda has different Fiat funding and withdrawal options. SEPA wire is best If you are in the EU and would like to fund in Euros because this is free and fast.
SOFORT transfer for those who are in Austria, Spain, Belgium, Italy, or the Netherlands. This is quite cheap and will usually take one or two days. This option is also available for withdrawals.
Bitpanda also has two popular web wallets Skrill and Neteller for you to make payments and withdrawals. However, you have to create an account with one of these services. All of these payment and withdrawal options depends on whether your account is verified.
What Is Bitpanda To Go?
With Bitpanda To Go you are able to buy cryptocurrencies throughout Austria in cash. Along with around 1,300 Post partners, the program works with 400 Post branches around Austria and makes it easy to purchase cryptocurrency without having to transfer fiat currency to your Bitpanda account or even requiring a bank account. To use Bitpanda To Go, go to one of the supported locations and purchase a voucher for the quantity in Euro that you want. You can find the “Bitpanda To Go” page via the Bitpanda website.
Buy the voucher, then click on the “Redeem now” button on the same website, which will make you log into your account and enter the code. You can redeem the voucher online to buy Bitcoin, Litecoin, Ethereum, Ripple, IOTA, Bitcoin Cash, Komodo, or Dash. Additionally, Bitpanda offers the best price within Austria so you can get the most crypto for your fiat. Also, no verification is required, as you just need your email address. The coins will be transferred into your integrated wallet where you can use them however you want.
What Is Bitpanda Plus?
If you want exclusive services and higher trading limits, then there is Bitpanda Plus. It is designed especially for traders who want to trade in higher volumes and increase the default limits. To Use Bitpanda Plus, fill the form with your name, nationality, phone, email, verification status, and expected volume.
Moreover, the platform offers Bitpanda OTC. This is a direct over-the-counter service for users who want to buy or sell quantities of over 1 million Euro. This OTC service is specialized and exclusive for every personalized individual customer. To access this service, you need to fill out the same Bitpanda Plus form.
Bitpanda has maintained low fees as a benefit to its customers. The fees for the purchase of Bitcoin currently is 1.49% and for the selling 1.29%.
currently, it offers cryptocurrency trading in EUR, USD, GBP and CHF. If you want to pay in a not supported currency, exchange fees are applied to the respective providers. Moreover, these fees are not charged by the panda.
It should also be noted that credit card providers can sometimes charge cash in advance. This charge is a separate deduction, directly from your provider.
BitPanda charges transaction fees, the amount will vary depending on the cryptocurrency.
At Bitpanda, security is a top priority. There are SSL encryption and DDOS protection. The platform also stores funds in secure offline wallets. Also, It provides two-factor authentication.
Pros and Cons
- Instant transactions with a fully automated platform
- Various type of payment options.
- Beginners can use it easily.
- Only European members can buy cryptocurrencies.
- Lack of multi-signature protocols for privacy and security.
Our Bitpanda review was easy to conduct because of the transparency of the business as well as their stable track record. We are impressed with their coin coverage as they are the only Fiat exchange with so many coins to choose from.
Also, they are one of the most user-friendly exchanges that we have reviewed recently. Moreover, they offer a nice range of cryptocurrencies which you can purchase directly, rather than having to use different platforms for fiat purchases and the trading on another platform. Here you can purchase them directly on Bitpanda and then can withdraw to your own wallet.