BitPanda is a company established in late 2014 when cryptocurrencies were not even close to the popularity they have now. At that time, BitPanda was a great option for purchasing and exchanging Bitcoin, a cryptocurrency that was one of the most popular at the time. Since 2014, a lot has changed when it comes to the cryptocurrency market, which forced BitPanda to update their crypto offerings on the exchange. Currently, BitPanda offers cryptos such as Bitcoin, Ethereum, Dash, Bitcoin Cash, Ripple, and Litecoin. These four are probably what most users want, making BitPanda a great option for many. So, is this European service worth your attention? Let’s find out.
As we mentioned before, BitPanda has been with us for quite some time. To some, 4 years may sound small, but BitPanda was there when Bitcoin experience its exponential growth and they witnessed the most important happenings in the crypto market. However, BitPanda is aimed towards European and UK citizen, accordingly this crypto exchange service does not support any countries except those located in Europe.
Nowadays, BitPanda is known as one of the finest crypto exchange services in Europe. They work with a large selection of cryptocurrencies and charge fees that are almost the lowest in Europe and the world in general. Their goal is to give their users freedom and security to buy preferred cryptocurrencies using one of the many payment methods that they offer.
Interested in how BitPanda compares to other crypto exchanges? We have compared all major cryptocurrency exchanges in this article.
If you use Google and search for BitPanda’s reviews, it’s unlikely that you’ll find any complaints about this service. However, let’s take a glance at the time when BitPanda emerged. For those who don’t know, BitPanda is overseen by Coinimal GmbH, a company that also made its way to the publicity in 2014. Coinimal GmbH is often characterized as the “old guard” in the crypto and Bitcoin market. Since their inception, they’ve been known for their ease of use and responsive support.
While many praise BitPanda for its speed and customer support, there are users that state quite the opposite. During our research, we found that most of these claims were a product of misunderstanding. All in all, BitPanda is known as a trustworthy and reliable crypto exchange platform that focuses on speed and quality of service.
Take advantage of the security features!
When it comes to customer support, BitPanda arguably has one of the best services in Europe. However, it may come as a surprised the fact that they don’t have phone support, which can be an obstacle in some cases. Without the phone support, you won’t be able to get the answers you need right away.
Nevertheless, BitPanda has a dedicated FAQ section that’s divided into several different categories for added convenience. You can now find more info about your profile, security, verification, and even step-by-step guides. If you want to contact BitPanda directly, you are prompted to open a support ticket. Here, you need to write basic info about yourself and write your message. Usually, they respond within one business day with some delays from time to time.
Another way to reach the customer support is by email. This method works quite well in theory, but not in practice, as it depends on the relevance of your email. Sometimes, your email will sit in BitPanda’s inbox for days and sometimes, you’ll get your answers right away. When it comes to answers, we’re pretty satisfied with the quality, as they managed to solve every doubt or inquiry that we had.
BitPanda is known as one of the best European cryptocurrency exchanges. However, their support and field of work end there. We're a bit disappointed that they haven't increased their support over the years, as they still don't support every European country. For example, some of the countries in Balkan are excluded and some less-developed countries are also not on their official list. But, it’s great to know that vast majority of Europe is on the official support list. Here are some of the countries that BitPanda supports:
BitPanda is a beautiful-looking website at first glance. In the top section, we have the options for buying or selling cryptocurrencies, as well as read some news and sign up/sign in to your account. Just underneath, the website continues and you can read the latest news which are updated relatively frequently. For those who are interested in registering an account, the process should be pretty straightforward.
"I’m based in the UK, and I am happy with the overall service of Bitpanda. The verification process was smooth and the purchase was straightforward. "
In the upper right corner, there is a button “Sign Up”. Upon clicking it, you'll be prompted to enter your email, solve the captcha, and choose your password. As soon as you do that, you'll wait no more than 20 seconds to receive the confirmation email. Simply open your email inbox and verify your account. When you verify your email, you’ll get a Starter Level account.
However, this is not the end. As BitPanda supports 2FA (two-factor authentication), you’ll need to provide your mobile number in order to proceed. Now, the procedure is well known – you get your six-digit password in a form of an SMS, then you enter it in the designated field on the website and you’re good to go.
For those who are interested in Bronze and Gold Level, you'll need to verify your mobile number for the first and provide your government-issued ID for the latter.
Don't waste time, quickly sign up and start trading!
Since this isn’t a worldwide company, we can only take into an account European awards of BitPanda. But, has BitPanda ever achieved something worth mentioning? Just around a year and a half ago (October 2016), BitPanda earned their first startup award and since then, it became a well-known company in the crypto industry. It’s interesting to mention that even when they were called Coinimal, they also had a good reputation, with the hacker attacks being brought down to a minimum, with no successful break-ins.
For years, we haven’t heard about any major hacker attacks on BitPanda, which makes them safe and trustworthy. Even though we don’t know the exact fees, the company is known for their low fees. Surprisingly, BitPanda is one of the best options if you want to avoid hefty fees for your transactions and that’s one of the ways BitPanda gained its reputation.
In the previous section of our review, we mentioned that BitPanda is pretty modest when it comes to fees, however, the users don’t know the exact fees. There is a reason behind this – BitPanda doesn’t have any info about fees on their website. The users involved in an exchange or purchase are usually informed about the fees prior to the purchase or exchange. This way, the fees are always varying and we can’t tell exactly how big they are.
If you want to know more about fees, you’ll need to buy or sell your crypto to get the information. In our experience, fees are anywhere from 0.7% to 2.5%, but as we said, they can vary. If we take a look at some of the most popular crypto exchanges, the fees can sometimes go up to 13%, which is unacceptable at times. BitPanda is still one of the best crypto exchanges in this regard, without a doubt.
Now is the time to start buying cryptocurrencies!
Throughout our review, we’ve mentioned that BitPanda has a solid choice of different payment methods available. In this section, we’re going to take a look at what BitPanda has to offer.
First of all, we have the standard method of payment via Visa or MasterCard – credit or debit card, respectively. This method works best and We’ve used it a couple of times, although there are several fees. On top of that, there is a minimum amount of 25 EUR when purchasing Bitcoins and that’s important to mention.
If you don’t have a credit or debit card, it’s not a lost cause, though. You can still use methods like Skrill, NETELLER, SEPA, SOFORT, etc. There are, however, some differences. As we said, buying Bitcoin with your credit or debit card might be the fastest and the safest way at the cost of higher fees. When buying with your Skrill, SEPA or NETELLER account, you’ll experience lower fees, which is quite odd. Usually, your fees can get up to 5%, although We’ve never experienced this.
If you want to buy coins from BitPanda, you need to log into your account and then click the button "Buy" at the top of the screen. Now, you have to select which cryptocurrency you want to buy and then choose the payment method. What payment method will you choose depends on what is the most convenient for you.
When you choose the method, simply fill in the necessary data needed, and proceed to the next step. Of course, make sure that you haven’t skipped any data. Your coins will be in your BitPanda wallet within one business day (credit or debit card) or within few seconds (NETELLER, Soffort). Alternatively, you can always send your coins to a different wallet, which we strongly recommend, and you’ll see why in the next section.
(Un)fortunately, BitPanda gives you an option to use their wallet to store your crypto. It’s much like any wallet out there, allowing you to transfer your cryptocurrencies in and out, as you wish. But, keeping huge amounts of crypto isn’t going to get you far in this case. Apparently, BitPanda has one serious problem with the private keys. The main issue is that you DON'T control them and this can lead to hacking problems and some accounts being stolen.
So, if the hacker or anyone who owns your private key gets a hold of them…well, that's not going to be good. In that case, you can always use other wallets on the internet. One of my favorites is SpectroCoin, which I’ve been using for quite some time and it’s a whole another level when it comes to safety. If you find it convenient to keep your currencies in BitPanda’s wallet, I suggest you put in a small amount, or the amount that you wish to sell in the nearest future.
Let’s wrap up our BitPanda review with a solid conclusion about this crypto exchange service. If you’ve read it all the way through, you have seen that BitPanda has a fair share of pros and some cons. When it comes to reputation and reliability, there isn’t anything bad to say about BitPanda. Every transaction is realized relatively fast, and the longest time we waited was around 24 hours, which is still very fast. It’s evident that this service works with great haste to provide the users with an ultimate crypto-exchange experience.
But, what about the negatives of BitPanda? Are you ready to deal with a less-secure BitPanda wallet and its weird limitations? By limitations, we refer to the absence of worldwide support and if you aren’t from Europe, you won’t be able to use BitPanda. Furthermore, there are some fees that can vary.
In the end, it all boils down to what you really need. If you are a beginner and want an introduction to the crypto world, BitPanda is a great way to do so. For an experienced user, BitPanda will be a great option just because there’s Bitcoin, Ethereum, Litecoin, etc. even though we are regulars on the exchange, we hope to see new cryptocurrencies added in the near future – which would instantly make us die-hard fans.
You can check out all of the most popular cryptocurrency exchanges in one article here.
Have you traded on BitPanda? Do you have any advice or suggestion for the other readers? Let us know in the comment section below!
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