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Comprehensive Review of Bitpanda Exchange (2021)

 

Richard Bradley
Verified writer

Fact checked

Updated Sep 13, 2021.
What changed?
What changed What changed?
Bitpanda
8.9.0
(729 User Reviews)
User-friendliness
10.0
Functions
10.0
Fees
7.2.0
Trust
8.9.0
Help & Support
8.7.0

Meet Our Reviewing Team

Richard Bradley
Verified writer

Richard Bradley is a writer and editor who has published in several online publications specialising in cryptocurrencies and stock trading. He focuses on topics that include investing, price analysis and blockchain developments. He is passionate about the promise of blockchain technology to democratise the global financial system and its potential to become a driving force for social and political change around the world.

Best Crypto Exchange Brokers 2021

Broker Rating Cryptocurrencies Special features A list of features that provide a given broker with a competitive edge. Regulated by A list of features that provide a given broker with a competitive edge. Warning & Ad Disclosure A list of features that provide a given broker with a competitive edge.
Rating
8.5 Nexo review
Cryptocurrencies
89 crypto pairs
Special features A list of features that provide a given broker with a competitive edge.
No deposit fees for all payment methodsCheap method to buy Bitcoin instantly.One of the few providers that offer PayPalVery user-friendly trading for beginners
Regulated by A list of features that provide a given broker with a competitive edge.
EUUSAUKAUS
Rating
8.9 Nexo review
Cryptocurrencies
89 crypto pairs
Special features A list of features that provide a given broker with a competitive edge.
the largest range of functions of all brokers (savings plan, crypto index)very clear, easy to understand, modern designthe provider (support, payment methods)many coins, also metals, shares, and ETFs
Regulated by A list of features that provide a given broker with a competitive edge.
AT
Rating
7.2 Nexo review
Cryptocurrencies
89 crypto pairs
Special features A list of features that provide a given broker with a competitive edge.
many cryptocurrencies, also smaller coinsDirect payment to own wallet possibleUp to 500 euros without verification with IDIntuitive operation
Regulated by A list of features that provide a given broker with a competitive edge.
NL

Information on use

Bitpanda is a provider with a so-called “hosted wallet”. This means that cryptocurrencies purchased there are initially managed by Bitpanda. This makes it easy for beginners to get started, and considerations about the safekeeping of cryptocurrencies are initially omitted. The disadvantage is that new users have to trust Bitpanda’s security measures. However, these are now so tried and tested that one can recommend cryptocurrency management by Bitpanda to users who are not so technically experienced.

Those who are committed to the basic idea of cryptocurrencies (“Be your own bank”) will put the acquired coins on their wallet for longer-term storage. It is advisable to consciously consider what proportion of coins you feel comfortable with on Bitpanda.

At Bitpanda, there is a separate online wallet for each currency. For euros, Swiss francs, US dollars, and British pounds, and all cryptocurrencies. To buy cryptocurrencies, you first fill your “fiat wallet” (for example euros via SEPA transfer). The credit deposited on it is then used for the purchase of cryptocurrencies. Withdrawals are just as easy and are carried out quickly.

Buy from Bitpanda. Here’s how

  1. Open an account on Bitpanda
  2. Verify account (via webcam with ID and mobile phone number)
  3. Deposit money on ‘Euro-Wallet’ at Bitpanda
  4. Click on ‘Trade’ and select the desired coin
  5. Select the amount and buy with Euro-Wallet

Bitpanda: Fees and conditions

Info

Fees for buying and selling: Bitpanda does not explicitly show the fees for buying and selling cryptocurrencies. Only the total price for the transactions is shown. After some research, we found that Bitpanda adds 1.49% to the market price when buying and 1.29% when selling. However, how this market price comes about at Bitpanda is also at the discretion of the provider. In this respect, the decision not to show the fees separately is even understandable.
It should also be mentioned here that the transaction costs can be reduced by paying with the in-house BEST token.

Rate compared to market prices In our test, the rates displayed by Bitpanda were in the best third compared to other providers.

  • Fees for withdrawals Bitpanda has withdrawal fees that adjust to the demand for transactions on the underlying network. They vary from cryptocurrency to cryptocurrency. With Bitcoin, these can easily be amounts in the double-digit euro range. Another reason it can make sense to leave your coins with Bitpanda. You can find an overview here.
  • Fees for alternative payment methods The normal SEPA transfer is free. If you choose another payment method, for example for reasons of urgency, you will also have to pay fees to the payment service provider. Compared to other providers, however, these fees are low. For example, payment by credit card costs 1.5 % extra, for SOFORT-Überweisung and GiroPay there are additional charges of 2 %.

Bitpanda Special Features: Pros and Cons

Bitpanda from Austria is an innovative provider for the direct purchase of cryptocurrencies.

Things we didn’t like:
source of funds necessary for sales over 10,000 euros
Richard Bradley
Verified writer
quote

Richard Bradley is a writer and editor who has published in several online publications specialising in cryptocurrencies and stock trading. He focuses on topics that include investing, price analysis and blockchain developments. He is passionate about the promise of blockchain technology to democratise the global financial system and its potential to become a driving force for social and political change around the world.

Top 3 Crypto Exchange Brokers 2021

The newly launched eToro Wallet is a new addition to this popular social trading platform.

The wallet can be used by any existing and verified member of eToro as it is synchronised with the site’s accounts.

With this wallet app, users can buy or sell assets, transfer assets between wallets, or exchange one crypto for another.

They can also use the wallet as an easy place to keep their digital coins safe. The biggest advantage of the eToro Wallet is its ease of use and security. You need not worry about security as the wallet is managed by the eToro servers. eToro is known for its industry-leading security standards.

43 crypto pairs
Pros:

• Easy to set up
• Supports the German language, just like the eToro platform.
• High level of security
• Direct buying and selling of cryptocurrencies in the wallet.
• It is synced with the user’s existing eToro account for easy access.
• 120+ supported coins

Cons:

• Custodial Wallet – you do not own your private keys

Bitpanda from Austria is an innovative provider for the direct purchase of cryptocurrencies.

Bitpanda is a provider with a so-called “hosted wallet”.

At Bitpanda, there is a separate online wallet for each currency.

43 crypto pairs
Pros:

• the largest range of functions of all brokers (savings plan, crypto index)
• very clear, easy to understand, modern design
• the provider (support, payment methods)
• many coins, also metals, shares, and ETFs

Cons:

• source of funds necessary for sales over 10,000 euros

A relatively new broker from NL. At Coinmerce there are also many smaller cryptocurrencies available for direct purchase

Coinmerce is a broker, which means you don’t buy cryptocurrencies like on an exchange, but directly from the provider.

When buying cryptocurrencies on Coinmerce, you can choose whether you want to use the provider as a “hosted wallet” or whether you want to pay out cryptocurrencies directly to your wallet.

43 crypto pairs
Pros:

• many cryptocurrencies, also smaller coins
• Direct payment to own wallet possible
• Up to 500 euros without verification with ID
• Intuitive operation

Cons:

• Still relatively small, new provider
• Cryptocurrencies supported by Coinmerce

Trust

Deposit insurance/insurance of funds We received no information from Bitpanda on this. The point, therefore, received a neutral rating.
Regulatory clarity Bitpanda attaches great importance to fulfilling existing requirements for financial institutions. On the one hand, this is an advantage, but Bitpanda may request very detailed information when large amounts are deposited or withdrawn.

How long on the market?
Bitpanda has been in the industry for a relatively long time and is a well-known company. The provider-operated under the name Coinimal. It should be emphasised here that, from the outside, Bitpanda always seemed very close to the technological happenings in the blockchain and crypto world. For example, they were one of the first providers to offer Bitcoin Cash after the fork of Bitcoin. They were also relatively quick to incorporate technical optimisations (Segwit support, transaction batching).

We are not aware of anything in this regard.
Bug bounties, audits – We received no information from Bitpanda on this. The point, therefore, received a neutral rating.
Security precautions (login protection) As is now the case with all serious providers, Bitpanda uses 2-factor authentication (2FA) for additional protection against unauthorised access to the account and also encourages the user to do so. In addition, there is a browser verification for new devices and the additional confirmation of withdrawals by email.

Recomended brokers 2021

According to their website support forum, this is “for security, regulatory compliance and fraud prevention”. The limits are based on several factors that include the payment method you used, how old your account is, your purchase history, and more. These limits are calculated automatically.

etoro ee
eToro
Register now
bitpanda blue
Bitpanda
Register now
coinmerce blue
Coinmerce
Register now

Bitpanda in the test: user-friendliness

1
User Friendliness

Bitpanda has a very user-friendly interface that makes trading cryptocurrencies as easy as possible. This makes it well suited also and especially for beginners. A separate app is now also available for Android. However, the website on the mobile phone also feels more or less like an app. Overall, Bitpanda scored full marks for user-friendliness in our test.

With the available cryptocurrencies (see above), Bitpanda leads among the providers we tested.  New ones are constantly being added (especially ERC-20 tokens based on Ethereum). It is also worth mentioning that Bitpanda initially offers new cryptocurrencies only for buying and selling and only later adds the functionality to send them to your own wallet. Bitpanda summarizes the listed currencies here. Not only the number of coins is positive, but also the quality of the selection. Above all, cryptocurrencies with a high reputation in the community and supposedly good development teams are taken into account.

2
Payment Methods

Bitpanda also scored full points in this category in our test. Except for Paypal, which almost no provider offers, all payment methods commonly used are represented. The SEPA transfer takes two working days. In contrast, currencies can be purchased immediately after account verification with all other payment methods. There is an Austrian “treat” on top of that: if you are in the country, you can purchase cryptocurrencies directly with cash at all post offices. The coins are credited to the Bitpanda account.

3
Registration and Verification

Like all reputable providers, Bitpanda also verifies the user’s address and ID to meet legal requirements. Only then are all functions on the platform activated. Instead of running to the nearest post office for a “PostIdent” as in the past, this can now be done from the comfort of your sofa. The first step is to enter personal data (address, telephone number, etc.). Then the user is connected via webcam or smartphone camera to an employee of an external provider who carries out the verification. The employee asks a few questions and takes photos of the ID. The whole process takes less than 5 minutes. Top!

Savings plan and crypto index. Bitpanda is the only provider that allows you to cover the entire crypto market with the purchase of one asset. With the Bitpanda Crypto Index 5, 10, and 25, you can buy several cryptocurrencies at once and thus virtually replicate a fund. The whole thing also works as a savings plan with regular purchases.

4
Other functions

Portfolio overview. Price alert for individual coins. Another helpful feature is that you can buy any digital asset on Bitpanda as part of a savings plan, which is automatically executed after a one-time setup.

With the Bitpanda Swap functionality, you can swap any coin for any other.

Precious metals, shares, and even ETFs can also be bought on Bitpanda and even swapped against cryptocurrencies.

Bitpanda in the test: Help & Support

From our perspective, the support at Bitpanda is the winner in our test. As an Austrian provider, both the online help area and the email support are available. Although, as with most tested providers, there is no help by phone, the support platform at https://support.bitpanda.com/hc, which can also submit a special request, works perfectly. During the week, we always received an answer to our query within an hour. A request we sent on Saturday was answered by Monday noon. Perfectly OK.

It is also worth mentioning that social media is also perceived as a customer channel. The @bitpanda Twitter account regularly responds to customer enquiries, either directly or with a reference to online support.

Richard Bradley
Verified writer

Richard Bradley is a writer and editor who has published in several online publications specialising in cryptocurrencies and stock trading. He focuses on topics that include investing, price analysis and blockchain developments. He is passionate about the promise of blockchain technology to democratise the global financial system and its potential to become a driving force for social and political change around the world.

Best Crypto Exchanges
1.
eToro
2.
Bitpanda
3.
Coinmerce
Crypto Prices (USD)
Bitcoin
$47079.95
–1.09%
Ethereum
$3896.01
–1.06%
Binance Coin
$534.89
–1.31%
Tether
$1
+0.12%
Solana
$190.87
–1.32%
Cardano
$1.34
–2.27%
USD Coin
$1
+0.11%
XRP
$0.78
–1.79%
Polkadot
$27.9
–2.03%
Avalanche
$90.39
–3.76%

Coinbase
(729 User Reviews)

Cryptoasset investing is unregulated in most EU countries and the UK. No consumer protection. Your capital is at risk. CFD crypto trading is unavailable for clients residing in the UK and US. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.