Bitpanda Review

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Bitpanda is located in Vienna, Austria, founded in 2014, and operated by Coinimal GmbH. As a result, it accepts only residents from Europe countries only. However, various payment methods are accepted, including 1,800 Post Office branches in Austria, since July 2017.

Bitpanda is offering Bitcoin, Litecoin, Ethereum, Pantos, Ethereum, IOTA, Bitcoin Cash, Ripple, EOS, Tron, Cardano, Stellar, NEO, Dash, Zcash, NEM, etc. for both, buying and selling. It provides automatic transactions after the user’s account is verified. That improves the speed of the exchange process. Customers can select one of the many payment methods available, starting with SEPA, credit card, and Sofort payments, ending with Neteller, Skrill or Giropay. Austria residents can use a service called Bitpanda To Go. Vouchers are sold in post office branches all over the country. Also, Bitpanda has presented an ability to purchase Amazon.de coupons using cryptocurrencies.

And that’s not all, not so long ago BitPanda presented an opportunity to trade gold and silver.

Update (24/07/18): Bitpanda now accepts Bitcoin, Litecoin, Ethereum, Dash, Ripple, Bitcoin Cash, Komodo, IOTA, and EOS.

Update (03/01/19): As for this day Bitpanda accepts much more cryptocurrencies. Here is a full list of accepted cryptos: Bitcoin, Ethereum, Ripple, Bitcoin Cash, Pantos, IOTA, Cardano, Litecoin, Komodo, EOS, Dash, OmiseGo, Augur, Stellar, 0x, NEM, ZCash, Tezos, NEO, and Ethereum Classic. It’s worth to mention, this list always gets longer so stay updated.

Update (27/06/19): We have increased BitPanda rating to 4.7 (it was 4.5) because of a continuing expansion of supported cryptocurrencies list. As well as a new feature of gold and silver trading. 

Speed

Bitpanda provides decent speed for users who complete verification in the first place, so the payments are done instantly after they are processed by the payment processor. Online payment methods like Neteller or Skrill are instant most of the time as well. However, SEPA transfers can take up to 2 days, but that depends on the bank, as usual. That’s why we highly recommend completing account verification in the first place.

Limits

Limits depend on the level of verification. If the user operates with an unverified account, he cannot make a deposit to Bitpanda. Only withdrawals are available except credit card. Withdrawal limits stay from 1,000€ per day and reach up to the 30,000€ total limit. Worth to mention, the amount of the limits may vary depending on the selected currency.

Verified users get much higher limits. Daily limits for withdrawals – 100,000€. And a total limit of 10,000,000€. It should be more than enough. Also, verified users can make deposits using several methods – bank transfer SEPA (EU), online payment methods, credit cards.

Of course, deposits have their limits too. It starts from 2,500€ for payments with a credit card and goes up to 49,999€ for payments made by SEPA.

Online payment methods mentioned here include Neteller, Skrill,  Sofort, Giropay, etc.

However, depending on the currency some of the payment methods are disabled. For example, the buyer cannot get USD by making a bank transfer – SEPA.

Happily, there are any limits for trades inside the Bitpanda exchange.

The verification process and privacy

There are two different account levels – Verified and Unverified. To get verified, a user must complete the verification process by providing various information – phone number, ID, webcam interview (IDnow and IdentityTM). But this process is pretty fast if Bitpanda isn’t overloaded though. Of course, the limits for account applies if it is unverified. Check the information above – “Limits”.

When we talk about privacy, everything changes. You cannot even purchase a small amount of cryptocurrency without providing some of your personal details.

Bitpanda Security

Bitpanda has done a remarkable effort in the field of securing its customers and their funds. There were no reports that this exchange was breached or data was leaked which we think is great!

BitPanda supports basic features like SSL or 2FA.

Support

Users can only write an email about getting help. Unfortunately, no more methods for contacting the team is available. However, Bitpanda support team provides answers quickly and offer a Helpdesk. They have some active social accounts on Twitter, Facebook, Reddit, and BitcoinTalk as well. Furthermore, Bitpanda added Telegram support.

Conclusion

Bitpanda has won startup an award not without a reason. They have a great team with a very solid advisory board. Furthermore, they have many pros such as automatic payment approval, many payment methods, decent security, etc. Most noteworthy, Bitpanda supports the main 3 cryptocurrencies Bitcoin, Litecoin and Ethereum, and many more as well. The list grows all the time.

Finally, the only thing about Bitpanda which we don’t like – the users cannot make a deposit without the verification. Even the purchase of 1€ worth of Bitcoin cannot be done. It would be nice to test the platform before putting your funds in.

Also, we love new features and updates which were done after this review was written and updated:

• Bitpanda added a lot of new cryptocurrencies to buy, sell and trade.
• Their fees policy has changed. Now we find the information on how much a user is charged for an exchange.
• Their interface changed and now is, even more, user-friendly and good looking.

All in all, BitPanda is super strong cryptocurrency exchange and trading platform. It develops all the time, it implements new cryptos every month. This is the exchange where you can feel confident about your crypto assets. Cryptocoinsmania highly recommends BitPanda to all the Europe residents.

Reviewed by Coinsmaniac