Pros

  • Trusted and reliable exchange
  • Automatic

Cons

  • Fees aren't shown
  • Verifications is required for any order

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, and Dash 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.

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

Bitpanda Review

Speed

Bitpanda provides a 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.

Limits

Sadly, you must complete the verification process for enabling cryptocurrencies buying function, even for a small amount. Other buying limits depend on the level of verification. If the only phone number is verified, buying is limited to €50 per day, while sell limits of €1,500 daily, €10,000 monthly are applied. Also with Gold verification level, user gets limits of €10,000 for buying and €300,000 monthly, limits for Online payment methods and €2,500 or €75,000 respectively for Credit Cards.

Verification process and privacy

There are different levels of verification (Bronze, Silver, Gold). Furthermore, different details are asked by the level of verification – phone number, ID, webcam interview (IDnow, verify-U). But this process is pretty fast if Bitpanda isn’t overloaded though.

When we talk about the 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.

Support

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

Conclusion

Bitpanda has won startup award not without a reason. They have a great team with the 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 Dash as well.

Finally, we have a couple things only which we do not like about Bitpanda. It’s hidden fees of an order and a poor privacy.