|Amount of Cryptocurrencies:||31 Cryptocurrencies|
|Amount of Cryptocurrencies:||31 Cryptocurrencies|
|Website languages:||English, German, French|
|Payment methods:||Bank transfer, Visa / MasterCard, SOFORT, NETELLER, Skrill, GIROPAY / EPS, Fiat-Wallet|
|Infos:||✅ Over 30 cryptocurrencies directly by Fiat money buy|
|✅ Serious and secure broker, regulated according to EU laws|
|✅ Fiat Currency Wallets for fast transactions|
|✅ Purchase and sale in US dollars, euros, Swiss francs and British pounds|
In Europe, Bitpanda, which was founded in Vienna in 2014, is one of the largest and best-known brokers on the cryptocurrency market. Bitpanda celebrated a milestone in July 2019 when the platform registered its millionth customer.
Already in June 2019 Bitpanda announced the extension of its service to include the Bitpanda Global Exchange and the Initial Exchange Offering (IEO) for the Bitpanda Ecosystem Token (BEST). In the medium term, the company intends to become the largest European crypto exchange with the Bitpanda Global Exchange.
It is very important for investors to know that Bitpanda is fully regulated under EU law due to its location in Vienna. Accordingly, Bitpanda can be classified as serious and safe. In order to ensure the best possible security of the cryptocurrencies, Bitpanda stores almost all deposits and customer funds and cryptocurrencies offline.
This means that all crypto holdings are always stored in cold wallets and are therefore not connected to the Internet. Thus they are very effectively protected against hacker attacks. Bitpanda uses 2-factor authentication via the Google Authenticator App to protect customer accounts. This allows users of the platform to protect their account in the best possible way.
Another advantage of the exchange is that there are many different deposit options. In particular, Bitpanda also offers four Fiat currency wallets for US dollars, euros, Swiss francs and British pounds. Through these, users of the brokerage service can deposit Fiat currencies into their account and buy and sell cryptocurrencies immediately.
In addition to the brokerage service, Bitpanda offers numerous other services:
- Bitpanda Savings allows you to purchase a certain amount of cryptocurrencies each month to create a savings plan.
- Bitpanda to Go offers the possibility to buy voucher codes in post offices all over Austria and to redeem them later on Bitpanda for the purchase of cryptocurrencies.
- Bitpanda Metals allows you to exchange gold and silver with cryptocurrencies on Bitpanda.
- Bitpanda Swaps: creates the possibility to exchange cryptocurrencies within a few seconds.
- Bitpanda Plus enables wealthy individuals to buy large amounts of cryptocurrencies at better conditions.
- The Bitpanda Global Exchange is to become the largest European crypto exchange.
What cryptocurrencies does Bitpanda offer?
The Bitpanda Brokerage Service currently includes 29 cryptocurrencies, including the BEST token:
The fees of Bitpanda
When you visit the Bitpanda website, you will see all the prices in real time, including all the fees. The update is carried out every 60 seconds. The fees also include a spread which denotes the difference between the purchase price and the sale price. For Bitcoin, for example, the spread is 1.49 percent (at the time of writing) and 1.29 percent at the time of sale. You can see the selling price (with fees) before concluding a trade.
The table below gives you an overview of the fees and minimum amounts for deposits and withdrawals:
|No fees for deposits bigger than...||Deposit fees||Minimum deposit||Withdrawal fees||Minimum payout|
|0x||10.00000000 ZRX||0.20000000 ZRX||2.00000000 ZRX||0.09999940 ZRX||2.00000000 ZRX|
|Augur||1.00000000 REP||0.01000000 REP||0.10000000 REP||0.01000040 REP||0.10000000 REP|
|Basic Attention Token||10.00000000 BAT||0.50000000 BAT||1.00000000 BAT||0.23000000 BAT||1.00000000 BAT|
|Bitcoin||0.05000000 BTC||0.00010000 BTC||0.00100000 BTC||0.00049910 BTC||0.00150000 BTC|
|Bitcoin Cash||0.01000000 BCH||0.00010000 BCH||0.00100000 BCH||0.00002300 BCH||0.05000000 BCH|
|Cardano||100.00000000 ADA||1.00000000 ADA||10.00000000 ADA||0.20000110 ADA||1.00000000 ADA|
|Chainlink||10.00000000 LINK||0.50000000 LINK||1.00000000 LINK||0.09999940 LINK||1.00000000 LINK|
|Dash||0.10000000 DASH||0.00010000 DASH||0.01000000 DASH||0.00000000 DASH||0.01000000 DASH|
|EOS||10.00000000 EOS||0.00100000 EOS||0.10000000 EOS||0.00000000 EOS||0.01000000 EOS|
|Ethereum||0.10000000 ETH||0.00050000 ETH||0.00100000 ETH||0.00138000 ETH||0.02000000 ETH|
|IOTA||10.00000000 MIOTA||0.10000000 MIOTA||0.50000000 MIOTA||0.02000080 MIOTA||1.00000000 MIOTA|
|Komodo||10.00000000 KMD||0.01000000 KMD||0.10000000 KMD||0.00000000 KMD||0.10000000 KMD|
|Litecoin||0.10000000 LTC||0.00010000 LTC||0.00100000 LTC||0.00089700 LTC||0.05000000 LTC|
|NEM||100.00000000 XEM||0.10000000 XEM||1.00000000 XEM||0.04999970 XEM||0.10000000 XEM|
|NEO||1.00000000 NEO||0.00000000 NEO||1.00000000 NEO||0.00500020 NEO||1.00000000 NEO|
|OmiseGo||5.00000000 OMG||0.20000000 OMG||0.50000000 OMG||0.09999940 OMG||1.00000000 OMG|
|Pantos||1000.00000000 PAN||1.00000000 PAN||5.00000000 PAN||1.00000090 PAN||5.00000000 PAN|
|Ripple||0.10000000 XRP||0.00000000 XRP||0.10000000 XRP||0.00000000 XRP||1.00000000 XRP|
|Stellar||10.00000000 XLM||0.00000000 XLM||0.10000000 XLM||0.00000000 XLM||10.00000000 XLM|
|Tether||10.00000000 USDT||0.25000000 USDT||0.50000000 USDT||0.09999940 USDT||0.10000000 USDT|
|USD Coin||10.00000000 USDC||0.25000000 USDC||0.50000000 USDC||0.09999940 USDC||0.10000000 USDC|
|Waves||5.00000000 WAVES||0.01000000 WAVES||0.10000000 WAVES||0.00000000 WAVES||0.10000000 WAVES|
|ZCash||0.05000000 ZEC||0.00100000 ZEC||0.00500000 ZEC||0.00010120 ZEC||0.00100000 ZEC|
In addition to the fees listed in the table, exchange fees may also apply. This is the case if you make the deposit or withdrawal in a Fiat currency other than USD, EUR, GBP or CHF. This fee is not charged by Bitpanda but by the payment service provider. Therefore it is not included in the prices of Bitpanda.
There are no fees for sending cryptocurrencies to other Bitpanda users and for internal wallet transactions. In addition, there are no minimum amounts for deposits and withdrawals.
How do I set up a Bitpanda account?
Account opening and verification is somewhat more complicated with Bitpanda than with other crypto brokers. With our instructions and the instructions from Bitpanda you should have no problems to fully verify your account to unlock the full functionality and the highest limits for trading on the platform. And that’s how it works:
The first step is to visit the official website of Bitpanda (click here!). There you will find the “Get started now” button that you have to click on. You will then be asked to provide some personal information: your name, e-mail address, password and nationality.
The acceptance of the GTC and the data protection declaration is also obligatory. Once you have entered all the information, you can request the creation of your account by clicking on the “Create account” button.
You should then receive an email within a few seconds containing a confirmation link to verify your email address. After clicking on this link you can log in to your Bitpanda for the first time. Your account has now been created. You can’t trade cryptocurrencies yet, though. For this a verification of your identity by Bitpanda is mandatory.
Verification at Bitpanda
The verification is based on the legal regulations in Austria and the European Union. The verification is carried out by a service provider in a video identification procedure. It is therefore very important that you have a stable Internet connection and a webcam. To start the verification process, click on “Verify now” on the homepage of your account (see screenshot).
First of all, you will be asked for further information: your full address, a telephone number and your date of birth. To confirm your details, you can upload either an identity card or a passport. You also have the choice between a “Light verification” and a “Full verification”:
Light Verification requires you to verify your personal information by scanning your ID document with a webcam. This process is carried out by eID, a partner company of Bitpanda. With the Light Verification you can unlock the following functions on Bitpanda:
- Deposit and withdrawal of Fiat currencies by bank transfer
- Trading of cryptocurrencies as well as gold and silver
With full verification, you can get the full functionality of the brokerage platform. This also includes the right to use the Bitpanda Global Exchange. Verification is performed by IdentityTM or IDNow.
Our experience with the service was as follows: For the video call via webcam, we received a call partner within just one minute. During the phone call we were asked numerous questions. We also had to explain that we were aware of the dangers of trading cryptocurrencies. The identity document was checked very carefully by pointing it several times – from all angles – into the webcam (to make the security features visible). In total, the phone call lasted about 4-5 minutes.
Upon completion of full verification, you will receive a limit of 2,500 EUR for deposits made using these payment methods:
This limit will be completely removed once you have made a verification deposit. You can do this by bank transfer, SOFORT or GiroPay /EPS. The deposit amount must be between 25 EUR and 2,500 EUR.
By the complete verification you unlock the following functions:
- All features of Bitpanda, including swap and savings plan
- Deposit and withdrawal of Fiat currencies by bank transfer, credit card and various online payment service providers, such as SOFORT, iDEAL, Neteller, Skrill, Zimpler, etc.
- Trading on the Bitpanda Global Exchange
The limits at Bitpanda
The limits for deposits and withdrawals of Fiat currencies depend on the type of verification and the chosen deposit or withdrawal method. The following table shows the restrictions on depositing in Euro:
|Not verified||Light Verification||Full verification|
|Bank transfer (SEPA)||Day (24h)||0,00 EUR||49.999,00 EUR||49.999,00 EUR|
|Month||0,00 EUR||5.000.000,00 EUR||5.000.000,00 EUR|
|Total||0,00 EUR||100.000.000,00 EUR||100.000.000,00 EUR|
|Credit card||Day (24h)||0,00 EUR||0,00 EUR||2.500,00 EUR|
|Month||0,00 EUR||0,00 EUR||300.000,00 EUR|
|Total||0,00 EUR||0,00 EUR||5.000.000,00 EUR|
|Online Payments||Day (24h)||0,00 EUR||0,00 EUR||10.000,00 EUR|
|Month||0,00 EUR||0,00 EUR||300.000,00 EUR|
|Total||0,00 EUR||0,00 EUR||10.000.000,00 EUR|
|Payment method(s)||-||SEPA||EPS, GiroPay, SOFORT, Netelle, SEPA, Skrill, VISA, Mastercard, Zimpler, iDeal|
The next table shows the restricitions on depositing USD:
|Online Payments||Daily limits (24h)||USD 0.00||USD 0.00||USD 11,151.50|
|Monthly limits||USD 0.00||USD 0.00||USD 334,545.13|
|Total limits||USD 0.00||USD 0.00||USD 11,151,504.34|
|Credit card||Daily limits (24h)||USD 0.00||USD 0.00||USD 2,787.88|
|Monthly limits||USD 0.00||USD 0.00||USD 334,545.13|
|Total limits||USD 0.00||USD 0.00||USD 5,575,752.17|
|Payment options||-||-||Skrill, VISA, Mastercard|
The Bitpanda Wallet
The Bitpanda Wallets offer you the possibility to manage all cryptocurrencies, which you can buy on the platform, in one of Bitpanda’s Wallets. Basically, you save yourself the trouble of setting up an external wallet.
Although Bitpanda is considered secure and trustworthy, for security reasons we recommend that you send your cryptocurrencies to a software or hardware wallet. Our top recommendation for a hardware wallet is the Ledger Nano X. You can find our big comparison test in this article!
How can I buy cryptocurrencies on Bitpanda?
To buy cryptocurrencies, you must first deposit your local currency into the Fiat Wallet of Bitpanda. Then you can exchange your local currency for one of currently 29 cryptocurrencies. Below we have created a guide with 9 steps until you buy Bitcoin, Ethereum and other Altcoins:
How can I sell cryptocurrencies on Bitpanda?
If you want to cash out and transfer your funds from Bitpanda to your bank account, you can do this very easily and quickly. Click on “Wallets” where you can find your Fiat Wallet. Select your Fiatwallet now to get to the following overview. Here you can select “Withdraw EUR” (or your local currency):
Security and seriousness
Bitpanda has integrated many security features into its platforms to best protect both the cryptocurrency reserves and the user accounts. Bitpanda algorithms almost the entire cryptocurrency deposits offline in a cold wallet. This means that the cryptocurrencies are not connected to the web servers. In addition, Bitpanda has implemented the following security measures:
- Session management: New devices must be confirmed at the first login via the registered e-mail address.
- reCAPTCHA: Protection against unauthorized access.
- Confirmation e-mail: When sending cryptocurrencies or Fiat withdrawals, confirmations will be requested by email using the registered email address.
- Samples: For important data changes such as e-mail, telephone number and resetting the two-factor authentication (2FA), Bitpanda contacts its customers randomly by telephone.
- DDOS protection: According to the FAQ Bitpanda offers DDOS protection. The implementation is unknown.
- SSL encryption: Encrypted https connection between Bitpanda servers and customers.
- Two-factor authentication (2FA)
The fees for the purchase of cryptocurrencies are 1.49 percent and 1.29 percent for the sale. Since the prices are displayed in real time, the user immediately sees the final price – which is positive. However, it is also more difficult for the user to understand the fees.
Compared to Coinbase, Bitpanda’s fees are at about the same level (about 1.49%). The base prices are also very similar according to our comparisons (in real time), even though Coinbase obtains its prices from Coinbase Pro, while the source of Bitpanda is not known.
The differences we found in the Bitcoin price were in the range of less than USD 5. Since Coinmama offers a very similar service to Bitpanda, a comparison with Coinmama is also worthwhile. There’s a clear winner in the fees here. Coinmama is much more expensive than Bitpanda with a 5.9% fee.
First of all Bitpanda offers a very extensive helpdesk, a knowledge database, where numerous questions are answered very detailed and extensive. If you don’t find an answer there, you can contact customer support via an email contact form.
In addition, you can inquire about your ticket status via Telegram. Basically Bitpanda wants to deliver an answer within 24 hours. According to our experience this has almost always worked. For personal matters, Bitpanda Support will call you on your mobile phone. The experiences with the Bitpanda support known to us are consistently positive.
We are not aware of any hack from Bitpanda.
There are good reasons why Bitpanda is one of the most popular cryptocurrency brokers in Europe! Customer support and platform security are exceptionally good. In addition, the fees are comparatively low.
In addition, Bitpanda offers four different Fiat Wallets for Euro, US Dollar, Swiss Franc and British Pound, with which transactions can be carried out very quickly. Bitpanda is therefore a very good choice to buy cryptocurrencies directly by Fiat money.
If you would rather buy cryptocurrencies from another broker, we will briefly introduce you to 4 alternatives below.
Litebit is our top recommendation for European customers. The broker offers 50 cryptocurrencies, which can be purchased directly by credit card, SEPA bank transfer, SOFORT, GiroPay and much more. The fees are in the lower area. We have been a regular customer of the exchange for 4 years and are very satisfied with both the platform and the customer support. >> Read our Litebit review <<
Coinmama is a cryptocurrency broker from Great Britain who offers the purchase and sale of cryptocurrencies worldwide. Payment is possible on Coinmama by credit card, bank transfer and PayPal. The purchased cryptocurrencies can be sent directly to an external wallet during the purchase process. >> Read our Coinmama review <<
Coinbase is an American broker offering its services in 103 countries worldwide. Coinbase currently offers 14 cryptocurrencies for sale and purchase at moderate fees, whereby German customers should rather choose another broker due to the unclear legal situation! With more than 30 million customers, Coinbase is one of the world’s most popular cryptocurrency platforms. >> Read our Coinbase review <<
eToro is a very well known cryptocurrency CFD broker. On the one hand, the platform offers the purchase of “real” cryptocurrencies. On the other hand, cryptocurrency CFDs can also be bought and sold. With CFDs you can use a double lever. >> Read our eToro review <<