Our BitPanda review 2018 will delve into areas that we think are important to the aspiring crypto trader looking for the best cryptocurrency exchanges with which to trade.
BitPanda was founded in 2014 as Coinimal and is a cryptocurrency broker whose focus is on providing European users with the ability to buy and sell Bitcoin and other popular forms of cryptocurrency. Based in Austria, the company has assisted over 800,000 European users in buying cryptocurrency.
At the time of writing, Bitpanda is not available to users in the United States or any area outside of the Eurozone. While not available in the USA, Bitpanda USD deposits and withdrawals are allowed by those residing in European regions that can utilize the company’s services.
Is BitPanda safe?
It is crucial when investigating the benefits of a cryptocurrency exchange to ascertain whether the site provides a safe and secure service. So, is BitPanda safe?
BitPanda engages in a range of security protocols that are designed to protect client funds. These protocols include ID verification during the registration process to enable deposits and two-factor authentication that provides an extra layer of protection of client accounts.
The verification required means that BitPanda is a little less private than some of the competing cryptocurrency exchange brokers that allow anonymous account registration. However, this is standard practice with most of the more popular brokerage firms that are looking to operate with stringent practices in place.
There are eight types of digital currency that are available to users who register with Bit Panda. The eight cryptocurrencies that are available for purchase are:
- Bitcoin Cash
Our BitPanda review 2018 can report that at the time of writing, all European countries are supported by the cryptocurrency exchange.
BitPanda is currently unavailable in all other regions of the world to users looking to buy and trade. However, customers worldwide can register and sell bitcoins to Bitpanda.
The BitPanda purchase process
Our BitPanda review will now outline the process required to register and subsequently purchase Bitcoin or the other cryptocurrencies available on this exchange.
The first step that a Bitpanda user will need to undertake is to register an account. This is performed simply by clicking the homepage link and then filling out the form that auto loads on the screen. Potential traders will need to provide their full name, email address, unique password and country of residence.
To buy cryptocurrency with Bitcoin, European users will need to provide basic verification in the form of a telephone number. There are strict limits placed upon those who only fulfill basic verification requirements. For those seeking higher trading limits, a greater level of verification will be required in the form of a passport or national identity card.
Having provided verification, users are then permitted to buy cryptocurrency. This is easily achieved by selecting the desired type of cryptocurrency and then choosing the payment method. Payment methods available include Visa/Mastercard, NeTeller, Skrill, GiroPay, Sepa, SOFORT-Transfer or with a Redeem voucher.
The final step involves choosing the amount that you’d like to spend or receive.
Aspiring customers need to be aware of the BitPanda fees charged when users are making a transaction using the cryptocurrency exchange. At the time of writing the fees are as follows:
- BitPanda fees for Buying: There is a 1.49% charge for every purchase transaction.
- BitPanda fees for Selling: There is a 1.29% charge for every sale of digital currency performed.
Customers need also be aware that the broker may require that a fee is paid when depositing funds into their account. However, fees are often waived when larger deposits are made.
Our BitPanda review 2018 has identified the account limits relating to each account type. Much like other exchanges, this limit is different depending on whether a user has provided verification. The account limits are as follows:
- By providing a verified email: If a user has only provided verification by way of an email address they are unable to purchase cryptocurrency, but they can sell up to 1,000 EUR worth of cryptocurrency a day up to a monthly limit of 7,500 EUR.
- By providing a verified phone number: If a user has provided a verified phone number they can purchase cryptocurrency with any form of payment besides a credit/debit card. Purchasing can be made up to a limit of 50 EUR per day.
- By providing a form of verified ID: Users who have provided a verified form of identification can buy up to 350 EUR per day using a credit card and up to 5000 EUR per day using other payment methods. The monthly limits for this form of identification are 10,000 EUR for credit card and 75,000 EUR via other payment methods.
If a user is experiencing difficulties with their Bit Panda account, they can submit a support ticket to the customer support center together with their name and email address. The support ticket option is available on every page of the website. Our BitPanda review found that responses to our queries occurred quickly and were well detailed and effective.
- Instant transactions on an easy to use exchange platform
- Many payment options available to users
- Beginner-friendly and easy to navigate
- Provides 2-factor authentication capability
- Low fees compared to many of their competitors
- Quick response time when customer support requested
- Only available to residents of European countries
- Limited selection of cryptocurrency options
- Fees not displayed separately, only included in sale/buy price
Our BitPanda review in 2018 found that this cryptocurrency exchange may be a great option for those residing in European locations that are looking for low transaction fees, a simple layout, and many payment options. Their customer support response time is impressive and, if willing to provide ID verification, the limits offered are generous. BitPanda is clearly not an option for those keen to purchase rarer forms of cryptocurrency or for residents of the USA, Australia and other regions outside of the Eurozone. However, for Europeans looking to buy and sell the popular forms of cryptocurrency then BitPanda may be a suitable choice.