Bitpanda Review: Is it a Scam | Should You Use it in 2018?

Bitpanda Review: The crypto space is growing on a regular in terms of digital currency count in the market. Every now and then, new cryptocoins are getting launched with several specific features that make them different from one another in some or other way.

Do you know that there are already 1000+ cryptocurrencies that are functioning all over the world and surprisingly attracting more crowd with each passing day?

In crypto world, you may not get into the crowded world of billionaires but there are always a great degree of chances to become a millionaire if you choose to invest wisely.

Remember analyzing is a key towards success in terms of cryptocurrencies.  

One of the most adopted ways is buying and selling of Altcoins with the suitable flow of prices going up or down. Buying altcoins at low prices and selling them when the price rises take a proper analyzing of cryptocurrencies and brain work.

However, if you are willing to experience a great deal of return for your cryptocurrencies you need to start holding your coins for a longer period of time.

Trading on a regular basis is a bit riskier and also many of us feel anxiety while checking the position on a regular basis.

Right?

Maybe, I have a different opinion on this case but I have experienced and received tons of money when holding crypto coins for a considerable amount of time.

You need to have a lot of patience because the market for crypto space is highly volatile. In the crypto world, the most popular method of getting altcoins is through an exchange.

So, gaining knowledge of different exchange platforms give you no harm. And choosing the best platform for your exchange to be done is one such great deal for you.

Additionally, you must have come across the most popular cryptocurrencies exchanging platform i.e., Bittrex and Poloniex.

These are two exchange platforms are attracting more of the eyeballs and came into the radar of being noticed by a large number of crypto enthusiasts.

After the immense use of Changelly and ShapeShift in the initial days of trading I started using Bittrex and Poloniex for the better experience and user-friendly platform.

I am pretty sure if you are reading this post then you are looking for the best exchange platform for cryptocurrencies to exchange your Altcoins.

One of the major decision for the Hodlers of cryptocurrencies is where to exchange their BTC/ETH/Altcoins in terms of other Altcoins.

The constant question in everyone’s mind is:

  • Which is the most suitable exchange platform?
  • Which platform will support your acquired Altcoins?
  • Which one will give you the best rates among all?
  • Is it a legit platform or not? and so on.

Analyzing these questions with every dimension is such a time-consuming task. That’s why we here at coinscage are going to give you a detailed review of yet another platform for cryptocurrency exchange that is Bitpanda.

We help you with the process of your decision making.

So, without any further ado, let us get started with a detailed review of Bitpanda.

What is Bitpanda Exchange?

bitpanda

Bitpanda has quickly emerged as one of Europe’s most popular cryptocurrency exchange. The Austrian-based company offers a bevy of payment options, allowing traders to diversify into premier tokens such as bitcoin and Ethereum.

BitPanda was founded in 2014 and was formerly named as Coinimal.  It is based in Vienna, Austria and provides a quick gateway to buy cryptocurrencies along with online wallet to store the funds. Here you can buy and sell Bitcoin, Ethereum, Dash and Litecoin directly with a fiat currency.

BitPanda supports all European countries, however, residents of USA cannot use BitPanda.

Bitpanda quickly grew into a go-to platform to buy cryptocurrencies and the main reason was the availability of various payment modes. At the times, when most of the exchanges were not even allowing credit cards, Bitpanda introduced an army of payment methods.

What are the payment modes on Bitpanda exchange?

For buying, Bitpanda accepts:

  • Credit Card
  • Debit Card
  • PayPal
  • Neteller
  • Bitcoin
  • Online Bank Transfer

For selling, Bitpanda accepts:

  • PayPal
  • Neteller
  • Skrill
  • Bitcoin
  • Online Bank Transfer

Which cryptocurrencies are available on Bitpanda?

Bitpanda supports only 4 promising cryptocurrencies:

  • Bitcoin
  • Ethereum
  • Litecoin
  • Dash

Getting started with Bitpanda

bitpanda home

To get started with Bitpanda and to fully access its features click on Get Started.

Now, Enter the Email on the registration page.

After registration, the page will direct you to the dashboard that will show all the history, balance, wallet and all other options.

After you buy Bitcoins and confirm it will take you further to the page of verification.

How do I need to verify my account?

The verification process has three steps involved in it.

  • The first step involves entering your phone number which then needs to be confirmed by the code sent to your phone number.
  • The second step involves entering your personal details. It includes address and other details.
  • The third step is a bit complex one. It requires a live web chat with an agent where you will be required to show your passport and other 2-3 legal documents.
  • After the Gold Verification ended your account will be verified you will be able to access your wallet with the most user-friendly payment method.

Bitpanda Wallet:

Bitpanda provides an inbuilt wallet for storing your Bitcoins. It allows you to easily store or make payments wherever and whenever according to you.

However, you need to know that Bitpanda wallet is not recommended for storing a large number of Bitcoins and other cryptos, as being a web wallet they could be hacked. In that case, you can get yourself a Ledger Nano S which is the best way to store your Bitcoin and altcoins.

Withdrawing Altcoins from Bitpanda:

You can easily withdraw all your altcoins or Bitcoins according to your convenience. All the withdrawals will process in EUR.

At 5%, Bitpanda’s credit card fee is significantly higher than other exchanges, such as Coinbase (3.74%) and CEX.IO (3.5%).

If you are selling cryptocurrency, you must also add a miner fee to the sale price to ensure that Bitpanda processes it.

The considering amount of time to receive your withdrawals depends on the method you choose. Currently, Bitpanda offers four payout methods.

Transfer speeds are entirely dependent on your payment method. If you decide to buy bitcoin with SOFORT, Neteller, EPS or online bank transfer, your coins will be available immediately.

SEPA payments usually take one business day to finalize the transaction.

Users are encouraged to check the status of their orders at any time in the “History” section of their live accounts.

This include:

  • SEPA (same day)
  • Amazon.de Voucher Code (up to 30 minutes)
  • NETELLER (10 to 30 minutes)
  • Skrill (10 to 30 minutes)

Fees are dependent on the payout method and included in the transaction price.

Pros and Cons:

Like every coin has two sides Bitpanda has also some great benefits along with some disadvantages.

Pros

  • It has a feature of the fully automated platform for instant transaction.
  • A wide variety of payment options.
  • Ideal for the crypto beginners.

Cons 

  • Fees are not mentioned clearly.
  • Buying cryptocurrencies are limited to European members.
  • The platform is not open-source.

Now after you know about the feature, pros and cons let us see what are that countries in which we can access the feature of Bitpanda.

What are the Available Countries on Bitpanda

The selling purpose of Bitcoins can be done from anywhere in the world but buying Bitcoins are limited to the residents of Europe only.

It is because to eradicate the buying barriers of Bitcoin to European people. It was difficult to buy Bitcoins for the people of Europe a few years ago.

It supports all the states of Europe and UK but doesn’t operate in the U.S., Canada, India, Japan, and other notable territories.

You can sell bitcoins on Bitpanda from around the world. You can only purchase them at Bitpanda if you live in Europe.

Trading Conditions:

Some of the conditions that need to be fulfilled to use Bitpanda efficiently are:

  • CryptoCurrencies:

 You need to keep in mind that Bitpanda only supports four major coins which consist of Bitcoin, Ethereum, Dash, and Litecoin. While it may seem that you do not have more options but this is just as an entry service. The platform is ideal for the beginners who do not know much about other available crypto coins.

  • Deposit limits:

The limitation of your deposit depends on your verification level. You can a daily limit of Euro 1500 after you confirm your email and phone number with the code.

  • Leverage:

Bitpanda is the platform of exchanging your coin instead of a platform for the trade of Bitcoins. It does not allow trading on leverages. It allows you to quickly exchange your coins from one to another.

  • Fees:

Probably the most interesting thing about Bitpanda is the fact there is no information on the fees, charged by the company. They are included in the end-price you get after purchasing your desired coins. The lack of clarity is concerning.

Comparing Bitpanda:

Below is the compared chart of Bitpanda with some of the competitive exchange platforms.

Customer Support:

If you have some relevant questions in respect to your account, or you’re facing problems with an ongoing or particular transaction, Bitpanda provides you with the feature to open a support ticket. Response time is usually one business day, but there have been several reports of delays too.

Another available option is to email at office@coinimal.com.

I don’t recommend this approach unless you’ve already submitted a support ticket and haven’t yet heard back. The reason is that it’s unclear how emails sent to this address are handled by the company.

And the constant question remains in user mind is, that are they given a high priority or allowed to sit in Bitpanda’s inbox for days on end?

Is it safe to use Bitpanda?

Bitpanda offers good security protocols, such as 2-factor authentication and ID verification to enable credit card payments.

It has also proved to be a legitimate platform for all the existing users.

There have been no reports of hacking till date but there are some complaints of accounts being compromised and they lose their access to the account. But that was not the fault of Bitpanda, it was the fault done by users itself.

However, more stringent verification requirements also mean that the broker is not as private as other platforms. This is the trade-off you need to weigh before working with any broker. At the same time, a lack of HD capability also reduces Bitpanda’s privacy standards.

Team Bitpanda:

The company’s three founding members are bitcoin enthusiasts who wanted to make it easier to buy bitcoins in the EU.

Founders include:

The other team members include the group of tech developer, legal advisor and many more.

My take on Bitpanda Review:

Bitpanda is a great platform for all the beginners in crypto space. It is also extremely easy to use for the purpose of buying and selling of Bitcoins in small volumes. Buying and selling in large volume are sometimes proved to be a complex process due to the feature of strict verification of ID.

Most of Bitpanda’s payment methods are instant so your bitcoins will also be delivered near instantly. Credit/debit card buys, plus SOFORT, NETELLER, EPS or OBT buys will deliver bitcoins to your wallet almost right away.

Moreover, if you are from Europe and wish to buy Bitcoins then Bitpanda is one of the most promising platforms. It is extremely useful for the user who is trying to experience a user-friendly platform.

You can buy your coins with the most suitable options and one such option is to buy it using the credit card. It also a minimal or you can say the negligible amount of fees and also provide a variety of options for both payment and payout methods.

In my opinion, there are two areas that have room for improvement.  This include:

  • First, Bitpanda should make its fees more transparent.
  • Second, I’d love to see them offer a support phone number and even a chat feature for customers.

So, overall Bitpanda seems to offer a great experience, especially for the European states. It also provides a free wallet to store your Bitcoins but remember you have better options to store your Bitcoins.

So, what do you think about Bitpanda? Are you going to use this platform?

Do let us know your review in a comment section down below.

Also, read these helpful articles:

Bitpanda Review

Bitpanda Review
8.6

Ease for Beginners

9.0/10

Customer Support

8.0/10

Reputation

10.0/10

Fees

7.0/10

Payment Methods

9.0/10

Pros

  • Easy for Beginners
  • Various Payment Methods
  • Average customer support

Cons

  • For European countries only
  • High fees

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