Bitpanda Review 2023

In this 2023 Bitpanda review, I will examine what Bitpanda is, its history, the team, the pros and cons of the platform, and more.

Whether you’re an institutional or retail investor, you don’t want to pay high fees or use a slow trading platform with an inadequate selection of tokens. There are plenty of bad exchanges, so it is crucial to choose a good one.

Should you consider Bitpanda as your exchange? Are the fees reasonable for both retail and professional investors? 

Should you create an account today?

Let’s dive in!
 

 

1. Key Takeaways 

I understand you may not have enough time to read my full Bitpanda review, so here is an actionable summary to help you.
 

Pros of Bitpanda

 

Cons of Bitpanda

 
 

2. Background

 

  
 

3. Reputation and Security 10.0/10

Bitpanda License and Insurance

Is BitPanda legit? This is one of the most important questions when starting your trading experience at the platform.

There is no reason to doubt the brand's reputation as it has the FMA license from the Austrian Financial Market Authority. 

The platform can provide investment services and accept and transmit orders related to financial instruments.

Bitpanda is fully compliant with AML standards. According to the new directive, all crypto trading operators and wallet providers must apply strict customer verification measures as part of the anti-money laundering policies.

Once you complete the verification process at the site, you should answer the Know Your Customer (KYC) questions before logging into your account. This will enable you to use all services on the platform.

The Bank of Lithuania supervises Bitpanda’s account and associated Visa debit card. However, your funds from your wallet are not covered by any sort of Deposit Insurance System. 

Bitpanda also strives to prevent criminal activities, so customers are advised to inform the provider if they suspect that somebody is using a Bitpanda account to finance terrorism or perform other unlawful activities. 
 

Security Features

When you find yourself at a crypto exchange for the first time, you'll probably want to learn more about its security.

Customers may ask, “is BitPanda safe” and the answer is yes.

The platform uses SSL encryption to keep all users' information anonymized. An additional safety measure is 2FA which you can activate from the “My Profile” section.

If you suspect that someone knows your password, you can easily change it in the security tab.

Thanks to high security and an official license, customers don't have to worry about a BitPanda scam.
 

Complaints Received

When writing this Bitpanda crypto exchange review, the platform had a 4.2 reputation at TrustPilot. This is an excellent sign of a reliable exchange. 

I found more than 7000 reviews about the crypto brand, and most of them were positive.

However, some customers complain about various things such as slow customer support, deposit delays, scams, and similar.

One player complained about slow customer support that did not respond to his request while trying to unblock a withdrawal. 

According to his claims, he already passed several steps by uploading the passport and written statement, but nobody solved his problem.

The Bitpanda support team responded to this claim by saying that they work hard to provide security standards for all customers. They promised to solve the problem as soon as possible.

Another player reported failure to receive a deposit on his balance. He made a $25 deposit without entering the reference code based on his explanations. 

However, the brand didn't load his account nor return the funds despite promising to solve the problem.

Bitpanda quickly reacted to this complaint by explaining that the refund process may take ten business days.

I also found another complaint from a player reporting that he added $25 by using the Tell a Friend Feature. He didn't receive a bonus, however. 

The Bitpanda support team said that they had to exclude some customers from the program due to violations.
 

Team

Bitpanda is a fintech company based in Vienna, Austria. It was established in 2014 by Eric Demuth, Paul Klanschek, and Christian Trummer. 

Currently, Bitpanda has 3 million customers, and its team consists of 600 members. The platform allows beginners and professionals to invest in assets such as crypto, stocks, precious metals, ETFs, and crypto indices.
 

The company firmly believes in the innovative force of cryptocurrencies, digitized assets, and blockchain solutions. 

The mission of Bitpanda is to push the boundaries of personal finances and introduce traditional financial solutions into the 21st century.
 
 

4. Accepted Countries  

Bitpanda customers can verify their accounts only in 37 states. The list of accepted countries is provided below:
 

Bitpanda doesn't provide its services in countries where verification is not supported, so only customers from the countries mentioned above are accepted.

If you don't see your country in the above list, make sure you don’t use this platform.
 
 

5. Exchange Features 9.0/10

Pairs Available

Apart from the Bitpanda exchange, users can use the Bitpanda pro version. 

Bitpanda is a simple-to-use broker service for purchasing and selling digital assets. 

Bitpanda Pro is an exchange for experts and businesses, used for trading and connecting trading bots to API.

Bitpanda Pro offers numerous trading pairs such as BTC / EUR, ETH / EUR, ADA / EUR, APE / EUR, XRP / EUR, SHIB / EUR, VET / EUR, AAVE / EUR, ETH / CHF, USDT / EUR, AVAX / EUR, DOGE / EUR, LINK / EUR, LTC / EUR, and many more.
 

If you have already registered with Bitpanda, you can log into Bitpanda Pro with the same credentials. 

Bitpanda, the Bitpanda App, and Bitpanda Pro can all be accessed via the same Bitpanda account.

 

Order Types Available

Bitpanda Pro offers several order types such as Market Orders, and Stop Limits. 

A market order is the fastest and simplest order type. Its execution is immediate, and the market price is average. Market orders are known as "takers," as they take away liquidity from the order book while being matched with the current limit orders.

A limit order is used for placing an order in the order book, with execution at the limit price.

A stop-limit order is a progressive order type. Its execution is not instant, but it is active at first. 

As soon as a specific Stop price is reached (or exceeded), the order activates and is placed in the order book to continue working as a basic limit order.
 

Staking / Interest-Earning Accounts

Staking is the activity of the proof-of-stake distribution when tokens are distributed depending on the number of tokens a customer already has.

The Bitpanda exchange currently does not allow staking, and you need to withdraw funds to your wallet and manage your private keys.
 

Exchange Token

The Bitpanda Ecosystem Token (BEST) is an official token of Bitpanda, and it provides holders with different benefits as part of the Bitpanda Loyalty Programme.
 

With BEST, you get simple access to the ecosystem created to differentiate wealth across crypto, digital assets, and valuable metals with only one click.
 

Asset Classes

Bitpanda offers different asset classes besides crypto. This includes crypto indices, stocks, EFTs, and metals.
 

Market Share

Right now, Bitpanda is not one of the largest exchanges in the market.

According to the statistics from CoinMarketCap, Bitpanda Pro has a 4.7 exchange score with $3,548,251 in the past 24 hours.
 

OTC Desk 

Bitpanda offers direct over-the-counter (OTC) services to its customers. The tool is available for users interested in buying or selling more than € 1 Million.

The service is specialized and tailored to individual users.
 

Leverage 

At the moment, Bitpanda doesn't offer leverage trading to its customers. If anything changes in the future, we will provide an update.
 
 

6. User Experience 

Bitpanda is a simple to use and comprehensive crypto exchange. 

When you sign up, you will be able to choose from either Bitpanda or the Bitpanda Pro version.

Bitpanda is a perfect fit for people who prefer purchasing crypto in one click. 

Bitpanda Pro is a professional trading service with price matching capabilities and automated clearing, netting, and settlement processes.
 

Platform Functionality

Bitpanda’s platform is easy to understand and use. Even if it’s your first time using a crypto exchange, you’ll find the platform straightforward and pleasant to trade with. 

After registration, I selected the basic Bitpanda version and was prompted to the trading interface.
 

The main page of Bitpanda features separate buttons for deposits, trading, and sending options.

You can also check your profile and current status of tokens, security, trading history, and much more.

I quickly checked the prices of my favorite cryptos and processed my first deposit to start trading activity.

Customers can also enjoy the Bitpanda mobile experience, either from Android or iOS devices.
 
 

Design and Appearance

The first impression Bitpanda gives is positive. Everything looks smooth and straightforward, and there is no need to dig to find what you need. 

I switched from different tabs from the main interface such as Dashboard, Portfolio, and Prices. 

I could also see top crypto moves in the last 24 hours and decide the best option to invest in.

When I scrolled down the page, I saw the Favorite section for saving the most preferred trading options.

This was followed by a chance to create a savings plan and ask for help.

Bitpanda is a delightful place to spend some time and make sound investment decisions. 
 

Registration Process

The registration process at Bitpanda is simplified, and customers won't have significant problems when signing up at the platform.

Just head to the register section from the main screen and enter your first and last name, email address, password, and country of residence.

Next, agree to Bitpanda's terms and conditions, and privacy policy and click on the 'create account' button.
 

After filling out the registration form, you are asked to respond to several questions regarding your current financial status. 

You should have a stable internet connection, webcam, quiet environment, and government-issued ID to complete the verification process.

You need to complete a video identification procedure as part of the verification process.

As soon as you are fully verified, you will be able to use all features from the Bitpanda ecosystem. Your verification will become active within a few minutes.
 
 

7. Fees 8.0/10

You should get acquainted with Bitpanda fees when you start trading. 

The exchange features a dedicated table with complete coverage of all Bitpanda transaction fees depending on the crypto you use.

From there, you’ll see that no Bitpanda deposit fees apply for minimum deposits of 0.05000000 BTC, 0.04000000 ETH, 0.10000000 LTC, and currency equivalent. 

However, there are wallet deposit fees of 0.00010000 BTC, 0.00200000 ETH, 0.00010000 LTC, etc.
 

This is followed by wallet Bitpanda withdrawal fees such as 0.00006000 BTC, 0.00133418 ETH, 0.00050000 LTC, and similar.

Regarding Bitpanda trading fees, the maximum maker fees on Bitpanda Pro are 0.1%, and the maximum taker fees are 0.15%.

You won't find any Bitpanda margin fees as margin trading is not available.

Customers should also count on storage fees expressed on a weekly level:

• Gold 0.0125%
• Silver 0.0250%
• Palladium 0.0250%
• Platinum 0.0250%

 

8. Payments 9.0/10

The payment procedure at Bitpanda is simple. You just click on the deposit button, choose from available methods, and confirm the transaction.

Once you see the amount on your balance, you can start trading.
 

Deposit and Withdrawal Methods

Bitpanda accepts different methods for both deposits and withdrawals. 

Payments can be made via: 

Withdrawals are possible via: 

To process a withdrawal, you need to have a verified account. In addition, both payment and cashouts methods differ depending on your currency.
 

Limits 

Bitpanda's minimum deposit and minimum withdrawal are $25 or currency equivalent.

The minimum amount to purchase and sell cryptocurrencies is $1.50 or currency equivalent.

Bitpanda also sets deposit limits which differ depending on the method you use. 

For example, online payments have a daily limit of $11,063, credit cards of $2,766, and bank transfers of $553,133.

Bitpanda withdrawal limits include $110,627 for online payments and $5,531,330 for bank transfers.

Limits are also displayed for weekly and monthly Bitpanda fiat withdrawals.

It is possible to increase limits if you become a member of the Bitpanda Plus program. This program is available to users who want to trade with large amounts.

To be eligible for the program, users have to fulfill at least one criteria mentioned on the site.

Some criteria include being the BEST VIP level 5 holder or holding at least 2,500,000 PAN tokens.
 
 

9. Customer Service 6.0/10

Bitpanda strives to support customers with their requests. The platform features a detailed help center where you can search for solutions to your problems.

Once you enter the main trading interface, you will see the help icon at the bottom of the screen.

You can choose the blog section, check the status of your requests, learn more about the community network, the Bitpanda token, and Crypto Index.

If you want to speak with customer support, click on the ‘Contact Us’ icon. From there, you can select what type of problem you have.
 

You can choose from different categories such as deposits and withdrawal, account management, security, Bitpanda Pro, Proof of Funds, Taxes, Bugs, and more.

Once you’ve selected a category, fill in the additional sections that open up, including a description of your issue. 

Customers can also attach relevant documents to explain the problem and choose the preferred language of support.

Available languages for customer assistance are English, German, French, Turkish, Italian, Polish, and Spanish.

The support team strives to provide answers within 72 hours; however, they cannot guarantee to return to you within the stated time frame.

I wanted to check the Bitpanda response time, so I sent a request to their team. After 24 hours, I still hadn’t received assistance.

They even advise customers to be more patient if they don't receive a response in 72 hours.

Submitting a new request won't help, and it could only prolong the waiting time.

Bitpanda needs to improve the efficiency of the helpdesk and provide responses within a shorter time frame.

With such a long waiting time, customers are forced to leave the platform and start trading elsewhere. 
 
 

10. Noteworthy Features 9.0/10

Apart from being a comprehensive and straightforward platform, Bitpanda is known for different features which take the trading experience to another level.
 

Wallet

Bitpanda exchange includes a wallet for sending and receiving cryptocurrencies.

The wallet is used to track ownership, get, and spend cryptocurrencies. It also keeps the private and public keys required for all sorts of transactions. 

Bitpanda also contains a fiat wallet, that allows users to deposit cash in their account and use it anytime for cryptocurrency purchases. You can also sell crypto to the fiat wallet and cash-out money. 

Bitpanda has fiat wallets available in Euro (EUR), US Dollar (USD), Swiss Franc (CHF), British Pound (GBP), and Turkish Lira (TRY).
 

Academy 

Bitpanda is known for its academy, which works as an eLearning platform. 

You can learn more about investing, personal finances, Bitcoin, and cryptocurrencies by accessing the academy. 

Bitpanda features numerous educational articles for all types of customers so that you will find guides for beginners, intermediate users, and experts.
 

Every lesson is covered in detail. You can familiarize yourself with different concepts and check the infographics.

The platform also provides additional links and further recommendations for learning.
 

Earn 

Bitpanda stands out with its Earn feature, providing customers with different perks and benefits.

As part of this feature, customers can collect BEST coins and unlock different prizes on the platform.

BEST is Bitpanda’s token that operates on the Ethereum blockchain. Customers can claim more than 15% extra tokens every year, and the more they trade, the more BEST they will have. 

Once you verify your Bitpanda account, you can take a quiz and test what you have learned about crypto. 

If you pass the quiz with an 80% mark, you will get free tokens in your Bitpanda BEST wallet.

There is also a Tell-a-Friend program for Bitpanda customers. As part of the program, you just need to invite a friend to the platform with your referral link. 

The friend needs to register, verify his account, and complete a fiat payment of at least $25. As part of the program, you and your friend will receive $10.
 

Card

Bitpanda exchange also has a special card for its users. It works like a debit card, allowing you to spend crypto, metals, and stock anytime and anyplace.

The Bitpanda card is accepted by over 54 million Visa merchants in 200+ countries, and there are no monthly fees.

You can also install the Bitpanda app and track all purchases and expenses in real-time.
 
 

Bitpanda Review: Final Thoughts

I hope you enjoyed this review of Bitpanda. 

As you can see, Bitpanda is a one-of-a-kind exchange platform with excellent features and full functionality.

It was created by an expert team passionate about investing and new crypto strategies.

The Vienna-based exchange has a lot to offer both beginners and expert users so that everyone can enjoy its features.

Bitpanda strives to facilitate the trading experience by combining different assets, market pairs, its native token, and educational tips.

However, their support does not provide timely answers - a bit disappointing for such a reputable exchange. 

Transaction fees are also higher than the industry average, which could distract users from using the platform. 

All in all, Bitpanda is a high-quality exchange with a promising future, and all customers are encouraged to give it a try.