One of Europe’s leading retail brokers for buying and selling cryptocurrencies like Bitcoin, Ethereum, IOTA, and more. Bitpanda is fast, quick, and reliable.
Every digital asset exchange claims to have an intuitive and a user-friendly interface that the users can easily adapt and access to it.
But it may still not be enough to meet the needs of a wide range of crypto users with varying trading habits. With this in mind, Bitpanda offers a comprehensive trading interface that is very well designed and easy to use.
In this article, we will provide you with a complete guide on the Bitpanda exchange and look into its overall aspects. Let us look into detail in this Bitpanda exchange review now,
What is Bitpanda?
BitPanda is a cryptocurrency exchange based in Austria, which mainly offers its services in the European continent. The exchange was founded in 2014 and has since become one of the most popular cryptocurrency exchanges in Europe for the purchase and sale of Bitcoin and other digital assets.
The exchange is very attractive to many as it provides a very intuitive and easy-to-use interface for trading cryptocurrencies. Bitpanda was formerly known as Coinimal. With nearly a million registered customers, it has become one of the most commonly used exchanges in Europe.
Bitpanda Services
- Bitpanda Swap: Bitpanda Swap allows you to instantly swap one cryptocurrency for another. There are no limits on the transaction size of swaps.
- Bitpanda Metals: It allows you to diversify your portfolio with physically backed and 100% insured precious metals. You can also swap gold and silver with any other digital asset on Bitpanda
- Bitpanda Pro: This offers a trading exchange with a complete order book for advanced cryptocurrency users to trade and connect APIs.
- Bitpanda Plus: This allows high net worth customers to buy large amounts of Bitcoin or other cryptos with better terms than the regular platform.
- Bitpanda Token (BEST): It is a Bitpanda ecosystem token that provides its customers with better rates on trading and functionality across its platform.
Bitpanda Fees and Limits
Bitpanda charges transaction fees, However the amount will vary depending on the cryptocurrency. The fees for the purchase of Bitcoin currently is 1.49% and for the selling 1.29%.
It charges a Bitcoin withdrawal fee of 0.0005 BTC per withdrawal. Bitpanda accepts deposits through both wire transfer and credit cards
Bitpanda Supported Currencies
Bitpanda supports the buying and selling of the following cryptocurrencies:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- IOTA (MIOTA)
- EOS (EOS)
- Dash (DASH)
- Stellar (XLM)
- Zcash (ZEC)
- NEM (XEM)
- Augur (REP)
- 0x (ZRX)
- Tezos (XTZ)
- OmiseGO (OMG)
- Komodo (KMD)
- Pantos (PAN)
- Cardano (ADA)
- Neo (NEO)
- Chainlink (LINK)
- Waves (WAVES)
- Tether (USDT)
- USD Coin (USDC)
- Lisk (LSK)
- Tron (TRN)
- Basic Attention Token (BAT)
Bitpanda accepts the following fiat currencies:
- US dollar (USD)
- Euro (EUR)
- British Pound (GBP)
- Swiss franc (CHF)
Bitpanda Mobile App
BitPanda does not have a free mobile application to be downloaded, however since the trading platform is web-based, the platform and the website can be accessed on mobile devices. The entire trading platform and website are entirely designed for mobile devices such as smartphones and tablets.
How to register on Bitpanda?
Step 1: Navigate to the official website and click Get Started Now button to access the account creation form.
Step 2: Enter your name, country, email, and choose a strong password. To finish, click the Create Account option
Step 3: You will receive an email with a confirmation link to activate the account.
Step 4: Once activated, click on the User icon and then Click on Verify now
Step 5: Enter your personal details, confirm that the information given is accurate, and then click on Save
Step 6: Choose the Country of issuance, Type of identification, and your preferred language for the verification, and then click on Continue
Step 7: If the details are correct then click on Start verification.
How to recover the Bitpanda password?
Step 1: Select “Forgot your password?” option on the login screen
Step 2: Enter the email address you have registered on Bitpanda and click on Request Password Reset
Step 3: If you have not activated two-factor authentication (2FA), you will need to enter the SMS-PIN that you received via SMS to your registered phone number
Step 4: In the email, click on Reset Password
Step 5: Choose your new password
How to deposit on Bitpanda?
Step 1: Click on the Deposit button on the navigation bar at the top of the page.
Step 2: Choose the suitable fiat wallet corresponding to the currency you wish to deposit
Step 3: Select a payment provider
Step 4: Choose the amount you want to deposit and click on “Go To Summary”
Step 5: Click Make deposit, you will receive a SMS-PIN. Enter the pin and confirm it
Step 6: You will be redirected to the website of the chosen payment provider, or get the payment details for bank transfers.
Step 7: After completing your payment, you will be redirected back to Bitpanda, and the amount will be credited to your Fiat Wallet.
How to withdraw on Bitpanda?
Step 1: On the Dashboard, under Fiat Wallets, click on the desired Fiat Wallet
Step 2: Click on Withdraw option
Step 3: Select the payout account for the payment provider you have selected
Step 4: Enter the amount you wish to withdraw and click on “Go to Summary”
Step 5: On the Summary page, check if everything is correct and click Confirm
Step 6: You will receive a confirmation email and then click the Confirm Transaction button in this email
How to buy cryptocurrencies on Bitpanda?
Step 1: Login to your account and click on Trade on the top right side
Step 2: Then click “Buy” option
Step 3: Select the cryptocurrency you want to buy and then select your wallet
Step 4: Now choose the amount you want to buy and then click “Continue”
Step 5: In the final step, you can see a summary of your order, then click “Buy now” to complete your purchase
How to sell cryptocurrencies on Bitpanda?
Step 1: Login to your account and click on Trade on the top right side
Step 2: Then click “Sell” option
Step 3: Select the cryptocurrency you want to sell and then select your wallet
Step 4: Now choose the amount you want to sell and then click “Continue”
Step 5: In the final step, you can see a summary of your order, then click “Sell now” to complete your order
Bitpanda Pros and Cons
Pros
- Very high liquidity
- Easy to use interface
- Wide variety of payment and withdrawal methods
- Excellent Customer Support
- Fiat currency deposits and withdrawals
Cons
- Verification required for withdrawals
- Not available worldwide
- A small variety of tradeable cryptocurrency assets
- No advanced trading platform
- Relatively high fees compared to some other exchanges
Conclusion
Bitpanda provides not only security but also reliability of operations. In addition, the service is regulated by the EU and operates in accordance with the framed directives, which allows the user to feel more secure.
The main downside is the fact that they do not support enough countries. However, Bitpanda is an excellent platform for both new users and experienced traders. Thus Bitpanda is a reputed exchange, which offers fast service and an excellent trading platform for crypto users.
