Bitpanda Review 2023
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Written by
Alanas - 23 Oct 2023
- 5 min. read
Founded in Vienna, Austria, in 2014, Bitpanda has been on a mission, as explored in this Bitpanda review, to simplify and democratize investing, redefining the essence of investing.
It provides investors with easy-to-use financial tools and boasts over four million users and 700+ team members, showing how it’s successful. It has an E-Money licence as well as:
- A PSD2 payment service provider licence
- A streamlined user experience
- State-of-the-art security
With these features, both seasoned experts and beginners will find the platform an ideal destination. Bitpanda’s easy-to-use, trade-everything platform empowers investors to invest in a range of products, including:
- Stocks
- Precious Metals
- Cryptocurrencies
- Commodities
- Crypto indices
You can invest in these products with any amount of cash, and the trading platform allows investors to swap, buy or sell 3,000+ digital assets, including ETFs.
Users can also automate regular investments with the platform’s savings plans and invest any assets starting from as low as €1. Let’s keep reading to discover more about:
- Bitpanda ecosystem and user-friendly interface
- Cryptocurrencies, fees, and other payment methods
- Security features and regulatory compliance
Table of content
Table of content
Bitpanda Ecosystem and User-Friendly Interface
Bitpanda works like any other crypto exchange by offering a trustworthy and easy-to-use trading platform for traders to purchase and sell Bitcoin, as well as other leading digital assets, against a trading fee. The Bitpanda ecosystem includes the following:
A User-Friendly Interface
Bitpanda exchange is committed to offering one of the most accessible user interfaces. Its interface cannot be matched to that of any other established and leading cryptocurrency exchanges and brokers in the world.
Users of this platform experience the most intuitive and incredible desktop and mobile version features, whether using Android, IOS or Windows. This user-friendly interface makes crypto trading (buying and selling digital assets) easy for everyone, irrespective of their previous experiences.
Bitpanda’s user interface has the primary purpose of offering an overview of the entire trading experience you’ll have on the platform. The top part of the screen features Bitpanda’s Pro logo in the top left.
Next to it, you’ll find a comprehensive drop-down menu known as “Market.” A comprehensive list of markets will appear when you engage this drop-down menu.
Your estimated account value will appear in the top right; clicking on it allows you to swiftly switch between the estimated account value in EUR or BTC. A small panda face action is available next to it. This icon will open the Bitpanda Pro menu.
Our previous article analysed another popular crypto exchange worth checking – Coinmama Review.
❓ What is Bitpanda?
Bitpanda is a European cryptocurrency exchange and digital asset platform that allows users to buy, sell, and trade a wide range of cryptocurrencies. It also provides additional services such as wallets, a trading platform, and a debit card for cryptocurrency spending.
❓ Is Bitpanda legit?
Bitpanda is considered a legitimate and well-established cryptocurrency exchange based in Europe. It had gained popularity and had a positive reputation in the crypto community.
❓ Is Bitpanda available in USA?
❌ Bitpanda currently only accepts users from certain European countries, including the U.K., France, Germany, Spain, and Switzerland.
❓ What is Bitpanda withdrawal fee?
Bitpanda has a €1.50 ATM withdrawal fee. For payments and ATM withdrawals in non-EUR currencies, an additional foreign currency exchange fee of 2.5% applies (which decreases depending on your BEST VIP level)
❓ Is Bitpanda safe?
Bitpanda implements security measures such as two-factor authentication and cold storage, contributing to its safety. However, like all cryptocurrency exchanges, its safety can also depend on users' security practices, and it's essential to stay informed about any recent developments or security enhancements.
Bitpanda Ecosystem Token (BEST)
Popularly known as BEST, the Bitpanda Ecosystem Token is a proprietary cryptocurrency token that offers several benefits to users, including lowered trading fees and a 12% APY on BEST holdings.
Bitpanda BEST Token holders also enjoy lower deposit fees and can vote on company decisions, such as what token to list next.
The platform burns BEST tokens regularly to boost the value of the remaining supply for all holders. If you’re planning to put in a lot of volume on this trading platform, it’s advisable to acquire a small amount of BEST Ecosystem Token.
Main Features
Up to now, you must have reckoned that this platform isn’t your average exchange and has many great features to offer.
It doesn’t matter whether you have less money, want to exchange your digital assets instantly, or are looking for exclusive discounts and higher limits. Bitpanda is the solution to all these concerns. Its main features include:
- Real-time pricing data: Bitpanda allows users to keep track of the prices of their assets, including crypto indices, ETFs, stocks, and precious metals, in real time.
- Referral program: Inviting people via your unique link, they create accounts successfully, deposit a minimum of €25 and trade; you'll receive £10 for a successful referral.
- Savings plan: There is no need to think about the perfect time to invest. The massive array of digital assets the platform supports makes it tiresome and difficult to predict the right time and investment. A savings plan service is available to help you ease your struggles. This feature allows investors to do cost averaging and spread out payments over some time.
- Bitpanda pay: Bitpanda’s payment service offers a Euro wallet to send funds to any IBAN across the EU and beyond. You can use the Bitpanda pay service to send money to your loved ones, shop anywhere, pay rent, etc.
- Bitcoin swap: The Bitpanda swap feature allows traders to instantly replace their digital assets with others. You can easily and instantly exchange your digital assets with others via your wallet. This service is available for all coins and there’re zero limits on any transaction size of swaps.
- Bitpanda price alerts: If you want to be the first to know a certain digital asset has hit your target price, this feature makes it possible for you to do that. You’ll receive a price alert via email.
- Bitpanda plus: This program offers exclusive discounts and higher limits. It’s a perfect option for those who want to invest heftier amounts.
Bitpanda Cryptocurrencies, Other Payment Options and Fees
Bitpanda offers a decent assortment of digital assets, including over 25 cryptocurrencies. This number is enough to satisfy most digital asset traders, especially those looking to invest in multiple assets. Some of the cryptocurrencies that this trading platform supports are:
- Ripple
- Bitcoin
- Ethereum
- Litecoin
- Bitcoin Cash
- NEO
- Chainlink
- Tron
- Cardona
- Stellar
It also offers Bitpanda Ecosystem Token, TetherUS, Silver, Gold, and Tezos, among others. Readers interested in sports betting should take a look at best crypto bookmakers.
Bitpanda Fees and Other Payment Options
Traders who purchase and sell crypto assets using fiat currencies on the platform will be charged a 1.49% fee per order. This fee can be reduced to 25% when traders use Bitpanda Ecosystem Token.
The minimum fees for precious metals start at 0.5% and rise to 2.5%, depending on the metal type. The Bitpanda swap service doesn’t attract any fee. It benefits from the differences between the buying and selling prices offered.
Bitpanda accepts a vast array of payment methods when making deposits. Some of the most popular options include:
- Bank Transfer
- Credit and Debit Cards
- EPS
- SEPA
- Neteller
- GiroPay
- Skrill
- Sofort
- iDEAL
- Zimpler
- Cash (Bitpanda on the Go)
- Bitpanda Payments
Bitpanda Security Features and Regulatory Compliance
Bitpanda is one of the most secure and regulated digital trading platforms in Europe and beyond.
The platform believes in doing everything in the right way, and that is why it’s fully transparent, has several licences and its funds and business practices are all validated regularly by reputable third parties, including PACTE and the Australian Financial Market Authority.
Bitpanda operates based on VASP registrations and MiFID II, PSD II, and E-Money licences. The platform prioritises keeping customer digital assets and funds safe, integrating multiple security measures to safeguard them against potential threats.
Bitpanda stores crypto assets in state-of-the-art and highly secured storage facilities, which are examined by external auditors, and here are some of the key security measures in place:
- Two-factor authentication
- DDOS protection
- The latest SSL encryption technology
- Secure offline wallets
- Compulsory KYC verification
- Recaptcha to protect accounts from unauthorised access
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