BitPanda Review

BitPanda is an Austria-based exchange where you can trade a large variety of different cryptocurrencies. The company also provides support for many different payment methods and is charging relatively low fees.

BitPanda has become one of the most  popular exchanges due to its clear and customer-friendly interface, their high security standards, and quick transaction times. The company was founded in 2014 after a long development phase and the founders are working in coordination with local authorities.

The platform itself is fully automated which guarantees that after your payment has been confirmed, your bitcoin or other cryptocurrency will be automatically credited to your account.

How Do I Buy Bitcoin on BitPanda?

You can buy bitcoin on BitPanda 365 days a year, 24 hours a day. In order to start trading cryptocurrencies you have to create an account with BitPanda.

BitPanda will provide you with a free bitcoin wallet and an account where you can buy bitcoin, Ethereum, Dash, Litecoin, and Bitcoin Cash with VISA, Mastercard, Neteller, Skrill, Giropay, Bonus, Euro, and Bank Transfer. As you can see, BitPanda is offering a huge range of different payment methods. All transaction methods are usually processed within a couple of seconds.

When you join BitPanda you will be able to purchase a total of €2,500 in cryptocurrencies. After you have completed your first transaction to BitPanda they will increase your account limits automatically.
There are five account verification levels in totals which are called: Account, Starter, Bronze, Silver, and Gold. The highest verification status will allow you to purchase a maximum total of €10,000,000 and sell a total amount of €10,000,000 in cryptocurrencies.

To increase your account status you have to provide certain documents which let BitPanda identify you as a real person.

Is BitPanda Safe to Use?

First of all, let’s take a look at the BitPanda account verification process. BitPanda is really keen on keeping their customer accounts safe and making sure that you are the person you claim to be.

To increase your limits you will need to provide information for IDnow, which is a patented digital identification process that meets all legal criteria on an EU-wide basis.  That’s one way to increase your account level. Alternatively you can use BitPanda’s webcam verification process or IdentityTM to verify your identity.

All three options are actually really convenient and don’t take a long time. After your account has been verified you will reach the BitPanda Gold status which provides you with the highest selling and buying limits.

BitPanda is also offering 2-factor authentification which increases your account security even further.

Which Payment Methods are Supported by BitPanda?

BitPanda provides support for many different payment methods. Currently they accept VISA, Mastercard, Neteller, Skrill, Giropay, Bonus, Euro, and Bank Transfer.

You can also indirectly use the following payment methods which are offered by Neteller: VISA, MasterCard, paysafecard, iDEAL, International Bank Transfer, Local Bank Deposit, Mister Cash, MOLpay, moneta.ru, Neosurf, PayU, POLi, Postepay, SAFETYPAY, REDPAGOS, Przelewy 24, Trustly, Ukash, WebPay, and Yadex.Money.

If you want to sell cryptocurrencies you can choose to withdraw your funds to your Neteller, Skrill, or bank account and BitPanda even lets you trade Amazon.de vouchers for your balance, which is absolutely unique.

BitPanda is a great cryptocurrency exchange for all customers who like to use multiple payment methods. They have a lot of different options and payments are processed really fast.

Which Countries are Supported by BitPanda?

BitPanda offers its services to customers residing in the following countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Norway, Poland, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, an the United Kingdom.

BitPanda is currently not available for customers from the U.S. If you are residing in the United States, feel free to check out Coinbase to trade cryptocurrencies.

BitPanda Fees

Fees are really important when trading crpytocurrencies. Even though BitPanda is not providing in-depth information about their fees you can check those which are included in the final price summary when purchasing coins. When testing BitPanda we have seen fees ranging from 2% up to 5%.

The lack of transparency in fees is rather concerning and should probably be displayed and explained on their site in the future. However, you can see the costs of your transactions, but it would be highly appreciated if BitPanda actually provided some more detailed information about it.

Are There Limits When Purchasing Bitcoin through BitPanda?

Yes, when signing-up with BitPanda your account will be limited to a maximum of €2,500. However, after you have passed the BitPanda account verification process, you may buy and sell a total of €10,000,000.

Here’s an overview of all BitPanda security account statuses.

 

Buy Bitcoin at BitPanda