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Bitpanda Review: How it Compares with Other Exchanges

Bitpanda is a popular cryptocurrency broker but how does it compare to other exchanges like Binance and Coinbase? Here's our unbiased review.

  • Bitpanda
  • Dean Fankhauser
    By
  • Posted
  • Read Time8 minutes
  • Our score

Our take

4.0

As of 2020, there were more than 300 cryptocurrency exchanges around the world. And as cryptocurrency becomes increasingly common and popular, that number is only going to increase.

You need a crypto exchange to purchase Bitcoin and other cryptocurrencies. But most of the time you won’t need more than one. So how do you choose the platform that’s right for you?

While only you can make that decision, we can help with this helpful Bitpanda review.

Every exchange has its advantages and disadvantages, and it’s important to be familiar with all of them before making your choice. You should think of choosing an exchange the way you would approach choosing a new bank. In both cases, you’re going to be trusting your money with them.

Although there are many Bitpanda competitors, it still makes a strong case for itself as an exchange. As long as you have some familiarity with cryptocurrency already, getting started and buying your first crypto is simple.

But is it the best choice for you? You’ll have to keep reading to find out. This Bitpanda exchange review should help you decide between Bitpanda vs Binance and other crypto platforms.

Bitpanda Review

Bitpanda is a well-known European fintech company and crypto exchange. Based in Austria, it was founded in 2014 and has accumulated more than one million worldwide users so far. It is recognized as the leading retail broker for digital assets, including Bitcoin, Ethereum, and Ripple.

While Bitpanda aims to make crypto trading accessible to inexperienced investors, they have a sister platform for more serious traders. Called Bitpanda Pro, it offers features geared more toward experienced investors, including more advanced tools and lower premiums.

Bitpanda offers trading options for more than 50 different cryptocurrencies. They also provide several precious metals for trading, including gold, silver, platinum, and palladium. They accept a surprising total of five fiat currencies for buying assets, including Euros and U.S. dollars.

In addition to its user-friendly exchange, Bitpanda offers a wide array of convenient features to its customers. Some of these include a mobile app, a debit card for spending your digital assets in the real world, and offline cold storage options for cryptocurrency.

However, some of Bitpanda’s features can only be used in certain countries, particularly in the country Bitpanda was founded in. For example, Bitpanda To Go is a service that allows customers to purchase crypto using cash, but it’s only available in Bitpanda’s home country, Austria.

Instead of being a standard trading platform where you exchange assets with other users directly, Bitpanda offers a brokerage service. This means you can buy coins directly from Bitpanda at a fixed commission, instead of interacting with other traders.

This simple, streamlined alternative to traditional trading results in lightning-fast transaction processes. It comes at a cost, however, as Bitpanda’s premiums are fairly high.

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How Bitpanda Works

Bitpanda’s strongest advantage is its simplicity. It claims that it wants to make investing in digital assets as easy as ordering a taxi or pizza, and it shows.

To set up an account with Bitpanda, you will need to visit their website or download their mobile app. The app and website can both be used with a single account, and you can use either platform to set your account up.

Bitpanda offers two-factor authentication to keep your account secure, and it’s advised that you set this up when you create your account.

While you’ll have access to some Bitpanda features as soon as you finish signing up - but you’ll need to verify your identity to unlock your account’s full functionality. Depending on the country you live in, you will need to upload an image of either your passport or ID card.

With your account verified, you’ll be free to deposit fiat currency into your account and buy assets. Bitpanda supports a wide range of payment methods for this, including credit and debit cards. If you live in Austria, you can use Bitpanda To Go to purchase cryptocurrency at participating post offices.

You can also deposit cryptocurrency directly into your Bitpanda digital wallet. This can be important if you already have crypto investments stored on other platforms.

Just like you can purchase assets through your Bitpanda account, you can also sell them again whenever you like. After trading out crypto, you will be able to withdraw your money from your fiat wallet back into your bank account.

And of course, you can also send cryptocurrency from your Bitpanda wallet to any other digital wallet you may have.

Bitpanda Features

Bitpanda is more than just a crypto exchange. It also provides an exciting range of convenient features and benefits to its users.

Bitpanda Savings 

Bitpanda Savings is an automated savings plan system. It lets you commit a certain amount each month to a crypto savings account. Although digital assets stored with Bitpanda can be set aside in an offline cold wallet, it’s worth noting that assets are not insured.

Bitpanda Metals 

You aren’t restricted to trading digital assets on Bitpanda’s exchange. You can also buy and sell precious metals through their service. Bitpanda’s gold, silver, platinum, and palladium are physically backed in the real world. And unlike crypto holdings, precious metals bought through Bitpanda are fully insured.

Bitpanda Swap 

Bitpanda Swap is a convenient feature that allows you to instantly exchange one type of cryptocurrency for another. This is a useful alternative to selling off your crypto just to turn around and buy new crypto of another variety.

Bitpanda Plus 

Although this service won’t apply to most investors looking at Bitpanda, Bitpanda Plus is a separate platform for high net worth individuals to buy large amounts of cryptos. It provides better terms for large transactions than the standard Bitpanda site offers.

Bitpanda Pay 

Perhaps one of the most exciting benefits Bitpanda offers, Bitpanda Pay is an interface that lets you send crypto to friends or businesses that gets converted to fiat as it reaches them. It’s a great way to pay the rent or send money to friends using digital currency.

Bitpanda Card 

This is similar to Bitpanda Pay. The Bitpanda Card is a Visa debit card that allows you to use crypto to pay for everyday products and services.

Bitpanda Token 

This is essentially a mini-cryptocurrency, similar to Binance Coin. It’s a Bitpanda ecosystem token that customers can use to get better rates on their premiums and fees.

Bitpanda Pantos 

Similar to Bitpanda Token but more full-featured, Pantos is an ICO-backed token that aims to be a scientific research project. However, this probably won’t be of much interest to most users.

Bitpanda To Go 

As already mentioned, Bitpanda To Go is a service that lets you buy crypto in cash. However, it’s only available in Austrian post offices.

Bitpanda Pro 

Bitpanda Pro is technically a separate platform altogether. As its name implies, it provides more advanced features for professional investors.

What Fees Does Bitpanda Charge?

Bitpanda provides a detailed breakdown of their fees and premiums on their website. There are no account setup fees or recurring charges, but there are premiums for buying crypto and precious metals. They are as follows:

  • 1.49% premium for buying and selling cryptocurrency

  • 0.5% premium for buying gold and 1% premium for selling gold

  • 2.5% premium for buying silver and 2% premium for selling silver

  • 2.5% premium for buying platinum and 2% premium for selling platinum

  • 2.2% premium for buying palladium and 1.8% premium for selling palladium

Note that when you buy precious metals with Bitpanda, you will also need to pay an ongoing storage fee, which varies depending on the type of metal.

Is Bitpanda Safe & Secure?

Bitpanda is a highly reputable platform with overwhelmingly positive reviews from its users. It claims to have state-of-the-art security, and it uses two-factor authentication to protect your account. Most importantly, Bitpanda uses offline cold storage options for digital assets. This means your crypto isn’t connected to the internet where it could be stolen by hackers.

Overall, Bitpanda appears to be a highly secure platform. As long as you use the two-factor authentication option and practice good identity hygiene, security should never be an issue for you. However, assets stored by Bitpanda aren’t insured, even though they are stored offline. Use discretion if you have large amounts of money to invest.

What Cryptocurrencies Does Bitpanda Support?

Bitpanda supports a wide array of crypto tokens. These include the following:

  • Bitcoin

  • Ethereum

  • BEST

  • XRP

  • Pantos

  • Bitcoin Cash

  • IOTA

  • Litecoin

  • Komodo

  • EOS

  • Dash

  • OmiseGO

  • Augur

  • Stellar

  • 0x

  • NEM

  • ZCash

  • Tezos

  • Cardano

  • NEO

  • Ethereum Classic

  • Chainlink

  • Waves

  • Lisk

  • Tether

  • USD Coin

  • Cosmos

  • TRON

  • Basic Attention Token

  • Chiliz

  • Dogecoin

  • Ontology

  • Qtum

  • VeChain

  • yearn.finance

  • Synthetix Network Token

  • Polkadot

  • Compound

  • Maker

  • Uniswap

  • Filecoin

  • Uma

  • Aave

  • Ren

  • Band Protocol

  • Kyber Network

  • Ocean Protocol

  • DigiByte

  • BitTorrent

  • Aragon

As you can see, just about any cryptocurrency you could want is available on Bitpanda for buying and trading.

In addition to crypto assets, you can also use Bitpanda to invest in gold, silver, platinum, and palladium.

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Frequently Asked Questions About Bitpanda

Seeing answers to questions other users have asked can make it easier to understand a platform’s strengths and weaknesses. Here are some of the most commonly asked questions about Bitpanda.
How Long Does it Take to Set Up an Account and Start Trading?

There aren’t any specific indications on Bitpanda’s website for how long it takes to set up an account. However, the signup process is simple and straightforward, so you should probably expect it to take just a few minutes.

To enjoy the full range of Bitpanda services, you will need to verify your account by uploading an identifying document. Depending on your country, you should be able to use either a passport or ID card to verify your identity.

What Kind of Customer Support Does Bitpanda Provide?
When you need customer support as a Bitpanda user, you will have to submit a support request through a contact form. Bitpanda does not offer phone or live chat support. However, they may occasionally call you for security reasons, though not without first sending you an email notification to expect the call.
What Fiat Currencies Can I Use to Buy Crypto on Bitpanda?

Bitpanda supports five different global currencies for buying crypto and cashing out. They include:

  • Euro (EUR)
  • U.S. dollar (USD)
  • British pound (GBP)
  • Swiss franc (CHF)
  • Turkish lira (TRY)

With this wide selection of currencies for paying and cashing out, Bitpanda establishes itself as a highly flexible and competitive exchange.

Pros & Cons of Bitpanda

  • More than one million customers in multiple countries and mostly excellent customer reviews
  • Flexible support for five different fiat currencies
  • Wide range of available payment and withdrawal methods
  • A crypto debit card that lets you spend your digital assets anywhere Visa is accepted
  • Offers precious metals to buy and trade
  • Fairly high fees
  • Additional costs for certain payment methods
  • No insurance on digital assets stored by Bitpanda
  • No staking options
  • Not available in the United States

Choosing a Crypto Exchange

It can be tough to decide which service to use, especially when there are as many options as there are crypto exchanges. Hopefully reading this Bitpanda.com review has helped you make a confident decision for your crypto trading needs.

For the rest of your crypto needs, BitCompare.net is here to help. We offer comparisons between major crypto platforms and do all the research, so you don’t have to. Whether you’re just starting with crypto or you’re a seasoned investor, our tools and resources can help you make smarter investments. Check out our reviews to keep learning.

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