BitPanda exchange, previously known as Coinimal is an Austria-based cryptocurrency exchange that primarily services the European economic area. Since its inception in 2014, Bitpanda has grown to be one of the most popular cryptocurrency exchanges in Europe for the buying and selling of Bitcoin. Many traders find this exchange attractive, as it provides a very intuitive and straightforward user-interface for purchasing and selling digital assets. Also, BitPanda offers a broad variety of payment methods that make it easy for novice cryptocurrency enthusiasts to buy digital currencies like Bitcoin.
It is worth noting that no reputable regulatory authorities regulate the affairs of BitPanda cryptocurrency exchange. However, this is nothing to worry about as Bitpanda is a decentralized exchange in its essence where users make transactions between each other using pre-agreed transaction method and simply is very unlikely users will be happy with any regulatory oversight over their activity. BitPanda is highly reputable and has had very little to no complaints since it started operation in 2014. There has never been any security breach or loss of funds incurred by the exchange, and the most users have nothing but good things to say about the company’s cryptocurrency exchange. Also, in 2016, BitPanda won an award for being a successful startup company.
BitPanda provides its clients with three types of accounts, each with distinct limitations and different levels of account verification.
Here is an overview of the account types:
- Starter Level
Users with this type of account are only required to verify their email.
- Daily buy/sell limits are 1,000 EUR
- Monthly buy/sell limits are 7,500 EUR
- Total buy/sell limits are 30,000 EUR
- Bronze Level
Users with this type of account are required to verify their mobile phone number in addition to their email.
- Daily buy/sell limits are 1,500 EUR
- Monthly buy/sell limits are 10,000 EUR
- Total buy/sell limits are 50,000 EUR
- Gold Level
Users with this type of account are required to verify their account with a government-issued photo ID which is validated with IDNow or through video using Verify-U.
- Daily buy/sell limits are 15,000 EUR
- Monthly buy/sell limits are 300,000 EUR
- Total buy/sell limits are 1,500,000 EUR
BitPanda offers a straightforward and beginner-friendly trading platform with limited services and features provided. The platform can be used only for the buying and selling of digital currencies at the current price. The only thing traders can do on the platform is exchanging fiat currency for cryptocurrency and vice versa. It cannot be used for analyzing market data or charts so is very unlikely seasoned traders will find Bitpanda’s trading functionality attractive.
However, as written previously, the trading platform is very well designed and easy to use. BitPanda does an excellent job at rendering an intuitive interface for novice cryptocurrency traders to buy and sell digital assets.
BitPanda does not have an Android or iOS trading app for mobile devices, but because it offers a web-based trading platform, users can easily access the website and platform on their mobile devices. The whole site and trading platform are fully adapted for mobile devices like smartphones and tablets. The platform is, however, much easier to use on the desktop version and does not even have as many functionalities available for the mobile version.
The exchange is geared toward novice cryptocurrency investors and is therefore very simple. It only offers a limited number of cryptocurrency assets including Bitcoin (BTC), Ethereum (ETH), Dash (DASH), Litecoin (LTC), Bitcoin Cash (BCH), and Ripple (XRP).
Each of the cryptocurrencies mentioned above can be bought only with Euros. Any user that decides to pay with another currency will incur the current exchange rate plus the price of the cryptocurrency.
The trade types offered are very straightforward as users can only buy or sell their digital assets at the current price. There are no limit orders, or stop loses available to execute the order at user’s preferred rate.
BitPanda does charge any fees on transactions, but they are not explicitly stated when you go to purchase or sell the cryptocurrency. The lack of clarity is disturbing. The fees are covered in the price and vary depending on the payment method used, which average about 5% per transaction.
Deposit and Withdrawals
One main advantage of the BitPanda exchange is that it provides traders with a wide variety of deposit and withdrawal methods.
The exchange stands out from the rest very strongly in this one area. The available deposit and withdrawal methods for fiat currencies include Mastercard, Visa, Sofort, EPS, Giropay, Neteller, Skrill, and SEPA transfer.
Cryptocurrency deposits and withdrawals can be done in the following currencies: Bitcoin (BTC), Ethereum (ETH), Dash (DASH), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP).
Is BitPanda Safe?
BitPanda isn’t what most traders will call an ideal exchange, but more of a service for those who want to get used to the world of cryptocurrency or make quick trades.
The company does not explicitly reveal its markup, which is a bit disturbing. That being said, Bitpanda’s main strength is in the wide range of payment methods available, which is not usual for companies in the cryptocurrency space.
However, BitPanda is a safe cryptocurrency exchange as it uses the latest encryption technology to help secure its website from attack from hackers and enables 2FA (Two-factor authentication) for withdrawals and logins.
Bitpanda exchange review
- Fully automated platform with instant transactions
- A wide variety of payment options
- Good for beginners
- Fees are not disclosed publicly
- Buying cryptocurrencies is limited to European members
- Not open source
- Lack of hierarchical deterministic (HD) and multi-signature protocols raises some concern over privacy and security